Do you need a loan to start a business in Nigeria, need to pay off hospital bills, or use the money in a way that will suit your needs, you are already in the right place to learn how you can easily get the loan from one of the commercial banks in Nigeria. In this article, I’ll walk you through tips on how to get a loan from Access bank in Nigeria.
Before going directly to the main purpose of being here which is to know how to get a loan from Access bank in Nigeria, I’ll like to show you some things you should know which are related to the bank and getting a loan itself.
Some of the related things I’ll walk you through in this article are as follow:
- Types of Access Bank loan
- Access Bank loan requirements
- Access Bank loan borrowable amount
- Access Bank loan USSD code to borrow loan etc.
Types Of Access Bank Loan
Before taking a loan from Access bank, it’s essential you know the requirements. Access banks have different loan types and have different requirements for each loan type. Before we proceed to know the requirements, let’s see the types of Access bank loans.
1. Personal Loan-
The first amongst the is “personal loan”. If you’re a salary earner this is for you. Access Bank PLC offers this loan type to help salary earners whenever they are in need of money, especially for emergencies. And this loan term could be borrowed for as long as 37 months.
2. Small Tickets Personal Loan-
With this loan type, access bank grants access to customers who are salary earners to borrow a larger amount of money (money larger than your monthly salary) e.g if you’re collecting N200,000 only per month, Access bank can borrow N400,000 and beyond.
However, the loan must be fully repaid within 12 months.
Small Tickets Personal Loan Requirements
As you might have known, borrowing loans from commercial banks will require one or two pieces of paperwork so you shouldn’t be surprised to see this.
To get a small tickets personal loan, you must provide your Bank Verification Number popularly known as BVN, a letter of confirmation from your Boss or employer, an apple, and more relevant documents.
3. Salary Advance-
This enables you as a salary earner to get a personal loan of up to 400% of your monthly salary. This salary type is paperless and easily to get. However, the only downside here is that you must repay the loan within 3 months.
Salary Advance Requirements
This is for only salary earners. This means you must be a salary earner before taking a decision to get a salary advance loan from Access bank. You must provide your BVN and your phone number which is linked to your bank account.
4. Creative Sector Loan-
This loan type is for creative individuals looking towards building something in the creative sector loan.
Note: You need to meet up some Requirements before you can successfully get a creative sector loan.
Creative Sector Loan Requirements
Apart from you providing your Bank Verification Number (BVN), and other requirements, you’ll be asked to provide your business plan, this will show them how much you truly need for the business project.
5. W- Power Loan-
Before you learn how to get a loan from Access bank, another loan type you would want to know is W- Power Loan. This a loan type designed for females in businesses.
Related Post: How To Get A Loan From Ecobank In Nigeria 2023
If you are a female, you can easily get this loan to boost your business growth.
W- Power Loan Requirements
The basic requirements for every business owner who is a woman are to have at least two employees working for them and the business shouldn’t be less than one year.
To mention a few, those are the five top access bank loan types, however, if you want to see other loan types, kindly refer to this Access Bank PLC website here.
Access Bank Borrowable Amount
There’s a limitation to the loan amount customers can get access to. The maximum loan amount you can get access to is N5,000,000 only. However, everyone is expected to be subject to the requirements rules before they can successfully access the loan.
How To Get A Loan From Access Bank Visiting Any Of Their Branches
1. Whenever you are free and ready to get the loan needed, ensure you go directly to any of the Access bank branches in Nigeria.
- While in the bank, make it known to any of the bank agents that you want to get a loan, this will make the agent you meet refer you to the loan department. Once you get there, you will be given a form to fill out and submit with the required documents.
- Wait for the bank review. You have done everything required at your end, submit and wait for review. If the review finally comes out with a good result that means you meet the stipulated in their loan policy.
- Since your loan application is approved then you will be given a copy of the loan agreement from the bank’s customer service.
5 Wait for your loan to be ready. This doesn’t mean you will get the loan the very day you apply, no, there would be a fixed date for that.
Frequently Asked Questions (FAQs) On How To Borrow Money From Access Bank
Apart from how to borrow money from Access bank, there are other questions related, and below, I’ve provided answers to a few of them.
Is there only one way to borrow money from Access bank?
No, there are more ways to borrow apart from going directly to the bank.
You can borrow through the app and also through the use of USSD code.
What is the Access Bank USSD Code to borrow money?
To borrow s payday loan from Access bank by using their USSD code, kindly dial *901*11*1# on your phone to get a quick loan.
Can I get a loan from Access bank without collateral?
Yes, you can seamlessly borrow money from the bank without collateral.