Getting loan is one of the ways human could survive critical circumstance most especially those relating to finance.
It is always there when cash situation arises, especially when you do not want to borrow cash from your neighbor or when you cannot get loan from them.
There may be any kind of emergency when you will need huge amount of money. However, there are different types of loans such as home loans, personal loans, student loan, business loan etc. You can take any type of loan you need.
READ ALSO: How to start export business in Nigeria in 2017?
All loan types have their importance but more importantly, it is advisable that you take business loan because this will help in sustaining the hope of repayment and as well provide the opportunity to cater for other financial challenges.
As a person willing to start a business in Ibadan, Oyo state, Nigeria, you may not have much cash that could cater for your business plan requirement but there are many financial institutions in Ibadan that you can approach such as:
Seed Vest limited
They give business, traders, personal, and contract loans
15, Obafemi Awolowo way, Dugbe, Ibadan North west.
La Fayete Microfinance Bank (Advans Nigeria)
2, Adekunle Fajuyi Road, Ekotedo, Dugbe Ibadan
They give loan between 30,000 to 20,000,000
Lapo Microfinance Bank
They give up to 3Million; duration of eight months to 1year; to individual and a grace of one month
25, Nike Plaza, Opp. NNPC Depot, Apata Ibadan.
Other branch offices are Alakia, Beere, Old Ife Road, Mokola, Dugbe, Challenge and others
Due to competitive nature of these financial institutions, they are trying their best to attract people by providing different schemes which in turn good for you. For commercial banks in Ibadan, the interest down payment is always between 20% to 30% while the interest rate can be negotiated.
Therefore, many of the microfinance banks in Ibadan operate at zero deposit. No processing charges involved, you can decide how long it will last up to 12 months/ 1year, interest rate is around 4% to 8%, you can get more than N1.5 million, fast can be ready in three days or less, you have absolutely nothing to lose. All these are based on certain terms and conditions.
Generally, loan in Nigeria is always available for employee in paid employment and self-employed professional in which entrepreneurs are also included. The general processes include:
1. Writing an application letter
2. Duly completed application form
3. At least two guarantors
4. A valid means of identification such as National I.D Card, driver’s license, voter’s card, or international passport
5. Current utility bill
6. Four recent passports
PAY ATTENTION: Watch more videos on NAIJ.com TV
Note that online form could be disrupted by network problem especially if the area is remote, weak IP to mention few. It is therefore advisable that you visit the banks in person where you will get necessary attention you may need.
Finally, payment could be based on monthly, weekly or daily contributions depending on the payment plan agreed upon.
Meanwhile, NAIJ.com had previously reported on how to get business loans in Nigeria.
Watch this NAIJ.com video of a market survey in Nigeria:[embedded content]
About Article Author