AB Microfinance Bank tops the chart as one of the best microfinance bank in Nigeria that offers loans without collateral. In this post, we will talk about AB Microfinance Bank loans and AB Microfinance Bank branches in Nigeria.
AB Microfinance Bank Nigeria is a foreign-owned financial institution based in Lagos and one of the few microfinance banks that offer loans without collateral and still gives you the best interest rates.
It was duly incorporated as a limited liability company under the 2002 Companies and Allied Matters Act and is regulated by the Central Bank of Nigeria as a fully fledged Microfinance Bank.
AB microfinance bank loans are aimed at entrepreneurs who are in urgent need of cash. AB microfinance bank micro-loans, micro SME loans and medium SME loans are structured to help micro, small and medium-sized enterprises (MSMEs) and business owners who are looking for loans and do not possess enough collateral to back up the loans.
AB Microfinance bank also allows individuals to take loans without collaterals. AB Microfinance loan amount ranges from N15,000 to N2 million.
AB Microfinance bank loans are committed to improving the business opportunities of entrepreneurs by making loans more accessible and affordable.
Features and Benefits of AB Microfinance Loans
- An audited financial statement is not required
- No mandatory savings/deposits required
- No cash collateral required
- Interest rate discounts present for long-standing clients with an impressive repayment record and this also qualifies them for a faster loan processing
- Individual responsibility for loans – No borrower groups.
- Flexible required documentation.
- Collateral arrangements are flexible and based on the loan size (business facilities and equipment, household goods, vehicles, goods in stock, property etc)
Eligibility Requirements for AB Microfinance Loans
- Applicant must be 21 years or above
- Applicatant must have a reliable means of income for the past 12 months
- Applicant must be the owner a of business
- Applicant must be a Nigerian
- Applicant must reside in Lagos, Oyo and Ogun States only.
- Applicant’s business must be within the operating area
Types of Loans Provided By AB Microfinance Bank
- Micro loans
- Micro SME loans
- Medium SME loans
- Housing Loans
AB Microfinance Bank – Micro Loan Products And The Interest Rates
Name Amount Available Interest Payable
AB Business Flexi N15,000 – N100, 000 6.5%
AB Business Plus N100, 001 – N500, 000 6.1% )
AB Business Max N500, 001 – N1, 000, 000 5.7%
Maxiplus N 1,000, 001 – N 2, 000, 000 5.2%
AB Microfinance Micro SME Loans
AB Microfinance Bank offers owners of small and medium size enterprises the opportunity to access soft and easy loans in the quickest and most efficient way.
With AB Microfinance bank loans, prospective borrowers do not need to have saved any money with the bank before applying for a loan. The requirement for applying for loans is an existing, viable business.
Documentation and requirement for collateral are more flexible compared to other banking institutions or microfinance banks.
Benefits of AB Microfinance Bank Micro SME Loans
- Loans from N2,000,001 to N3,000,000 for your existing business
- Interest rate of 4.3% monthly on reducing balance
- Disbursement fee of 1% of the loan amount
- Maturity period from 6 to 36 months with equal monthly installments
- Hard collateral required (vehicles, landed properties, etc.)
- Free SMS Reminder for your Monthly Repayments
|AB SME Access||AB SME Comfort|
|Amount in NGN||2,000,001||5,000,000||10,000,000||20,000,000|
|Interest Rate p.m.||4.3%(on reducing balance)||3.9%(on reducing balance)||3.6%(on reducing balance)||3.0%|
|Installment in NGN (Monthly)||204,034||497,617||976,740||1,880,591|
|Disbursement fee||1%(One-off Charge)||1%(One-off Charge)||1%(One-off Charge)||1%(One-off Charge)|
Benefits AB Microfinance Bank Medium SME Loans
Loans from NGN 20 Million and above for your existing business
Competitive Interest Rate of 3.0% monthly on reducing balance
Disbursement fee 1 – 1.5%
Maturity period from 4 – 36 months with equal monthly installments
Diverse types of collateral accepted
Free SMS Reminder for your Monthly Repayments
Benefits of AB Microfinance Bank Housing Loans
Housing loan without equity contribution or compulsory savings
Free expertise including house design and bill of quantities
Access to quality building materials and building materials retailers network
To find out more on housing loans, you can check here (link to the housing loans)
How to Apply for AB Microfinance Bank Loans
Simply, visit the AB Microfinannce bank branch nearest to your to submit your proposal or log on to their official website.
