Loans from Microfinance banks are meant to help small & medium-scale business owners apply for loans to grow their businesses. With a loan from a microfinance bank, you can grow your business. Individuals can also take loans for personal use. There are a lot of microfinance banks to take loans from in Nigeria, but getting to know the right ones to take loans from is important. In this article you’re reading on NaijaKnowHow, we will walk you through the process to apply for microfinance loan online in Nigeria. We’ve also covered other articles on loan applications and you can check them in our Banking & Finance section.
How to Apply for Microfinance Loan Online in Nigeria
The previous way of getting loans from most microfinance banks is when you visit their offices. But these days, you can just be in your comfort zone and get an instant loan. But to get loans from microfinance banks, there are some requirements you need to meet. And also, there are a few loan types that can be applied for and we will list them below.
Types of Microfinance Loans You Can Apply For
If you’re planning to apply for microfinance loan online in Nigeria, these are the types of loan products you can apply for.
Requirements to Apply for Microfinance Loans in Nigeria
To get a microfinance loan in Nigeria, you must meet certain requirements and also have the right documents as well. Below are some of the things you must possess before you can be granted loans from any microfinance bank in Nigeria.
List of Microfinance Banks to Apply for Loan
Steps to Apply for Microfinance Loan from MFB in Nigeria
We’ve listed 3 microfinance banks that you can take a loan from in Nigeria, we will walk you through the steps to take loans from these 3 microfinance banks.
Steps to Apply for AB Microfinance Bank Loan
To apply for a loan from AB Microfinance Bank, here are the steps you need to take. Note: AB Microfinance Bank gives loans from N15,000 to N5M and can be repaid within 18 months. You can apply for Micro Loans and SME Loans. Step 1: Whether it’s an SME Loan or Micro Loan you want to apply for on AB Microfinance Bank. Copy either of these links (https://ab-mfbnigeria.com/sme-loans/) and (https://ab-mfbnigeria.com/sme-loans/) to your web browser. Step 2: Click on Apply for a Loan after reading the description for their loans and policies. Step 3: A loan calculator will be displayed, enter the amount you want to loan, the repayment duration and your monthly payment. Then click on Request for Loan. Step 4: On the next page, fill in the required details, once done. Submit and wait for the approval status for your loan.
Steps to Apply for New Age Microfinance Bank Loan
Getting a loan from New Age Microfinance Bank is very easy. To get started, follow the steps below as it doesn’t require a long procedure.
Access the New Age Microfinance Bank Loan Page by copying and pasting this link (https://newagemfb.com/apply-for-loan/) on your browser. Under loan types, select the type of loan you want to apply for. Read the requirement for the loan. Once done, fill in the application form. Click on Start Application, then you’ll be redirected to another page where you’ll need to enter some personal information. Once done, click the submit button and wait for a response via your phone number or email address.
Steps to Apply for Lapo Microfinance Bank Loan
To borrow money from Lapo Microfinance Bank, follow the steps below. Step 1: Visit the Lapo MFB loan page by clicking on this link https://www.lapo-nigeria.org/loans. Step 2: Select the type of loan you want to apply for. Read the requirements, terms and conditions before clicking on the Apply button. Step 3: After selecting the loan type, click on Apply Now, then enter your BVN. Once your BVN has been confirmed, you can now give them the remaining means of identification. Step 4: Enter the loan amount, purpose and repayment time and submit. If approved, you’ll get a message from them via SMS.
Conclusion
That’s all on applying for loans from microfinance banks online in Nigeria. We hope the article is helpful. Don’t forget to share and leave a comment below.
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