Olamide Famuwagun

AMCON – How to Buy Assets In 3 Easy Steps

October 1, 2021 by Olamide Famuwagun

Asset Management Corporation of Nigeria (AMCON) is a financial institution established by the federal government of Nigeria. The organization aims to stabilize the financial system of Nigeria. Basically, they achieve this by settling any default loan assets of banks in the Nigerian economy.

An Overview of AMCON

On 19th July 2010, the President of the Federal Republic of Nigeria passed the AMCON Act into Law. This led to the establishment of the Asset Management Corporation of Nigeria (AMCON). The corporation aims to maintain balance and revive the financial sector of the Nigerian economy.

At the inception of this organization, the body discovered 10 banks with problems in their system asset. They resolved this by infusing N736 billion to acquire their asset. However, three out of the 10 banks could not meet up. AMCON acquired these three banks and labeled them as Bridged Banks. The three banks affected include Keystone Bank, Enterprise Bank, and Mainstreet Bank. Also, AMCON boasts of acquiring the default loans of many reputable financial institutions in Nigeria.

What are the requirements to buy assets from AMCON?

It is no longer news that AMCON has put up some of its assets for sale. Basically, for an individual or corporate entity to be eligible to acquire an asset, they must fulfill the following criteria:

1. The individual or company must not owe AMCON any outstanding debt.

2. The directors of such companies must not owe AMCON any outstanding debt

3. The individual interested must not be an AMCON employee, a member of the Board of AMCON, or a relative to an AMCON employee.

Basically, an individual or a company becomes eligible to buy assets from AMCON after meeting these criteria.

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How can I Bid for AMCON assets?

To make a bid for AMCON asset, you have to download the following documents from their website:

1. The AMCON Bid submission form.

2. The know your Client (KYC) form

3. The affidavit verification form

Thereafter, you have to fill all forms and attach all documents needed to process the form. After completing the form, submit it to the secretary of the AMCON Asset Sales & Negotiation Committee.

What happens if I submit a Bid after the Bid submission deadline?

If you submit a bid after the bid submission deadline, AMCON will not accept it. Therefore, you must ensure you submit your bid before the bid submission deadline.

Is it possible for me to Bid for more than one asset in an AMCON bidding exercise?

Yes, it is possible to bid for more than one asset in a bidding exercise. However, you will need a separate set of documents and bank drafts for each submission. This simply means that for every bid you make AMCON will require a new bid submission.

Can I cancel my bid after I submit it?

No, it is not acceptable to cancel your bid after submission. After submission, you cannot withdraw or cancel your bid and just have to see it through.

Where and when will AMCON Bid opening take place?

All bids opening takes place at AMCON branches in Lagos and Abuja. The corporation announces and gives details of all bid openings in the newspapers.

Also read more on Federal Mortgage Bank of Nigeria Review – How to access FMBN loans in Nigeria.

What happens if I win the AMCON bid?

After you win the bid, AMCON will give you a duration of 15 days from the day you win. This period is for you to pay up the outstanding 90% debt for the asset you want to acquire. Also, your 10% initial deposit will constitute part payment for the asset.

You can obtain a comprehensive loan, tailored to your specific needs by using this platform. Basically, it allows you to compare loans from different lenders across Africa, ensuring the best option doesn’t slip through.

How can I contact AMCON?

You can contact AMCON through the following ways:

Address: Head Office- 417, Tigris Crescent, Off Aguiyi Ironsi Street, Maitama, Abuja, FCT, Nigeria

Lagos Office: 67, Marina Street, Lagos Island, Lagos, Nigeria

Phone number: Abuja- (09)2780300, Lagos- (01)2773210

Website: www.amcon.com.ng

Bottom line

Over the years, AMCON has been helping to stabilize the economy of Nigeria. Its presence has greatly influenced the economy. Also, it is a means of investment for individuals and companies. If you are seeking a good investment, buying an AMCON asset is a great idea.

Skystone Capital loan and investment company in Lagos Nigeria

September 28, 2021 by Olamide Famuwagun

Skystone capital loan and investment company is one of Nigeria’s leading financial institutions. The company seeks out, funds, and mentor small and medium-sized enterprises (SMEs). Also, they continuously lead any SME they mentor till it reaches full maturity. The investment company is reputable for financing businesses that need funds to execute contracts.

Skystone Capital loan and investment company in Lagos Nigeria

An overview of Skystone Capital loan and investment company

Skystone capital loan and investment company was founded in 2018. Basically, they provide financial services and mentoring to SMEs. This Lagos-based company operates under the license of the Central Bank of Nigeria. In addition, it is led by banking experts who vouch to provide assistance to retails and SMEs. They are known to be one of the most reliable financial institutions in Nigeria.

What are the products and services offered by Skystone capital?

The company provides a wide range of services. They include:

1. SME funding

It is a well-known fact that a lot of SMEs will need funding to execute contracts at some point. Skystone capital resolves this problem by offering loans to businesses in need. Also, the type of loan financing may vary depending on what the business needs it for.

2. Personal financing

The company offers a number of quick consumer loans to professionals in Nigeria. The maximum loan amount any qualified applicant can receive is solely determined by their income. More importantly, the loan is subject to terms and conditions which should be adhered to completely. Within 24 hours, a qualified applicant will receive the loan.

