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AB Microfinance Bank
...your access to possibilities
 
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BUSINESS LOANS

 
 

AB Microfinance Bank Nigeria offers entrepreneurs the opportunity to easily access loans in a quick, transparent and efficient environment. Our expertise and international standards assure our clients quality service and delivery.

ABN Business Loans Overview:

  • Loans currently range from N 15,000.00 to N1.5 million; maximum maturity is 18 months; for larger loan sizes, please visit the SME section
  • No mandatory deposits/savings and no cash collateral required.
  • No audited financial statements required.
  • Flexible collateral arrangements depending on loan size (household goods, business equipment, goods in stock, vehicles, property etc.)
  • Flexible documentation requirements.
  • Long-standing clients with impeccable repayment record qualify for successive interest rate discounts and even faster loan processing.
  • No borrower groups - you are responsible only for your own loan.
  • Kindly note that all applications undergo an on-site assessment by one of our lending staff prior to a committee decision.

Are you interested? Simply come to one of our branches and meet our friendly loan officers for a proposal.

 

LOAN PRODUCTS
NAME AMOUNT AVAILABLE INTEREST PAYABLE Annual Percentage Rate
AB Business Flexi N15,000 – N100, 000 6% interest (on declining balance) a) 79.03%
AB Business Plus N100, 001 – N500, 000 5.5% interest (on declining balance) a) 72.95%
AB Business Max N500, 001 – N1, 000, 000 5% (on declining balance) a) 66.87%
Maxiplus N 1,000, 001 N 1, 500, 000 4.5% (on declining balance ) b) 57.84%

  • For the following loans: All loan sizes, 2.5% administration fee, 9 months maturity.
  • For the following loan: NGN 1.5 million loan size, 2.5% administration fee, 18 months maturity, no mortgage, private individual.


Example of a repayment plan for a loan of N200, 000 payable in 5 months:

LOAN AMOUNT:   200,000 NGN
Maturity:   5 Months

Month Instalment Principal Interest Outstanding
  200,000.00
1 46,835.29 35,835.29 11,000.00 164,164.71
2 46,835.29 37,806.23 9,029.06 126,358.48
3 46,835.29 39,885.57 6,949.72 86,472.91
4 46,835.29 42,079.28 4,756.01 44,393.64
5 46,835.29 44,393.64 2,441.65 0.0
 
TOTAL 234,176.44 200,000.00 34,176.44  

Total Interests:   34,176.44 NGN
Administration Fee:   5,000.00 NGN
Total Costs:   39,176.44 NGN
Annual Percentage Rate:   77.16%

2014 AB Microfinance Bank Nigeria. All Rights Reserved
28, Akintoye Shogunle Street (Opposite No 2 John Olugbo Street), Ikeja, Lagos
Telephone: +234-01- 2122387, +234-01- 2122386, +234-01- 2122381, +234-01-2122559, +234-01- 2122557