Quite a number of people deal with the requisite involved in securing a loan in Nigeria. In most cases, regular banks do not reply nor accept loan applications while others have placed standards uneasy to reach.
Microfinance banks dwell to ease financial demands. They as financial institutions provide easy services where individuals will meet up in comfort. Where there are other microfinance banks that offer great services, a number of them that ensure safe customer services and one of them is Fina Trust Microfinance Bank.
About Fina Trust Microfinance Bank.
Fina Trust Microfinance Bank stands tall amongst a number of well delivering micro finance banks and they provide services suitable for their customers.
What products does Fina Microfinance Bank offer?
Fina Microfinance Bank offers a number of services to cater to various needs. They include:
Micro Loans
This service is suitable for SMEs, entrepreneurs, students as well as traders to access close to 1 million naira for already existing businesses. Fina Trust Microfinance Bank charges a minimum interest rate of 5% where the total summation is dependent on customer response.Â
Salary Advance
This product is targeted at salary earners thst enables them to access close to 75% of their monthly salary in advance.
Group loan
Very common in subjective parts of the world, Fina Microfinance Bank as well offers group loan which is available at a 3.5% interest rate. The Group loan product is presented in a credit rotation model.
This model is where a group of people become informal financial institutions through repeated contributions and withdrawals from several parties. This is due to limited service provided by formal authorities and restrictions of some sort.
The group loan seemingly reduces the risk to the lender which allows them charge lower interest rates than other loan types.
Here, the transaction is made through people themselves and it is also based on individual needs or lottery. This helps individuals who find it hard to get access to substantial capital by letting them have periodic access to needed funds where they have to pay within a period of time.
Advantages of Fina Trust Microfinance Bank
- The Fina Microfinance Bank offer products thst are conveniently for customers. As an example, they have convenient repayment plan as well as equal monthly Principal and interest repayments.
- Their conditions are flexible.
- This MFB make sure that it is possible for retail business to obtain funds for capital projects with installmental repayments.
Disadvantages of Fina Trust Microfinance Bank
- This Microfinance Bank in for loan requests demand the availability of a guarantor.
- The maximum time allotted to products is six months.
Requirements of Fina Microfinance Bank
The major requirements include;
- For group loan, group members must reside in the same location.
- There must be group gurantor for group loan.
- Potential customers must provide two credible gurantors.
How to contact Fina Microfinance Bank
You can visit the head office at 46, Toyin Street, Ikeja, Lagos State, Nigeria. Or reach through +234-01-6326874/ +234-01-6326875 or +234-9062020040. Furthermore, you can send a mail to inquiry@finatrustmfbank.com.
Conclusion
It is safe to say that when the need arises to gain access to loan facilities, you should contact Fina Microfinance Bank for their suitable services. You can check out other microfinance banks like Nirsal providing different kinds of loans.
