Olamide Famuwagun

Federal Mortgage Bank of Nigeria Review – How to access FMBN loans

September 7, 2021 by Olamide Famuwagun

Housing is one of the most important aspects of human existence, as literally everyone needs a roof over their head. Basically, this is what the Federal Mortgage Bank of Nigeria (FMBN) was established for, ensuring reliable and affordable access to homeownership in Nigeria. However, many Nigerians do no maximize this opportunity, as with the right information, the Federal Mortgage Bank of Nigeria offers an easier way to become a property owner.

What does the federal Mortgage bank of Nigeria do?

The Federal Mortgage Bank of Nigeria has a single goal, which is to enhance the delivery of affordable and easily accessible homeownership in the country. Basically, the organization does this through sustainable liquidity and innovative products and services. Also, excellent customer service remains a strong pillar of the organization.

According to an official release by the Federal Mortgage Bank of Nigeria, their mandates include:

Provide long-term credit facilities to mortgage institutions in Nigeria.
Encourage the emergence and promote the growth of viable primary and secondary mortgage institutions to service the need for housing delivery in all parts of Nigeria.
Mobilizing both domestic and offshore funds into the housing sector.
Link the capital market with the housing industry.
Establish and operate a viable secondary mortgage market.
Collect and administer the National Housing Fund in accordance with the provisions of the NHF Act.
Do anything and enter into any transaction which in the opinion of the Board is necessary to ensure the proper performance of its functions under the FMBN Act.

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

Did you know that you can now you can compare interest rates from different lenders with our loan simulator and get the best deal? Making an informed loan decision requires comparing different loan offers before making a commitment. Through our simulator, you can see at a glance, loan offers coming from different lenders in less than 5 minutes, so you can make the right decision regarding your financing. Try it today

What services does the Federal Mortgage Bank of Nigeria provide?

The Federal Mortgage Bank of Nigeria provides the following services:

1. NHF Loan

The NHF loan grants access to accredited Primary Mortgage Banks (PMBs) at a 4% interest rate, who in turn lends at a 6% interest rate to contributors. Also, the loan comes with a maximum tenor of 30 years and is secured by the mortgaged property. As a contributor, you can access up to N15 million through an accredited PMB to build, renovate or purchase your own home. However, you have to fulfill the obligation of being an active continuous contributor for 6 months.

2. Estate Development Loan

With estate development loans private developers can obtain funds to bridge the housing deficit currently facing the country. Basically, you do this through the mass production of houses for ownership by NHF contributors. However, the loan comes with a 10% interest and a maximum tenor of 24 months. As one of the bank’s general policies, the houses should not exceed N15 million in price and can only be sold to NHF contributors.

3. Rent to Own

This scheme embodies an easy and convenient payment plan towards house ownership for Nigerian workers. Basically, it makes it possible for you as a worker to move into FMBN loans as tenants and pay for its ownership through a predetermined payment plan. However, the rent to own has a maximum payment tenor of 30 years.

4. Home Renovation loan

With the home renovation loan, you can access funds to improve your already owned house. However, just like the services before it, you can only access the funds as a contributor to the National Housing Fund. Also, keep in mind that the house must be yours or for a close family member.

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.

5. Construction Loan

Construction loan carters to Nigerians who are in need of funds to construct their homes. The property, however, must belong to you or a close family relative. Also, you have to be a major NHF contributor to access the loan.

6. Diaspora NHF Mortgage loan

The diaspora loan is for those living outside Nigeria. Basically, it offers them a chance to register and benefit from the NHF scheme as contributors. Also, you can access the loan benefits attached to being an NHF contributor.

What document do I require to access the Federal Mortgage Bank of Nigeria loan?

Generally, you require the following documents:

Completed application form.
Photocopy of title documents
Current valuation report on the proposed house to buy or bills of quantities (BOQ) for the house to build.
Three years tax clearance certificate.
Evidence of NHF participation
Copy of pay-slips for the previous three months.
Equity contribution or personal stake depending on the loan amount applied for.

How do I access my federal mortgage in Nigeria?

Basically, to access your Federal Mortgage Bank of Nigeria loan, you have to take the following steps:

Compile a list of all the required documents as stated above
Apply through a registered mortgage loan originator (primary mortgage banks).
On application, the bank would compile the list of contributors’ requests and forwards them to the FMBN.
Wait for a response on whether your loan application was successful or not

How can I contact the Federal Mortgage Bank of Nigeria?

