Olamide Famuwagun

How to Get A Car Loan in Nigeria

May 24, 2023 by Olamide Famuwagun

Applying for a car loan in Nigeria is not as complicated as it may seem. The process is seamless once you are eligible.

In this article, we discuss all the steps involved in successfully getting your car loan.

Requirements for a car loan

First, identify the car you intend to buy and how much it cost. It is easier if the car dealer you find already has car loan options. Some loan companies in Nigeria already have car loan options available and also have an arrangement with car dealers. It makes the process easier.

Also, find out how and when it will be delivered after you’ve successfully paid for it. Do this with a proforma invoice. It is a draft invoice. Remember financial institutions won’t finance the entire purchase of the car. They finance around 60% or 70% of it. For example, if your car cost 3m and the bank funds 60% of that, that’s 1.8m while you offset the remaining balance.

The financial institution would be interested in determining your credit rating before you’re qualified for a car loan. The following will determine:

Your monthly income

Your income will determine your financial strength. It is how financing institutions ensure you can pay back the car loan you intend to get. If you fall short of the required range, you may not get a car loan.

The consistent inflow of funds.

Usually, a period of three months to one year or two is the duration to check the overall inflow of your account, especially for salary earners to confirm how steady the inflow of funds is. So, to increase your chances of getting the car loan ensure you have a consistent State of account. You’ll be required to provide all of these, and it’s part of the process required to verify your credit rating.

After this verification, your loan tenure is next. The loan tenure is the duration which the car loan will run for. Most car loans run for a term of four to five years. That is you have that long for repayment. You also have the option to pay off the amount before the stipulated period on the car loan agreement.

Considerations before a car loan

After you have observed all your options, consider the following factors before you proceed with the car loan.

Interest rates of the car loan

Make sure the interest rates on loans are favourable. Paying for a loan with high-interest rates is a disadvantage.

2. How affordable are the monthly payments for the car loan?

The affordability of the monthly payments should interest you because you don’t want changes that would cause a strain on your finances. Settle for charges that are within your income bracket. That way, you won’t feel the stress of repaying your car loan.

3. Upfront deposit required.

The upfront deposit required helps you determine the percentage of your car loan that will cover you.

Where can I get a car loan in Nigeria?

A few banks and institutions offer car loans, and other car financing options in Nigeria are:

BetaCar.NG
AccessBank
Stanbic bank
Cheki.com.Ng
FirstBank
Cars45

Find A Loan

Letter of Credit – Everything You Need To Know

May 22, 2023 by Olamide Famuwagun

In international trade, the relationship between the importer and exporter can result in a conflict of interest. This is because both parties are prone to risks of engaging in overseas transactions. To avoid business scams, the two parties need to come to a compromise by agreeing on one method of payment.

What is Letter Of Credit

A letter of credit is a commercial instrument designed to facilitate the movement of goods by providing protection and finance to the buyer and seller. You should not confuse this with the Letter of Guarantee.

Parties To A Letter Of Credit

There are five major parties to a documentary letter of credit, and they are as follows;

The Importer or Applicant – This is the initiator of the letter of credit. He pays the Naira cover when the loan is due, including bank charges. To do this, the bank must rank such applicant as creditworthy, and he also provides collateral before he gets the credit.
Issuing Bank – The Issuing Bank is the bank that opens a credit (i.e. importers bank). The issuing bank advises details to the correspondent bank. The bank guarantees payment to the exporter and thus is primarily liable on credit.
Advising Bank – The advising Bank receives details of the credit from the issuing Bank and issues the same information to the beneficiary. The exporter who acts according to the details of the instructions will only be paid on presentation of the substantiating document. The advising bank is also the receiving bank.
Confirming bank – the confirming bank can sometimes be the advising bank. The confirming banks are the banks that confirm the letter of credit in issue by the issuing bank
Exporter or Beneficiary – The exporter is the beneficiary of the documentary letter of credit and is responsible for keeping to the terms and conditions of the credit. If the documents are in order, he is sure of the payment immediately for sight bill.

How Letters of Credit Work

A letter of credit is a document you generate from a bank that guarantees payment transactions. There are various kinds of letters of credit, and they provide the security needed for carrying out operations.

