Last updated on August 6th, 2023 at 06:35 am
As one of the strongest financial institutions in Nigeria, Ecobank has a wide range of credit facility you comfortably choose from.
The bank is a subsidiary of the larger Ecobank Transnational Incorporated (ETI), one of the largest independent banking groups on the Africa continent by providing a comprehensive range of retail, corporate, wholesale, investment and transaction banking services.
In this post, we’ll share with you more than 10 categories of loans you can obtain from EcoBank Nigeria for personal use or boost your business.
Irrespective of your financial status, one of the credit facilities would suit your financial needs.
Category of Loans provided by EcoBank
- Xpress Save and Xpress Loan
- Auto Loan / Asset Acquisition
- Cash Backed Loan
- Salary Advance
- Contract Financing
- Overdraft or term loan
- Supply Chain Finance
- Advance Facility
- Personal Loan
- Travel Loan
- Mortgage Loan
- Business/SME Loan
Xpress Save and Xpress Loan
Xpress Save and Xpress Loan is one of the latest products by Ecobank Nigeria, which gives customers access to speedily open digital savings accounts and also apply and get short-term micro-credit facility for their small business right on their mobile phone.
It is a digital product designed to stimulate micro-savings in the economy and at the same time expand access for eligible customers to obtain short term micro-credit loans to bridge cashflow gaps thus contributing to the national efforts to deepen financial inclusion.
Through the Xpress loan, you can get borrow money from Ecobank using the USSD code *326# anywhere, anytime, right on your mobile phone.
Who can use Xpress loan?
It is designed for every Nigeria banked and unbanked sectors of the economy:
- Micro entrepreneurs,
- Low-income earners
Auto Loan & Asset Acquisition
Are you planning to acquire a new car, generator or home theatre? Ecobank auto and asset acquisition is designed to take care of these needs.
This loan offers up to 90% of the cost of the asset.
How it works:
- It has convenient repayment plans
- It is sold by Ecobank vendors
- To enjoy this loan, you must be a customer of ecobank
Cash Backed Loan
To access this credit facility, you must have existing deposits or investments with Ecobank. This is the loan that can help you access your cash without liquidating your savings.
Do you need financial support before payday? A salary advance is designed for salary earners who want credit support to get you to payday
Things to Know about Advance Credit Facility
- Renews every 30 days for up to a year
- Charges only apply to utilised amount
- Available to Ecobank customers of at least three months
- Ecobank Advantage/Premier Account required
Do you need funds to execute contracts? Ecobank contract financing facility may be the best option for you because it’s designed for those who need money to fulfil a local purchase order (LPO) up to 80% of the contract or LPO value can be borrowed.
Overdraft or term loan
You can access up to 90% of funds under the overdraft. This is mostly used by long-term customers of the bank. They are mostly business owners who have built trust and integrity over time.
Supply Chain Finance
Through this financing, you lengthen payment terms to your suppliers, and at the same time, give these suppliers the option to get paid earlier.
As the name sounds, this is a credit facility that gives you the freedom to borrow and pay back slowly.
It an all-purpose facility, that offers flexible repayment plans. When you make a repayment, you can apply for a fresh one.
What are the requirements?
- Very easy to access as you don’t really need to disclose the purpose of the loan
- No collateral required
- With your Bank Verification Number, you can get an Ecobank personal loan
A travel loan is designed to meet the needs of those who want to embark on vacation. It’s meant to manage vacation expenses.
It also has flexible repayment plans
EcoBank mortgage loan is designed to help customers make ownership a reality.
Repayment is up to 10 years
This is available for completed buildings only
EcoBank Business Loan
If you’ve been looking for a credit facility for your business or SME, ecobank business loan will take care of that.
- You must have an existing business
- Your business must show evidence of financial capability to repay
- Your business must be profitable
- It must have a consistent cash inflow if income
- You must have a good credit history.
- Evidence of business registration with the Corporate Affairs Commission (CAC)
- Have a corporate bank account
- Must have been in business for at least a year
- Good Credit Bureau Report
- Must be an active customer of the Ecobank
How to apply for an Ecobank business loan
Have met the following requirements? It’s time to approach the closet Ecobank to you, talk to the customer support, you’d be directed on what to do.
You will be required to provide details of your business, its trading history, its finances and you will also state the purpose of the loan.
The details will be used to know how much you’re eligible for.
A list of document required for a business loan are:
- Company profile
- Business plan
- Audited financial accounts
- Cash flow budget
- Bank statements (12 months)
- Certificate of Incorporation
- Valid means of identification
- Proof of address
Above all, you will be given an application form to complete, your loan will be processed and in a few days, your account would be funded.
Want to apply for EcoBank loan? Visit one of its branches to begin to process