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Olamide Famuwagun

List of MFBs that give loans to salary earners in Nigeria

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Microfinance banks (MFB) thrive on providing services to the “unbankable”. Therefore, they provide services to those that can’t access regular commercial bank services. Essentially, they cater to all the immediate and potential needs that one may have. Microfinance banks are mainly patronized by low-income earners, especially those without high-value asset which are needed to obtain loans from commercial banks. One of the major services provided by these banks is to salary earners. There are MFB that give loans to salary earners, allowing them to pay back some time later. 

This article is basically a rundown of the list of microfinance banks that provide loans to salary earners or salary advance. Therefore, if you’re looking to get one, simply select your preferred option from the list below. 

list-of-banks-that-give-loans-to-salary-earners

MFB that gives loans to salary earners 

The list of some of the most popular microfinance banks that give loans to salary earners are:

  1. Lapo microfinance bank
  2. Purple money microfinance bank
  3. CIT microfinance bank
  4. AB Microfinance bank 
  5. Grooming microfinance bank 
  6. Addosser Microfinance bank
  7. Asset Microfinance bank
  8. Bowen Microfinance Bank
  9. Capstone Microfinance Bank
  10. Cardinal Rock Microfinance Bank
  11. Cashconnect Microfinance Bank Ltd 
  12. Cedar Microfinance Bank
  13. Chanelle Microfinance Bank
  14. CIT Microfinance Bank
  15. Corestep Microfinance Bank
  16. Cowries Microfinance Bank
  17. Credit Afrique Microfinance Bank
  18. Credit Express Microfinance Bank
  19. Crossover Microfinance Bank
  20. Daylight Microfinance Bank
  21. Desmonarchy Microfinance Bank limited 
  22. Echo Microfinance Bank
  23. Edo Microfinance Bank
  24. Empire trust Microfinance Bank
  25. Enrich Microfinance Bank limited 
  26. FFS Microfinance Bank
  27. Finatrust Microfinance Bank
  28. Finex Microfinance Bank
  29. First Option Microfinance Bank
  30. Flourish Microfinance Bank
  31. Fortress Microfinance Bank
  32. Giant strides Microfinance Bank
  33. Global Initiative Microfinance Bank
  34. Glory Microfinance Bank
  35. Green energy Microfinance Bank
  36. Hackman Microfinance Bank
  37. Headway Microfinance Bank
  38. High street Microfinance Bank
  39. GTI Microfinance Bank
  40. IBILE Microfinance Bank
  41. Ipodo-Ikeja Microfinance Bank
  42. Island Microfinance Bank
  43. Jessefield Microfinance Bank
  44. Kayvee Microfinance Bank
  45. Kudimoney Microfinance Bank
  46. Kada Microfinanace Bank
  47. Lawebod Microfinance Bank
  48. Leadcity Microfinance Bank limited 
  49. Letshego Microfinance Bank
  50. Lifegate Microfinance Bank
  51. Links Microfinance Bank
  52. Magnet Microfinance Bank
  53. Main trust Microfinance Bank
  54. Mainstreet Microfinance Bank
  55. Manny Microfinance Bank limited 
  56. Lovonus Microfinance Bank
  57. Maritime Microfinance Bank
  58. Sunrise Microfinance Bank
  59. Supreme Microfinance Bank
  60. Surbpolitan Microfinance Bank
  61. Susu Microfinance Bank
  62. Touchgold Microfinance Bank
  63. Townserve Microfinance Bank
  64. Treasures Microfinance Bank
  65. TCF Microfinance Bank
  66. Ultimate Microfinance Bank
  67. VCL Microfinance Bank
  68. Verdant Microfinance Bank
  69. Verite Microfinance Bank
  70. VFD Microfinance Bank
  71. Wesley Microfinance Bank
  72. Vineland Microfinance Bank
  73. Virtue Microfinance Bank
  74. XSLNCE 
  75. YCT Microfinance Bank
  76. Zikado Microfinance Bank
  77. NPF Microfinance Bank
  78. Okengwe Microfinance Bank
  79. Oros Capital Microfinance Bank
  80. Owotutu Microfinance Bank
  81. Parallex Microfinance Bank
  82. Parkway Microfinance Bank
  83. Pecan Trust Microfinance Bank
  84. Penny wise Microfinance Bank
  85. Personal trust Microfinance Bank
  86. Petra Microfinance Bank
  87. Projects Microfinance Bank
  88. Providence Microfinance Bank
  89. Primera Microfinance Bank
  90. Purple money Microfinance Bank
  91. Rhehoboth Microfinance Bank
  92. Renmoney Microfinance Bank
  93. Ric Microfinance Bank
  94. Richway Microfinance Bank
  95. Pyramid Microfinance Bank
  96. Qube Microfinance Bank
  97. Reliance Microfinance Bank
  98. Rigo Microfinance Bank
  99. Royal blue Microfinance Bank
  100. Royal Exchange Microfinance Bank
  101. Safe Gate Microfinance Bank
  102. Seed Capital Microfinance Bank
  103. Shalom Microfinance Bank
  104. Shepherd Trust Microfinance Bank
  105. Snow Microfinance Bank
  106. Solid Allianze Microfinance Bank
  107. Solid trust Microfinance Bank