Seller protection: If a buyer is unable to pay a seller, the issuing bank that raised and issued a letter of credit will pay the seller. The seller must meet all requirements in the letter of credit. This provides security when the buyer and seller are in different countries.
Buyer protection: In the case of buyers. If you pay someone to provide a product or service and they are unable to deliver, you might be able to receive payment using an anchor letter of credit. The amount can be a fine to the company that was unable to deliver, and it’s equal to a refund. You can pay someone else to provide the product or service needed with the money you received

Information Provided By an Applicant

The applicant for the letter of credit has to complete a form. The information needed by an applicant includes the following;

State whether the credit is to be revocable or irrevocable
The name and address of the ex[porter or beneficiary
The amount of credit and the currency involved.
The maturity date of the credit
The last shipment date
How the credit is to be advised
Description of the goods or services
The documents which will be required to be produced

Conclusion

The Letter of Credit is a kind of credit that a person who indulges in international trade gets. It is a conditional guarantee of payment by the bank given that the exporter fulfils certain conditions. The underlying conditions are certain before payment can be effected. Before you enter into a business transaction with an overseas customer, it is better to include it into the conditions. This puts both the buyer and seller at ease and secures their exposure to each other.

How to get a loan from GTBank

May 17, 2023 by Olamide Famuwagun

GTBank remains one of the largest financial institutions in Nigeria and serves millions of customers in the country. Although well known for its excellent banking services and good customer service, the loan scheme from GTBank is also one of their top services that you can benefit from. This article explores available loans, and how to get a loan from GTBank.

What are the available loan services with GTBank?

There are several loan services available with GTBank, which are:

GTSalary Advance:

this loan package allows you to get up to 50% of your net monthly salary upfront, to meet urgent needs. To qualify for this bank, your salary account has to be domiciled in GTBank. It is available to private and government workers.

What it entails:

Up to 50% of net monthly salary in advance.
The tenor of 30 days. Renewable monthly.
No collateral is required.
Minimum salary of N25,000 for employees in the public sector and N50,000 for the private sector.
Salary advance will be made available within 24 hours.

How to apply:

Simply log in to Internet banking
Dial *737*8*2# to apply
Visit any GTBank branch or ATM near you

GTBank school fees advance:

this loan package is designed to pay for your child’s fees for institutions in Nigeria only. For you to qualify, your salary account must be domiciled with GTBank, and you must be a staff or a reputable public or private organization.

What it entails:

Up to N5 Million School Fees Advance.
Maximum tenor of 4 months per request.
Very Competitive interest rate with equal monthly repayments comprising of principal and interest.
Immediate access to funds for the prompt payment of your child/ward’s school fees.

How to apply:

Submit the completed application form and employer undertaking form.
Provide School Fees bills and Credit Insurance.
Ensure that staff terminal benefit is domiciled in GTBank or obtain Corporate Guarantee.

Quick credit:

this service caters to the needs of the self-employed and salary earners. It offers funds of up to N5 million, at an interest rate of 1.33% monthly, and a tenor of 6 to 12 months. Therefore, get the cash you need instantly, and pay back later.

What it entails:

Up to N500,000 – 5 Million
Convenient repayment plan spread over 6 – 12 months.
At an interest rate of 1.33% per month

How to apply:

You can request Quick Credit instantly by dialling *737*51*51#
Quick Credit is also available on all GTBank online and mobile banking platforms (Internet Banking, GTBank Mobile App, GTWorld and Habari App)

Max Advance:

max advance is another loan service that offers personal loans to the staff of some corporate and government organizations. To benefit as a staff, however, your salary account must reside with GTBank.

What it entails:

Facility amount of N100,000 to N10,000,000
Tenor of 3 to 48 months
Repayment equals monthly repayment that comprises the principal and interest. This payment does not exceed 33.3% of your net monthly salary.

How to apply:

To apply, visit their official website at https://www.gtbank.com/personal-banking/loans/maxadvance to obtain the form.

Max plus:

this service is available to platinum customers only, whose salary account is domiciled with GTBank. It offers a larger loan facility and more flexibility regarding payment plans.

What it entails:

Get a loan of between N6 Million and N30 Million.
Tenor of up to 48 months. Monthly repayment cannot exceed 33.3% of your net monthly salary.
Equal monthly repayment comprising principal & Interest.
No collateral is required.

How to apply:

Follow this link to their official website, https://www.gtbank.com/personal-banking/loans/maxplus, and download the MaxPlus Application form and Employee undertaking form. Submit upon filling it, to an officer in the bank.

Computer Advance:

this service is specially designed for serving Corp members, whose allowance account is domiciled with GTBank. It enables you to acquire computer and mobile devices during your service year by paying on your behalf.

