Loans provide a way for you to obtain funds that you do not possess at the moment. You can use this money for any purpose you choose, and Access Bank offers valuable options for various needs. In this discussion, we will go through the different types of loans available from Access Bank.
Types of loans offered by access bank
Access Bank provides the following types of loans to customers:
- Personal Loan
This type of loan is designed for individuals who need financial assistance to cover personal expenses, such as bills and other related costs.
This kind of loan enables you to borrow approximately seventy percent (70%) of your annual income, calculated on a net basis. Additionally, one of the appealing features of this personal loan is that you can defer repayment for up to three years.
Finally, when you take out a personal loan, you receive credit life insurance.
What do you require to begin? Take a look at these:
- A form where you apply for a personal loan. The form requires you to fill in these details;
- Your Full Name
- Your contact address
- Your email address
- Your Access Bank account number
- Your state of residence
- Your monthly income.
- A form that confirms your employment
- An Evidence of Confirmation—this could be your last promotion letter or anything that validates the second requirement on this list.
- A means of identification—preferably, an ID that is recognized at your place of work.
- Your Bank Verification Number
- Credit checks
- A letter of lien
- Payday Loan
This type of loan is acquired prior to receiving your paycheck. It proves to be very beneficial for individuals, whether they are salaried or not, during emergencies or unexpected situations.
There are numerous positive aspects to consider regarding Payday Loans. For instance, you can borrow funds at relatively low interest rates, and you are not required to provide collateral to secure the loan!
What steps do you need to take to access the Payday Loan option?
- Dial either *901*11# or *426*11#.
- Work with the Internet Banking feature, i.e., by downloading the Access Bank app.
- Work with the Whatsapp Bank feature
- The Quick Bucks app
The characteristics of a Payday loan consist of the following:
- You can get this loan at anytime of the day.
- You don’t have to go through the paperwork stress. With codes, you are on!
- You don’t need collateral
- It can last for about three years.
- Creative Sector Loan
This financing option is designed for creatives looking to start their own businesses. It is accessible to individuals working in various fields, including fashion, IT, film production, film distribution, music, software development, and more. Take a look at the details of the creative industry financing below:
Before you can proceed with this plan, you need to present a comprehensive outline of your business. This outline should forecast your financial framework for at least the next three years.
You should also outline your strategy for paying back the loan.
- Access Device financing
At times, enhancing your efficiency is as simple as upgrading your device—whether it’s a computer, an iPad, an Android phone, or something else! The Access Device Financing plan allows you to achieve this with ease. Below are the key features of this type of loan:
- You do not need collateral
- If you are using the MTN carrier service, you’ll have access to free airtime bundles!
- The loan can run for a year!
- Advance for School fees
Prioritizing your children’s access to quality education is essential. To support you in this endeavor, Access Bank offers the Advance for School Fees service, enabling you to make payments even if you haven’t secured full funding yet.
This initiative includes tuition costs for undergraduate and postgraduate students, as well as those taking professional exams. Therefore, there are no obstacles preventing you from providing your child with a quality education.
Here are the characteristics of the Advance for School Fees program:
- You get to loan as much as five million naira!
- You can stretch the payment for as much as six months
- Your child’s education does not have to suffer any hitch or interruption due to unplanned circumstances.
- Vehicle Finance
This is the perfect moment to purchase your ideal vehicle! With Access Bank’s Vehicle Financing options, you can secure funds to cover all your automotive needs, including buying a car, maintenance, and more.
This plan has several positive aspects, which are as follows:
- You get to own any car of your choice—from brand new to second-hand vehicles.
- You aren’t limited to a certain car brand or model. Here, you have a plethora of options.
- The interest rates are highly competitive.
What are the characteristics of the Vehicle Finance plan?
- They are available to salary earners, small enterprises and corporate bodies.
- The plan covers financing of the vehicle’s maintenance, insurance and registration.
- The tenor for this loan is up to 4 years.
- You get to choose from several car vendors.
However, before you can move forward with this loan, there are specific criteria you need to meet.
- An application form
- Credit checks
- A Blank Transfer of ownership form
- If the vehicle is of second-hand grade, you’ll need a report on Vehicle Inspection and agreement.
- You’ll need an offer letter.
- For people earning salaries, you’ll need a copy of your identification card at work.
- Home Loan
This type of loan is essential if you aim to purchase or build a home. It encompasses all aspects of the mortgage sector.
The characteristics of this loan category include the following:
- The plan is available to both salary earners and business entrepreneurs
- You can use the loan to purchase properties in Lagos, Abuja or Port Harcourt.
- The minimum equity contribution you can get here is about 20%.
- Depending on the age of the borrower, you can have about twenty years of tenor.
- The plan affords you protection for your assets as well as credit life insurance.
What do you require to start this loan process?
- You will need to complete a Mortgage Application form.
- You should provide a document that verifies your employment status.
- A letter of acceptance from the seller of the property is required.
- The property’s title document must be included.
- Credit assessments will be conducted.
- A search report is also necessary.