Are there MFBs that does not offer salary loan services? 

Actually, most, if not all microfinance banks, offers loans to salary earners. It is a basic service offered by financial institutions, including commercial and microfinance banks. 

What are the eligibility requirements for applying for a salary earners MFB loan? 

The major eligibility requirement while applying for this loan is that your salary account is domiciled with the bank. Therefore, when your salary is paid at month’s end, they can easily deduct your loan repayment. Also, your salary needs to be up to a particular amount for you to access certain amount of loan. In all, they would present you with the available options during application.  

Conclusion 

If you are a salary earner looking for a loan advance, you can easily walk into any legitimate microfinance bank. More so, these banks offer loan services at competitive interest rates which varies from one bank to another. 

Loans for salary earners in Nigeria

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According to the law of Economics, human wants are infinite. When you satisfy some of your needs, in no time, another one shows up. Finding yourself in this situation is a constant. That is, it is always bound to happen. In fact, even if you have a steady source of income as a salary earner, it might not be enough to cater to these needs.

 In this situation, taking a loan might be the best option to cover up for these needs. For you as a salary earner, this is very helpful. This is because you can always pay back at the end of the month immediately you receive your salary. This article provides you with all that you need to access loans for salary earners in Nigeria.

How do I get a loan as a salary earner in Nigeria?

There are a plethora of financial institutions offering payday or salary earner’s loan in Nigeria. Most of these are Fintech organizations and banks. You can leverage the internet or physical means to get more information about these lenders and their requirements.

What is the maximum amount I can borrow as a salary earner?

As with other loan options, this basically depends on the lender. Different lends with their minimum and maximum loan amount. But in general, you should be able to access between #5,000 to #6 million Naira. Also, it is important to note that the amount you qualify for depends on some factors such as your credit history, credit score, etc.

What are the minimum requirements for taking up a loan as a salary earner?

Basically, this depends on the terms and conditions put in place by your financial lender of choice. But, in most cases, the majority of financial lenders in Nigeria will require the following from you to access a payday loan.

  •   Personal details: This includes your full name, email address, mobile number, occupation, etc.
  •   A valid means of identification. Preferably this should be your staff I.D issued by the organization you work with.
  •   You must have a bank account with a commercial bank in Nigeria. This must be a current account or savings account.
  • A verifiable source of income for a particular period. The duration is always determined by the lender.
  •    Letter of Employment. Some lenders request for this to confirm the validity of your employment.

In addition, to the above-listed requirements, some lenders require that you are between the ages of 24-58 years to qualify for a loan option.

Where can I get Loan for salary earners in Nigeria?

As we have mentioned earlier, you can get loans from different lenders in Nigeria. Some of them include:

  •         Access Bank Plc. (PayDay Loan)
  •         Guarantee Trust Bank (QuickCredit)
  •         Zenith Bank (Term Loan)
  •         Coolbucks Nigeria
  •         United Bank for Africa (Click Credit)
  •         Harvmoney (Salary Earners Loan)
  •         Fidelity Bank (Fast Loan)
  •         Page financial (Remit Credit}
  •         RenMoney
  •         First City Monument Bank (Fast Cash)

How are funds released?

The disbursal rate differs from lender to lender. But, for most lenders, if not all, once your application is approved and they ascertain you meet all requirements, they disburse into your account. This is to the account details you provided them with during the application.

What are the repayment terms?

The repayment terms for most payday loans are usually very flexible. In most cases, they make the deduction monthly over a period until you fully settle your loan.

