You got a question on how to borrow money from Access Bank? Worry no more! This content will unfold the types and procedures of several Access bank loan options available to the public.
Access Bank, one of Nigeria’s leading financial institutions, offers a wide range of loan products to meet the diverse financial needs of its customers.
Whether you’re planning a vacation, need emergency cash, want to fund your child’s education, or require assistance with a mortgage, Access Bank has a solution for you.
In this article, we’ll explore how you can access various loan products from Access Bank to make your financial goals a reality.
Table of Contents
1. Vacation Finance
Dreaming of a relaxing vacation? Access Bank’s Vacation Finance can help you turn those dreams into reality. This loan product is available to salaried employees of companies that Access Bank has reviewed and approved for Personal Loans that include; financing for air tickets, holiday packages, and accommodation.
Key Features:
- Loans can cover air tickets, holiday & tour packages, and accommodation expenses.
- Salaried individuals can access loans with a tenure of up to 12 months.
- Interest rates are determined based on your employer’s Personal Loan rate.
- XclusivePlus subscribers enjoy a 1% discount on the interest rate.
Required Documents:
- Quote from a partner travel agent.
- Duly completed application form.
- Valid Work ID.
- Duly accepted offer letter and term sheet.
- Six (6) months salary bank statement (for new customers).
2. Access Agent Loan
Access Bank’s Access Agent Loan is a digital loan product designed specifically for Access CLOSA Agents (Access POS Agents), aiming to bridge liquidity and funding gaps. It offers quick access to funds at a flat interest rate of 1% per month on unpaid obligations.
Key Features:
- Request for the loan through the POS CEVA mobile application for Access CLOSA Agents.
- Access Agent Loan is also available on the QuickBucks platform, both online and through the QuickBucks mobile app.
- Loan tenure is 2 days or 48 hours.
Eligibility Criteria:
To qualify for this Access agent loan, you should:
- Have no outstanding loans with Access Bank or other banks.
- Apply using a phone number linked to your BVN.
- Not exceed your eligible loan amount.
- Do not have an existing loan with a monthly repayment higher than your eligible amount.
Read More: How to Obtain an Access Agent Loan (Access CLOSA Agents)
3. Advance for School Fees
Access Bank’s Advance for School Fees scheme is tailored to assist parents and guardians in financing their children’s education. This scheme can cover tuition fees for various educational levels, including undergraduate and postgraduate studies, as well as professional examinations.
Key Features:
- Loans provide financial support to ensure uninterrupted education.
- Loan amounts can go up to N5 million.
- Repayment periods can extend up to 6 months.
Required Documents:
The required document is based on if the customer is a salaried employee or non-salaried. Let’s take a look at the requirements for both:
For salaried customers:
- Duly completed application form.
- Duly accepted offer letter.
- School fees bill or invoice in the name of the student.
- Valid ID card and recent utility bill.
For non-salaried customers:
- Duly completed application form.
- Valid ID card.
- 1-year bank statement of a corporate account.
- CAC documents.
- Recent utility bill.
- Duly accepted offer letter.
- School fees bill or invoice in the name of the student.
4. Cash-Backed Loan
Access Bank’s Cash-Backed Loan offers quick cash to customers who have qualifying fixed deposit investments with the bank. This loan is available to customers who meet the bank’s Risk Acceptance Criteria (RAC).
Key Features:
- Borrow money instantly through the *901*11*2# code.
- Loan eligibility is based on the amount held as an investment with the bank, up to a maximum of ₦10,000,000.
- Interest rates are competitive.
- Existing investments must not be encumbered or used as collateral for other loans.
Eligibility Criteria:
To qualify for this loan, you must meet these criterias:
- Have an existing qualifying investment with the bank.
- Not have the existing investment encumbered.
- Not have any outstanding loans in Access Bank or other banks.
- Apply using a phone number linked to your BVN.
5. Payday Loan
For those unexpected emergencies before payday, Access Bank’s Payday Loan provides an instant solution. This loan is available to both salary and non-salary earners, offering low-interest rates with no documentation or collateral requirements.
Key Features:
- Borrow money instantly through 90111#, 42611#, or various digital channels.
- Loan amounts can be up to 75% of your monthly salary, subject to a ₦500,000 disbursement cap.
- Flexible repayment options with a maximum tenure of 36 months.
Eligibility Criteria:
To qualify for the Payday Loan, you must meet these criteria:
- Have no outstanding loans in Access Bank or other banks.
- Apply using a phone number linked to your BVN.
- Provide evidence of salary payment in the previous month.
- Not exceed your eligible loan amount.
- Not have an existing loan with a monthly repayment higher than your eligible amount.
Read More: How to get Access Bank Payday Loan: Quick and Convenient Financial Assistance
6. Personal Loan
Access Bank’s Personal Loan is designed to provide financial independence to employees. It offers flexibility to meet individual needs, with loan amounts of up to 75% of net annual salary for applicants with terminal benefits and up to 50% for those without terminal benefits.
Key Features:
- Loan amounts vary based on net annual salary.
- Repayment tenure can extend up to 36 months.
- Credit life insurance is available.
Requirements:
- Completed application form.
- Employee Status Inquiry/Employer’s Confirmation Form.
- Evidence of confirmation (e.g., letter of confirmation, last promotion letter).
- Valid ID and means of identification.
- BVN.
- Credit checks.
- Letter of lien/set-off.
7. Salary Advance
Access Bank’s Salary Advance loan is a convenient solution for those in need of quick cash. Open a salary account with Access Bank today to access a bouquet of loans tailored to your personal needs.
Key Features:
- Access loans through QuickBucks App or the USSD code *901*11*1#.
- No documentation or collateral is required.
- The loan tenure is six (6) months.
Eligibility Criteria:
To qualify for the Salary Advance loan, you have to meet this eligibility criteria:
- Have no outstanding loans in Access Bank or other banks.
- Apply using a phone number linked to your BVN.
- Provide evidence of salary payment in the previous month.
- Not exceed your eligible loan amount.
- Not have an existing loan with a monthly repayment higher than your eligible amount.
8. Vehicle Finance
Access Bank also provides financing solutions for purchasing pre-owned and brand new vehicles. This product is open to salaried income persons, SMEs, and Corporates. Features include low equity contribution, competitive interest rates, and financing for vehicle routine maintenance, insurance, and registration. Here’s how to apply:
Equity Contribution: As low as 10% of invoice value.
Loan Tenure: Up to 48 months.
General Requirements:
- Completed application form
- Pro forma invoice from any of the Bank’s approved vendors addressed “Access Bank/Customer’s name”
- Credit Checks
- Blank transfer of ownership Form
- Vehicle Inspection report & agreement (Pre-owned vehicles only)
- Duly accepted offer letter & term sheet
Whether you’re looking to purchase a car for personal or business use, Access Bank’s Vehicle Finance options provide a convenient way to make your dream vehicle a reality.
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- How to Get a Loan to Start a Business in 11 Steps
Conclusion
Access Bank offers a wide range of loan products to cater to your financial needs.
Whether you’re planning a vacation, need emergency cash, or have other financial goals, Access Bank’s loan offerings can help you achieve them.
Make sure to review the specific eligibility criteria and documentation requirements for each loan product, and choose the one that best suits your needs.
With Access Bank’s support, you can take control of your financial future.
That is all for now about “How to Borrow Money from Access Bank”.
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