Accion Microfinance Bank – Get Loan without Collateral
Do you need a loan for your business? Are you looking for an easy loan that is free from too much stress and endless documentation? Are you struggling to get up to 500,000 or more to boost your business?
In this post, we will discuss all you need to secure a loan from Accion microfinance bank including the various steps needed to get the loan from day one till your account is credited with the needed amount.
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Table of Contents
Facts about Accion microfinance bank
Accion MfB Limited was founded in 2006 and began operations in May 2007 on license from the Central Bank of Nigeria.
Accion microfinance bank is an old name in the microfinance industry and they have been around for long but are still very active.
Over 30% of SMEs in Nigeria today use Accion microfinance banks as their major loan option when it comes to raising funds to boost their business.
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How many loans Can I apply for?
The amount you can get from Accion MFB depends on the size of business you currently own and how much you wish to apply for. You can get a million or more depending on the size of business and the repayment period you wish to operate.
Getting A Loan from Accion Microfinance
Getting a loan from Accion microfinance is quite easy and straightforward all you need to do is visit any Accion MFB branch around your neighborhood and fill the loan application form. This does not require collateral or any complex process, only very few requirements which you will find below.
Read also: Top Ways to Get Loan in Nigeria without Collateral
Requirements for Accion Microfinance Loan
To get a loan from Accion MFB, you are required to meet some basic requirements which usually include;
- You must have an existing business
- Your business location must be accessible.
- You must provide a guarantor(this can be a friend, a relative, etc. Married people is preferable)
- You must have a means of identification(any government-issued ID card is acceptable)
How Long Does it Take to get a loan?
The duration of the time frame from your date of application is usually within 3 weeks to 2 months depending on the number of applicants at the branch you applied for your loan. Before the loan is given, some agents will be sent to access your place of business to know if you can repay the amount you are applying for within the given time.
What is the Repayment Period of the Loan?
The loan refund usually starts one month after the loan is given and you are usually expected to pay a stipulated amount which drops after each month. As the money is handed over to you, you will be be given an ATM card and a slip containing the amount you are to pay at the end of each month.
Read also: 3 Ways to Get Loan as an SME in Nigeria
Loan Percentage/ Interest Rate
Accion offers a wide range of loans and the percentage differs from one loan option to another but from experience, the highest is 30% which is spread across the months of payment. Don’t let this scare you because the repayment plan is flexible and you can always discuss with your account manager to work out a better repayment plan.
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