Loans are means by which you can access money that you don’t currently have. The money can be channeled into whatever area you want, and for each area, Access Bank has a useful provision. In this outline, we will study the types of loans offered by Access Bank.
Types of loans offered by access bank
The Access bank offers the following loans to the public;
This is the loan you need when you have personal needs to settle—bills and every other monetary involvement that applies to you.
This type of loan also allows you to loan about seventy percent (70%) of your annual salary—the net value. Another beautiful thing about the personal loan type is that you can stall for as long as three years (for payment).
Lastly, for a personal loan, you get credit life insurance.
What do you need to get started? Check these out;
- A form where you apply for a personal loan. The form requires you to fill in these details;
- Your Full Name
- Your contact address
- Your email address
- Your Access Bank account number
- Your state of residence
- Your monthly income.
- A form that confirms your employment
- An Evidence of Confirmation—this could be your last promotion letter or anything that validates the second requirement on this list.
- A means of identification—preferably, an ID that is recognized at your place of work.
- Your Bank Verification Number
- Credit checks
- A letter of lien
This is the loan you obtain before the day your salary comes in. In case of one emergency or the other, Payday Loan comes out to be extremely useful for both salary and non-salary earners.
There are so many good things to note about the Payday Loan, and they include these—you can loan money at very low interest rates. You also do not need a collateral to get money!
How can you access the Payday Loan feature?
- Dial either *901*11# or *426*11#.
- Work with the Internet Banking feature, i.e., by downloading the Access Bank app.
- Work with the Whatsapp Bank feature
- The Quick Bucks app
The features of the Payday loan include the following;
- You can get this loan at anytime of the day.
- You don’t have to go through the paperwork stress. With codes, you are on!
- You don’t need collateral
- It can last for about three years.
Creative Sector Loan
This loan is for you if you stand as a creative hoping to launch your business. This loan is available to people in the following sectors—fashion, information technology, movie production, movie distribution, music, software engineering, etc. Check out the features of the creative sector loan below;
- This loan type is one of the most flexible that you’d ever find. You don’t have to worry about some rigid rules or limits. You can structure the plan to whatever way you want.
- The repayment plan is also very flexible.
- You get to achieve your long term goals without stress.
- You have access to a brilliant and efficient financial advisor.
- You get funding for your business.
- Maximum tenor for this loan type is ten years (10 years)
- The interest rate for this loan is about 9%.
Before you can jump on this plan though, you have to show a very detailed plan of your business. The plan should project your financial structure for a minimum period of three years.
It should also show how you plan on repaying the loan.
Access Device financing
Sometimes, all you need to get more efficient is a device upgrade—a computer, an iPad, Android device, anything! The Access Device Financing plan makes this very possible for you! Here are the features of this loan type;
- You do not need collateral
- If you are using the MTN carrier service, you’ll have access to free airtime bundles!
- The loan can run for a year!
Advance for School fees
Ensuring that your wards enjoy quality education should be your priority. That is why Access Bank makes it easy for you by providing the Advance for School Fees feature that allows you to pay even before you are fully funded for it.
This plan covers the school fees of undergraduates, postgraduates and students writing professional examinations. So, really, there’s nothing stopping you from getting your child the right academic life.
Below are the features of the Advance for School fees plan;
- You get to loan as much as five million naira!
- You can stretch the payment for as much as six months
- Your child’s education does not have to suffer any hitch or interruption due to unplanned circumstances.
Now is the time to buy your next dream car! With the Access Bank Vehicle Finance, you can get money that sponsors all of your car plans and deals—car purchase, car maintenance, etc.
There are many good sides to this plan and they include the following;
- You get to own any car of your choice—from brand new to second-hand vehicles.
- You aren’t limited to a certain car brand or model. Here, you have a plethora of options.
- The interest rates are highly competitive.
What are the features of the Vehicle Finance plan though?
- They are available to salary earners, small enterprises and corporate bodies.
- The plan covers financing of the vehicle’s maintenance, insurance and registration.
- The tenor for this loan is up to 4 years.
- You get to choose from several car vendors.
Before you can proceed with this loan though, you have to have certain requirements;
- An application form
- Credit checks
- A Blank Transfer of ownership form
- If the vehicle is of second-hand grade, you’ll need a report on Vehicle Inspection and agreement.
- You’ll need an offer letter.
- For people earning salaries, you’ll need a copy of your identification card at work.
This kind of loan is what you need when you want to either acquire or construct a house. It covers everything in the mortgage industry. The features of this loan type include the following;
- The plan is available to both salary earners and business entrepreneurs
- You can use the loan to purchase properties in Lagos, Abuja or Port Harcourt.
- The minimum equity contribution you can get here is about 20%.
- Depending on the age of the borrower, you can have about twenty years of tenor.
- The plan affords you protection for your assets as well as credit life insurance.
What do you need to get this loan kicking?
- You must have a form for Mortgage Application.
- A form that confirms your employment status
- A letter of offer from the seller of the building
- The title document of the property.
- Credit checks
- A search report