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Types of Loans Offered By Nigerian Banks

Last Updated on April 2, 2021 by Ope Quadri

We all need money to meet certain financial obligations. Loans come in handy when there is no alternative.

In this post, we’ll share with you types of loans offered by Nigerian banks which are accessible to everyone who can abide by their terms and conditions.

But in case you don’t know, every Nigerian bank has a loan to meet your demand. The fact is that some of them have friendlier SMEs loans and agrofinance loans to support the agricultural sector.

What should you consider before taking a loan? And which financial institution supports the kind of loan that would meet your need?

The list of loans below fall into either secured or unsecured loans. We already discussed the difference between the two major types of loans in one of our previous publications.

List Of Nigerian Banks Where You Can Get Loan

At the time of publication, there are 22 banks in Nigeria recognised and certified by the Central Bank of Nigeria (CBN).

All the banks offered different loans. Here are the banks where you can obtain a loan in Nigeria:

  1. Access bank
  2. Citibank Nigeria Limited
  3. Ecobank Nigeria Plc
  4. Fidelity Bank Plc
  5. First Bank of Nigeria Ltd
  6. First City Monument Bank Plc
  7. Globus Bank Limited
  8. Guaranty Trust bank Plc
  9. Heritage banking Company
  10. Keystone Bank
  11. Polaris Bank
  12. Providus Bank
  13. Stanbic IBTC bank Ltd
  14. Standard Chartered Bank Nigeria Ltd
  15. Sterling Bank Plc
  16. SunTrust Bank Nigeria Ltd
  17. Titan trust bank Ltd
  18. Union Bank of Nigeria
  19. United Bank for Africa
  20. Unity bank Plc
  21. Wema bank Plc
  22. Zenith Bank Plc

Three of the banks listed above are not as popular as others, but you would be surprised that they offered great loans that could meet your purpose.

We’ll take them one after the other and show you the type of loan they offer.

Types of loans offered by Access Bank Plc

With more acquisitions in the banking industry, Access Bank is one of the strongest financial institutions in Nigeria.

Here are the category of loans you can get at Access Bank:

  • Personal loan
  • Creative Sector loan
  • Lending against turnover
  • WPower loan
  • Vehicle Finance
  • Salary advance
  • Small ticket personal loan
  • Advance for school fees
  • Device finance
  • Maternal Health Service Support
  • Payday loan

Available loans in Citibank Nigeria Ltd

Business loan

Citi Bank is a multinational financial institution with branches in Europe, Middle East, and Africa, including Nigeria.

To access business loan at citi, your business must be registered and must be ready to provide the require documents.

Types of loans offered by EcoBank Nigeria Plc

At Ecobank, you can apply and get the following loans:

  • Auto
  • Personal loan/Asset acquisition
  • Advance Facility
  • Mortgage loan
  • Travel loan
  • Salary advance
  • Cash backed loan

Types of loans offered by Union Bank

Union bank is one of the oldest commercial institutions in Nigeria. Union bank has the highest options of loan you can access.

You can apply for any of these loans at Union bank:

  • Personal loans
  • Salary advance loans
  • Back to school finance
  • Senior citizen loan
  • Union Flexi loan
  • Payday loan
  • Self-employed loan
  • Self-employed revolving overdraft
  • Cash-backed loans
Nigerian Banks Types of loans they offer
Fidelity Bank Plc 1) SMEs Loans

2) Mortgage

3) Instant Salary advance

4) Easy asset leasing

5) Short term loan

Wema Bank 1) Business support facility

2) SMEs loan

3) Personal loan

Unity Bank Plc 1) Salary backed loans

2) Salary advance

3) Asset acquisition finance

Sterling Bank 1) Auto loan

2) Household equipment lease

3) Alternative energy finance

4) Import finance

5) Invoice discount

6) Letter of credit

7) Overdraft

8) Project finance

Titan Trust Bank 1) Titan Salary advance

2) Personal loan

3) Fee advance

4) Business loan

SunTrust Bank Nigeria LTD 1) Salary Advance

2) Education

3) Vehicle

4) Mortgages

Fist City Monument Bank (FCMB) 1) FastCash

2) Salary Plus loan

3) Premium Salary Plus

4) Auto loan

5) SME Development Finance Facility

6) SME Asset Finance Facility

7) SME Working Capital Facility

8) Quick Loan

9) SME Invoice Discounting Finance (IDF) Facility

10) SME Local Purchase Order (LPO) Finance Facility

Globus Bank Limited 1. Personal Loan

2. Creative Sector Loan

3. Asset Finance

4. Vehicle Finance

5. Mortgage

Heritage Banking Company 1. Personal loan

2. Salary advance

3. Auto loan

4. Agric Business loan

5. CBN health sector loan

Keystone Bank 1. Creative Industry Financing Initiative

2. Equity Release

3. Salary Advance Instanta

4. Asset Finance

5. Auto Loan

6. Home Acqusition

7. Salary Backed Loan

Polaris Bank 1. Salary advance

2. Personal loan term

3. Education loan

4. Market loan

5. Health Sector loan

6. Creative Industry Financing Initiative

Providus Bank 1. Salary advance

2. Vehicle

3. Education loan

4. Mortgages

GT Bank 1. Personal loan

2. GT Salary advance

3. School fees advance

4. Max advance

5. Max plus

6. Computer advance

7. GT Mortgage

8. Premium Advance

Standard Chartered Bank Nigeria 1. Overdraft loan

2. Personal loan

United Bank for Africa (UBA) 1. Integrated Credit Express

2. Click Credit

3. Personal loan

4. Asset Finance

5. Auto Loan

6. Insurance Premium Financing

Unity Bank 1. Asset Acquisition finance

2. Salary Advance

3. Salary Backed Loans

Zenith Bank 1. Small Business loan

2. AGSMEIS loan

3. Corporate loan

4. Salary advance

5. Overdraft

Loans offered by Stanbic IBTC Bank LTD

Stanbic IBTC Bank has the most comprehensive loans in terms of business development for its customers to cater for their needs.

Whether you are a businessman, an emerging SMEs, you are covered by the wide range of funding available in the bank.

In our subsequent publication, we’ll be exploring how you can access loans in Stanbic IBTC.

For now, let’s see the loans offered by the Stanbic IBTC:

  • School lending
  • VAF Distributor Finance
  • Trade finance
  • Overdraft
  • Invoice discounting
  • Purchase order
  • Distributor finance
  • AgricBusiness Finance

Takeaways:

  • Nigerian banks, just like every financial institution elsewhere, have different kinds of loans they offer
  • Available loans offered by Bank A may not be available in Bank B
  • You have to check the list of loans offered by Nigerian banks to determine which would meet your needs.

Above all, you need to ask yourself some vital questions why you’re taking a loan, very important

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