You can contact FMBN through any of the following means:

Office address:

Federal Mortgage Bank of Nigeria

266 Cadastral AO, Central Business District

PMB 2273 Garki, Abuja. Nigeria

Phone:

09-2920689, 09-2920690

09087973000, 08170237904

Email address:

info@fmbn.gov.ng

Conclusion

The Federal Mortgage Bank of Nigeria ensures that Nigerians have an easy path to homeownership. Therefore, you can easily obtain a loan under any of the specified services as long as you are a contributor.

Abbey Mortgage Bank – 5 Easy Steps to Obtain a mortgage loan

September 5, 2021 by Olamide Famuwagun

Abbey mortgage bank exist to facilitate the acquisition of housing properties which is seen as a top priority by most Nigerians. Basically, owning a home remains a dream for a large portion of the Nigerian population for a number of reasons. This includes limited resources and poor finances to acquire properties in a single payment. However, with a top-tier institution like the Abbey mortgage bank, you can easily bring such a dream to reality.

About Abbey mortgage bank

Being among the 70 primary mortgage banks (PMB) with a license from the Central Bank of Nigeria, and the Federal Mortgage Bank of Nigeria, Abbey mortgage bank is one of the top mortgage banks at the moment in the nation. Basically, the organization focuses on providing economic and affordable housing units for interested individuals, developers, and cooperatives who meet the criteria.

What does a mortgage bank do?

Basically, mortgage banks exist to facilitate loans related to housing and infrastructure. Also called mortgage loans, the bank provides these funds to individuals to help them acquire a property and allows them to repay it over a certain duration. In addition, most times, borrowers repay the loan with a pre-agreed interest to the bank.

What services does Abbey mortgage bank provide?

The services provided by Abbey mortgage bank include:

1. Retail banking

The retail banking services carters to the conventional needs that banks provide to customers. Therefore, it allows you to open an account for financial transactions including savings, deposits, or even a salary account.

2. Wholesale banking

Wholesale banking or more accurately captures as abbey cash management account caters to the needs of organizations in need of a corporate account. Also, it comes with several perks including the issuance of checkbook, no restriction on the number and amount of deposits, and more.

3. Mortgage banking

Mortgage banking is Abbey mortgage bank strongest point, as it caters to the need of those looking to obtain a loan for housing purposes. Basically, this service has three subcategories which are:

Lending and Mortgages (Wholesale)

Corporate mortgages
Real estate development
Construction loan
School loan
lastly, Mortgage administration scheme

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

Lending and Mortgages (Retail)

Personal mortgage
Staff housing loan
Equity release
National Housing Fund (NHF)
Personal loan and consumer finance
lastly, Mortgage Education

4. Electronic banking

Just like every modern bank, Abbey mortgage bank offers customers a platform to carry out electronic transactions for optimal comfort. Basically, you can do this through the USSD code *332# or through any ATM center near you.

How do obtain a loan from Abbey mortgage bank?

To obtain a loan, simply follow the steps below:

firstly, identify the type of loan you are interested in.
walk into the nearest Abbey mortgage bank near you and request to speak to a loan agent
Basically, the agent would hand you an application form, as well as a list of documents you are to provide
fill the application form and submit it alongside the necessary documents
Lastly, your agent would inform you on the success status of your application in due time.

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

How can I contact Abbey mortgage bank?

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

Address: 23 Karimu Kotun Street, Victoria Island, Lagos, Nigeria.

Telephone: +2347080636000; +2347080636033; +2347080636025

Email: enquiries@abbeymortgagebank.com

Conclusion

Basically, as one of the top tiers mortgage banks in Nigeria, Abbey Mortgage Bank provides banking and mortgage loans to citizens. Therefore, all you need to do is walk into any of their branches to get started today.

How to apply for Polaris Bank loans

September 1, 2021 by Olamide Famuwagun

Polaris bank loans are available across a wide range of options that cater to both individuals, large-scale businesses, and SMEs looking to grow. However, there are several features, benefits, and eligibility requirements you need to meet, depending on the type of loan in question. Therefore, we would be discussing this and every other thing you need to know about Polaris bank loans in this article.

What are the available services under Polaris bank loans?

The loans options under Polaris bank loans include:

Personal term loan

Personal term loans help you meet varying personal needs regardless of what it is. Basically, it covers fundamental costs including medical bills, asset acquisition, school fees, and even set up a smalls scale business. Therefore, the loan is especially for individuals to meet needs at their convenience. However, to apply, you must be a confirmed staff of a reputable public or private organization with a domiciled salary account with Polaris bank.

