Access Bank Loan (How To Secure Your First Loan From Access Bank)

Access Bank is a leading financial institution in Nigeria and this has made them the most sort after bank when it comes to digital loans and other financial services in Nigeria. The merger of Access Bank and Diamond Bank plc has increased the number of customers using the bank for their daily transactions.

To live up to its reputation, the bank has been adding different financial services such as the Trader Lite Account or DBA Lite account which the bank introduced in other to assist new businesses in Nigeria.

One of the most interesting things about the access bank loan is the swiftness when it comes to disbursing out loans to eligible customers. If you take a look at the Access Bank Pay Day Loan, you'll realize that the bank has simplified the process by making it easy for users to get loans by just failing a code, and automatically the system will evaluate their eligibility in seconds then disburses the loan to them.

 The payday loan which was created for salary earners is meant to assist them in times of need, most especially when the month has not ended and they need urgent money.

It is human and natural to be financially handicapped sometimes when we face predicaments that warrant us to solve using money. Most time we didn't plan for this and it becomes difficult to solve that without having any cash. A good example of this is paying hospital bills. In Nigeria, only a few Nigerians have medical insurance and the others depend on the little money they have at hand to treat any ailment or illness that may arise.

Due to the weak Insurance policy in Nigeria and lack of sensitization towards things like that, the best solution is to assist financially, which is why access bank is making loans available to its customer.

According to Banking Ng. Access Bank is on a mission to change the narration of digital loans in Nigeria by making it easy to secure a loan for personal use or business purpose.

 In one of the conferences held by Access Bank, Mr. Victor Etuokwu, the executive director, of retail banking of Access Bank made mentioned that the bank disburses an average of 12 to 13 billion Naira every month to its customer.

 In his speech, he mentioned that the bank controls over 60 percent of the digital loan landscape in Nigeria and this is one of the reasons the bank needs to do more.

With this new development, Access Bank plans to increase its digital loans to  200 Billion Naira at the end of 2022.

In today's article, we're going to cover everything you need to know about Access Bank Loans, How To Apply For Access Bank Loans, The Major Requirement For securing a Loan From Access Bank, and many more.

But before we dive into the loan aspect and the requirements for securing a bank loan from Access Bank Nigeria. Let us look at some important things about this bank.

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Access Bank Loan (How To Secure Your First Loan From Access Bank)

About Access Bank

According to Wikipedia. Access Bank Plc which is mostly called Access Bank here in Nigeria is another multinational commercial bank that is owned and operated by Access Bank Group. The bank was licensed for operation by the Nigeria apex bank (Central Bank Of Nigeria).

The bank was operating as a corporate bank not until 2012 that it expanded into personal and business banking.

The bank became one of the largest banks in Nigeria after it was merged with Diamond Bank plc around 2019 which brought about some changes in the bank and the adoption of a new brand identity and logo which represent both of the banks.

You can read more about access banks on Wikipedia or from the official website of Access Bank to learn more about the bank.

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What Is Access Bank Loan?

The Access Bank Loan is a loan product designed by access bank that is tailored to access salary earners and small businesses to finance any of their monetary needs.  These loans are meant to ease the poor access to finance problems in Nigeria and to change the narrative of financial loans by banks in Nigeria.

Due to the past experience of people regarding how loans are being offered by the bank in the past decades, people are now skeptical when they hear the word "Loan From Bank". But the story is no different as Access bank is ensuring that the process of getting a loan from the bank is easy, straightforward, and swift.

Types Of Access Bank Loan

There are different types of loans being offered by Access Bank. These loans are meant to touch different important areas of life such as health, transportation, entrepreneurship, and business. below is the list of loans being offered by Access Bank.

Creative sector Loan

This loan offered by Access Bank is designed for capacity building and building of employment for individuals who are into things like fashion, information technology, music, movie production, and distribution.

