How to Apply for a Microfinance Loan Online in Nigeria

Are you looking for a way to apply for a microfinance loan online in Nigeria? While the process can be tedious or confusing, we’ve decided to break the steps down and give you the proper steps you need to follow if you want to know how to take loans from Microfinance Bank.

Loans from microfinance banks are meant to help small and medium-scale business owners apply for loans to grow their businesses. With a loan from a microfinance bank, you can grow your business. Individuals can also take out loans for personal use. There are a lot of microfinance banks to take loans from in Nigeria, but getting to know the right ones to take loans from is important.

In this article you’re reading on NaijaKnowHow, we will walk you through the process of applying for a microfinance loan online in Nigeria. We’ve also covered other articles on loan applications and you can check them out in our Banking & Finance section.

Navigating Microfinance Loan Applications: Must-Knows

The previous way of getting loans from most microfinance banks was to visit their offices. But these days, you can just be in your comfort zone and get an instant loan. But to get loans from microfinance banks, there are some requirements you need to meet. Also, there are a few loan types that can be applied for, and we will list them below.

Types of Microfinance Loans You Can Apply For

If you’re planning to apply for a microfinance loan online in Nigeria, these are the types of loan products you can apply for.

1. SME Loan
2. Agricultural Loan
3. Regular Loan
4. Asset Loan
5. Education Loan
6. Special Loan
7. Public Sector Loan
8. SUFEN Loan (Supporting Female Entrepreneurs)

Requirements for Microfinance Loan Eligibility in Nigeria

To get a microfinance loan in Nigeria, you must meet certain requirements and have the right documents as well. Below are some of the things you must possess before you can be granted loans from any microfinance bank in Nigeria.

1. Loan Purpose or Valid Reasons Why You’re Taking The Loan
2. Valid Proof of Your Business Existence
3. An Active Bank Account
4. Bank Verification Number (BVN)
5. Valid Identification Card (NIN, International Passport, Voters Card, Driver’s License, etc.)
6. Guarantor (phone number, home address)
7. Collateral (a valuable asset that can be claimed if you default on your loan and decide not to pay)
8. Good Credit Score

List of Top Microfinance Banks to Apply for a Loan

1. AB Microfinance Bank
2. New Age Microfinance Bank
3. Lapo Microfinance Bank

Steps to Apply for a Loan from MFB in Nigeria

We’ve listed 3 microfinance banks that you can take a loan from in Nigeria, and we will walk you through the steps to take loans from these 3 microfinance banks.

Steps: AB Microfinance Bank Loan Application

To apply for a loan from AB Microfinance Bank, here are the steps you need to take:

Note: AB Microfinance Bank gives loans ranging from N15,000 to N5 million and can be repaid within 18 months. You can apply for micro-loans and SME loans.

Step 1: Whether it’s an SME Loan or Micro Loan you want to apply for on AB Microfinance Bank, copy either of these links (https://ab-mfbnigeria.com/sme-loans/) or (https://ab-mfbnigeria.com/sme-loans/) to your web browser.

Step 2: Click on Apply for a Loan after reading the description of their loans and policies.

Step 3: A loan calculator will be displayed. Enter the amount you want to borrow, the repayment duration, and your monthly payment. Then click on Request for Loan.

Step 4: On the next page, fill in the required details. Once done, submit and wait for the approval status of your loan.

Steps: New Age Microfinance Bank Loan Application

Getting a loan from New Age Microfinance Bank is very easy. To get started, follow the steps below, as it doesn’t require a long procedure.

• Access the New Age Microfinance Bank Loan Page by copying and pasting this link (https://newagemfb.com/apply-for-loan/) in your browser.
• Under loan types, select the type of loan you want to apply for. Read the requirements for the loan. Once done, fill in the application form.
• Click on Start Application, and then you’ll be redirected to another page where you’ll need to enter some personal information. Once done, click the submit button and wait for a response via your phone number or email address.

Steps: Lapo Microfinance Bank Loan Application

To borrow money from Lapo Microfinance Bank, follow the steps below.

Step 1: Visit the Lapo MFB loan page by clicking on this link: https://www.lapo-nigeria.org/loans.

Step 2: Select the type of loan you want to apply for. Read the requirements, terms, and conditions before clicking on the Apply button.

Step 3: After selecting the loan type, click on Apply Now, then enter your BVN. Once your BVN has been confirmed, you can now give them the remaining means of identification.

Step 4: Enter the loan amount, purpose, and repayment time, and submit. If approved, you’ll get a message from them via SMS.

Conclusion

That’s all on applying for loans from microfinance banks online in Nigeria. We hope the article is helpful. Don’t forget to share and leave a comment below. You should check out these articles to learn how to get a loan from other banks: How to Borrow Money from PalmPay, How to Borrow Money From OKash Online in Nigeria and How To Borrow Money From FirstBank Using Code.