AB Microfinance Bank Loans And All You Need To Know
AB Microfinance Bank is one of the leading national microfinance banks in Nigeria with branches spread across the country. AB Microfinance is licensed by the Central Bank of Nigeria (CBN) and has been actively operating since 2008. They have a network of international partners. They offer loans and other products to its customers.
AB MICROFINANCE ACCOUNTS
AB offers banking products to its customers. They offer various accounts that users can open with them. Find details below:
AB MICROFINANCE SAVINGS ACCOUNT
The AB savings account is similar to that offered by regular banks. You can open a savings account and enjoy some of the following features:
- Attractive interest rates
- Free statement of account (on request)
Opening a savings account is very simple. To open a savings account, you have to visit any of the branches or fill the free registration form online. Individuals and organizations can open a savings account.
AB MICROFINANCE CURRENT ACCOUNT
Just like regular banks, you can also open a current account with AB. The current account has all major features of a current account. Some of the features of the account include:
- Funds Transfer to all commercial banks in Nigeria
- No maintenance fee
- Internal transfers free of charge
- Encashment of cheques
- Standing order transfers/payments
- Free statement of account
Individuals and corporate bodies can open a current account. You can visit any branch of the bank to open an account or register online.
AB MICROFINANCE TERM DEPOSIT ACCOUNT (TDA)
The AB Term Deposit Account (TDA) gives customers access to fix their money for a chosen period of time and gain attractive interest rates. Some of the features of Term Deposit Account include:
- Minimum amount of N30,000
- Competitive interest rates
- Maturity 30 – 360 days
To open a Term Deposit Account, visit any branch of AB.
AB MICROFINANCE BANK LOANS
AB Microfinance offers loans to Nigerians. That is one the core operation of the Microfinance bank. Here are loans offered by AB:
The micro loans is for entrepreneur, individuals and businesses to easily access loans in a quick and considerate way. You can get a loan from ₦15,000.00 to ₦3 million with maximum maturity of 18 months.
Here are some features of the micro loans:
- No cash collateral required
- No mandatory deposits/savings
- Flexible collateral arrangements depending on loan size
- Flexible documentation requirements
- Long-standing clients with impeccable repayment record qualify for successive interest rate discounts and even faster loan processing
- No borrower groups – you are responsible only for your own loan
|ABN Micro loans product|
|Name||Amount available||Interest rate|
|AB Business Flexi||N15,000 – N100,000||6.6% Interest (On reducing Balance)|
|AB Business Plus||N100,001 – N500,000||6.1% Interest (On reducing Balance)|
|AB Business Max||N500,001 – N1,000,000||5.7% Interest (On reducing Balance)|
|AB Business Max Plus I||N1,000,001 – N2,000,000||5.2% Interest (On reducing Balance )|
|AB Business Max Plus II||N2,000,001 – N3,000,000||5.0% Interest (On reducing Balance )|
|Disbursement Fee||1% of Disbursed Amount (One-off Charge )|
The AB microfinance loan is target at the owners of Small and Medium Size Enterprises. The loan is designed to be fast, quick and easily accessible. You do not need to be a customer of AB before applying for loan.