Lending Against Turnover (LATO)

Lato is another loan by access bank that allows customers to have access to instant loans. This product is targeted toward non-salary account holders who have great customer and bank relationships for a minimum of six months and above. This loan requires no form of documentation or paperwork or even any form of collateral from the recipient of the loan. The duration for this loan is 30 days which you can conveniently apply using a USSd Code by dialing *901*11*1#.

Personal loan

The personal loan is targeted toward employees to empower their needs through a salary administration product. It is flexible and lasts for 36 months.

Salary Advance

 The Access Bank salary advance provides employees with access to up to 100% of their net monthly salary. It requires no documentation or collateral and can easily be applied for through their quick bucks app or USSD code. The individual is to repay within3 months.

Small Ticket Personal Loan

This loan product being offered by Access Bank offers you up to 400% of your monthly net monthly salary as a loan. As a borrower, you're expected to repay back this loan within 12 months.

W-Power Loan 

This Access bank product is considered unique because it functions in a way that is meant to close the financing gap for female-owned businesses. The w-power loan gives them access to loans and other credit facilities.

Advance for School Fees

The advance for school fees is a loan product available to parents or guardians which gives them access to loans in other to pay the school fees of their children or wards. Besides that, the loan offer is also available for individuals who want to pay for professional courses and certifications.

Device Finance

As the name implies, device finance is an access bank loan scheme that is designed to help you finance the purchase of mobile devices of your choice.

Maternal Health Service Support (MHSS)

This loan is designed to finance birth and fertility-related procedures. Having fertility treatment is quite expensive for even middle-class families in Nigeria and in some cases, families may have to go through multiple treatments before getting their desired result which may lead to cash-strapped situations if not properly planned for. 

Also, the rising costs of successful fertility treatment (e.g. IVF, ICSI, etc.) stem from the need to undergo multiple cycles depending on the outcome. This is why access bank is offering loans in this category in other to assist families during times like this.

 Vehicle Finance

The vehicle finance loan is another great product from Access Bank that allows customers to acquire a brand-new car of their choice. With this loan offer, the access bank will borrow the money you need to purchase the car of your choice.

This loan offers is only available to salary earners, SME owners, and Corporate organizations. You get access to a wide variety of vendors, and you’re to pay back the loan within 48 months.

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How To Pay Back An Access Bank Loan

Most Access Bank Loans are easy to pay without having to do anything special. Some of these loan products allow you to pay monthly installments after 30 days of receipt. 

The money will be automatically deducted from your bank account every month in other to save you the stress of having to visit the bank all time to pay back your loan.

All you need to do from your own end is to ensure that your balance is having sufficient funds.

Requirement For Access Bank Loan

All of the loans offers we mentioned above have various requirements. See the requirements for each and every loan offer below.

  • For the creative sector loan, you need a business plan or a statement of how much you need for your business

  • To secure the LATO loan, small ticket personal loan, and salary advance loan, you need a phone number that is linked to your BVN, and evidence that you received salary payment in the previous month.

  • For a personal loan, you need a completed application form, a completed employer’s confirmation form, a copy of your employment ID, BVN (see how to check BVN), credit checks, and a letter of lien.

  • To access a W power loan, the business must be 50% female-owned, must have been in operation for a minimum of 1 year, and have a minimum staff strength of 2 people.

  • For an advance for school fees, you need a duly completed application form, a duly accepted offer letter, a school fees bill/invoice in the name of the student, a valid ID card, and a recent utility bill in the last 3 months.

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How To Apply For Access Bank Loan

To apply for the Access Bank digital loans available in the bank. Visit this link to apply for any loan offer of your choice.

How To Contact Access Bank For Loan Or Inquiries

To contact Access bank for any questions or inquiries, Simply dial any of the Contact Center helplines: 07003000000, 01-2802500, 01-2712005-7 and listen for the self-service option.

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Getting a business loan from Access Bank plc is very easy so long as you meet the necessary requirement of the bank.

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