Conclusion:

Getting a loan is a wise decision to make when you need to satisfy your constant needs. Therefore, you can leverage any of the financial institutions we have listed in this article to secure a loan specially designed for salary earners. There are also loans available for self employed people.

Filed Under: Personal Loans [yotuwp type="channel" id="UCKa64vRWgsmaiTOgO80eFnA" ]

How To Get Loans For Farmers in Nigeria

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The agricultural sector of Nigeria is largely under-tapped, and one industry with huge potential. Therefore, it has been a major focus on the government for the past decade. Currently, there are several loans for farmers in Nigeria, to support their farming, and grow the economy at large. In this article, we are going to look at the loans for farmers in Nigeria that you can enjoy.

loans-for-farmers-in-nigeria

What are the available loan programs for farmers in Nigeria?

Some available loans for farmers in Nigeria are:

Farm operating loans (direct and guaranteed): 

This loan is handled by the farm service agency (FSA). It offers several operating loans for family plant and animal farmers to promote and sustain their farms. In doing so, they grow the agricultural economy of the country.

Farm storage facility loans: 

The government brought about this loan to encourage the storage and handling facilities for certain farming commodities. In reality, some of these commodities include grain sorghum, corn, oats, wheat, barley, soybeans, peanuts, lentils, chickpeas and many more.

Fisheries finance program: 

This loan is a direct government program that supplies long time financing to fish farmers. Also, such financing includes the cost of fishing vessels, fisheries facilities, and other equipment that are needed for successful fishing.

Farm ownership loans: 

This loan helps you purchase your own farmland as a farmer. More accurately, it covers the expense of purchase, construction or renovation of a ranch. Also, farm ownership loans also cater for the payment of soil and water conservation, and also protection too.

Loans for farmers in Nigeria

Asides the listed loan programs above, you can also benefit from the following loans for farmers in Nigeria:

Agricultural credit guarantee scheme fund (ACGSF): 

This loan is handled directly by the apex bank (CBN). Also, it was established by the Decree of 20 of 1997 and has been in operation since 1978. Therefore, this makes it one of the oldest agricultural schemes in the country.

Agricultural Credit Support System (ACSS): 

This is an initiative of the government programs for agric loans. Therefore, the funds are managed by the central bank of Nigeria, with a total prescribed value of N50 billion. In addition, they designed this program to reduce inflation, generate foods to be exported, and increase foreign and revenue. Also, this programme is only accessible to practising farmers and agro-allied entrepreneurs.

Commercial Agriculture Credit Scheme (CACS): 

This scheme is a result of the collaboration between the Federal Ministry of Water Resources and CBN. Furthermore, they established it in 2009 to finance the agricultural value chain of the country. This was in a bid to combat the rising inflation through increased production in the country. Also, this loan is financed by the Debt Management Office, which raised an N200 billion Bond.

Farmers’ loans from private institutions: 

Asides from governmental programs and grants, there are also private institutions that offer loans for farmers in Nigeria. These institutions allow you to take loans and pay later with a pre-agreed interest rate. However, you should note that many of them offer a far lesser amount than government loan programs and a higher interest rate.

Interesting Read: Lapo Agric Loan – Everything You Need To Know

 

How do I apply for loans for farmers in Nigeria?

The different types of loans have varying application procedures. Therefore, depending on your preferred loan, you should visit the official release of the institution handling the loan, to know how you can apply. There is no one single procedure for applying to loans for farmers in Nigeria. 

Conclusion

As a farmer, you should look to benefit from the available loans for farmers in Nigeria. These loans are especially useful for small-scale farmers looking to expand their business. In all, you should study the available loans, and ensure that it suits your need perfectly before committing.

Home Loans in Nigeria explained

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Having a home that you call yours is basically one of the most beautiful things in life. It is everybody’s dream. For many, they see it as freedom from paying rent year after year. Also, some see it as a place to spread their tentacles. Whatever way you view it, the fact is, having a home to call yours is a beautiful thing.

However, as much as many want a home of their own, only a few can pay for building a house. This might be due to some financial constraints, or some other important needs that come in the way. Well, you need not worry, you too can own a house. There are several financial institutions in Nigeria giving out home loans. This article covers all you need to know about home loans and how to get them.

home-loans-in-nigeria

What are home loans?