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.

Polaris payday loan

Polaris payday loan offers you quick and real-time access to loans in less than a minute. Basically, this loan offers you up to 50% of your next salary, hence the name, payday loan. Also, you can access the sum through their USSD code at *833*12#, through an authorized ATM, the PolarisMobile, or PolarisXperience. You can read more about payday loans in Nigeria here.

Polaris education loan

The Polaris education loans are for covering the financial needs of students in private schools. Therefore, this includes primary, secondary, and tertiary institutions, allowing parents to obtain a loan to cover the school fees and pay back later. Also, you can access up to N100m depending on the class of school and it has a tenor within 90 days to 36 months.

Intervention funds

Intervention funds are for businesses who qualify for loans disbursed by the government of Nigeria. Basically, the Central Bank of Nigeria distributes such loans through certain banks across the nation, including Polaris. At the moment, available intervention funds include:

Micro Small and Medium Enterprises Development Fund (MSMEDF)
BIO MSME Loan
Agric-Business Small and Medium Enterprises Investment Scheme (AGSMEIS)

Growing your business

Lastly, the growing your business loans are for those looking to upscale their business or simply trying to stay afloat. Therefore, Polaris bank provides the proper solution to manage your business growth based on specific needs and offers a plethora of options to choose from. These includes:

Sector-based loans
Working capital to boost your business
Polaris Bank Merchant Services to accept payments more efficiently
Intervention funds at 9%p.a. for businesses in the manufacturing, Education, Agro-allied, and Renewable energy
Business Loans to fund long term expansion
Payroll Loans provide loans to your employees
Asset financing
Invoice Discounting

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

How do I get a loan from Polaris bank?

There are two major ways to apply for a Polaris bank loan:

Firstly, you can visit any of their offices and speak to an agent
Through the Polaris USSD code at *833*12#
Lastly, through the PolarisMobile or PolarisXperience mobile application

What is the interest rate of Polaris bank loan?

There are no fixed interest rates for Polaris bank loans. Therefore, each applicable rate is specified during your loan application, leaving you with the choice to proceed or not.

How can I contact Polaris bank?

You can contact the bank by visiting the nearest branch to you or through the following means:

Phone: (0700-7652747), 0806 988 0000, 01 448 2100, 01 270 5850

Email: yescenter@polarisbanklimited.com

Conclusion

Polaris Bank loans remain a top choice for citizens all around the nation due to their variety of loans, and excellent customer service. Therefore, you can easily obtain a loan today by visiting any of their branches or opting for the mobile option.

How to get a loan from Union Bank

August 30, 2021 by Olamide Famuwagun

Union bank loans offer a wide variety of options for customers to make their visions and expectations a reality. Basically, from entrepreneurs to salary earners, and even pensioners there is something for everyone. Loans have become a popular option today, especially when trying to invest or simply stay afloat on bills. Therefore, for whatever reason it is, Union Bank loans surely have you covered.

What are the available Union Bank loan services?

Licensed by the CBN, Union Bank loan offers a number of options to its customers, which include:

Payroll Loans

Payroll loans are specially for those whose salary is paid into their Union bank account. Therefore, the payroll loans allow you a number of options at competitive rates for that reason. Amazingly, you can even get cashback rewards when you take a loan with a tenor between 2 to 5 years and repay on time. The products under this service include:

Personal loan
Salary advance
Back to school finance
Senior citizen loan
Union Flexi loans

Digital loans

Union bank digital loans follow the profitable trend of offering microloans to individuals in need of quick cash for personal reasons. Therefore, this service saves you the stress of sourcing around or paperwork. Basically, all you have to do is access the loan through the Union Bank mobile app, ATMs, or USSD code. More so, the major product under this service is the payday loan that allows you to get up to 50% of your salary and pay it back in a month without collateral.

Non-payroll loans

Nonpayroll loans are for those who are not involved in active employment, hence, cannot boast of fixed-income earnings. Basically, it is for business individuals to upscale at as little stress as possible. Also, you can choose from either of the following:

Self-employed loans
Self-employed revolving overdraft
Cash backed loans

You can also read about the banks that give loans easily in Nigeria.

Does Union Bank give loans without collateral?

