Top 20 Banks To Get Business Loan in Nigeria
Loan or credit is a kind of financial obligation on the part of both the lender and the borrower. It is an engine of growth for Small and Medium Enterprises and it helps individuals as well in financing their lifestyle. Many types of loan exist in Nigeria which includes Quick Loan, Salary Advance, Mortgage, Overdraft, Term Loan, Auto Loan and so on. However, loan of any kind in general and business loan in particular can be gotten from any of the 20 places listed below:
- DIAMOND/ACCESS BANK:
This bank avails its customer’s loans such as Overdraft, Lease Finance facility, Credit cards, Salary advance, Small and Medium Enterprise loan, personal loan and so on. For one to qualify for any of their loan product, one must have an account with Diamond Bank. For further enquiries, visit www.diamondbank.com
- Zenith Bank Plc
Zenith Bank is one of Nigeria’s megabanks where individuals and firms can access loans to enhance their lifestyle or boost their businesses. One of the advantages of Zenith Bank’s loan reflects in its fast loan processing time. To find out more about the bank’s loan products, visit www.zenithbank.com
- Sterling Bank
Nigeria’s number one customer bank offers different types of loan to meet individual and corporate organizations needs. Of course, an intending loan applicant must have a current account with the bank before he/she can stand any chance of accessing Sterling bank’s loan. The bank’s website is www.sterlingbankng.com
- GTI Microfinance Bank
This Microfinance Bank is located at 127, Awolowo Way, Ikeja, Lagos and it is a subsidiary of GTI Capital Limited. GTI MFB offers loans to individuals, Small Scale Enterprises and Corporate bodies and their tenor ranges between 6 months and 48 months. One of the advantages of GTI is that as long as you are the bank’s customer, your loan application will be approved. To find out more about GTI’s loan dynamics, visit their office address.
- Apex Microfinance bank
Apex MFB was created with the vision of meeting the financial needs of individuals. This microfinance bank offers loans to individuals that want to grow their business with a reasonable interest rate. The bank is located in Kwara State, Oyo State and other parts of the country.
- United Bank for Africa (UBA) Plc
United Bank for Africa’s loan products have benefited a lot of individuals and businesses in Nigeria. Unlike many megabanks, UBA’s loan products are speedily approved once an applicant (who has an account with the bank) meets the bank’s conditions. Visit www.ubagroup.com for further enquiries.
- Fortis Microfinance Bank
Fortis MFB is Nigeria’s best Microfinance bank that has helped many individuals and corporate organizations to realize their dreams through assisting them with loans of all sorts. The Microfinance bank is widely spread across Nigeria and more information about Fortis can be gotten by visiting any of their branches.
- Ecobank Plc The pan African bank (Ecobank Plc) has put a lot of smile on the faces of Nigerians via their range of loan products. The bank has tailor made solutions for financial needs of Nigerians who operate an account with them. The bank’s turnaround time for loan processing is fast and their loan packages are flexible and are accessible to individuals and organizations. Visit www.ecobank.com
- First Bank of Nigeria Limited
One can obtain loan from First Bank of Nigeria Plc as the bank has a wide variety of loan products which include Automobile loan, Personal Home Loan, Loan against salary and Equipment Loan for individuals. For corporate bodies, the bank has Contract finance, Lease finance, overdraft and so on. To find out about conditions precedent to accessing any of the bank’s loan type, visit www.firstbanknigeria.com
- Hasal Microfinance Bank
Hasal MicroFinance Bank offer loan of up to NGN 500,000 to individuals and corporate bodies. Hasal’s loan is collateralized by guarantor(s) and more information about the MFB’s loan can be viewed by visiting www.hasalmfb.com or visiting one of their branches nationwide.
- Accion Microfinance Bank
Accion MFB in its three months of operation approved over 280 loans for Nigerians. This microfinance bank is a sure place of getting loan of all sorts. The bank’s website is www.accionmfb.com
- Nigerian Export – Import Bank (NEXIM)
NEXIM avail loans to exporters to enable them carry out their export business. Their loan products include Direct Lending Facility, Export Credit Insurance Facility, Export Credit Guarantee Facility and so on. NEXIM’s website is www.neximbank.com.ng
- African Development Bank
This bank can be approached for loans and grants by Small and Medium Enterprises. Recently, African Development Bank approved $580, 000 for the development of SMEs in Nigeria. To know more the bank’s grant, visit www.afdb.org/
- Bank of Industry
This bank grants loan to entrepreneurs to grow their business. If you are an entrepreneur that needs loan from Bank of Industry, visit www.boinigeria.com
- Fidelity Bank Plc
Fidelity Bank ranks among the top ten banks in Nigeria and the bank offers a wide range of loans to individuals and businesses if they meet their requirements. The bank’s website is www.fidelitybank.com
- Guaranty Trust Bank Plc
The bank is an avenue for loan acquisition by both Nigerians who meet their loan requirements. For more information, visit www.gtbank.com
- Lapo MicroFinance Bank
Lapo MFB is a place where Nigerians can obtain loan of all types regardless of the applicant’s occupation. The loan requirements are flexible and their rates are highly competitive. Their website is www.lapo-nigeria.org
- Skye Bank Plc
As a mega bank, Skye banks avails loan facility to Nigerians (students inclusive). Visit www.skyebankng.com for more details on Skye Bank’s loan requirements.
- Cooperative societies
Various cooperative societies in Nigeria are avenues of obtaining loans in Nigeria. One major requirement for obtaining loans in any cooperative society is that applicants must be members of the cooperative society. For more information, visit any cooperative society within your vicinity.
- Go fund me
Gofundme is an online avenue for obtaining grants and the beauty of this medium is that such grants are not repaid. GoFundMe is a crowdfunding platform that lets people contribute money for you to start up your business. A lot of people have benefited from this site, as such. Nigerians too should benefit by logging on to the site for further inquiries www.gofundme.com