What it entails:

It has a maximum loan amount of N60,000
3 to 10 months tenor
Equal monthly repayment of principal and interest over the loan tenor, which shall not exceed 33.3% of Corps member’s monthly allowance

How to apply:

Submit the following document to apply:
Completed Application Form
Employer Undertaking Form
Domiciliation of NYSC allowance with the Bank
All applications to be completed during the NYSC orientation activities

GT Mortgage:

this loan specially addresses customers intending to purchase a property by providing the funds for it. To benefit, your salary account or business proceeds must be domiciled with the bank.

What it entails:

A sum of 5 to 150 million for low-density residential areas in Lagos and Abuja, and 5 to 50 million for medium-density areas
A tenor of 1 to 20 years which is subject to a maximum age of 55 when the loan expires
Flexible repayment structure

How to apply:

Submit the following completed form to apply for this loan
Completed Application Form
Title Document of Property
Offer Letter to Sell Property from the Vendor
Valuation report from any of the Banks approved estate valuers
Search report from GTBank Legal Group

Premium Advance:

this is an overdraft loan facility, that places the debt on your debit naira MasterCard. It helps you out during emergency needs.

What it entails:

Up to N1 Million overdraft with a 1 year Tenor (subject to clean-up every 30 days).
Very Competitive interest rate. 2% flat fee on N1 million upon first utilization.
Overdraft accessible via Naira Debit MasterCard (for ATM withdrawals, POS purchases, and web payments)
Monthly repayment of interest with a bullet payment of principal at the end of the cycle.
For Platinum customers only.
Your average monthly salary should not be less than N1 million in the last six months.
Annual turnover should not be less than N10 million.
You should have received your salary through your GTBank Account for the last three months consecutively.
Please ensure that you do not have any past-due obligations with GTBank or other banks.

How to apply:

Download the application forms from their official website at https://www.gtbank.com/personal-banking/loans/premium-advance. Fill out this form and submit it at any branch of the bank.

Travel Advance:

Just as the name implies, a travel advance offers you a loan amount in advance, to meet your travelling expenses. It is available to only those with salary accounts domiciled with the bank.

This loan service is available for the following travel expenses:

Airline Ticket
Hotel Reservation
Airport Pickup and Transfer
Tours and Events

What it entails:

Facility amount of N250,000 to N3,000,000
A maximum tenor of 12 months
20% per annum interest rate that is subject to money market conditions
Your salary account must be domiciled with GTBank.
You must have received your salary through GTBank in the last three months from the same employer.
Your Salary must be paid in Naira (NGN).

How to apply:

Login to Internet Banking
Click Travel Advance under Investments and Quick Loans
Select Travel Advance and initiate a New request
Fill in the required details
Authorize your request by inputting the 6 digits on your token and submit

Vehicle Insurance Premium Financing:

this is a time loan service that allows you to pay for your motor insurance premium upfront. It is available to corporate organizations and salary earners with salary accounts domiciled with the bank. You are allowed to spread the loan repayment over a 12-month period.

What it entails:

Loan Amount: Individuals – N20,000 – N1,000,000 (Individuals) & N20,000 – N5,000,000 (Corporate)
Tenor: Maximum of 1 year
Pricing: The interest Rate is 1.67% per month
Repayment: Equal Monthly repayment comprising principal and interest
Equity Contribution: 20% of total insurance premium cos
Fees: 1% one-off flat fee

How to apply:

You can apply for Vehicle Insurance Premium Financing on Internet Banking or on GAPS through any of the following procedures:

For Internet Banking

Sign On – Menu – Insurance Loans – Vehicle Insurance

For GAPs/GAPs Lite

Sign On – Single Transactions – Collections – Insurance Loans – Vehicle Insurance Leadway

On following any of your preferred processes above, the following happens:

The loan is made available immediately
Your Insurance Service provider processes the policy within 48 hours.
A copy of the insurance certificate is sent to your email address.

You repay the loan on a monthly basis. Also, note that each loan has credit score qualifications that may play a key role in the bank approving or declining your application.

Conclusion

GTBank offers various loan services to meet your needs at different points in time. You can take advantage of these services to benefit in different ways by subscribing to their services today.

VFD Microfinance Bank Review – What you should know

May 15, 2023 by Olamide Famuwagun

In this age of technological advancement, everything is going digital, from marketing to academics, and even banking. Today, you can sit in the comfort of your home and carry out the most complicated transactions or even obtain a loan. VFD Microfinance Bank is a digital bank that is rapidly bringing e-banking innovations to citizens. Currently, all their operations are online as they do not operate from physical branches.