Yes, they do. However, this option is limited and only available with certain loan options. One of these is the digital loan, where you can access up to 50% of your monthly income and pay it back within a month. Basically, with the digital loan, you do not need any form of collateral at all.

What is the interest rate of Union Bank loans?

There is no fixed interest rate for Union Bank loans. Instead, during your application process, they would state the applicable interest, leaving you with the option of proceeding or rejecting the offer. Also, the interest rate varies depending on the type of loan and other factors like tenor and loan size. However, on average, it varies from 1% to 3.75%.

What is the code for Union Bank loans?

To obtain a Union bank loan, get started by dialing the USSD code – *826*41#. On dialing the code, a series of options would pop up. Therefore, after that, you can follow the prompt and choose the available options.

How do I apply for Union Bank loans?

Follow the process below to apply for Union Bank loans:

Visit their official website at https://www.unionbankng.com/loans/#personal-loan
Scroll to your preferred loan and click on it
Click on the “loan application guide” option directly below the loan dialog box to understand what it entails
When done, click on the “apply for a loan” button to proceed and apply

How do I contact Union Bank?

You can contact the bank through any of the following:

Phone: +234-1-2716816

Customer feedback and support: https://www.unionbankng.com/support/#feedback-and-support

Or visit any of their branches near you

Conclusion

With over a century of operation, Union Bank has been meeting the needs of its customers for a long time. Their services are among the best in the country, therefore, feel free to visit to apply for a loan any time.

How to apply for Autocheck car loans

August 27, 2021 by Olamide Famuwagun

Autocheck is one of the companies at the forefront of car loans and asset financing in Nigeria. Basically, with Autocheck car loans, you can purchase the car of your choice and receive it upfront without full payment. The company operates a loan system that pays for the car on your behalf and then allows you to pay up monthly, over a duration.

How do Autocheck car loans work?

Basically, autocheck car loans work in a manner to allow customers to purchase the car of their choice, without paying 100% cash upfront. Also, the company has a plethora of vehicle options to choose from, therefore, you do not exactly need to be worried about whether your preferred option is available or not. However, in a case where you can’t find your choice, simply indicate what it is and the company would source for your needs in no time.

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.

Do I need collateral to apply for Autocheck car loans?

No, you do not need any collateral to successfully apply for any autocheck car loans. However, you have to ensure that you go for a car that your income can easily pay for over the loan tenor. For example, earning N100,000 per month and opting for a car worth N7,000,000 is certainly off the books.

Can I apply for multiple autocheck car loans?

Yes, you can. However, they base this on the condition that your income can conveniently cater to both loan requirements. Therefore, if you’re a low or average-income earner, there is a good chance that they would reject your multiple car loan applications.

How do I apply for autocheck car loans?

To obtain autocheck car loans, simply follow the process below:

Complete a short form and receive tailored cars to choose from
Select a car of your choice and review the financial terms attached to it
Apply for an autocheck car loan and receive personalized offers
Accept a loan offer and drive home your dream car

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

What is the minimum equity contribution for Autocheck car loans?

The minimum equity contribution is spelled out during the Autocheck car loans terms and conditions. That figure currently stands at 30%. Basically, this means that you have to fund at least 30% of the total cost of the car, to qualify for autocheck car loans. This 30% equity contribution is a show of commitment on your path and you can’t access a loan without it. Read more on how to get a car loan in Nigeria here.

What are the benefits of using autocheck car loans?

To make the tenor hassle-free and convenient for customers, all autocheck car loans products are covered with insurance, annual maintenance, and registration. Also, these services are sited at the nearest autocheck center to you. In addition, during the loan tenor, they would attach a service advisor to you. This advisor who would ensure that your car gets frequent maintenance checks at regular intervals.

Conclusion

Autocheck car loans are a common choice for Nigerians looking towards car asset finance. Their loan process is pretty easy and straightforward, and as long as you meet the financial requirement, there would be no hassle.

How to apply for Cars45 car loans

August 25, 2021 by Olamide Famuwagun

Cars45 car loans work like an asset finance scheme that allows you to get a loan approval within 72 hours, receive the car, and pay up over time. Basically, as things stand, you can repay the loan over a maximum of 12 months and at a 2.5% monthly interest. Here is everything you need to know about one of the best car loans in Nigeria.

Who is eligible for the Cars45 car loans?