Basically, home loans are a specified amount of money you borrow from a financial organization. However, this is at a certain interest rate, and you have to repay it with interest in Easy Monthly Installment over a period. Home loan repayment tenor can vary anywhere between 10-25 years, depending on the nature of the loan and lender.

Types of Home Loans:

There are various types of home loans that lenders design to suit your needs. These are:

  • Home Purchase Loans: As the name implies, you can take this loan to buy a house of your choice.
  • Construction Loans: This Loan is very useful to cater for your home building expenses.
  • Land Purchase Loan: As the name implies, this loan comes in handy to purchase land for constructing your own house.
  • Home Improvement: This loan comes in handy for renovating or improving your house
  • Home Repair: Basically, they design this loan to cater for the expense of your home repair or reconstruction.

Where can I get home loans in Nigeria?

As we have mentioned earlier, there are several financial organizations offering home loans in Nigeria. However, it is important to note that the lending requirements vary from one lender to the other. In no particular order, here are some organizations giving out home loans in Nigeria.

  • First Bank of Nigeria
  • United Bank of Africa (UBA)
  • Access Bank Plc.
  • StanbicIBTC Bank
  • GTBank

First Bank of Nigeria (Personal Home Loan)

The First Bank of Nigeria has designed this loan to provide a financial boost to support your building project. Therefore, you can take this loan to buy your first home, construction, or simply for renovation purposes

Features:

  • This loan option is only available to people with a verified source of steady income
  • Maximum tenor is 20 years
  • The property you are financing must be for residential and not commercial purposes
  • They require a minimum down payment below 30%, depending on the location
  • Documentation processes are simple and straightforward.

To learn more about FBN Home loans, you can visit their website on www.firstbanknigeria.com/personal-banking/loans-and-mortgages/personal-home-loan 

 

United Bank of Africa (Home or Land Acquisition)

The United Bank of Nigeria is one of the top guns in the Nigeria Banking industry. They design this loan option for land purchases or to construct a residential property in Nigeria. The term of repayment is considerate, structured, and convenient to suit your home purchase needs.

  Features:

  • The loan is only available to employees of reputable organizations in the public or private sector
  • Your salary must have been paid through UBA for at least 3 months
  • This loan option is only available to UBA customers

To learn more about UBA loans you can visit their official website on www.ubagroup.com

Access Bank

Access Bank Home loans basically provide financial support for you to acquire ready properties or properties under construction.       

Features:

  • This loan option is available to salary earners and business entrepreneurs.
  • Up to 10 years tenor
  • The loan offers Asset protection & Credit life insurance
  • Access Bank Home Loan is available for properties in Lagos, Abuja, and Port Harcourt.
  • Minimum of 30% equity contribution

Visit their official website on www.accessbankplc.com to learn more.

StanbicIBTC Bank:

This another Home Loan option by StanbicIBTC. They design this product offering for customers who wish to buy their first home or those looking to upgrade.

Features:

  • You can access this loan offer if you have a net monthly income of #200,000
  • The minimum loan amount is #3,000,000
  • Loan tenor is 20 years
  • Flexible repayment option.

Visit their official website on www.stanbicibtcbank.com to learn more.

GTBank Plc.

GTB is one of the oldest and strongest banks in Nigeria. They design this loan to generally provide credit facilities to their customers to enable them to own a house in selected cities in Nigeria.

Features:

  • Minimum of 5 million, and Maximum of #150 million for low density residential locations in Lagos and Abuja.
  • Loan Tenor is 20 years
  • Flexible Repayment options.
  • Minimum of #5 million and Maximum of #50 million for medium density residential locations in Lagos and Abuja

Learn more about this loan offering via www.gtbank.com

Conclusion

A home loan is specifically designed to enable you to own the home of your choice with no hassle. You can therefore leverage any of the financial institutions we have listed in this article. Also, you can visit their official websites to learn more.

Filed Under: Real Estate Loans [yotuwp type="channel" id="UCKa64vRWgsmaiTOgO80eFnA" ]

Types of credit facilities provided by banks in Nigeria

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A credit facility is basically a pre-approved loan facility that is made in the business context. It allows an individual or organization to borrow a certain amount of money over a period of time. This can either be on a secured or unsecured advance basis.

credit-facility-nigeria

What are types of credit facilities provided by banks in Nigeria?

Basically, credit facilities are generally classified into two types. These are fund-based credit and Non-Fund based credit. Fund based credit is a situation whereby the bank gives you a loan from which you can draw cash. On the other hand, non-based as the name implies means no funds are involved.

