BOI Micro-finance Bank N500K Loan – BOI Microfinance Bank Nigeria is a subsidiary of Bank of Industry Nigeria. It offers a broad range of financial services to micro, small and medium-sized enterprises and various low income earners both as individuals and as groups.
BOI Microfinance Bank is fully committed to improving entrepreneurs businesses by providing easily accessible loans and good business advices to help improve and sustain long term growth. It also provides various saving deposits for all level of customers. It is a limited liability company duly incorporated in Nigeria under the 2002 Companies and Allied Matters Act, and is regulated by the Central Bank of Nigeria. Being a subsidiary of The Bank of industry the bank has a very strong financial backing and has been tasked with improving access to financial services in the country.
Core Values
- Leadership-striving to always be ahead of the pack and leading by example.
- Integrity-Integrity will always be at the heart of the bank’s dealing s with all its stakeholders.
- Focus-continuously conducting, objective self-assessments of achievements in set objectives.
- Tenacity-Always unrelenting in the pursuit of set objectives.
Objectives – BOI Micro-finance Bank N500K Loan
- Encourage savings among the unbanked productive poor
- To make credit facilities more accessible to micro entrepreneurs engaged in real sector activities at an attractive interest rate and in a sustainable manner.
- Improve on the business and financial skills of micro entrepreneurs through capacity building.
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Products and Services
- Working Capital Loan
Working capital loan is designed for micro entrepreneurs and small business owners who desire to borrow for business purposes to enhance their businesses.
Features
- Loan size from N50,000 to N500,000
- Flexible collateral requirements
- Competitive interest rates -4% Monthly (reducing balance)
- Must be in Business for at least 12 Months
- Maximum repayment period of 12 Months
- Asset Finance Loan
BOI Micro-finance Bank N500K Loan – Asset finance is a credit product that gives you the opportunity to own that asset you have always longed for either for Business or for Personal use such as machines, Deep freezers, personal computers and notebooks, generators, washing machines, household furniture, gas/electric cookers, electronic and electrical appliances.
Features:
- Borrower makes a minimum 30% equity contribution towards the cost of the equipment.
- Our Micro Savings Account [MSA] or the Target Savings Account (Esusu) could be used to save the 30% required equity contribution.
- The bank finances up to 70% of the cost of the equipment.
- The equipment is purchased in the bank’s name.
- Equipment purchased and a suitable guarantor is the collateral for the facility.
- Equipment purchased is insured.
- Transfer of ownership of the equipment financed will take place after full lease payment.
- Asset cost will not exceed N500,000
- 4% Monthly (reducing balance)
- Consumer Loan
This is designed for workers who want to use the facility for personal, family, or household purposes, or for consumable items like household appliances and payment of school fees.
Features
- Must be working in a reputable organisation(Salary Earner)
- Must be confirmed staff
- Loan size-N50,000-N500,000
- Maximum Repayment period of 12 Months
- Must have been in employment for at least six months
- Issuance of post-dated Cheque against salary account
- 4% Monthly Interest rate(reducing balance)
- Group Loans
BOI Micro-finance Bank N500K Loan – Group loans are designed for micro entrepreneurs, market women, self-help groups and associations that are actively in business.
Features:
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- Group size is 5-10 Members
- Joint and several guarantees of the borrowing group members.
- Compulsory saving by group members will be used to secure the joint and several guarantees.
- Loan repayment will be daily, weekly or monthly
- Interest rate 4% Monthly(reducing balance)
Loan Requirements – BOI Micro-finance Bank N500K Loan
- Who is eligible to access a loan and what type of businesses does the bank finance?
Loans can be accessed by an individual or a group (solidarity group or registered cooperative society). The bank finances a wide range of businesses in the under-listed sectors:
- Manufacturing and processing
- Agriculture and forestry
- Service
- Trading
2. What are the account opening requirements?
Loans can be accessed by an individual or a group (solidarity group or registered cooperative society). The bank finances a wide range of businesses in the under-listed sectors:
- 2 recent passport photographs
- copy of a valid identity card (Driver’s license, National Identity card, International Passport and Voter’s Card)
- Utility bill (paid within the preceding 3 months)
- Initial deposit
- Completed KYC form provided by the bank
the bank specifically encourages businesses involved in value-addition to apply.
3. What is the minimum account opening amount?
BOI Micro-finance Bank N500K Loan – Minimum account opening balance is N3,000. In the instance were the customer submits an application for loan, the bank will conduct a search at the credit bureau at a cost of N2,000. This amount will be deducted from the N3,000 irrespective of whether the search is favorable or not or if the loan is approved or declined.
- As a prospective borrower what loan requirements must I fulfill?
A loan shall be approved for a prospective borrower if he/she can demonstrate that there is sufficient capacity to repay the loan in line with the approved loan conditions. The prospective borrower will be required to provide the following:
- Valid means of identification
- 2 recent passport photographs
- Statement of account for a minimum of 6 months and pay slips covering an equivalent period for salary earning borrowers
- Utility bill (within the preceding 3 months)
- Signed post-dated cheques
5. Do I need to provide a Guarantor?
Yes. The borrower may also require more than one guarantor depending on the loan size and other loan considerations. The guarantor must provide the following:
- Valid means of identification
- 2 recent passport photographs
- Statement of account for a minimum of 6 months and pay slips covering an equivalent period for salary earning guarantors
- Utility bill (within the preceding 3 months)
- Signed post-dated cheques
6. How long does it take to obtain a loan?
Once all loan requirements have been fulfilled by the prospective borrower, the bank will normally disburse the loan within 7 working days.
How to Apply
