Are you an access bank owner who needs loans? Then you are on track because this article is here to guide you on the various types of access bank loans, their features, and requirements. Access Bank provides various loan options that cater to different needs. Understanding the different types of loans offered by Access Bank before applying is important, so you can choose the one that best suits your situation.
Types of Loans Offered by Access Bank
Access Bank is known for having one of the best bank loan services in the country, which businesses and individuals can easily access. One of the advantages of Access Bank loans is that you do not need to provide collateral to secure a loan. Also, you can apply for a loan from Access Bank by dialing the access loan code (*901*11#) on your phone. With this service, you can receive a loan directly to your bank account within minutes.
Different Loans offered by Access Bank
Although online financial lenders are known widely in Nigeria, bank loans are still reliable today. Access Bank offers their customers different types of loans on their platform. You can scroll down to check out these loans.
Personal Loan
The Access Bank personal loan is a salary-based loan that is designed to help employees achieve financial independence. Companies can set up this loan to support their staff.
Features
- Flexibility to meet individual needs
- Loan amount up to 75% of net annual salary for those applicants with terminal benefits
- Loan amount up to 50% of net annual salary for those applicants without terminal benefit
- Up to 36 months tenure
- Credit life insurance
Requirements
- Completed Application Form
- Completed Employee Status Inquiry/Employer’s Confirmation Form
- Evidence of Confirmation
- Employment ID and a valid means of identification
- BVN
- Credit checks
- Letter of Lien/Set-off
QuickBucks
This is a mobile banking app for online loans. It is a loan platform that is aimed at making your borrowing experience better, for retail Loans, Credit Card, Debit Card, Consumer Durable Loans, and Device Financing loan requests.
How to Sign Up for Quickbucks Loans
- Download Quickbucks from your app store
- Fill in your email address and BVN-linked phone number
- An OTP will be sent to you through SMS for verification
- After the OTP has been sent, create an app password (to be used to log into the app) and PIN (to be used in transacting)
Next, you input your details like
- Location
- First Name, Last Name, Other Name
- Date of Birth
- Occupation – Salaried or Self-employed
- Place of work
- Salary Bank Name
- Bank Account Number
- Closest Branch
- BVN
- Monthly Salary Amount
Next, you agree/consent to the Terms and Conditions.
Payday Loan
Access bank payday loan helps you to attend to those emergencies that arise before your payday. It is an instant loan product money for access bank customers who are salary and non-salary earners. With this type of loan, you can get money at a low-interest rate without any documentation or collateral.
Features of Access Bank Payday Loan
- 24/7 service which does not need visits to the bank and application is done easily via *901*11#, *426#, QuickBucks App, Internet Banking, Mobile App
- No documentation is required
- No collateral is required
- Up to 36 months tenure
How to Get a Payday Loan from Access Bank
You can get a payday loan from Access Bank by dialing *901*11#, *426*11# or via Internet Banking, WhatsApp Banking, Access Mobile App, and QuickBucks App.
Salary Advance
Access bank salary advance loan helps you pay for those emergencies that spring up before your salary is paid. You can use the salary loan to get different loans tailored to your personal needs. You just have to open a salary account, and you will also get a 5% interest rate reduction on loans.
Features of Salary Advance Loans
Here are the features of this loan.
- 24/7 service that does not require visits to the bank and application is done conveniently via QuickBucks App or USSD code *901*11*1#
- No documentation is required
- No collateral is required
- Six (6) months tenor
Home Loan
The purpose of an Access Bank house loan is to provide funding for the purchase of both completed and under construction homes.
Features of Access Bank Home Loan
Here are the features of this loan.
- Available to salary earners and business entrepreneurs
- It is available for properties in Lagos, Abuja, and Port Harcourt
- Minimum of 20% equity contribution
- It is 20 years tenor subject to the borrower’s age
- Asset protection & Credit life insurance
- No provision for interest
Access Bank Home Loan Requirements
The requirements for this loan are listed below.
- Completed Mortgage Application Form
- Employee Status Inquiry/Employer’s Confirmation Form
- Letter of offer from the property seller
- Title document of the property
- You must get a valuation report from one of the estate valuers the Bank has approved.
- Search report
- Credit checks
Advance for School Fees
Advance for School Fees loan offers to finance to salaried customers and business owners to help pay for tuition fees and other related costs for themselves, and their children/ ward. It meets educational needs at all stages, from primary to tertiary levels including professional certifications.
Features of Advance for School Fees
Here are the features of this loan:
- Highly competitive interest rate
- Loan amount up to NGN 20 million
- Up to 12 months tenor
- Flexible repayment structure
- Refinancing available
Required Documents for Advance for School Fees
These are the needed documents for this loan.
Salaried Customers
- Duly completed and signed application form
- School fees bill/tuition advice
- Copy of valid means of identification
- Recent Salary bank statement
- It is necessary to have a properly accepted offer letter and term sheet.
Additional requirements for refinancing
- Evidence of payment made to the school
Business Owners
- Duly completed and signed application form
- School fees bill/tuition advice
- Copy of valid means of identification
- One (1) year Bank statement of corporate account
- Copies of Business/company registration documents
- Duly accepted offer letter
- Duly executed guarantor form (individual or corporate) and notarised statement of net worth (individuals only)
Additional requirements for refinancing
- Evidence of payment made to the school
Maternal Health Service Support (MHSS)
The goal of the Access Bank Maternal Health Service is to support women as they navigate one of life’s wonders. It supports medical operations both locally and internationally.
Features of Maternal Health Service Support Loan
Here are the features of this loan:
- No Loan Fees
- Highly subsidized interest rate
- Flexible repayment plan
- Up to 10 million Naira for health procedures
- Access to our network of partner fertility clinics and other health service in Nigeria
Requirements for Maternal Health Service Support Loan
Below is a list of the requirements.
- Completed MHSS loan application form
- Domiciliation of Salaries/ Business Proceeds
- Executed Employee Status Inquiry/Employer’s Confirmation form
- Provision of confirmation letter/ last promotion letter.
- A copy of Employment ID and means of identification
- Additionally needed are hospital referral letters and medical bills.
- BVN
- Credit checks
- Provision of credible guarantor (for business owners only)
Conclusion
The above list includes the main loan categories that Access Bank presently offers, along with the requirements for each. However, you should know that the requirements and interest rates differ depending on the specific loan, but the loans have attractive terms and the security of borrowing from one of the leading banks in Nigeria.
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