There are certain requirements that you must meet to apply for the Cars45 car loans. Basically, it is the fact that you must have a stable source of income, with proof from your past few bank statements. Therefore, only salary earners and registered business owners are eligible to apply. All unstable and non-income earners cannot apply. For more inquiries, you can call +234 818 984 0160. You can also read more on how to get car loans in Nigeria.

How do I Apply for Cars45 Car Loans?

To apply for a car loan, follow the steps below:

Visit their official website at https://buy.cars45.com or any of their retail locations to begin
Select your preferred type of car financing from an option of a Grade A, B, or C car which has a maximum value of N3,000,000
Supply your details they request for in the “get a car loan” section and click on “Get Prequalified”
Furthermore, follow the prompt and answer the subsequent questions
Finally, click submit, and a Cars45 representative would reach out to you within 24 hours

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

What documents do I need for Cars45 car loans?

During your application process, you would need to provide the following:

A filled copy of the application form printed from their website
Valid ID Card (e.g. voter’s card, driving license, national identity card, international passport)
Utility bill that is not older than 3 months from your date of application
Employment letter for salary earners or CAC document for business owners
Six months bank statement for salary earners or one-year bank statement for business owners

What cars are available under the Cars 45 car loans?

The Cars45 car loans are split into three major categories according to the grade of the car. Basically, each car either has a grade, A, B, or C rating, depending on its quality. The better the grade, the more expensive the car. However, the categories have a maximum value of N3,000,000.

Do I need to pay any contribution to finance the Cars45 car loans?

Yes, you do. The loan requires an equity contribution of at least 30% of the car’s cost. Without this, they would not grant your loan application. Also, you can only receive your car after paying the equity contribution and not before.

What is the loan tenor and interest rate for Cars45 Car loans?

At the moment, the loan tenor stands at 12 months, while the interest rate is at 2.5%. Therefore, you can receive the car upfront, and split payment across the next 12 months. However, keep in mind that you are going to be paying 2.5% more than what they borrowed from you to purchase the car.

How can I contact Cars45 concerning car loans?

You can reach out through any of the following:

Call: +234 818 984 0160

Email: help@cars45.com

Bottom line

Cars 45 loans is an amazing asset finance scheme that makes it possible for you to own a car within a short while. It takes away the stress of 100% upfront payment at a little expense of 2.5% interest within 12 months.

Jaiz Bank Loan—All you need to know

August 20, 2021 by Olamide Famuwagun

With the economic downturn of the Nation, it is barely impossible to meet all your needs without having to take a loan. Jaiz Bank is a non-interest financial institution saddled with the responsibility of helping its clients through difficult periods by the provision of affordable loan options.

In this article, we have carefully reviewed all you need to know about taking up a loan with Jaiz Bank.

About Jaiz Bank Loan

Jaiz bank is a financial institution in Nigeria operating under Islamic Banking Principles. They are a national and public quoted organization owned by over 26,000 shareholders. These shareholders are spread across the six geo-political zones in Nigeria. It is their goal and vision to be the clear leader when it comes to ethical banking in the Sub-Saharan Africa region.

Furthermore, they created the Non-interest premier organization in the year 2011 on the premise of trust, professionalism, and excellence. This they believe is the bedrock to delivering innovative financial solutions and an excellent customer experience. In addition, they set their core values on 7 basic principles. These are responsibility, Entrepreneurship, Simplicity, Excellence, Customer Focus, and Trust.

What are the types of loans available through Jaiz Bank?

As we have earlier mentioned, it is the core value of this organization to deliver an excellent customer experience. Thus, they offer different loan options for customers to leverage. Here are a few of their available loan options.

Working Capital Financing (Murabaha):

This option works on the premise of a capital finance facility. They created this to generally help with your business’s financial needs. You can therefore leverage this option to fund the purchase of stock, inventory, etc. To gain the Murabaha, you have to source for goods and present a proforma invoice to the Bank. Once they receive this (Proforma invoice) they make a direct payment to your supplier. Repayment of this loan option is however based on agreement.

Household Appliance Finance (Murabaha):

This is a consumer product loan created by Jaiz bank to enable its customers to gain basic household gadgets. These include refrigerators, television sets, laptops, etc. They purchase whatever product you identify and sell it to you at cost plus profit. After the acquisition of the product, they will then require you to make a monthly repayment from your salary for a period of 24 months.

Lease to own (Ijarawalqtina):

Do you wish to rent or lease an asset? Look no further. This option is for you. Jaiz Bank designed this option to enable you to lease or rent assets with them. They buy an asset for you and you make regular repayment over time.

