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  • Business - Banking & Finance
  • Updated: July 20, 2023

Five Nigerian Banks With Best Loan Rates To Customers

Five Nigerian Banks With Best Loan Rates To Customers

Conventional banks have raised the bar in terms of loan accessibility in response to the demand for personal and business loans from their customers and Nigerians in general. 

This prompted some banks to come up with new plans to ease the industry's bottleneck and offer the best lending terms in Nigeria.

It can be challenging to ascertain the actual interest rate of some financial companies because banks offer a variety of loan facilities. 

As a result, the lending process occasionally takes into account variables like the amount, individual assets, tenor, and credit scores.  

In this listicle, we sort out five Nigerian banks with the best loan rates for Nigerians who which to take loans from banks. 

 

5. United Bank for Africa


Personal loans, senior loans, auto loans, asset finance, loans backed by foreign exchange, and financing for insurance premiums are all available from UBA.

The direct personal loan is intended for salary earners who both have and do not have a bank account. 

The amount they can access is N10 million. You have access to a personal loan with a maximum amount of N30 million and a two-year repayment period.

Both loan types' interest rates are based on floating terms that are susceptible to changes in the money market throughout the loan period. 

Additionally, it has a 1% one-time management fee with a maximum DSR of 50%.

For personal loans, the maximum loan amount is N10 million. 

Additionally, the minimum and maximum loan amounts for personal loans are N100,000 and N30 million, respectively.

The maximum loan amount for an FX cash-backed loan is N10 million, with a two-year repayment period. 

It has a 15% interest rate, a 0.5% interest rate on FX deposits, and a 1% one-time management fee.

 

4. First Bank of Nigeria 


The oldest and one of the most prestigious banks in the financial sector of Nigeria is First Bank of Nigeria Limited. 

The company provides personal loans including FirstCredit, Personal Home Loans, Joint Mortgage, Auto Loans, and Salary Loans.

The maximum loan amount from FirstCredit is N300,000 for a month at a 10% interest rate. Along with a penalty fee for unpaid loans, it has an insurance rate of 1%.

Users who have open bank accounts and a clean credit history are eligible for this. The loan is given out right away after being requested.

On the other hand, the salary loan is divided into three sections. FirstAdvance, Personal Loan Against Salary, and Agent Credit. 

Salary earners with a domiciled account in FirstBank and a stable salary history going back at least six months are eligible for the first advance loan. 

The maximum is N500,000 and is capped at 50% of the net average salary for three months. 

After taking into account all other loan obligations to the Bank, the eligible amount is determined. 

 

3. Stanbic IBTC Bank


Personal loans from Stanbic IBTC Bank include unsecured personal school fees loans, home loans, salary advance loans, vehicle and asset finance, smart loans, secured term loans, and unsecured loans.

The financial platform also offers the EZ cash product, which offers loans ranging from N20,000 to N5 million with an annual interest rate of 2.5%.

 

2. Access Bank


Loan options from Access Bank include personal loans, mortgages, advances for education costs, and quick bucks. 

Payday loans, salary advances, small-ticket personal loans, and device financing are all available under quick bucks. 

The salary advance is available to bank salary account holders who make at least N50,000 per year. 

Up to 200% of their monthly salary is available to them. Its rates of interest are 1.9%, management costs are 1%, and credit life insurance is 0.20%. The loan has a six-month term. A fee is imposed for late payments.

People who make at least N100,000 per year are eligible for a small-ticket personal loan. 400 per cent of their monthly salary is available to them.

A 12. month amortisation schedule, a 3.7% interest rate, a 1% management fee, and a 1% credit life insurance are all included.

For salary account holders with access and other banks, device financing is available. 

have access to a loan with a 33% annual salary maximum and N500,000 maximum. It carries a 1% credit life insurance policy and a 27% annual interest rate.

Both salaried and non-salary earners are eligible for the payday loan. 

Seventy-five per cent of customers' monthly salaries are eligible. A month from the disbursement date is the loan's duration.

 

1. Guaranty Trust Bank


One of the top financial institutions in Nigeria is Guaranty Trust Bank Limited (GTBank). 

Across Africa and the United Kingdom, it is a multinational financial corporation that provides a wide range of financial products and services to individuals, companies, and private and public institutions.

GTbank provides a range of loan services to users to provide services and return benefits to customers. Their loan options include, among others:


1. QuickCredit:

Both salaried employees and independent contractors may use QuickCredit. You can borrow up to N5 million for 12 months at a 1.5% monthly interest rate.


2. MaxAdvance: 

The staff of specific corporate and governmental organisations whose staff salary accounts are with GtBank are eligible for MaxAdvance, a personal loan offer. 

They are eligible for loans with terms of 3 to 48 months and a range of N100,000 to N10,000,000. 

This assumes a monthly principal and interest payment that is equal to (and does not exceed) 3.3% of the net monthly income.


3. GTSalary Advance: 

For 30 days, you receive 50% of your net monthly salary. 

Only employees with open, bank-resident active accounts are eligible for this monthly renewal. It has no collateral requirements and will be paid out in a day.

To access the facility, employees in the public sector must make a minimum monthly salary of N25,000, while those in the private sector must make a minimum monthly salary of N50,000.

The GTBank School Fees Advance, Maxplus, Computer Advance, GT Mortgage, Premium Advance, Travel Advance, and Vehicle Insurance Premium Financing are some additional options for loans offered by GTBank. 

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