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3. Fund management

Basically, the financial institution manages funds on behalf of its clients. They focus on managing tenure funds and target savings. However, client fund management is based on tenure and the rate agreed upon by both parties.

4. Leases and debt factoring

The company focuses on lending services to businesses for a specific period of time. Also, they purchase debts from customers at a discount and make a profit from their collection.

5. Financial Advisory

Skystone capital offers financial advisory services to customers for a specific fee or commission. In simpler terms, you can pay them to advise you on how to manage your finances.

How can I apply for a Skystone Capital loan and investment company loan?

You can either apply for a personal or an SME loan. Below are the steps to apply for either of the loans on Skystone capital:

1. Personal loan

To apply for a personal loan, follow the steps:

Log into their official website and click on apply for a loan
Click on apply for a personal loan
Go ahead and fill in the form with your personal details
Thereafter, you can submit and await a response from them

2. SME loan

To apply for an SME loan, follow the steps below:

Log into their website and select apply for a loan
Click on apply for an SME loan
Next, you can input all your details on the form.
Lastly, submit your form abs wait for a response

What are the requirements to be eligible for a Skystone capital loan?

To be eligible for a loan, you will require the following:

A legit monthly income
You must be between 24 and 60 years old
A clean report from the credit bureau
No history of returned cheques
A recent passport(not older than 6 months)
Your salary bank statement for the last 6 months
NUBAN cheque leaves for the period of the loan
Your Staff Id card
Employment letter
Utility bill
A valid Id card

Basically, these are the necessary requirements to obtain a loan from Skystone capital loan and investment company

Do you need a loan? Be sure to visit this loan platform that allows you to compare loans from different lenders in minutes. It offers the best and ensures that you get nothing less.

How can I contact Skystone capital loan and investment company?

You can contact Skystone capital through the following ways:

Address: 6, Saro close, off Karimu Kotun Street, Victoria Island Lagos

Phone number: 09060005147, 09060005148, and 09060005149

Email address: info@skystonecapital.com

Website: www.skystonecapital.com

Closing thoughts

Skystone capital is a financial institution that not only funds businesses but helps them to reach their full maturity. This feature makes them unique and different from others. If you’re an SME owner seeking funding, this is one of the options you can trust.

What is a Credit Score in Nigeria?

September 25, 2021 by Olamide Famuwagun

What is a Credit Score in Nigeria? A credit score is a unique credit rating system that shows lenders how risky it is to lend to an individual. Developed by the Fair Isaac Corporation (FIRC), an American data and analytics company, it helps individuals to know what their credit status is and lenders to make quick and informed decisions. Your credit score is dependent on the information on your credit report, which is your credit history over a period.

Credit score factors shape the credit score and the lower your score, the riskier it is for lenders. A credit score is basically a 3-digit number that has the minimum being 300 and the maximum, 850. In calculating the credit score, the following are the standard measures:
Excellent 800-above

Very Good 750-799
Good 700-749
Fair 650-699
Poor 600-649
Very Bad 300-599

Learn about the import of a credit score and how to access your credit report in Nigeria

How to Calculate Credit Score

The following factors form the basis for calculating your credit score

1. Payment History:

This refers to the degree of compliance with agreed payment terms. Ideally, it should be at 35% however, factors such as bankruptcies, late payments, and default in payment affects the outcome.

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2. Amount Owed:

This takes into review the amount owed in your account, the number of accounts with balance, and the available credit. This rate is over 30%

3. The pursuit of New Credit:

If you have recently opened a new credit account, the score will weigh against the rest of your credit history. The rate is over 10%

4. Length of Credit History:

You can achieve a good credit score with short credit history if the rest of the report shows your responsibility with credit. However, an extended credit history increases your credit score. The rate is over 15%.

5. Credit Mix:

Installment loans, credit cards, and personal lines of credit can slightly increase your credit score. The rate is over 10%.

How to Access your Credit Score in Nigeria

Credit score plays a vital role in one’s financial life. It is a three-digit summary of your credit report, which determines your creditworthiness by outlining your credit activities for your entire history as a borrower.

If you have ever considered getting a loan, your credit score is what lending institutions evaluate to determine how safe or risky you are as a potential customer. Your credit score is dependent on your account activity.

To access your credit score, you need your credit report because your ratings are dependent on information in your reports. A credit report includes details about your past and existing credit agreements. These include credit, loans, mortgages, debt collections, cards, whether you’ve made on-time payments for your bills, and the lists of businesses that have most recently viewed your credit history. These credit checks are inquiries.

How do I get access to a credit report in Nigeria?

As a Nigerian, you can get one free Credit report annually from any Credit Bureau registered in Nigeria. Here are the ways to get access to your free credit report:

1. Apply on the CRC Credit Bureau website. CRC Credit Bureau also has a USSD code (*565*8#) you can dial to check Credit reports instantly. You’d have to be an MTN subscriber to use their USSD option. You can check out this post for USSD code for loans in Nigeria.

2. You can also access a free credit report from the Credit Registry’s website. The Credit Registry offers a free report on an annual basis.