Project Financing/Constructing:

Under this option, you make a request, and they will agree to construct and sell the project to you at a cost-plus profit margin. On completion of the project, the project is handed over to you, and you can repay in full or progressively.

To find out more about their other product offerings, kindly visit their official website on www.jaizbankplc.com

Qualifying for a Jaiz Bank Business Loan

Jaiz bank loans are designed to have a variety of funding options that are suitable for both big and small companies. Basically, each loan comes with different terms and conditions, that may be appealing to different kinds of businesses. However, in general, there are certain minimum criteria that you must meet regardless of the loan you apply for.

For starters, your business must be profitable and have a good credit history especially if you want an unsecured loan. Nevertheless, secured loans place more relevance on the collateral you offer, rather than your credit history.

Other minimum lending requirements mostly include:

Your business must be registered with the Corporate Affairs Commission (CAC)
Own a business or corporate bank account
Been in operation for a minimum of 1 to 3 years
Good credit history and bureau report without no unpaid obligations or bad debt
Being an active customer of the bank

Learn more about the banks that give loans easily in Nigeria here.

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

How do I apply for a Jaiz Bank Loan?

To apply for any Jaiz Bank Loan, you can walk up to any of their branches near you. They accept loan applications in all their branches nationwide. However, before you can make an application with them, it is imperative that you are aware of their product offerings. You can therefore get full insight on this by consulting with any of their in-branch loan advisers.

The majority of their loan options will require you to fill an application form. This will require you to provide various details about yourself or your organization. After you have successfully penned your details, they will request some supporting documents to process your application. This includes:

A Valid Means of Identification
Bank Statement (12 months)
Proof of Address
Company’s Profile (Where Applicable)
Business Plan
Cash Flow Budget
Certificate of Incorporation

After a thorough evaluation of your application, should they approve your loan, they will send you an offer letter to this effect. This will contain the terms and conditions you must meet before they can disburse the loan. Also, you can read more on the 5 things to consider before applying for a bank loan.

How fast are funds released?

As with other financial institutions, the loan disbursal rate depends on the credit facility. However, smaller unsecured loans are disbursed with no delay.

What are Jaiz Bank Repayment terms?

With customer satisfaction in mind, Jaiz Bank offers short- and long-term loans with an advanced and flexible repayment option.

How do I contact Jaiz Bank?

You can contact Jaiz Bank through any of the following channels.

Headquarters Address: 73, Ralph Shodeinde Street, Kano House, Central Business Area, Abuja
Telephone number: +2347080635500. +2347080635555.
Official Website: jaizbankplc.com
Email Address: customercare@jaizbankplc.com

Conclusion

With a variety of loan options to select from, Jaiz Bank has made it easy for all and sundry to get access to loans in Nigeria. Kindly visit their official website, or walk into any of their branches to select a loan option that is suitable for your needs.

Snow microfinance bank – How to apply for a fast loan

August 17, 2021 by Olamide Famuwagun

Although they have not been in the market for too long, Snow microfinance bank has shown itself capable of meeting demands. Basically, they specialize in providing personal and business loans for customers all across Nigeria. Also, their services are specific and unique to the needs of different individuals and businesses. Read on to know more about these services.

An overview of snow microfinance bank

Snow microfinance bank was established in January 2009 and began operations in February of the same year. They have a vision of being the reference bank in the whole of Africa and have worked on it since establishment. Also, the bank is licensed by the central bank of Nigeria to operate in the country. So far, the bank has grown and is well on track to become one of the top microfinance banks in Nigeria.

What are the pros and cons of snow microfinance bank?

The pros and cons of subscribing to the services of snow microfinance bank are:

Pros

Easy to access loans
Competitive interest rate
Different loan packages designed to meet specific needs

Cons

Relatively low maximum loan amount

What product and services does snow microfinance bank offer?

Snow microfinance bank offers numerous products and services under two major categories, which are:

Loan:

Basically, this category contains all the loan services you can benefit from by using snow microfinance bank. The available loans are:

Quick cash:

The quick cash service is for salary earners who are in need of quick short loans to resolve financial emergencies. Basically, it allows you access up to 80% – 100% of your monthly salary with a tenor of 90 – 180 days. However, the maximum amount you can borrow from this loan is N500,000.