Some of the features of the SME loans are:
- Competitive Interest Rate starting from 3.0% monthly on reducing balance
- Disbursement fee of 1.0% of the loan amount
- Maturity period from 6 to 24 months with equal monthly instalments
- Broad of collateral items accepted
- Upon submission of all required documents, loan disbursement within a week
- Loans from NGN3,000,001 to NGN20,000,000 for existing business
The AB housing loan is to help individuals and business solve their housing issues. Some of the features of the loan include:
- Free expertise including house design and bill of quantities
- Housing loan without equity contribution or compulsory savings
- Access to quality building materials and building materials retailers network
The loan amount ranges from N300,000 – N1,000,000 with 5.5% Interest (On reducing Balance)/ Disbursement fee is 1% of Disbursed Amount (One-off charge)
AB MICROFINANCE BANK LOAN REQUIREMENT
Here are the loan requirements:
- Applicant must be 21 or above
- You must be the owner of the business (If applying on-behalf of s business)
- Applicant must be currently exercising activity
- Applicant must be a Nigerian Resident
- Business must be in operating area
- Applicant must be exercising activity consequently for the past 12 months
HOW TO GET A LOAN FROM AB MICROFINANCE BANK
Follow these steps to get a loan from AB Microfinance Bank:
1. VISIT THE WEBSITE LOAN PORTAL
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The fastest and easiest way to get a loan from AB Microfinance Bank is to visit the online loan portal
2. PROVIDE ACCURATE INFORMATION
Provide accurate information from the amount of money you need and when you expect to pay back. After that click request for loan
3. FILL IN YOUR PERSONAL DETAILS
Fill in only accurate information to be able to access loan. After filling in required information, you can click submit
The above is if you want to start the process online. If not continue reading
4. VISIT ANY OF THE BRANCHES
Visit any branch of AB Microfinance Bank and speak with customer care representative. They will give you a form and put you through.
AB MICROFINANCE BANK INTEREST RATE
The interest rate for AB Microfinance loan is flexible. Typically, interest rate varies from 5% to 7%.
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REPAYMENT OF AB MICROFINANCE LOAN
There are several options to repay loans taken from AB Microfinance. They include:
- In-branch POS: Visit any branch of AB with your debit card and you can repay your loan easily. Note that maximum amount is 3.000.000 NGN (depending on the card issuing bank)
- Cash deposit at any Nigerian bank: You can visit any bank close to you and make a deposit into the Zenith bank or Polaris bank account of AB Microfinance. Zenith Bank (account no. 1014886565) Polaris (account no. 1770069139). Please, cross check the number with their customer care. In description field write the beneficiary’s ABN account number. With this method, amount is unlimited.
- Internet banking: You can use the internet banking of any bank that you use to transfer to the bank accounts of AB Microfinance.
There are several other options to repay loans.
AB MICROFINANCE BANK LOAN CALCULATOR
You can use the AB Microfinance Bank loan calculator to help you understand how much you have to pay back and your monthly back back. All you have to do is visit the calculator, input the amount you want to loan and how long you need it for. Then click on calculate.
HOW MUCH LOAN CAN YOU GET FROM AB
You can get up to ₦20 million from AB microfinance bank depending on your reason for loan.
AB MICROFINANCE BANK MOBILE BANKING
You can use the AB microfinance bank’s e-banking also known as mobile banking to make your banking experience easier and better.
The features and benefit include:
- Send and Receive money
- Transfer funds
- Loan Repayment
- Bill payment
- Airtime top up
- Mini – Statement
- Balance Enquiry
- Your account is accessible 24/7 from your phone.
- View statement anytime, anywhere.
To register and get access to mobile banking visit any branches of AB or register online
AB MICROFINANCE BANK POS MACHINE
With AB Microfinance Pos machine (Point of Sale) you can easily allow your customers pay you with their card instead of cash. You can apply for the PoS by downloading the application form online or picking one up from any of the branches. Complete the form and submit it at any of its office. You should expect deployment in 15 days.
AB MICROFINANCE BANK CREDIT CARD
The AB Microfinance debit card can be used to withdraw cash from any atm and to make payments at POS or online. You can apply for a AB microfinance card by downloading and completing online form or picking up a form at any of the branches.
AB MICROFINANCE HEAD OFFICE ADDRESS:
The head office of AB Microfinance is located at: 28, Akintoye Shogunle Street (Opposite No 2 John Olugbo Street), Ikeja, Lagos
AB MICROFINANCE BANK CUSOMER CARE PHONE NUMBER
The customer care number is 0902 496 9999 and 0902 496 9778
The WhatsApp customer care number for chat is 0902 496 9999
AB MICROFINANCE WEBSITE
The website of AB Microfinance is www.ab-mfbnigeria.com