About VFD Microfinance Bank

VFD Microfinance Bank is a leading fully digital bank in Nigeria, based in Lagos. The company is run by a highly experienced management board, with more than five decades of excellent customer service under their belt. Also, VFD Microfinance Bank has a major goal to ensure secure, memorable, and enjoyable services to customers. As a result, it is to this end that the company was established, and also runs fully digital. VFD is a registered limited liability company, regulated by the CBN as a microfinance bank.

What are the benefits of using VFD Microfinance Bank?

Here are some of the pros of using VFD microfinance bank:

It is completely digitized
Rapid customer service response time
They offer a wide array of loan products

What services does VFD Microfinance Bank offer?

VFD microfinance bank offers the following:

Corporate banking:

this service is for customers who have an account with the bank. They have a corporate banking portal, which allows you to log in and perform transactions.

Employee loan:

this loan is specially designed for employees of organizations who have signed a memorandum of understanding with VFD microfinance bank. Therefore, it allows you to obtain loans with competitive interest rates and a payback time of 12 months.

Travel loan:

travel loans are for those who move around a lot and therefore need money to book their tickets. Also, it covers those looking to go on a vacation, allowing an all-expend paid booking for you to pay back later. However, you can only have access to the documents after paying all outstanding balances.

Secured loans:

secured loans are for customers who need quick cash within a short time. Therefore, it allows you to stake your assets as collateral for a loan. During the loan period, VFD bank would hold on to the original documents of the asset.

Other services offered by VDF microfinance bank are:

Unsecured loans
Bridge financing
Corporate cash advance
Start now

For more information about VFD products, you can simply visit their official website at https://www.vfdbank.com/

V by VFD

V by VFD is the name of their application for smartphones, which is available on Android and iOS. Besides, the application allows you to carry our cardless withdrawals, pay bills, budget, access savings packages, and so much more. In addition, the application is secured with biometric login access so only your fingers can get in.

What is the maximum amount that I can borrow from VFD Microfinance Bank?

The maximum amount you can borrow from VFD Microfinance Bank varies from one loan package to another. Also, another important factor that the bank considers before offering you a loan is your monthly earnings. Therefore, they allow you to borrow a certain percentage of your salary and pay back later. With this system, there really isn’t a cap on the maximum or minimum amount you can borrow. However, for packages like secured and unsecured loans, you can borrow a maximum of N2,000,000 and N250k.

What interest rates are applicable to VFD Microfinance banks?

The interest rates once again vary from one loan package to another. However, one thing is sure, which is the fact that it would be stated during your application process, to ensure you agree to whatever it is. In addition, their corporate cash advance loan is currently fixed at 4% per annum.

What are the minimum requirements for taking up a loan with VFD Microfinance Bank?

The requirements vary from one type of loan to another. However, you would be generally required to provide the following documents for most loan applications:

A valid means of Identity
Poof of employment
Application form
Passport photograph
Bank statements for the past 6 months
BVN/ proof of bank account ownership.

How fast does VFD Microfinance bank disburse loans?

The loan application process takes an average of 6 hours, after which you would know if your application was as successful or not. In addition, if successful, it would be disbursed right away into your account.

How can I contact VFD Microfinance Bank?

You can contact the bank through any of the following means:

Address: 5th Floor, Elephant House, 214 Broad Street, Marina, Lagos.

Email: support@vbank.ng

Phone: +234 908 752 2472, 01 2950814.

Conclusion

VFD is one of the fore microfinance banks, pushing digital banking in Nigeria. Therefore, their services are accessible and easy to use with the presence of an excellent customer support system.

First Edu Loans – What you should know

May 12, 2023 by Olamide Famuwagun

First Edu loans is an initiative by the premier and leading financial service provider in Nigeria, the First Bank of Nigeria Limited. This service is basically an educational solution that aims at enhancing Educational facilities in the Nation. This move is to improve the quality of Education in Nigeria.

Furthermore, this loan offering meets the needs of Private Nursery and Secondary schools in Nigeria. This includes payment of staff salaries, purchase of buses, replacement or repair of furniture, etc. Asides from all these, and also to help them achieve their medium and long-term goals.

Asides from the provision of financial aid to the private nursery and secondary school owners, the FirstEdu Portal is basically a platform for managing academic, administrative, professional, and logistic payment challenges. In addition to this, it also features an e-learning platform, virtual library, academic calendar management, etc.

In this article, we will discuss all that you need to know about FirstEdu loans. This includes the eligibility requirements, how to apply, etc. In short, the lending processes.