Features

Must be a member of a private company who has at least 10 staffs
Staffs of blue chip companies
Civil and public workers
Your salary must be paid into a back account and not hand to hand
Collateral required

Biznes loan:

This is snow microfinance bank’s ultimate loan package. Therefore, it offers you access of up to N1 million to purchase any business asset of your choosing. This is one of the ways to get immediate cash loans for your business in Nigeria.

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

Features

No collateral required
Loan tenor between 3 to 9 months depending on the sum borrowed
Easy access and quick disbursement in a maximum of 72 hours
Designed to suit business owners
Collateral required

Snow women entrepreneurial empowerment program (Sweep):

SWEEP is snow microfinance bank’s attempt at empowering women in society. Therefore, it makes loans accessible to primary businesswomen to expand their enterprise.

Business equipment leasing account (Bela):

Basically, if you are a business owner looking to fast-track your progress by obtaining the necessary equipment without the upfront financial burden, this service is for you. Bela offers you easy and convent payment plans to help finance asset acquisition.

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.

Banking:

asides loans, snow microfinance bank also offers banking services that allow you to save and earn money in the process. The available products under this category are:

Premium account:
Save now account
Target savings account
Empowerment account
Individual current account
Group lending account
Business account

For more details about each loan product, you can visit their official website through this link: http://snowmfb.com.ng/products-and-services/. Ensure study the documentation and requirements for each loan when trying to decide what to go for.

How do I apply for snow microfinance bank loan?

Applying for their loan is very easy. Follow the process below:

Visit their official website at http://snowmfb.com.ng/products-and-services/
Select the loan you intend applying for
Study the features and requirements of the loan before proceeding
Once you are done, clock the apply today button at the bottom of the page
Follow the dialog process through for a successful loan application

How can I contact snow microfinance bank?

You can contact snow microfinance bank by visiting their head office at:

Office address: 22 Association Ave, Ilupeju, Lagos

Phone: 01 295 0658

Conclusion

Whether you are in need of individual or business-related financial services, snow microfinance bank has you covered. Their wide array of products means that no one is neglected. It accounts for everyone ranging from job personnel to business owners.

First bank application – How to get a loan with first bank mobile app

August 15, 2021 by Olamide Famuwagun

Although First bank is well known as one of the premier banks in Nigeria, one of the qualities customers love about them is their quick loans. Since its launch bank in 2015, it has incorporated loan services on the FirstMoney app, making it more popular among customers. If you’re in emergency needs, here’s a rundown on how to get a loan with the First bank mobile application.

how-to-apply-for-a-loan-from-first-bank-mobile-app

First Bank app Information

Version – 2.4.1
Last Update – 4th of January 2021
Number of Downloads – 1,000,000+
Download Size – 43.04MB
App Provider – First Bank Nigeria
Release Date – 9th of September 2015

What are the eligibility requirements to obtain a loan from the first bank mobile app?

There are certain qualifications you must meet before being able to obtain a loan from the FirstMoney app. These requirements are:

This service is only available to customers, therefore must have an account with First Bank Nigeria
Must be an employee with proof of steady salary income within the last six months
Your salary account must be domiciled with the bank

What are the features and charges associated with the First bank mobile application loan?

The features associated with the first bank mobile application loan are:

It has a maximum tenor of 30 days or your next payday
Management fee of 1% deducted at the point of loan disbursement
Credit life assurance fee of 0.5% of the value of the loan
An interest rate of 2.5% flat, which is collected upfront upon loan disbursement
The loan service is based on an enhanced and modern version of Digital SODA
Automatic loan repayment deduction as soon as your salary is received
It is accessible a maximum of 3 times a day, subject to your specific maximum eligible amount
Automatic risk acceptance criteria
All fees and deductions are made upfront upon disbursement of the loan

Interesting Read: FirstMonie Loan – How To Borrow A Loan Instantly

How to get a loan with first bank mobile app

Getting a loan with the first bank mobile application is pretty simple. Follow the procedure below:

Download the FirstMobile app from google play or apple store on your mobile device
Log in with your online banking details
Open the menu and select loans from the available options

Select FirstAdvance, after which your eligible maximum amount and applicable pricing fees would be displayed
Next, if okay with it, click the “Accept the Terms & Conditions” button
The prompt then displays a dialogue box for you to input your desired loan amount. Also, note that this amount should not be more than your eligible amount
Input your transaction pin to confirm your application request
If your loan request is successful, the bank disburses the loan into your salary account in a matter of minutes
Also, the banks debit you for charges like management fee & VAT, interest rate, insurance, and other applicable deductions.
Lastly, they deduct the money from your balance in the next 30 days or when you receive your next salary.

