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Eligibility Requirements For Access Bank Loans

Last Updated on February 13, 2021 by Ope Quadri

There are more than 10 types of loans offered by Access Bank, but meeting the requirements is one of the major roadblocks to millions of business owners in Nigeria.

In this post, we’ll highlight the loans offered by Access Bank and tips on how to know the best loans for you.

Interest rate: 13.5% and above depending on kind of loan you’re taking

Products: 11

Kindly check our guide on how to calculate the interest rate and know when to take loan and essence of such credit facility. Do you take a loan for consumption?

List of loans offered by Access Bank:

Below is the full list of Access Bank loans and their requirements:

  1. Personal loan
  2. Lending against turnover
  3. WPower loan
  4. Creative Sector loan
  5. Payday loan
  6. Vehicle Finance
  7. Salary advance
  8. Advance for school fees
  9. Small ticket personal loan
  10. Device finance
  11. Maternal Health Service Support

Personal loan

This is created for employees. It is called salary-administration product with the following features: loan amount up to 75% of net annual salary (for applicants with terminal benefit), loan amount up to 50% of net annual salary (for applicants without terminal benefit), and up to 36 months tenure

Requirements:

  • Completed Employee Status Inquiry/Employer’s Confirmation Form
  • Evidence of Confirmation (Letter of Confirmation, Last promotion letter etc.)
  • Copy of Employment ID and valid means of identification
  • BVN
  • Credit checks
  • Letter of Lien/Set off
  • Pay down at least 50% of your existing facility.
  • You must have not missed any repayment in the last 6 months

Creative Sector loan

Creative Sector Loan is one of the credit facilities provided by the Central Bank of Nigeria (CBN).

Interest rate: 9% per annum (all charges inclusive)

It is aimed at capacity building and employment creation for individuals and businesses currently in fashion, Movie Production, and others.

Check out our guide on how to access the creative sector loan if you are a music director, software engineer among others

All you need to do to access this loan is to prepare your business plan or statement on how much you want for your business and submit to any Access bank branch in your state.

Lending against turnover

Lending Against Turnover (LATO) comes in when you’re in need of cash urgently, simply dial *901*11# to access LATO.

It is designed for non-salary account holders who have an existing banking relationship with Access Bank for at least six months.

Features

  • Accessible through USSD code
  • No collateral required
  • No documentation required
  • Requirement:
  • Be Access bank customer for at least 6 months

WPower loan

As the name sounds, Women Loan, it’s designed to support the entrepreneurial efforts of women across Nigeria.

You can check application eligibility on our previous guide here

Vehicle Finance

Also known as Access Auto Club, it is designed for customers who might want to access exclusive auto services.

Through the access auto club, you can buy a vehicle, maintain your existing car and so on.

Benefits

  • Pre-owned and brand new vehicle purchase financing
  • Vehicle insurance financing
  • Discounted servicing and maintenance with our Auto Services Card
  • Access to a wide range of auto dealers
  • Vehicle re-financing for pre-owned cars
  • Highly competitive interest rates
  • Access to a wide range of vehicle brands and models
  • Owning a vehicle has never been this easy!

Vehicle Finance

A user-friendly platform for customers to acquire new and pre-owned vehicles in a financially convenient manner.

Features

  • Open to salaried income persons, SMEs and Corporates
  • Equity contribution as low as 10% of invoice value
  • Competitive pricing
  • Up to 48 months tenor
  • Wide variety of vendors to choose from

Eligibility Requirements

  • Completed Vehicle Lease Application Form
  • Pro forma invoice from any of the Bank’s approved vendors
  • Credit Checks
  • Blank transfer of ownership Form
  • Additional requirements for Salaried income persons
  • Letter of introduction
  • Employee Status Inquiry/Employer Confirmation & Undertaking
  • Recent six (6) months pay slip/salary bank statement

 Salary advance

You can access up to 200% of your net monthly salary and repay for 6 months with Salary Advance.

Some of its features of the Access Bank Salary Advance Loan are:

  • You don’t need to visit the bank, the application can be done online,
  • Simply use the QuickBucks app or dial the USSD code *901*11*1#
  • Required no documents
  • No collateral required
  • Six (6) months tenor
  • Bank account with the lender
  • Small ticket personal loan

Personal Loans.

Just like the salary advance, a personal loan can be accessed through the QuickBucks App or by dialling *901*11*1#

  • No need for documents
  • No collateral
  • It has 12 months tenor

Advance for school fees

  • Interest rate: 18% per year
  • Management Fee: 1% only
  • Credit Life Insurance: 0.5%

This is designed for students and customers who want to further their studies. It’s short–term financing to cover tuition fees

Features and requirements

  • Spread repayment over a period of 4 to 6 months
  • Easy application process
  • Easy remittance of fees to the school
  • Documents are required
  • Accessible to salaried Customers
  • Application form required
  • Duly accepted offer letter
  • School fees bill / invoice in the name of the student.
  • Valid ID card
  • Recent utility bill (with the last 3 months)

Non-Salaried Customers

  • Duly completed application form
  • Valid ID card
  • One year Bank statement of a corporate account
  • CAC documents
  • Recent Utility Bill (within the last 3 months).
  • Duly accepted offer letter

Maternal Health Service Support

Maternal Health Service Support (MHSS) is designed for customers who want to obtain a loan to treat their health challenges.

The MHSS loan covers medical procedures (local and international) for women.
Features

  • No Loan Fees
  • Subsidized interest rate
  • Flexible repayment plan
  • Access to over 30 well-renowned fertility clinics and birth travel service companies in Nigeria.

Requirements

  • Executed Employee Status Inquiry/Employer’s Confirmation i.e. confirmation letter/ last promotion letter.
  • Completed MHSS application form
  • Domiciliation of Salaries/ Business Proceeds
  • Medical bill
  • BVN
  • Credit checks
  • Copy of Employment ID and valid means of identification

PayDay Loan

This is an instant loan product for customers (both salary and non-salary earners). This allows you to borrow now and pay later.

Features

  • No documentation
  • Accessible via *901*11*1# or QuickBucks App, Internet Banking, Mobile App.
  • No collateral
  • Up to thirty-one (31) days tenor.

Final thought:

The above Access Bank Loans are designed to meet your needs as salaried or non-salaried customers. Check the one that meets your needs.

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