Getting bank loan in Nigeria is not as easy as it may seem. There are more than meet the eyes. In this article, we will be listing all the procedures for getting a loan in Nigeria banks. So follow it accordingly and don’t miss a step.
Procedeures for Getting Bank Loan in Nigeria.
Step 1. Open bank account.
Before you proceed with any loan application, you need to carry out a survey to find out the best banks in Nigeria offering the lowest interest rate that your business can survive.
For example, in Nigeria, Microfinance banks is known for their low-interest rate which is a deal breaker for small business and their chances are 85%, unlike other Banks.
So, in this case, you will need to open a bank account with them and start depositing money in the account for a certain period of time. Remember, the account must be active, you can deposit money today and withdraw it tomorrow in other to maintain a genuine partnership and to also gain their trust.
Step 2.Compose a definite Business design.
Your business thought is in the same class as it looks on paper, everything about. Your strategy for success is required to be well-advising and persuading, with raw numbers to move down your projections. Make it basic, justifiable, practical and let your arrangement answer questions like;
- What is your business about?
- Is there a business opportunity for it?
- What is your one of a kind offering focuses and showcasing plans?
- What foundation and experience do you need to influence the business to work?
- What will the loan be utilized for?
Analysing this question will give you a better perspective in writing formal application later to your Bank manager which will be attached to the form.
Step 3. Fill out the loan form.
You can download the loan application form online or you can request it from your Bank director and after filling in the form you will be required by some Bank to write a formal letter stating the reasons or purpose you need the loan for.
You can ask for help from the bank or an expert when filling the form and after that, you are free to submit it and wait for a response which may be delayed depending on the circumstances.
Step 4. Insurance and Guarantor.
Money related foundations regularly demand that the estimation of the guarantee you vow is a similar esteem (or more) of the sum you are applying for.
This is typically a test for most entrepreneurs and small business, however, it can be handled if you are a trustworthy individual/organization. Note that utilizing your property as insurance for a bank loan in Nigeria ought to be a precisely thoroughly considered choice and you should likewise have a Guarantor as an application back up.
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All the best! Use the comment box if you have any questions or if you need further assistance or clarifications.