About First Bank of Nigeria Limited

The First Bank of Nigeria is the apex Bank in West Africa with its impact woven into the fabric of society. In fact, over the years, to be more precise 126 years, they have been sustaining their development-oriented service as Nigeria’s foremost inclusion service provider.

Furthermore, First Bank of Nigeria offers a comprehensive range of retail and corporate financial services to over 17 million customers. They basically achieve this through their 57,000 business outlets across the nation.

As a national icon in the Nigerian Banking industry, First Bank of Nigeria is basically one of the most enduring financial services brands in Africa. They have an international footprint in London, Paris, Congo, Ghana, The Gambia, Guinea, Sierra Leone, and Senegal.

As the Apex bank in Nigeria, First Bank has been nimble at promoting a digital economy in Africa. In fact, they have been able to issue over 10 million cards, and they are the only bank in Nigeria to ever achieve this feat. Asides from this first bank’s financial drive for cashless transactions have resulted in over 28 million users on their USSD banking services.

Features of FirstEdu Loans

Available to all Private schools in Nigeria that are duly registered under CAC (either Government approved or not)
The maximum loan amount is N20M
The Loan tenor is 90 days to 12 months.
Schools with CAC registration but without the Ministry approval will access up to N2million for 90 days
Finance of operational vehicles for schools
Collateral is undertaking to domicile school fees with First Bank
To be eligible, your school must have been in an account relationship with any bank for a minimum of 12 months
Your school must have a minimum student population of 100 students.

What are the required documents for accessing FirstEdu Loans?

To access the FirstEdu loan, your school must own the following documents. These are:

Evidence of Government Approval of School
Document showing the number of students in your school
School Memorandum of Articles of Association (MEMART), where applicable
Document showing how long your school has been in business
Any other document as required by the First Bank of Nigeria.

Note that you may also be required to verify your identity by providing government-backed identity documents.

Who can apply for the FirstEdu Loan?

You can apply for the FirstEdu loan if your school satisfies the following:

CAC registration, with or without the Ministry of Education Approval
Private, pre-primary, primary, and secondary schools A’ level Tuition provides registered with both the state Ministry of Education and CAC.

How do I apply for FirstEdu Loan?

The application processes for FirstEdu loans are hassle-free and seamless. To apply kindly follow the following procedures:

Download the FirstEdu Loan application form. You can leverage this URL https://www.firstbanknigeria.com/wp-content/uploads/2016/04/Retail-loan-Application.pdf
Look through the form to understand the requirements
Complete the Form
Submit the form to the nearest First Bank Branch near you

What amount can a school get from FirstEdu Loan?

As we have stated earlier, the Maximum loan amount your school can access is N20 Million. Also, it is important to note that the amount you can access depends on some factors as deemed fit by GTB. However, if you meet all the requirements, basically you should be able to access the maximum loan amount.

Conclusion:

First Bank of Nigeria designed the FirstEdu loan to generally cater to the needs of school owners who require extra funds for the smooth running of their school operation. Are you are school owner? Do you meet all the requirements? If yes, seize this opportunity. Do not let this opportunity pass you by. Click here to learn about other Educational loans

Visit First Bank’s official website at www.firstbanknigeria.com for more information.

Credit Card Generator – What you should know

May 10, 2023 by Olamide Famuwagun

Credit cards are payment cards usually issued by financial institutions to their customers to enable them to pay for goods and services. However, this is with a promise that the customer will pay back to the financial institution with the interest. Most credit cards are generated online using certain tools, such as the credit card generator. These tools are available online for generating credit cards. Some of these tools are free while you need to pay for others before you can use them. In this article, we will discuss explicitly all you need to know about credit card generators.

How Credit Card Generators work

As we have earlier stated, there are several tools over the web for generating credit cards. To generate a credit card, all you will have to do is select your free tool of choice over the web. Once you do this, you can acquire the number of CCs you need.

Although some online generators give their users, the option to choose various credit card companies, some don’t. Online tools such as Prepostseo generators allow their users to access as many as 9 credit cards of different companies at once.

Basically, the working principle of Credit card generators is based on what we call Luhn’s Algorithm. The credit that we generate using this Algorithm is valid and has a wide variety of uses. The first six digits of the credit card are the identity of the credit card company. While the other digits, which in most cases are 6 or 9, except the last digit are allocated to the card owners. These numbers (6-9 digits) vary from one card owner to the other.

What are the uses of online credit card generators?

It is important to know that online or virtual credit cards generated using credit card generators can be used for several purposes, except malicious activities.

