Accion Microfinance Bank Limited: Loan Products

Loan Products

Loan Products FAQ

Savings Products

Savings Products FAQ

Loan Products

At AMfB, we offer a spectrum of Loan products tailored to our customers’ needs and lifestyle.

‘My Own’
The AMfB ‘My Own’ loan product is a working capital loan designed for micro entrepreneurs and small business owners who desire to borrow for business purposes but lack conventional collateral to secure their loans.
Benefits
- Access to loans from N50,000
- Flexible collateral requirements
- Competitive interest rates
- Fixed affordable repayments
- Opportunity to access larger loans and longer tenures
- No hidden charges
- Dedicated loan officers
Who qualifies?
- Individuals who have been in business for at least 12 months
- Demonstrates ability to repay
- Can provide guarantors
How do I apply?
- Complete the AMfB loan application form which you may pick up from our loan officers or from any of our branches
- Submit your application plus all supporting documents to the customer service officer in your branch
What Documents do I need?
- 2 completed guarantor forms
- 2 Pass port size photographs
- One of the following identification documents:
  - Valid Nigeria driver’s licence
  - National ID card
  - International Passport
  - Employer issued ID Card
‘My Own Plus’
The AMfB ‘My Own Plus’ is a personal loan that gives you money when you need it most. It is a short to medium term payroll based loan that helps you pay for planned expenses such as investing in shares or unplanned expenses such as medical bills.
Benefits
- Access to loans from N400,000
- Flexible collateral requirements
- Competitive interest rates
- Fixed affordable repayments
- Opportunity to access larger loans and longer tenures
- No hidden charges
- Dedicated loan officers
Who qualifies?
- Individuals who have been in employment for at least 12 months
- Demonstrates ability to repay
- Can provide guarantors
How do I apply?
- Applicant completes the loan application form which may be picked up from loan officers or from the Customer Service Representative at the branch
- The employee will provide an irrevocable letter of instruction to his/her employer to remit a total monthly credit amount to his AMfB Bank account.
- The employee must have an account with AMfB through which repayment shall be channelled by the employer every month. This account could be used for other savings which will not be tied to the loan.
- The employee should provide a letter from his employer confirming that the funds requested will be transferred to his/her account in AMfB every month.
- Submit your application plus all supporting documents to the customer service officer in your branch
What Documents do I need?
- Preceding 6 months payslip or bank statement of account
- Letter of employment from employer clearly stating unencumbered income
- 2 Pass port size photographs
- One of the following identification documents:
  - Valid Nigeria driver’s licence
  - National ID card
  - International Passport
  - Employer issued ID Card
‘My Own Extra’
The AMfB ‘My Own Extra’ is a working capital for (Repeat) loyal clients who are either on their 3rd or 5th cycle depending on their loan size.
Benefits
- Reduction in interest rate and processing fees
- Quick renewal process
- No hidden charges
- Opportunity to further enjoy reduction in rates in the future
- Dedicated loan officers
Who qualifies?
- Non defaulters/ on time payers
- Trend of business relationship
How do I apply?
- Applicant completes the loan application form which may be picked up from loan officers or from the Customer Service Representative at the branch
- The employee will provide an irrevocable letter of instruction to his/her employer to remit a total monthly credit amount to his AMfB Bank account.
- The employee must have an account with AMfB through which repayment shall be channelled by the employer every month. This account could be used for other savings which will not be tied to the loan.
- The employee should provide a letter from his employer confirming that the funds requested will be transferred to his/her account in AMfB every month.
- Submit your application plus all supporting documents to the customer service officer in your branch
What Documents do I need?
- Preceding 6 months payslip or bank statement of account
- Letter of employment from employer clearly stating unencumbered income
- 2 Pass port size photographs
- One of the following identification documents:
  - Valid Nigeria driver’s licence
  - National ID card
  - International Passport
  - Employer issued ID Card
‘My Own Extra Plus’
The AMfB ‘My Own Extra Plus’ is a working capital for (Repeat) loyal clients who are either on their 3rd or 5th cycle depending on their loan size.
Benefits
- Reduction in interest rate and processing fees
- Quick renewal process
- No hidden charges
- Opportunity to further enjoy reduction in rates in the future
- Dedicated loan officers
Who qualifies?
- Non defaulters/ on time payers
- Trend of business relationship
How do I apply?
- Applicant completes the loan application form which may be picked up from loan officers or from the Customer Service Representative at the branch
- The employee will provide an irrevocable letter of instruction to his/her employer to remit a total monthly credit amount to his AMfB Bank account.
- The employee must have an account with AMfB through which repayment shall be channelled by the employer every month. This account could be used for other savings which will not be tied to the loan.
- The employee should provide a letter from his employer confirming that the funds requested will be transferred to his/her account in AMfB every month.
- Submit your application plus all supporting documents to the customer service officer in your branch
What Documents do I need?
- Preceding 6 months payslip or bank statement of account
- Letter of employment from employer clearly stating unencumbered income
- 2 Pass port size photographs
- One of the following identification documents:
  - Valid Nigeria driver’s licence
  - National ID card
  - International Passport
  - Employer issued ID Card
‘My Own Asset’
The AMfB ‘My Own Asset’ is an asset financing loan designed for micro entrepreneurs and small business owners who desire to acquire asset for their business purposes but lack conventional collateral to secure their loans.
Benefits
- Access to purchase Asset from N50,000 worth
- Flexible collateral requirements
- Competitive interest rates
- Fixed affordable repayments
- Opportunity to bond Asset and longer tenures
- No hidden charges
- Dedicated loan officers
Who qualifies?
- Individuals who have been in business for at least 12 months
- Demonstrates ability to repay
- Can provide guarantors
How do I apply?
- Applicant completes the loan application form which may be picked up from loan officers or from the Customer Service Representative at the branch
- The employee will provide an irrevocable letter of instruction to his/her employer to remit a total monthly credit amount to his AMfB Bank account.
- The employee must have an account with AMfB through which repayment shall be channelled by the employer every month. This account could be used for other savings which will not be tied to the loan.
- The employee should provide a letter from his employer confirming that the funds requested will be transferred to his/her account in AMfB every month.
- Submit your application plus all supporting documents to the customer service officer in your branch
What Documents do I need?
- Preceding 6 months payslip or bank statement of account
- Letter of employment from employer clearly stating unencumbered income
- 2 Pass port size photographs
- One of the following identification documents:
  - Valid Nigeria driver’s licence
  - National ID card
  - International Passport
  - Employer issued ID Card