Conclusion

The FirstMoney mobile application offers loan services to first bank customers whose salary account are domiciled with the bank. Also, it is easy to use and very user-friendly, therefore patronized by thousands of customers on a daily basis.

Federal Government Housing Loan Board of Nigeria – What you should know

August 12, 2021 by Olamide Famuwagun

The Federal Government Housing Loan Board of Nigeria (FGSHLB) was established for one purpose, which is to solve the housing problems faced by public servants. Many times, civil servants work till retirement without being able to save enough to afford a home for several reasons. However, with the Federal Government Housing Loan Board of Nigeria, they can now obtain housing loans with flexible payments to make this possible. This article discusses everything you need to know about the institution.

An overview of the Federal Government Housing Loan Board of Nigeria

The Federal Government established FGSHLB to empower the career of public civil servants, spurring them towards owning a property. Therefore, with governmental aid, they can better provide housing and shelter for their families and live a better life overall. Basically, the FGSHLB offers favourable loans, with a single-digit interest rate to make them easily accessible to civil servants. In addition, this loan can be used for building, purchase, or renovating their houses for a better life after retirement. Also, you can read more about federal government loan agencies in Nigeria.

Federal Government Housing Loan Board of Nigeria eligibility requirement

The Federal Government Housing Loan Board of Nigeria is accessible to the following categories of individuals:

Federal Civil Servants
Members of the Armed Forces
The Police
Paramilitary
Staff of the National Assembly and the Judiciary on permanent and pensionable appointment. Also, this includes Federal Government employees in Federal Government-owned institutions and Organizations

What loans services does the Federal Government Housing Loan Board of Nigeria offer?

Available loan services under the Federal Government Housing Loan Board of Nigeria include:

Home and renovation loan

The home and renovation loan is available to federal government staff for renovating, repairing, and remodeling their home. Basically, they designed it like a mortgage that comes with extra cash for home improvements and upgrades.

Purchasing loan

The government designed this loan service for staff intending to purchase their first home. In addition, this action covers outright purchase as well as renovations and offers favourable interest rates.

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

Building loans

The FGSHLB designed building loans for government staffs who already own a land property. Basically, it exists to finance the construction of the house on the land and nothing more. Therefore, with building loans, all you need to do is apply and get favourable interest rate with a flexible payment structure.

Fish loans

Asides from the outright construction of houses, FGSHLB recently ventured into providing loans that support businesses. However, at the moment, only the fish loan exists, which provides funds for farmers to open and run a fish farm. Basically, the equipment it covers includes the construction of freshwater prawns, fish hatchery, pond construction, fish seeds and net, and more.

Read: Federal Government Loan

What are the documents required for Federal Government Housing Loan Board of Nigeria loans?

Basically, the exact document the require you to submit depends on the type of loan you apply for. However, most of the loans dealing with the federal mortgage bank, generally request the following:

Letter of Introduction from the employer
Letter of Request by the applicant.
Also, applicant’s Three (3) Months Current Payslip
Bill of Quantity property to be renovated (optional)
Application Form issued by Federal Mortgage Bank of Nigeria and the Federal Government Staff Housing Loans Board.
1st Guarantor Form
1st Guarantor I.D. Card
Also, a photocopy of NHF Passbook Bio data Page.
Applicant’s Active Phone number
1st Guarantor one (1) month pay slip.
Letter of Confirmation appointment/Gazette appointment
Lastly, a photocopy of Staff l. ID. Card

How can I apply for a Federal Government Housing Loan Board of Nigeria loan?

To apply for any of their loan services follow the process below:

Visit their official website at https://fgshlb.gov.ng/
Navigate to the loans section and click on your preferred loan
Finally, click on apply and follow the prompt

How can I contact the Federal Government Housing Loan Board of Nigeria?

Basically, you can contact the organization through any of the following means:

Head office: 10th Floor Block B Federal Secretariat Complex (Phase II) Shehu Shagari Way, FCT Abuja.

Phone: 08117076722

Email: info@fgshlb.gov.ng

Conclusion

The Federal Government Housing Loan Board of Nigeria has made owning a property as easy as it gets for federal civil servants. Basically, all you need to do is to apply as long as you meet the criteria we listed above.

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.

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