Businesses such as the E-commerce industry leverages online-generated credit cards for their transactions.
Some online shopping stores request online-generated cards for their customers to access free trials. In most cases, this is for free vouchers.
In most cases, some credit card organizations leverage online credit card generators to produce credit cards.
You can use an online credit card generator to test if a website processes a credit card correctly.

Is a credit card generator legal?

Basically, we believe that what you use the credit card for determines if it is legal or not. This means if you do not use the credit card you generate for illegal or malicious purposes like scams, or fraud, they are safe for you.

In most countries of the world, fraud is a serious offence that is punishable by the law. The punishment involved depends on the seriousness of the atrocity committed. This means the bigger the offence, the bigger the penalty. Therefore, ensure that you use online-generated cards for legal purposes.

How to safeguard your credit card against fraud.

If you are a credit card user, you can protect your card from malicious usage by checking your declaration all the time for suspicious transactions. You can also use some free tools such as a credit card validator to safeguard your card. Also, ensure that you do not share any confidential information regarding your credit card with anyone.

Conclusion:

Credit card generators are very advantageous when you use them legally, and with consequences when used illegally. Therefore, ensure that you use these cards for the right purposes.

How to apply for Sterling bank loans

May 5, 2023 by Olamide Famuwagun

Sterling bank is one of the top tier Nigerian banks, with branches all over the nation. Also, in their over 60 years of operation, the bank has grown from originally being a pre-eminent investment bank to a top commercial bank. Throughout its existence, the bank has merged with more than 3 banks, and originally an investment bank, Sterling bank loans are one of their core products.

What are available products under sterling bank loans?

Sterling bank loans offer the following products:

Personal loans:

Sterling Bank designed its personal loan services for individuals looking to take a quick loan without the hassle of paperwork or collaterals. Also, some of the services under this loan are:

Specta:

With specta, you have access to an online lending platform where you can obtain up to 5 million in loans. In addition, the good thing is that it does not require collateral, paperwork, or that you come to their office. Therefore, as long as you meet the criteria as stated on the app, you are cleared for borrowing.

Social Lender:

Just like the name, Social Lender rides on your social media reputation. Therefore, the stronger your social media presence, the higher your chance of them approving your loan. The social lender also allows you access to quick cash, which would be deposited directly to your account in no time.

Business loans:

Business loans offer helpful resources and finances to enable you to invest and expand your business. Packages under business loans include:

Guarantees:

Guarantees are instruments that work by Sterling Bank substituting its client’s creditworthiness with its own at the request of the bank’s client to the beneficiary. Therefore, this means that the bank stands in place for its customer, and compels the customer to carry out the terms of a pre-agreed contract. Also, the bank provides compensation to the beneficiary if anything goes wrong.

Import finance:

Import finance provides loan service finances to importers. However, you are to only use this loan for the specific purpose of importing industrial goods, consumer products and raw materials.

Invoice Discount (IDF):

IDF is a special line of credit that extends your accounts, allowing the continuous need for working capital until you receive payment. Basically, it is the bank allowing you to run and funds your contract until you’re paid.

Letter of credit:

this is basically a letter backed by the guarantee of a bank. Therefore, it allows importers and exporters to exchange goods on credit. Essentially, Sterling Bank stands on your behalf as the customer.

Project finance:

Can you cook up the best project proposal? If so, Sterling Bank would fund it in form of a long-term partnership with you.

How do I apply for a Sterling bank loan?

For quick personal loans, you can simply make use of the Specta platform, as it allows customers to borrow without hassle. However, business loans require that you visit any official branch of the bank. This is because you would need to provide documents, as well as discuss the terms of the loan.

What is Sterling Bank loan interest rate?

The interest rate for Sterling Bank is not fixed. More so, it differs from one type of loan to another. However, what is certain is that you would be informed about the applicable rates for a loan during the application procedure.

Conclusion

Sterling bank loans focus on individuals and businesses, meeting you at your point of need. Basically, it has something for everyone, from quick cash emergencies to millions required to finance megaprojects.

School Fees Loans in Nigeria – All you need to know

May 3, 2023 by Olamide Famuwagun

Education they say is the best Legacy. In this age and time, having quality Education is tantamount to being relevant in society. However, as a student or parent, there may be instances where you might not be able to meet up with your tuition or your child’s for one reason or the other. This might be due to some financial constraint or some unprecedented events. If you are in this category, you need not worry yourself, help is here. There are several financial institutions offering school fee loans in Nigeria. This article covers all you need to know about school fee loans, and it also answers all questions regarding the subject.