3. Get a free credit report from Carbon Paylater. Carbon also offers free credit reports to Nigerians.

Do you need a loan? Be sure to visit this loan platform that allows you to compare loans from different lenders in minutes. It offers the best and ensures that you get nothing less.

Conclusion

Knowing your credit score not only helps you take control of your finances but also makes you better prepared for applying for a loan in Nigeria. The credit score calculator is easily accessible, and you can purchase for N400 on the Credit Bureau website. We recommend that you check your credit score at least once a month.

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Mortgage Refinancing – How to perform a mortgage refinance

September 23, 2021 by Olamide Famuwagun

Refinancing is a good way you can secure your home. It provides you with a better mortgage rate, a shorter payoff term, as well as a lower monthly payment. Now, you might be wondering how Mortgage refinancing works? In this article, we would be discussing everything you need to know about mortgage refinancing.

What is Mortgage refinancing?

Mortgage refinancing is the process of getting a new loan to pay off your current mortgage loan. In simpler terms, it entails taking out a new loan for your home. When you refinance, your bank helps you pay off your former mortgage with the current one. Thereafter, you will have just one loan and monthly payment.

People often decide to refinance so they can decrease their interest rate and payment term. Also, they can choose to turn some of their home equity into cash.

What are the two types of mortgage refinancing?

There are primarily two types of refinancing. They include:

1. Rate and Term Refinance

With rate and term refinance, you will get a new mortgage at a smaller interest rate. Also, you get a shorter payment term. For example, you can refinance your 20-year mortgage into a 10-year mortgage. By doing this, you get a monthly payment similar to your original loan.

2. Cash-Out Refinance

With this, you can refinance 80 percent of your current mortgage value for cash. Let’s assume your mortgage has a value of N100,000 and you owe N60,000. Your bank can give you N20,000 in cash-out, so your new mortgage will be N80,000.

Basically, these two types of mortgages sum up their offer. Also, you can choose to obtain a mortgage loan from private or public lenders.

How Can I do a mortgage refinance?

Mortgage refinancing is not as complicated as you think. Here are the steps required:

1. Applying

You can start by applying to refinance through a bank or a loan lender. Thereafter, the bank will look at your income, assets, as well as your debit and credit score. This is to determine if you meet the refinance requirements. Some important documents your lender will need are your bank statement and your spouse’s documents (if you’re married).

In addition, you can refinance with any lender of your choice. You can start by shopping around for a lender with the most suitable current rate before applying.

2. Locking your interest rate

After you apply successfully, your lender might give you the option to lock your interest rate. This will ensure it does not increase before the loan closes.

Basically, an Interest rate lock can last from 15 – 60 days. Also, the lock duration depends on some factors like loan type, location, or even the lender. If you don’t close your loan before the lock duration ends, your lender may charge you more money to extend the duration.

3. Underwriting

When you submit your refinance application, your lender will begin the underwriting process. This process involves your mortgage lender verifying your details to ensure everything is accurate. Your mortgage lender does this to determine what options are open to you

In addition, this process will include an appraisal of your home value. . For example, if you want to refinance to take cash out, the cost of your home will determine how much you can get. If you want to decrease your mortgage payment, the value will depend on if you have sufficient mortgage equity.

4. Home Appraisal

Before you refinance, you must execute an appraisal done by your lender. The appraisal process involves your lender visiting and estimating your property. You can prepare ore your home appraisal by ensuring your home is in excellent condition. Start by tidying your home and fixing every damage to create a good impression. In addition, you have to draw out a list of upgrades you have done in your home.

If the value of your home is equal to or higher than the amount of loan you are refinancing, the underwriting process is successful. Thereafter, your lender will communicate to you the details of your closing. However, if your home value is lower, you can decide to reduce your loan amount or cancel your application.

Once the above process is complete, you can close your loan. Your lender will send you a Closing Disclosure document a few days before closing.

What are the benefits of Mortgage Refinancing?

There are several benefits of mortgage refinancing. Some of them include:

1. To shorten your loan term

2. To lower your interest rate

3. To cash out your home equity

4. To change your loan type

When can I refinance my Mortgage?

Refinancing your mortgage depends on some factors. You can consider factors like your financial health (like your credit score) or even market trends. In addition, you can calculate your break-even expense point using a mortgage refinance calculator app.

Bottom line

Mortgage refinancing is a good way to turn your home into a financial tool. Also, it is convenient because you can adjust your loan terms and amount as you deem fit. By following proper precautions, this method can help you save money in the long term.

Asset Financing in Nigeria – Everything you need to know

September 21, 2021 by Olamide Famuwagun

Asset financing is one of the ways financial institutions in Nigeria provide financial services to businesses. Basically, asset financing involves offering loans to companies for the acquisition of any asset of their choice. People use these loans to finance expenditures like ships, vehicles, or even pieces of machinery.

In this article, we discussed everything you need to know about asset financing.

What is Asset financing?

Asset financing is the process by which a company uses its balance sheet assets to get a loan. In simpler terms, it is a loan a company collects that depends on its financial strength.