AB Microfinance Bank Branches
AB Microfinance Bank Branches In Lagos
AB MICROFINANCE BANK HEAD OFFICE (LAGOS)
28, Akintoye Shogunle Street
(Opposite No 2 John Olugbo Street), Ikeja, Lagos
AB MICROFINANCE BANK IKEJA
No. 11, Oba Akran Avenue, Ikeja, Lagos
AB MICROFINANCE BANK OSHODI
No. 12 Oshodi-Apapa Expressway,
by Oshodi Oke Bus Stop,
Opposite Mecure Healthcare Limited, Oshodi, Lagos
AB MICROFINANCE BANK IPAJA
No. 319 Ipaja Road,
Opposite Government College,Iyana-Ipaja, Lagos
07027999467, 07027996479, 07027996478,
AB MICROFINANCE BANK SURULERE
29B Itire Road, Surulere, Lagos
07027996474, 07027999466, 07027996473,
AB MICROFINANCE BANK KETU
56 Ikosi Road, Ketu, Lagos
07027996505, 07027996504, 07027996471,
AB MICROFINANCE BANK APAPA
74 Mobil Road, Ajegunle, Apapa.
07027999469, 07027996501, 07027996502,
AB MICROFINANCE BANK ALABA
20/22 Ojo-Igbede Road.
Chemist Bus Stop, Alaba Int’l. Market
07027999472, 07027999479, 07027999480
AB MICROFINANCE BANK TRADE FAIR
No Zone Dr.4 Aspamda Plaza,Trade Fair Complex, Badagry Expressway,Lagos State. Former Sterling Bank Building.
07027999481, 07027996511, 07027996468,
AB MICROFINANCE BANK LAGOS ISLAND
26,Idumagbo Avenue,Lagos Island
07027996497, 07027996496, 07027996498,
AB MICROFINANCE BANK VOLKS
179,Lagos Badagry Expressway Volks Bus Stop,Lagos
07027996508, 07027996507, 07027996509,
AB MICROFINANCE BANK BARIGA
72,St.Finbars Road,By Chemist Bust Stop, Akoka Lagos.
07027996467, 07027999492, 07027999482,
AB MICROFINANCE BANK OKE ARIN
No 18,Ijaiye Street,Idumota, Oke Arin Market, Lagos.
07027996488, 07027999470, 07027996489,
AB MICROFINANCE BANK IKORODU
Opposite mobil petrol station,Ebute,Ikorodu Lagos.
07027996483, 07027996484, 07027996485,
AB MICROFINANCE BANK IKOTUN
26 Isolo Egbe Road,
Beside The Synagogue Church, Ikotun, Lagos.
07027999484, 07027999483, 07027996495,
AB MICROFINANCE BANK ARUNA
132A, Aruna Bus stop, Lagos Road, Ikorodu, Lagos State.
AB Microfinance Bank Branches in Oyo state
AB MICROFINANCE BANK DUGBE
Rational Building, 22, Oke Bola Road,
Behind Femi Johnson Plaza, Dugbe Ibadan. Oyo State.
02-2918707, 02-2918708, 02-2918709,
AB MICROFINANCE BANK GBAGI
Lamlat Shopping Complex,
New Gbagi Market Road, Ibadan, Oyo State.
AB MICROFINANCE BANK BODIJA
Block A6, IBNLG Ultra Mordern Shopping Complex,
Bodija, Ibadan, Oyo State.
AB Microfinance Branches in Ibadan and Ogun State
AB MICROFINANCE BANK ABEOKUTA
Oluwatoyin House, Lalubu Road, Oke-Ilewo, Abeokuta, Ogun State.
AB MICROFINANCE BANK SANGO
129, Idi Iroko road, Ota, Ogun State.
This is the complete process of how to apply for AB Microfinance Bank loans and the complete list of AB Microfinance Bank Branches in Nigeria.