What is School Fees Loan?

As the name implies, this is a short-term financial aid that they generally design to provide parents or guardians with a short-term loan to finance the educational needs of their children or wards. This may include school fees, uniforms, meals, books, etc.

What are the advantages of school fee loans?

The advantages of school fee loans are many. Some of them include:

The school fee loan helps ensure that your children do not miss out on school because of your inability to pay their fees
It enables you to cater to your children, or wards’ need with no hassle.
Taking a school fee loan does not restrict you from accessing other types of loans
The interest rate of school fees loan is moderate as compared to other types of loans
School fees loans have flexible repayment terms

How can I get a loan for school fees in Nigeria?

As we have mentioned earlier, there are several financial institutions offering school fee loans in Nigeria. They basically do this to cover for parents, guardians, or students” inability to meet up with their school expenses. Some institutions offering school fee loans in Nigeria are:

Access Bank (Advance for school fees)

As one of the biggest financial institutions in Nigeria, Access Bank has designed this loan option to cover your children’s/wards’ Educational needs. They generally believe that Education is the most important investment any parent/guardian can make in their child’s tomorrow. This loan offer allows you to spread your repayment over 4 to 6 months, has an Easy Application process, and a flexible repayment option.

Requirements (Salary Earners)

If you are a salary Earner, here are the documents that Access Bank would require of you.

A completed \Application form
Duly Accepted offer letter
The school fee bill of your child/ward
A valid identity card and a utility bill which is at least 3 months old.

Non-salary Earners

1 year Bank Statement
CAC documents
A duly Accepted offer letter
Receipt of Acceptable guarantee
Statement of the Net worth of the guarantor

To learn more about this loan option, kindly visit any Access Bank Branch Near you. Or you can visit their official website at www.accessbankplc.com/personal-banking/loans/advance-for-school-fees.aspx

LAPO Microfinance Bank ( Education Loan)

This loan option by LAPO Microfinance Bank is basically designed to cater for the payments of your children/ward’s school fees. The aim of this loan is to bridge the gap between the needs of your child and what you can afford. This loan option ranges from #20,000 – #200,000. This loan option has an interest rate of 48% Per annum.

Here are the documents you must provide to access this loan.

Loan application letter
A completed application form
4 recent passport photographs
2 guarantors
A valid means of identification
Recent utility bill

To learn more about these loan options, visit www.lapo-nigeria.org/loans/educationloan

Guarantee Trust Bank (School Fees Advance)

GTBank is one of the powerhouse financial institutions in Nigeria. They have been around for many years. GTBank designed this loan facility to finance the payment of your child/ward’s tuition in any Financial institution in Nigeria. However, this loan option is only available to people who work for public or private reputable organizations. Additionally, it is compulsory that you domicile your salary with the bank. Furthermore, the GTBank School fee advance allows you to access up to 5 million with a maximum of 4 months’ tenor per request.

To apply for this loan, you must provide the following:

A completed copy of an Application form and an Employer Undertaking form
The school fees bill of your child/ward and Credit Insurance
Ensure that your salary is domiciled with the Bank

Page financial School Fees loan:

It is the popular belief of page financials that it is the prayer of every parent to give their children quality education. But in some situations, growing needs might get in the way of your child’s/ward’s school fee payment. On this note, page financial basically design this loan to cater to your Education needs. To get this from page financials kindly visit their official website pagefinancials.com/registration

Conclusion

With the availability of these loan options, having your child out of school is almost impossible. Leverage any of these loan options today and keep your child in school. There’s also an Edu loan made available by First Bank, read more here

How To Borrow Airtime From MTN – Step By Step Process

May 1, 2023 by Olamide Famuwagun

If a mobile phone were to be human, airtime would be its heartbeat. Sure, we understand that data is crucial, especially nowadays.

But, before data, phones were designed for making calls. So, a phone was only useful when you had airtime to contact whomever you please.

Today, this fact remains true. Network service providers have found various ways to make sure you never run out. In this article, you’ll discover how to borrow airtime from MTN.

How to Borrow Airtime From MTN With USSD Code

To borrow airtime from MTN, simply follow these steps:

Dial *606# on your MTN SIM card.
Select ‘request for XtraTime‘ from the available options.
Another set of available options will be shown to you.
Select your preferred choice.

You should know that MTN Nigeria deducts a service charge of 10% from the airtime you intend to borrow. So, this means that you would only receive 90% of the sum you requested.

Learn how to share data on MTN and keep your loved ones connected. Extend your generosity beyond airtime.