Basically, businesses use this loan for growth and expansion. This is to ensure that they do not pay the full cost of the asset upfront. In addition, the borrower must offer the lender a security interest in the assets. Thereafter, the lender divides the value of the assets and interest on the outstanding balance into smaller payments.

Asset financing gives companies access to sophisticated technologies they cannot afford. Therefore, it is useful for businesses that are hoping to expand their business tentacles but do not have cash. However, you can also take advantage of asset financing to obtain personal assets like the autocheck car loan.

What is the difference between asset financing and a loan?

Asset financing and traditional financing (loans) are very financing methods. In asset financing, the business seeking to borrow offers a part of its asset to obtain a cash loan quickly. Meanwhile, traditional financing will typically take a longer time to process. This longer process will include projection, business planning, and other important factors.

Businesses mostly go for asset financing when they need to obtain working capital or short-term cash loan. Most times, the business seeking to borrow offers only its accounts receivable and not its inventory assets. Also, there are options for long-term loans too.

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How does asset financing in Nigeria work?

Asset financing in Nigeria works in various ways. All of these depend on the type of financing you choose. The different types of financing include:

1. Hire Purchase

Hire purchase involves the lender purchasing an asset on your behalf. Thereafter, the lender spreads the cost of the item over time. With hire purchase, the lender gives you the asset. However, you have to pay back the cost of the asset to own it. The lender collects repayment on an installment basis

2. Equipment leasing

With equipment leasing, the bank or lender buys the asset you need and gives you to use on lease for a specific period. Thereafter, the lender will expect you to make periodic payments in return for the use of the asset. After the lease period ends, you can decide to return the asset or buy it off.

3. Operating leases

Basically, an operating lease is a contract that permits you to use an asset that you don’t have ownership rights to. In simpler terms, it means off-balance-sheet financing. When the contract ends, you can either renew the lease or return the asset.

4. Financial and Capital leases

Financial and Capital leases are quite similar to hire purchase and equipment leasing. However, its contract has a longer duration. With this lease, you are free to use the asset and in return pay back the full value over a long duration. Usually, this type of lease throughout the asset’s entire life.

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What are the benefits of asset financing in Nigeria?

Asset financing has several benefits. Some of them include:

Asset finance is quicker and easier to get than traditional bank loans and sometimes, microfinance bank loans too.
Most contracts pertaining to asset finance have fixed interest rates.
Also, cash flow and budgeting are easy to manage because of their fixed payment.
If you fail to pay back, you will only lose the asset, without any other string attached.

Bottom line

Asset financing is one good way you can obtain an asset for your business at your convenience. Not only is it easier for you to obtain, but it is also quicker and less demanding. The information above will guide you if you decide to try it.

How To Get a Loan from Ecobank

September 19, 2021 by Olamide Famuwagun

Ecobank is a leading Nigerian bank that provides a diverse range of loans to help people meet their immediate financial needs.

Note that with an Ecobank loan, you may get up to 90% of your money. There’s no need for collateral as you can pay it back over 10 years. Besides that, you can get long- and short-term loans.

You can apply for this Ecobank Loan by visiting any of their branches or using the Ecobank Loan USSD code. However, before we go over the how, let’s go over the secret of getting Ecobank loans. In the rest of the article, you will know the requirements and types of loans Ecobank offers its customers.

How to get a loan from EcoBank in Nigeria 2021 — How to get a loan from EcoBank in Nigeria

What are the requirements for getting a loan from Ecobank?

You can get a loan quickly, but for those who don’t know how, it’s simple once you know what you need.

Below are the requirements for Ecobank loan:

Applicants must have already been banking with Ecobank for up to six months
Applicants must provide either a National ID card, international passport, driving License
Provide a utility bill

How can I apply for an Ecobank loan?

You can apply for an Ecobank loan in a variety of methods, but to get begin, you must first:

Request a loan at any of their locations near you. You can also use the Ecobank branch locator to discover the closest Ecobank branch to your location.
You can access Ecobank’s banking system by dialing *326#, which is the Ecobank’s immediate rapid loan code.

What types of Ecobank Loans can I apply for?

You can apply for a variety of Ecobank loans to help you meet your financial obligations. They are:

1. The Ecobank Auto Loan

Ecobank plc offers an Auto Loan or Asset Acquisition program to their customers. This loan will help you achieve your ambition of owning a new vehicle or generator. They organized this loan to finance up to 90% of the total cost of the asset.

2. The Ecobank Advance Facility Loan

Ecobank can assist you if you find yourself with unforeseen financial needs. This Ecobank Advance Facility loan would allow you to borrow up to 50% of your net monthly pay in a matter of days.

3. The Ecobank Cash Backed Loan

Ecobank’s Cash Backed Loan is a pre-approved, low-interest loan that will enable you to access cash without depleting your assets if you have an existing deposit or investments with them.

4. The Ecobank Mortgage Loan

Whether you’re buying a new house, renovating an existing one, or refinancing your current one. This Ecobank Mortgage Loan is a great way to get started.

5. The Ecobank Personal Loan

The Ecobank Personal Loan is a multi-purpose loan with various repayment options and the ability to access additional cash once you repay the loan. This is also a good option for student loans.

