AB Microfinance Bank Loan app: App download, Signup, Login, how to apply, Interest Rates, loan ussd code, customer care

In the dynamic landscape of Nigeria’s financial sector, microfinance banks are emerging as catalysts for small to medium-sized enterprises (SMEs), propelling them toward success. One such institution making waves is AB Microfinance Bank, with a rich history dating back to its establishment in 2002. This article provides an in-depth exploration of AB Microfinance’s loan offerings, services, and the straightforward steps to access financial support for your business.

AB Microfinance Loan Requirements:

AB Microfinance simplifies the loan application process, requiring only a few essential documents:

1. Valid ID card
2. Proof of business ownership
3. At least one guarantor
4. Flexible collateral arrangement based on the loan size
5. Business location within the bank’s lending area (Lagos, Oyo, and Ogun states)
6. A specified period of existence for the business
7. No mandatory account with AB Microfinance required

Services Offered by AB Microfinance:

AB Microfinance Bank offers two main services: Savings and Account, E-banking, and Credit.

1. Savings and Account:
   • AB Current Account: Unlimited access with no maintenance fee, SMS alert services, and encashment of cheques.
   • AB Savings Account: Competitive interest rates, simple account opening process, and free statement of account.
   • AB Term Deposit Account: Fix your money for 30 to 360 days with minimum deposits of N30,000 and competitive interest rates.
2. Credit:
   • Micro Loans: Quick loans ranging from N15,000 to N3 million with a maximum maturity of 18 months. No compulsory deposit, savings, or cash collateral required.
   • SME Loans: Transparent and quick loans for SMEs, offering up to N20 million with collateral requirements and a maximum tenor of 24 months.
   • Housing Loans: Access loans from N300,000 to N3,000,000 for housing projects, including access to quality building materials and free expertise on house designs.
3. E-Banking:
   • Payments/Cash Deposit
   • Mobile Banking
   • Instant Fund Transfer
   • Debit Card/ATM Card
   • Point of Sale (POS)
   • NIBSS Instant Payment (NIP)

How to Borrow from AB Microfinance:

Follow these steps to apply for a loan with AB Microfinance:

1. Visit any AB Microfinance branch with necessary documents and collateral.
2. Undergo an immediate on-site assessment by qualified personnel.
3. The proposal is forwarded to a decision committee for final approval.
4. The duration before loan disbursement varies based on the loan amount.

Key Information on Loan Amount and Interest Rates:

• Minimum borrowing amount: N15,000
• Maximum borrowing amount: N20,000,000
• Amount accessible depends on repayment capacity, considering business inventories, assets, and other criteria.
• A disbursement fee of 1% of the disbursed amount is charged for all loans.

Conclusion:

AB Microfinance Bank stands out as an accessible and reliable partner for individuals and SMEs seeking financial assistance. With minimal requirements and a commitment to financial inclusion, AB Microfinance is paving the way for business growth in Nigeria. Explore the numerous services and loan options offered by AB Microfinance to unlock the full potential of your entrepreneurial journey.