X-RAYED HOW TO GET LOAN FROM ACCESS BANK
Getting a loan in Nigeria is not always easy, whether it’s from a loved one or an institution or a loan company, almost everyone probably has one or two stories they encountered where they had to obtain a loan..
In this blog post I will take you through simple steps on how to get loan from Access bank .
Access Bank is one of the top leading Financial institutions in Nigeria that provides assured financial services to the public, facilitating seamless transactions, helping to manage and create wealth.
Sometimes you might not budget to apply for loan at first buy emergencies might just pop out of nowhere and u don’t cash to resolve it .you might be a salary or income earners with no option till the end of the month, you will just go and apply to offset it when your money comes in.
The maximum Access bank loan you can get
With this Access Bank loan, you are eligible for up to a maximum amount of 75% of your monthly income. This rate is subject to the following factors
Salary account holders with Access Bank: If you’re a salary account holder with Access Bank, you will be eligible for loan amount of 75% of your monthly salary. The loan will be repayed at your next salary payment or after 30 days of collection..you don’t need to go through the process of paying back, it will just be deducted from your salary.
Other bank customers: If you receive your salary through another bank, processed via IPPIS or Remita, you will be eligible for an Access bank payday loan amount of 50% of your monthly salary as long as it doesn’t exceed NGN 500,00.
Types of Loans Offered By Acess Bank…
1. Creative Sector Loans:
This loan is targeted at capacity building and provision of employment for individuals and businesses into industries like entertainment, information technology, movie production and distribution etc.
2. Lending Against Turnover (LATO):
This loan is instant and it targets non-salary account holders who already have a relationship with the Bank for over six months and above. This type of loan doesn’t require any documentation or collateral from the recipient and lasts for 30 days. You can easily apply for this type of loan using the Access Bank loan code – *901*911#.
This type is flexible and lasts for 36 months (3 years)..it targets employees that needs to empower their needs through a salary administration product.
4. Salary Advance:
This type of loan provides employees to their net monthly salary with 100% access and it lasts for 3 months.. it can easily be applied using the USSD code-*991# or through the quick bank app ..it doesn’t require documentation or collateral.
6. Advance for School Fees:
This type of loan helps you as a parent or guardian, to borrow and pay your child/ward’s school fees and also for professional courses and certifications.
7. Device Finance:
This type of loan is targeted at helping you finance the purchase of mobile devices.
8. Maternal Health Service Support (MHSS):
This loan is targeted at financing birth and fertility related procedures.
This loan is open to salary earners, Small medium enterprise (SME) owners, and Corporate organizations.it is targeted at helping you to finance the purchase of a new car You get access to a wide variety of vendors, and you’re to pay back the loan within 48 months.
Requirements to Access Bank Loan..
- For the creative sector loan, you need a business plan or a statement of how much you need for your business
- To obtain the lending against turnover (LATO) loan, small ticket personal loan, and the salary advance loan, you need a phone number that is linked to your BVN, and a clear evidence that you received salary payment in the previous month.
- Then For a personal loan, you need a completed application form, a completed employer’s confirmation form, a copy of your employment ID, BVN details and credit checks
- For an advance for school fees, you need a duly completed application form, a duly accepted offer letter, school fees bill/invoice in the name of the student, a valid ID card, and a recent utility bill in the last 3 months
How Long Does It Take To Get A Loan
The process can take on or before two days to finish the processing..Once your loan request is successful, your Access Bank account is credited instantly. However, it may take up to 24 hours to process before disbursement into your account. In such an event, you will be notified of any delay in process.
The Maximum Access Bank Loan You Can Get..
You are eligible for up to a maximum amount of 75% of your monthly income or 50% as the case may be..
This rate is subject to the following factors
Salary Account Holders With Access Bank: If you’re a salary account holder with Access Bank, you will be eligible for loan amount of 75% of your monthly salary. The loan will be repayed at your next salary payment or after 30 days of collection..you don’t need to go through the process of paying back, it will just be deducted from your salary.
Other Bank Customers: If you receive your salary through another bank, processed via Remita or any other means, you will be eligible for an Access bank payday loan amount of 50% of your monthly salary as long as it doesn’t exceed #500,000
Can my Eligibility be Affected?
Your eligibility can be affected by any of the following:
- If you have any outstanding loan(s) in Access Bank or other banks.
- If you apply using a phone number that is not linked to your BVN.
- If there is no clear evidence that you received salary payment in the previous month.
- If you have taken other digital loans and exceeded your eligible amount.
- If you have an existing loan and the monthly repayment is higher than your eligible amount.
The Access bank loan is designed to finance that need or circumstances that made you request for it at first.
With h a variety of loan products to choose from, Access Bank has made it easier getting access to quick loans in Nigeria. In such case, they have different channels with which you can comfortably access their loans and make more enquiries. Some of their channels include their Access Mobile App, Internet Banking, WhatsApp Banking, and lots more..
1. What happens after your loan is approved?
After your loan is approved, you usually get imburosed within 24 hours. However, this duration could be more depending on the bank or lender involved. Also, you might need to provide certain documents for some banks, before you’re able to withdraw the funds.
2. What is the loan application fee?
Loan application fee is the percentage lenders tend to charge during the process. It usually varies from 0.1% to 5% or more. In recent times, most lenders tend not to charge loan application fees anymore in a bid to attract more customers.
3. What will happen if I wasn’t able to pay back at the right time?
The exact penalty that follows being unable to pay back at the right time depends on your agreement. Usually, the penalties are stated in the loan terms and conditions and are enacted once there’s a default. Most lenders either increase the interest percentage or sell off collaterals. Access bank automatically deducts the due sum from your account on the due date.