6. The Ecobank Salary Advance Loan

This is one of the most popular loans because it allows you to get money quickly in an emergency. Employees of an approved company can borrow up to 40% of their net monthly salary with this loan type. Consequently, as it is a 30-day overdraft loan.

7. The Ecobank Travel Loan

The Ecobank plc Travel Loan makes it easier to budget for your holiday by providing discounts on airline tickets and hotel accommodations.

Do you need a loan? Be sure to visit this loan platform that allows you to compare loans from different lenders in minutes. It offers the best and ensures that you get nothing less.

What are the contact details of Ecobank?

You can contact Ecobank for more enquiries or report on any problem through:

Twitter: @groupecobank.
Facebook: drop comments or messages to the Ecobank page.
WhatsApp: +234808760 3717.
For email complaints: engcontactcentre@ecobank
Phone numbers: +2347005000000, +2348003262265.

Conclusion

Ecobank offers a variety of loan products for individuals and small businesses seeking to grow. However, depending on the sort of loan, you must meet a variety of features, benefits, and eligibility conditions. Because of this, you can apply for the loan of your choice at any of their locations near you.

How to get a loan from Stanbic IBTC bank

September 17, 2021 by Olamide Famuwagun

Stanbic IBTC Bank offers a wide range of loan options that cater to both individuals, large-scale businesses, and SMEs looking to grow. However, depending on the sort of loan, you must meet a variety of features, benefits, and eligibility conditions. Therefore, we would discuss this and every other thing you need to know about Stanbic IBTC bank loans in this article.

How to get a loan from Stanbic IBTC bank

What are the loan products of Stanbic IBTC Bank?

Just as most banks have various loan products. Stanbic IBTC Bank’s case is not different. They offer some loan products to their customers. These loan products include:

Home loan

Our experts will guide you with insights, solutions, and support so you can make your next big move with confidence – whether you’re a first-time buyer, home builder, or homeowner.

The features of Stanbic IBTC home loan are:

Apply for a home equity loan or an outright purchase.
They offer home loans in Lagos, Ibadan, Port Harcourt, Ogun, Abuja, Kano, Kaduna, and Benin, among other places.
Their home loan offers flexible principal repayment options. Here, you can pay monthly, quarterly or once or twice a year.
The maximum repayment period is seven years if you are self-employed.
You repay your loan in 20 years if you earn a salary.
It has a minimum loan amount of ₦3 million.
A minimum property value for providing an equity release loan is ₦5 million.

What are the requirements for getting a home loan from Stanbic IBTC bank?

There are some requirements you must meet to get a loan from Stanbic Bank. They include:

They must confirm that you are an employee at your current workplace.
At the end of the loan term, you must be at least 21 years old and no older than 60 years old (65 years for judges and lecturers).
Earn a minimum net monthly income of ₦200,000 for an outright purchase, and ₦140,000 for an equity release loan.
Have an excellent credit history and have had none returned checks in the last six months.
Stanbic IBTC Bank is where you should keep your salary account (current account).

2. Salary Advance

Apply for a Salary Advance and enjoy our revolving loan to help you get through the tough times. What is a Revolving Loan? A revolving loan allows you to borrow money whenever you need it without having to reapply for credit. All you have to do is pay back 15% of your loan.

What are the requirements for Stanbic IBTC bank’s Salary Advance?

They must have the account that they pay your salary into.
You must earn at least ₦40,000 per month and must have
Minimum loan amount is ₦20,000.
You must have worked for your current employer for a minimum of six months.
You must be at least 21 years old (but not older than 60 years when the facility would end).
An approved organization must employ you and have acceptable contract terms if you are a contract worker.

What are the features of Stanbic IBTC bank’s Salary Advance?

A minimum loan amount of ₦20,000
You can choose to re-use the repaid portion of your loan by revolving it.
After a certain length of time has passed, you can renew your revolving wage loan.

How can I get a Salary Advance from Stanbic IBTC bank?

You can get a Salary Advance from Stanbic IBTC bank by:

Visiting your nearest Stanbic IBTC Branch
Calling 01 422 2222
Emailing: CustomerCareNigeria@stanbicibtc.com

Get a loan up to N100,000 at the best affordable rates in Nigeria

3. Vehicle and Asset Finance

They have your dream car covered! It is simple and quick to apply for a vehicle loan. They designed this medium-term loan (Vehicle and Asset Finance program) for salaried and non-salaried customers. This will help these customers to buy mobile and immovable assets like cars and generators.

More details on the Vehicle Asset Finance

Customers on a salary have a maximum tenor of 60 months, whereas bankers have a maximum tenor of 48 months. Used automobile tenors are subject to further consideration. You can visit their nearest branch for details.

Salaried Client–Salary Domiciled–60 months with a minimum initial commitment of 10% of asset cost.
Bankers with non-domiciled salaries must contribute a minimum of 40% of the asset cost over 48 months (for Bankers only).
It has a maximum 10 years old by exit of finance (i.e. they must pay in full for facility by the tenth anniversary of manufacture) Vehicles that they have used limited to Toyota, Mercedes Benz, BMW, Audi, Land Rover, Nissan, Honda, Mitsubishi, Ford, Volkswagen, Chevrolet, Dodge, Infiniti Jeep, Lexus, and Acura brands with a 70,000km limit and a minimum warranty of 3–6 months on the engine and transmission. And minimum contribution of 20% Note:- other brands are 8years.