Fund based Credit

  • Short-Term Loans:

As the name implies, this type of loan is always on a short-term basis. Organizations leverage this loan provision to cater to their urgent needs. They usually limit this type of loan to a tenor of one year. And it can be a secured loan or not. This depends on your organization’s credit rating or the bank’s requirement.

  • Long-term Loans:

As the name implies, this provision is made available over a long period. Most loan options that fall under this category are usually repayable in more than three years. Businesses and individuals can leverage loan offerings under this category. But you must have an excellent credit score.

  • Medium-term Loans:

Loan provisions under this category are between one and three years. It is available to individuals and organizations.

  • Cash and Credit overdraft:

Cash and Credit overdraft is a type of loan offered by banks in Nigeria. It allows your business or organization to withdraw extra cash more than it has in savings. The interest rate on this loan applies to the extra cash withdrawn. To access this type of loan, your organization must have a good credit score.

  • Composite Loans:

Banks in Nigeria provide this loan option to organizations for buying capital assets. Also, it is effective in meeting working capital requirements.

  • Retail Loans:

Banks give retail loans to meet personal needs. This type of loan is usually small as compared to those they give out to organizations. Under this option are Education loans, medical loans, Auto loans, etc.

  • Bridge Loans:

Banks give bridge loans to organizations that are in dire need of capital for funding projects. The aim of this loan is to meet the organizations’ need, while they wait for a long time financing,

Non-Fund based:

  • Guarantees:

Banks in Nigeria offer a guarantee on behalf of their customers. Guarantee is basically a promise that a bank issues that a debtor will meet his or her liabilities. However, if in the event that the lender does not meet with his liability, the bank will be responsible to cover for the loss. Bank Guarantee can either be the performance, defer or payment.

  • Letter of Credit:

This is an undertaking letter banks write on behalf of a buyer to the seller. They mostly use letters of credit in international trade.

Conclusion:

Banks in Nigeria provide credit facilities that individuals and organizations can leverage. To find more about these facilities, you can visit your bank for more information.

Filed Under: Business Loans [yotuwp type="channel" id="UCKa64vRWgsmaiTOgO80eFnA" ]

Mortgage loan originators in Nigeria explained

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The process of purchasing a home comes with different rigors, contractual and legal works that make it impossible for a layman to walk through alone. Therefore, during the process, a couple of individuals or an organization helps out. This person or organization is called the mortgage loan originator, and their job is to ensure you know exactly what you’re doing. Essentially, mortgage loan originators tidy up simple activities and ensure the buyer understands the terms involved.

mortgage-loan-originators

Who are mortgage loan originators?

 Mortgage loan originators are individuals that act as a vital link between a buyer and their mortgage company. Basically, their job is to help the buyer access the most adequate mortgage tailored to their needs. Therefore, they trash our facts like choosing a loan, understanding its applicable rates, and finally walking through the terms associated. Mortgage loan originators tell you everything you need to know before obtaining a mortgage. 

Also, mortgage loan originators usually have a good understanding of the banking industry rules and regulations, lending products, and other necessary documentation. Therefore, the collect and verify all documents from the mortgage borrower and rate their creditworthiness. They usually do this from their income and assets. 

What are the types of mortgage loan originators? 

There are mainly two types of mortgage loan originators, which are: 

Mortgage bankers: 

mortgage bankers work for a lending institution that funds the mortgage loan with its own money. Basically, they are mortgage agents for credit unions and retail banks. However, they do the job of a mortgage loan originator on behalf of their parent institution. 

Mortgage brokers: 

mortgage brokers, on the other hand, serves as a no strings attached middle man between the borrower and involved mortgage banking institutions. Therefore, they do not work for and are not employees of the institution. Instead, they receive mortgage application, checks credit rating and income of the borrower and even do the underwriting. However, after it is all said and done, they hand out the loan to a lending institution to fund it. 

How do mortgage loan originators get paid?

The nature of their job is such that they get based solely based on commission after closing a loan. This is so that they can be at their most efficient and process clients as quickly as possible. Also, this payment system ensures that mortgage loan originators are not lazy. It also gives the incentive to help an applicant boost their chances for approval. 

The commission pay per loan closing depends on the originator’s agreement with the lending institution. However, it is usually around 1%. Also, some mortgage bankers could have a standard salary, especially if they are full-time staff and have other responsibilities sides being a mortgage loan originator. Therefore, in this case, the institution could pay them a certain amount monthly, and include a lower commission which they get for every closing made. 