Eligibility Requirements To Borrow Airtime from MTN

To qualify to borrow airtime from MTN, you have to meet the following requirements:

Own and use an MTN SIM card
Have no preexisting huge debt from MTN
You need to have loaded N500 within the last 30 days. But, this rule has been eased to a large extent and is now much more flexible
You should have owned and used your MTN SIM card for at least 12 months. Without this, you would not be eligible for borrowing airtime. But, this rule has been relaxed. Now, SIM cards used for less than 12 months are allowed. Also, this holds, especially if you recharge very frequently.

Minimum Airtime Amount To Borrow From MTN

You can borrow N50 as the minimum airtime, but you may borrow up to N1000 or more based on your recharge history. But, there are times when the N25 is available, as the system is flexible. In reality, the lowest standard is N50.

Conclusion

Borrowing airtime from MTN is so much easier and takes only minutes to complete.

Besides borrowing airtime, you might also want to explore transferring airtime on MTN. Take a look at our guide. It has easy steps and useful tips.

Rosabon Financial Services – How to get a quick loan

April 28, 2023 by Olamide Famuwagun

The demand for quick loans are rapidly on the rise and there are numerous financial institutions to match up. Even the so-called large commercial banks now have options to obtain a loan within minutes. However, one of the most common institutions that provide this kind of loan for customers is Rosabon financial services. Although they offer many other services too, Rosabon financial quick loan is easily accessed, therefore one of their most patronized.

An overview of Rosabon financial services

Although it might not seem so, Rosabon financial services have been around for a very long time, precisely since 1993. Therefore, this makes them almost 3 decades old, during which they have delivered a high service of meeting financial needs. Also, their products include lease, finance management, loan and investment offering on a long or short-term basis.

In addition, the quality of Rosabon financial service speaks volume, with awards like the African Financial Quality service loan award for the best practice in equipment leasing, treasury management and corporate venturing. More so, they have a mission to build a first-class and market-focused organization that facilitates growth and create wealth.

Rosabon financial quick loan

Due to the high demand for short-term emergency cash, Rosabon created a quick loan service, available 24 hours every day. Therefore, this means that any qualified individual can access the loan at any time or day. Also, this service offers you the opportunity to get as much as N1.5 mil without any guarantors or collateral. Since its lunch, it has been patronized by thousands, as it basically exists as a lifesaver without unnecessary paperwork

What are the conditions for Rosabon financial quick loan?

This service comes with a very flexible repayment structure with a maximum tenor of 6 months. Therefore, you can decide on certain scheduled payments during your application phase. Also, it has competitive interest rates which are stated at the point of application too.

What are the eligibility requirements for Rosabon financial quick loan?

You must satisfy the following requirements to be able to apply for Rosabon financial quick loan:

Have a paid employment as proof of a steady source of income
Minimum of age 21 and a maximum of 58
Have a current bank account
Pension account or tax ID
Tender a valid proof of identification

How do I apply for Rosabon financial quick loan?

You can apply for a Rosabon financial quick loan through any of the following means:

Visit their official website at https://www.rosabon-finance.com/quick-loan and click on the “apply now” button. After this, follow the prompt till completion.
You can also send an email to the following address: clientservices@rosabon-finance.com
Another option is to call an agent at +2348150880038, +2348150880039, +2348150991085, +2348150991086, +234150880082
Lastly, you can simply visit any of their official outlets in Nigeria. At the time of this writing, their office addresses are:

Lagos: 32, Montgomery Road, Sabo, Yaba, Lagos.
Porthacourt: Imperial plaza, No. 24, Olu Obasanjo Road, Port Harcourt.
Abuja: Plot 789a, first floor, Nigerian Reinsurance Building (opposite BoI), Herbert Macaulay Way, Central Business District, Abuja.
Delta: Suite 9, Eku Plaza, 128 Effurun/Sapele Road, Warri, Delta State.

How do I contact Rosabon financial services?

You can contact them through any of the channels above or decide to leave them a message and agent would reach out to you.

Conclusion

With the Rosabon financial quick loan, money is available to you at any time of the day for emergency short-term needs. Therefore, you can get one today by simply reaching out to them through any of their official channels above.

All the news straight to your inbox.

Signup for Loanspot weekly news letter.

Disclaimer : Loanspot is not a Lender and we do not offer loans to customers. Loanspot offers Lending Technology Infrastructure to Lenders empowering Lenders to offer loans to their customers Effectively, Securely and at Scale. We are NDPR Certified and Compliant.

About Us

Privacy Policy