What are the requirements for Stanbic IBTC bank Vehicle and Asset Finance?

Completed application form
Proof of income/evidence of salary
You must provide a proforma invoice for the vehicle or asset you choose. They will prefer it to be a Stanbic IBTC partner dealer.

What are the features of Stanbic IBTC bank Vehicle and Asset Finance?

Stanbic IBTC bank Vehicle and Asset Finance has some features which include:

It has a flexible payment terms with up to 4 years tenure for repayment
Access to competitive interest rates
To assist you in finding your car, you will have access to our extensive dealer/partner network.

They have a new product called PAAS- Personal Assets Acquisition Scheme. Only for clients who are salaried and pre-approved employers.

Which offers:

Vehicles both new and used but with a maximum loan limit of ₦15m and tenor of 48 months
Inverter and Solar Solution Maximum loan limit of ₦5M and tenure is 18 months.
Generator maximum loan limit of ₦7m and tenor is 36 months.

The PAAS- Personal Assets Acquisition Scheme features are:

Vehicles both new and used but with a maximum loan limit of ₦15m and tenor of 48 months
Inverter and Solar Solution Maximum loan limit of ₦5M and tenure is 18 months.
Generator maximum loan limit of ₦7m and tenor is 36 months.

General Combo financing.
Management fee
Insurance cover for the entire duration of the loan.
For asset insurance cover, life insurance covers job loss, permanent disability, and death only in the event of an accident or damage to the assets financed.
No initial contribution
100% financing.
It will take you a maximum TAT of 24hrs from submission of complete documentation.

You can also check out how to get a loan from Ecobank in Nigeria 2022

How can I get Stanbic IBTC bank Vehicle and Asset Finance?

In order to get the Vehicle and Asset Finance, you can also:

Visit their nearest branch
Call 01 422 2222
Email CustomerCareNigeria@stanbicibtc.com

4. Smart Loan

Apply for an overdraft immediately for unforeseen circumstances, or simply boost your existing limit by applying for a Smart Loan online.

What are the requirements for Stanbic IBTC bank Smart Loan?

Existing and new to Bank customers with minimum SIAML Fund of ₦50,000 will provide;

For Term loans, they will require customers to show proof of source of repayment which will be most recent 3months payslip from their employer or other proof of regular source of income as acceptable to the Bank.
Accommodate customers who do not have a regular source of income but have bank statements that support cash flow.
Customers invested funds in respective SIAML Funds
You must be a Nigerian citizen with a permanent address in the country.
They must deposit your salary into a Stanbic IBTC Bank current account.
They must have the account that they pay your salary into.
No minimum net monthly income
Must be 21 years or older.
Your credit bureau report must be satisfactory.

What are the features of Stanbic IBTC bank Smart Loan?

Convenient way to manage cash flow in the event of shortfalls
You can access up to 80% of your investments as a loan whenever you need it without terminating your investment.
The loan offers a maximum tenure of 48 months for Term Loans
You can access their 24 hours business support helpline
They also offer internet, mobile and USSD banking as full e-banking options.

5. Secured term loans

To fit your lifestyle, get a personal short-term loan with a set monthly payback amount. These needs could include medical, house rent, car maintenance, school fee, wedding. Thereafter, you can pay it off at a time that is convenient for you.

What are the requirements for Stanbic IBTC Secured term loans?

There are some requirements you need to meet in order to get a secured loan. They include:

You must have worked for your present job (current employer) for at least six months.
Must be permanently employed or be a contract worker at a recognized company with valid contract terms.
Be a Nigerian citizen with permanent residency.
You should earn a minimum net monthly income of ₦100,000.
Must be at least 21 years old (but not older than 60 years when the facility would end).
Your credit report has to be sufficient for you to apply.

What are the features of the Secure term loans?

The Secure term loans have the following features:

This is a personal loan that offers similar interest rate and repayments throughout the loan term.
Monthly electronic statements
Once they approve it, they will pay the funds directly into your salary account.

6. Unsecured Loans

Their unsecured personal loan is a medium to long-term loan that allows you to access funds for personal necessities. These necessities could be; domestic equipment, educational fees, car maintenance, and house rent at any time, with a flexible payment schedule.

What are the requirements for Stanbic IBTC bank Unsecured loans?

There are some requirements you must meet to get the Unsecured loan from Stanbic IBTC bank. They include:

You must have worked for your present job (current employer) for at least six months.
They must have the account that they pay your salary into.
Must be permanently employed or be a contract worker at a recognized company with valid contract terms.
Be a Nigerian citizen with permanent residency.
You should earn a minimum net monthly income of ₦20 000.
Must be at least 21 years old (but not older than 60 years when the facility would end).
Your credit report has to be sufficient for you to apply.

What are the features of Stanbic IBTC bank Unsecured loans?

This loan product has its own features, just like the others above. These features include:

A personal loan with the option to revolve your loan when you have repaid 15% of the full amount.
Monthly electronic statements
Once they approve it, they will pay the funds directly into your salary account.