Conclusion 

Mortgage loan originators are a very vital part of the mortgage industry. They help facilitate mortgage processes for lenders, guiding them through the tiny details and ensure they know what they’re getting into. Also, loan originators judge the creditworthiness of clients to see if they are financially buoyant to pay up the loan they intend to obtain.

Filed Under: Real Estate Loans [yotuwp type="channel" id="UCKa64vRWgsmaiTOgO80eFnA" ]

Credit Facilities – Meaning, Types and what you should know

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Credit facilities are a variation of loan that is mostly used in the business and corporate world. Basically, a credit facility allows a business to borrow money (called loan) over a long period instead of coming back for a fresh loan when it needs another cash inflow.

Credit facilities are the alternative ways to get corporate loans, as it helps companies achieve their goals much faster and saving them the stress of reapplication.

credit-facility-nigeria

What are Credit Facilities?

Putting it in context, we can describe credit facilities as an umbrella loan, giving access to corporate organizations to draw out more money than it has, to meet its needs.

This way, the company does not have to directly apply for a loan, saving time and rigours. Eventually, the company would be required to repay the loan, along with interest only on the extra amount withdrawn. All parties would have agreed on an interest rate beforehand.

What is The Applicable Interest Rate of Credit Facilities?

The interest rate applied to a credit facility depends on one major important factor, which is the borrower’s credit score or rating. The better your credit score, the lesser your interest rate would be since they believe you have a good financial history.

On the flip side, a poor rating would certainly attract a high-interest rate, indirectly ensuring that you pay back your loan in time.

Types of Credit Facilities?

1. Short term credit facilities 

Short term credit facilities are designed to only last for a while, and can be further divided into the following:

  • Cash credit and overdraft: This type of short term credit facility allows you to withdraw more than the fund present in your deposit account. However, you would also pay interest on the amount you overdrew.
  • Short term loans: Short term loans offer corporations a working capital to meet immediate needs. Also, it usually has a tenor of 1 year and is not very secure in nature, depending on the rating of the borrower.
  • Trade finance: Trade finance is a type of short term credit facility that is generally essential to the efficient cash flow of a company. It could come in different forms including supplier’s credit, export credit, letters of credit, and factoring.

2. Long term credit facilities 

They design long-term credit facilities to appeal to corporations looking at obtaining long-term loans. The different types include:

  • Bank loans: This is a very common long term credit facility that comes with a definite tenor and repayment schedule. Also, banks thoroughly access lenders before giving out a loan to address their credit risk. The lower the better, and a higher chance of you getting loan approval from the bank. You can read more on how you can get a bank loan without collateral in Nigeria.
  • Notes: This is an unsecured credit facility that is mostly raised from private or capital market. Therefore, it is usually only considered when banks are not willing or have reached their lending limit.
  • Mezzanine debt: This credit facility is only provided by private equity and hedge funds. It is formed as a blend between debt and equity and is completely unsecured. Also, it has a tenor of about 5 to 7 years.

Other types of long-term credit facilities are Securitization and bridge loans.

Conclusion

Credit facilities are important for our everyday business life, as well as the survival and expansion of corporations. Also, most of these credit facilities are practised today, and as long as you have a good credit score, you can easily access one.

Filed Under: Credit [yotuwp type="channel" id="UCKa64vRWgsmaiTOgO80eFnA" ]

Travel loans – Where and how to get it in Nigeria

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There comes a time in everyone’s life where you have to take a breather, particularly time off work or to study abroad. Some do this by taking a casual leave from work and sleeping it off at home, while others prefer a more exotic trip to the Bahamas. However, the problem is that the Bahamas are pretty expensive, and someone needs to pay for the trip. This is how travel loans in Nigeria gained its prominence. It basically helps you meet your travel needs now and allows you pay back later. This article explores travel loans in Nigeria, as well as every other thing you should know.

how-to-get-travel-loans-in-nigeria

What are travel loans in Nigeria?

In simple terms, a travel loan is pretty much getting funded for all your travels. However, it mostly involves expensive flights, rather than casual low-value ones. Therefore, you can go anywhere you desire on credit and pay back over time. Also, the required qualification for obtaining travel loans in Nigeria varies from one financial institution to another. As a result, it is necessary that you obtain adequate knowledge beforehand to see if you made the cut.

