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

In the pursuit of financial stability, sometimes traditional banks may not offer the tailored solutions you need. When faced with high interest rates and stringent conditions, it’s easy to feel disheartened. However, don’t lose hope just yet. Enter SUSU Microfinance Bank – your key to accessible and flexible credit facilities in Nigeria. In this guide, we’ll delve into what SUSU Microfinance Bank has to offer, its products, advantages, and how you can tap into its services.

About SUSU Microfinance Bank:

SUSU Microfinance Bank stands as a prominent player in Nigeria’s microfinance industry, focusing on empowering individuals and small-scale businesses through customized loan solutions. Comparable to Nirsal Microfinance Bank, SUSU has carved a niche for itself by providing financial support where traditional banks fall short.

Products Offered by SUSU Microfinance:

SUSU Microfinance Bank offers a diverse range of products to cater to various financial needs:

1. Microloans:
   • Designed for individuals from all walks of life, including traders, students, and entrepreneurs.
   • Loan amounts up to 1 million naira.
   • Flexible interest rates, starting from a minimum of 5 percent.
2. Salary Advance:
   • Tailored for employed individuals, offering up to 75 percent of their salary upfront.
3. Group Loan:
   • A rotational contribution and withdrawal system, commonly known as Esusu or Ajo.

Advantages of SUSU Microfinance Loans:

Considering a loan from SUSU Microfinance? Here are the benefits you can enjoy:

1. Highly Convenient Repayment Plans:
   • Flexible repayment options to suit your financial situation.
2. Flexible Loan Conditions:
   • Adaptable terms to meet the diverse needs of borrowers.

Disadvantages of SUSU Microfinance Loans:

Before diving in, it’s essential to be aware of the limitations:

1. Limited Geographic Availability:
   • Currently, SUSU Microfinance services are exclusively available in Lagos.
2. Mandatory Savings Deposit:
   • Requires a 10 percent deposit of the loan amount into a savings account.
3. Guarantor Requirement:
   • A guarantor is necessary for loan approval.
4. Restricted Maximum Loan Amount:
   • The maximum loan amount available is relatively low.

Eligibility Requirements for SUSU Microfinance Credit Facilities:

Ensure you meet the criteria before applying for a loan with SUSU Microfinance:

1. Age: Between 22 and 58 years.
2. Account History: A minimum of three months’ account operation with SUSU.
3. Location: Reside and work in Lagos.

Documentation Required:

Prepare the following documents for a seamless application process:

1. Two guarantors.
2. Two passport photographs.
3. Two signature cards.
4. A duly filled application form.
5. Copy of a utility bill.

Contacting SUSU Microfinance Bank:

Ready to explore your financial options with SUSU Microfinance Bank? Reach out through the following channels:

1. Visit their office at 34 Commercial Avenue, Sabo Yaba, Lagos, Lagos State, Nigeria (Monday to Friday, 8 am to 4 pm).
2. Call them.
3. Email: info@susumicrofinancebank.com.ng.
4. Connect through social media.

Conclusion:

Microfinance banks like SUSU play a crucial role in bridging the gap for individuals unable to secure traditional bank loans. SUSU Microfinance stands out with its convenient repayment plans and flexible conditions, making it a viable option for those seeking financial assistance. If you’re in Lagos and meet the eligibility criteria, SUSU Microfinance Bank could be the key to unlocking your financial goals.