Other loan products of Stanbic IBTC bank

Stanbic IBTC Bank has several loan products. Besides the loan products seen above, other loan products they offer are:

SME Loan
AgriBusiness Finance
Distributor Finance
Invoice Discounting
Purchase Order Discounting
Trade Finance
Overdraft

Conclusion

Stanbic IBTC bank loans remain a top choice for citizens all around the nation because of their variety and excellent customer service. You can easily get a loan from any Stanbic IBTC bank today by visiting any of their branches or opting for the mobile option.

Need a loan? Kindly check out this platform that allows you to compare loans from several lenders in minutes. This would help you make the best decision for you

How to apply for an Access Bank PayDay loan

September 16, 2021 by Olamide Famuwagun

You might think of how to get a payday loan from Access bank. The good thing is that it is not as difficult as you might have expected. Access bank offers a wide variety of options for customers to make their visions and expectations a reality. Basically, there is something for everyone, from entrepreneurs to salaried workers to retirees. Loans have become a popular alternative in recent years, particularly when attempting to invest or simply keep up with obligations. Therefore, for whatever reason it is, Access Bank loans surely have you covered.

What is an Access Bank PayDay loan?

Customers can get a payday loan in as little as 24 hours (both salary and non-salary earners). You can borrow money at a low interest rate with a Payday Loan and they will not require documentation or collateral. You may be short on cash if an emergency arises before payday. PayDay Loan comes in handy in this situation.

What are the features of Access Bank PayDay loan?

The Access bank payday loan has some features which include:

With their 24/7 service, which does not require visits to the bank. You can conveniently apply via *901*11*1# QuickBucks App, Internet Banking, Mobile App.
No documentation required.
No collateral required.
Up to thirty-one (31) days tenor.

How can I apply for an Access Bank PayDay loan?

You can apply for a PayDay Loan through any of the following ways:

For former Diamond users, dial the USSD code *901*11*1#
QuickBucks is a free app available on Google Play and Apple App Store.
Select Loans & Investments from the Access Mobile App.
You can also apply through Access Bank Internet Banking and WhatsApp Banking channels.

Once you do any of the above, they’ll reach out to you and guide you through the loan process.

What can affect my eligibility for an Access Bank PayDay loan?

Any of the following will most likely affect your eligibility to get an Access Bank PayDay loan:

Having any outstanding loan(s) in Access Bank or other banks.
If the phone you’re using is not linked to your BVN.
If there is no proof that your employer paid your wage the prior month.
Having exceeded your eligible amount because you have taken previous digital loans.
If you have an existing loan with a monthly payment, that is greater than the amount you are qualified for.

When is the PayDay Loan due for repayment?

Every loan type and agreement always has when they expect the borrower to repay. They expect you to repay your Access Bank PayDay Loan by your next salary payment. However, it’s also cool to repay it in 30 days from the day you took the loan (whichever comes first). They will automatically deduct the loan amount from your salary account.

Can I pre-liquidate my PayDay loan?

There is an option for customers to pre liquidate their PayDay loan. Customers have the freedom to pay off their loan at their convenience. Customers who want to do so should contact Access Bank at +234 1 271 2005. Besides that, they can email contactcenter@accessbankplc.com or visit any Access Bank branch to liquidate their loans.

What happens if I have no funds in my account for repayment on the due date?

There could be a situation whereby you may not have funds in your account for repayment. Access Bank will just deduct the money from any inflow into your settlement account. However, if the loan is past due, they will make the deduction from any account linked to your BVN.

Is there any Access Bank penalty for not repaying the loan on time?

There are some penalties banks or financial institutions impose on defaulting customers. In this situation, Access Bank will take 1% penal charge per month for defaulting on the loan from 31 days past due.

What are other instant digital loans with longer repayment plans?

There are other instant digital loan alternatives with longer repayment plans that Access Bank offers. They include:

PayDay loans
Lending Against Turnover (LATO/ILAT)
LATO Premium (PLAT)
LATO Mart (MLAT)
Salary Advance (SADV)
Small Ticket Personal Loan (STPL)
Device Finance (DFPS)

How can I get the funds after opening a new Access Bank account?

After opening a new bank account, you can do the following to access your funds.

To get a debit card and submit paperwork for a new account, go to your nearest Access Bank branch.
They’ll require:

Valid regulatory identification card, such as an international passport, a driver’s license, or a national identification card
A recent utility bill
A passport photograph

However, you can also start transfers using our USSD platform *901#.

How do I repay the PayDay loan?

They will deduct the loan amount at source from your next salary payment. And this means that they will debit the funds from your paycheck before it reaches your bank account. Consequently, the loan duration is 30 days or your next salary payment, whichever comes first.

Conclusion

With many decades of operation, Access Bank has been meeting the needs of its customers for a long time. Their services are among the best in the country, so stop by at any moment to apply for a loan. However, ensure you get the loan you can easily relay with less hassle.

Home Equity Loans: Everything you should know

September 16, 2021 by Olamide Famuwagun

A home equity loan can help property owners and real estate investors reach their financial goals. The value of real estate investment is always on the rise and you can take advantage of the soaring prices of your houses without selling it. If you own a house especially up to a decade, tap into the opportunities of a home equity loan.