What do travel loans in Nigeria cover?

Once again, the specificity of travel loans in Nigeria differs from one financial institution to another. Basically, it is a totally open-ended agreement that can be tailored to suit your needs or simply left generic otherwise. Generally, travel loans in Nigeria usually cover the following:

  • Airline ticket
  • Tours and events
  • Airport pickup and transfer
  • Hotel reservations  

From the points above, we can see that the loan could cover two major areas; your transportation and the vacation cost itself. Therefore, with a travel loan, you can either help yourself travel now and pay later or opt for a full-blown vacation schedule.

What are the minimum requirements for obtaining travel loans in Nigeria?

Pertaining to requirements, it also varies from one financial institution to another. However, they generally share the following requirements in common:

  • You must have your salary account domiciled with them (if it is a commercial bank), or provide all your necessary account details to the company.
  • Also, you must have received the last few months of your salary or traceable income through that account. This is to ensure it is active and your major cash account.

How can I apply for travel loans in Nigeria?

Institutions that provide travel loans in Nigeria usually observe the following application procedures:

  • Visit their online platform and create an account (some have a mobile application that you can use)
  • Scroll to their travel advance tab and initiate a new request
  • You would be prompted to supply several information about yourself and bank account details
  • Finally, a confirmation is made with your bank to be sure that it is you who made such an application

However, note that the amount of travel loan expense they allow you to incur mostly depends on your financial capacity. Therefore, the higher you earn, the more likely you are to get access to higher travel loans. The interest rates also differ from one institution to another and would be clearly stated during the loan application process.

Conclusion

Travel loans in Nigeria are a very good way to ease the immediate financial burden that comes with expensive trips. Also, as long as you have a good credit rating and debt repayment history, you can be sure to easily get a travel loan to the place of your choosing. 

Filed Under: Travel Loans [yotuwp type="channel" id="UCKa64vRWgsmaiTOgO80eFnA" ]

Government Programmes for Agric loans in Nigeria

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As recently as 2019, agriculture alone contributed around 21% of Nigeria’s GDP, stating its rising importance to the country. Lately, the Nigerian Government has invested so much financial resources to this sector, supplying the necessary tools for use. In reality, they do this in a bid to further diversify the nation’s income dependence. Today, there are several government programmes for Agric loans in Nigeria, through which farmers can benefit from. These loans as well as how you can apply for them are discussed in this article.

fg-agric-loans

What are the available Government programmes for Agric loans in Nigeria?

The federal government of Nigeria always make loans available through its financial parastatals in the nation. Therefore, for government programmes for agric loans in Nigeria, the major platform is CBN. The Central Bank of Nigeria currently offers the following government programmes for agric loans in Nigeria:

Nirsal agricultural loan (AGSMEIS): 

Nirsal microfinance bank is a financial institution with license from the Central Bank of Nigeria to offer loans on their behalf. Recently, Nirsal has handled a major portion of loans offered by the government, especially the agricultural loan or AGSMEIS.  In addition, although AGSMEIS caters to the needs of several industries, it focuses especially on agriculture.

How do I apply for Nirsal agricultural loan?

Simply follow the process below to apply for the loan:

  • Firstly, you are required to attend a compulsory training, after which you would receive a CBN certified Entrepreneurship Development Center (EDC).
  • The training institute (EDI) would train and inform you of all the necessary documents that you need to secure the loan
  • If successful, they pay the loan into your account
  • The institute helps you implement your business idea and provides commercial support services
  • In addition, they would help you in selling your products on the market, to pay back the loan. Also, they help monitor sales and profit to maximize earnings and enable loan repayment.

Agricultural credit guarantee scheme fund (ACGSF): 

this loan is handled directly by the apex bank (CBN). Also, it was established by the Decree of 20 of 1997 and has been in operation since 1978. Therefore, this makes it one of the oldest agricultural schemes in the country.

How do I apply?

To apply for the agricultural credit guarantee scheme fund, you can visit a branch of any of the operating banks. On arrival, an agent would put you through the process, as well as provide adequate forms that they would require you to fill.   

Agricultural Credit Support System (ACSS): 

this is an initiative of the government programs for agric loans. Therefore, the Central Bank of Nigeria manages the funds, which has a total prescribed value of N50 billion. In addition, they designed this program to reduce inflation, generate foods to be exported, and increase foreign and revenue. Also, only practising farmers and agro-allied entrepreneurs can access this loan.