What does home equity loan mean?

Simply put – a Home Equity Loan is a type of loan in which the borrower uses his home as collateral. The loan amount is often determined by the value of the property, which is about 80 – 90% of the home’s value. It can also be referred to as Home Equity Line Of Credit (HELOC) or Second Mortgage

Few things to consider before taking a home loan

Find out what your credit score
How much debt are you currently servicing
Calculate your equity; This is mostly 80-90% of the value of your home
Have a thorough understanding of your plan for the money
Consider the risk

How does a home equity loan work?

A home equity loan is a loan for a fixed amount that is secured by your home. Usually, the amount of money you can borrow is limited to a certain percentage (sometimes up to 90%) of the value of your home. However, the borrower’s income, credit history, and market value of the home are often considered as well.

Primary mortgage institutions often offer the home equity loan in Nigeria and is easy to obtain with the right documentation

What are the requirements for a home equity loan in Nigeria?

To qualify for a home equity loan in Nigeria, you will need to determine the equity amount of your home as it determines the amount you can borrow. You will also need one or all of the following:

A good credit report standing
Evidence of sufficient and verifiable source of monthly income
Unencumbered title

Home Equity Loans VS Mortgage

Mortgage and home equity loans are similar in many ways. However, the major difference is while a mortgage loan is a lump sum lent to an individual to fund the purchase of a home. Home equity loans are loans given to individuals who already own a home and would like to use the home as collateral to secure funds for other expenses.

What can home equity loans be used for?

The interest rate on a home equity loan is usually lower compared to personal or credit card advancements. With home equity loans, you can save a lot on monthly repayments, hence the reason why most people use it for capital projects. You can use a home equity loan for the following:

Home renovations
Debt consolidation
Investing in shares
Purchase of property
Other large purchases

Conclusion

No financial transaction is without its own inherent risk. Taking out a loan especially when you are putting your house on the line is really a big deal. In view of this, there are other types of loans that don’t require any collateral, that you might want to consider.

However, here are one of the few things you can use a home equity loan for

Take advantage of loans at lower rates
Renovate your home
Refinance an existing mortgage
Down payment for another home.

How To Get A Federal Mortgage Bank Loan

September 8, 2021 by Olamide Famuwagun

The Federal Mortgage Bank of Nigeria (FMBN) launched in 1956 before assuming the status of the apex mortgage institution for Nigeria, in 1994. Since then it has managed and administered the contributory savings scheme known as the National Housing Fund (NHF)

The NHF is a social savings project to mobilise long-term funds to advance concessionary loans to contributors.

It operates as one of the core mandates of the FMBN. The Federal mortgage bank loan in Nigeria is under the National Housing Fund Act(1992).

Who Can Apply for a Federal Mortgage Bank Loan?

You must be a Nigerian and above the age of 18 years. They must have been a contributor to the National Housing Fund for six months. Applicants must also have evidence of a regular flow of income.

Get a loan up to N100,000 at the best affordable rates in Nigeria

Purpose of a Federal Mortgage Bank Loan

The loan shall be mainly for building, purchasing, or renovating residential accommodation. No credit shall be for refinancing.

Read: Federal Government Loan

Requirements of The FMBN Loans

Savings account with a registered primary mortgage bank
Contribution to the fund for a minimum of six months.
Evidence of a regular flow of income.
Photocopies of other substantiating title documents.
Survey and site plans
A copy of an approved building plan
Bill of Quantities (If you have one)
Valuation report prepared by registered surveyors and valuers where applicable
Tax clearance certificate for three years
Letter of consent to your chosen primary mortgage bank
Completed mortgage loan application form
Evidence of National Housing Fund contribution
Payslips for the previous three months
If you are a self-employed applicant, a copy of Articles and Memorandum of Association and a copy of Certificate of Incorporation should be submitted.

How To Apply for a Federal Mortgage Bank Loan

Basically, the applicant is to apply through a licensed and accredited primary mortgage institution and not to the Federal Mortgage Bank of Nigeria (FMBN) directly.

The primary mortgage institution of the applicant’s choice must be under by FMBN to access the national housing fund facility.

Forms for application of the NHF loans are obtainable from the primary mortgage institutions. In essence, they are primary mortgage institutions under the Central Bank of Nigeria to carry out mortgage banking. You can also read more on how to apply for home equity loans.

How Much Can You Apply For?

A borrower can be eligible for a maximum loan of N15m, or sometimes as advised by the bank. However, no individual should get credit above 90% of the value of the mortgaged property.

Interest Rate

The interest rate shall be as prescribed by the National Housing Fund Act, which is not more than 6% per annum.

Loan Tenure

The maximum repayment period shall be for 30 years. Therefore, individual borrowers shall make repayment through the primary mortgage institution through which they got the loan.

The Federal mortgage bank operates on a model that targets partnerships with organizations with financial and technical capacity, interested in delivering affordable mass housing for the low-income end of the market.

For further reading, here’s a CBN approved list of licensed mortgage lenders in Nigeria. Also, check out our posts on other commercial bank loans like the Zenith Bank loan, and so on.

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