How do I apply:  

According to the information released by CBN, applicants are to approach their respective bank on benefit from the loan. However, the implementation guidelines have not been given at the time of this writing.

Commercial Agriculture Credit Scheme (CACS): 

this scheme is as a result of the collaboration between the Federal Ministry of Water Resources and CBN. Furthermore, they established it in 2009 to finance the agricultural value chain of the country. This was in a bid to combat the rising inflation through increased production in the country. Also, the Debt Management Office raised a N200 billion Bond to finance this loan.

How can I apply?

There is a long list of eligibility requirement and application procedure if you want to benefit from CACS. Follow this link to visit CBN’s official release of the procedure: https://www.cbn.gov.ng/Out/2014/DFD/CACS%20GUIDELINES%20NEW-14th%20May%202014.pdf

Read More: RIFAN Loan – How To Get Easy Access To Loans from RIFAN

Conclusion

The government currently runs several loan programs to help support farmers in Nigeria. Also, as long as you meet the eligibility requirement, you can easily benefit from these loans. Start by contacting your bank’s agent today.

How to Get Mortgage Loans in Nigeria

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Getting a mortgage loan is one of the fastest ways to becoming a property owner. We can simplify a mortgage as; give me the property now, I’d make a down payment and complete it over time. However, for you to benefit, you have to know how to get mortgage loans, especially in Nigeria, where the practice is not so common. Although the average citizen might be ignorant about how to obtain a mortgage, the opportunity still exists. In this article, we would show you just how to get mortgage loans, you also learn the origin of mortgage in Nigeria here.

Where can I get mortgage loans?

The first thing to do in getting a mortgage loan is to know where to obtain it. In reality, the sources you can get a mortgage loan from are:

Mortgage brokers: 

mortgage brokers are the most prominent supplies of mortgage loans; that’s literally their job. Although they are rapidly reducing in number, they still exist, and their job is to act as a middleman. Therefore, mortgage brokers bring together the borrower and lender. Also, many times, the mortgage broker is also a banker, although not all bankers are mortgage brokers.

Commercial mortgage bankers: 

there are established commercial bankers that specialized in providing mortgages. Most times, they work for mortgage banks and are different from mortgage brokers. Also, mortgage bankers provide loans that are funded by the banks they work for.  

Commercial banks: 

although not all, most commercial banks offer mortgage loans to their customers to help fund property acquisition. However, there are limits to the amount and nature of the property that these banks fund.  

Savings and loans associations: 

savings and loan associations are not commercial banks, neither can they be called a full-blown financial institution. Rather, there exist somewhere in-between. In addition, these associations offer loans to their members for mortgage purposes. Also, most of them do not make business or commercial loans.  

Credit unions: 

credit unions are a special organization that doesn’t operate under the regulations governing a regular financial institution. In addition, a group of people can form a credit union, as long as they have a common interest. You also have to be a member and meet certain qualifications before being able to obtain a mortgage loan from a credit union.   

Private individuals: 

of course, there’s always the option of going directly to private individuals for mortgage loans. However, their loans usually come with strict conditions and have really high-interest rates. Also, anybody can offer mortgage loans as long as you abide by the loan regulations guiding your state and meet the legal disclosures.

Stock brokerages and online lenders: 

lastly, stockbrokers and online traders pretty much trade in everything. This includes offering mortgage loans, as they gladly offer borrowers with good credit history loans.

How to get mortgage loans

Follow the step below to successfully obtain a mortgage loan:

  1. Firstly, start by deciding with the institution you intend to obtain a loan from.
  2. After deciding, visit any of their official outlet or website to discover their loan details. This is because application process, loan, and repayment conditions, differ from one organization to another.
  3. Follow the due process as instructed by the agent of the institution
  4. If successful, they would disburse the loan into your account or the account of the property dealer depending on your agreement.

Also, note that it is important you study and fully understand a loan document before committing. In addition, you should even run it through professional eyes for a double-check.

Conclusion

There are several mortgage loans available today, which you can benefit from. Therefore, with the right mortgage, you can become an instant property owner and pay up over time. Always do well to establish a repayment plan before opting for a mortgage loan. 

Filed Under: Real Estate Loans [yotuwp type="channel" id="UCKa64vRWgsmaiTOgO80eFnA" ]

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