How to Get a Loan from Access Bank (2023)
Getting a loan from Access Bank requires the borrower to follow a series of steps which can vary depending on the type of loan, and creditworthiness. Access Bank is a Nigerian multinational commercial bank. Rated as one of the largest banks in Nigeria, it has a significant presence in other African countries as well as international operations.
The bank offers a wide range of financial services, including retail banking, corporate banking, investment banking, and asset management. It also promises to deliver sustainable, profitable, environmentally responsible, and socially relevant economic growth.
To deliver on this promise, Access Bank has a couple of loan products to meet the needs of its customers.
You can apply for the following Access Bank loan products on the nairaCompare website.
Access Bank Personal loan
Access Bank’s Personal loan has a couple of features including the flexibility to meet individual needs, loan amount of up to 75% of net annual salary (for applicants with terminal benefits), loan amount up to 50% of net annual salary (for applicants without terminal benefit) and up to 36 months tenure.
Requirements
- BVN
- Three (3) months stamped statement of account.
- Valid ID – Driver’s ID, National ID or International passport.
- Signed post-dated cheques.
- Utility bill (within the preceding 3 months).
- Two Individual external guarantors with proper means of identification such as BVN, four (4) passport photographs, Identity Cards and a Letter of Intent to guarantee the loan.
Access Bank Personal Home Loan
Access Bank’s Personal Home Loan product gives employees the opportunity to own residential properties with ease. The product is also available for couples as a Joint Mortgage. It is offered at a monthly interest rate of 7%
Requirements
- Signed post-dated cheques.
- Three (3) months stamped statement of account.
- BVN.
- Two Individual external guarantors with proper means of identification such as BVN, four (4) passport photographs, Identity Cards and Letter of Intent to guarantee the loan.
- Valid ID – Driver’s ID, National ID or International passport.
- Utility bill (within the preceding 3 months).
Access Bank Small Ticket Personal Loan
With Access Bank Small Ticket Personal Loan, borrowers can access up to 400% of their net monthly salary and repay for 12 months. It also comes at a monthly interest rate of 0.6%
Requirements
- Signed post-dated cheques.
- Valid ID – Driver’s ID, National ID or International passport.
- BVN.
- Two Individual external guarantors with proper means of identification such as BVN, four (4) passport photographs, Identity Cards and a Letter of Intent to guarantee the loan.
- Three (3) months stamped statement of account.
How to get Access Bank loans on nairaCompare
1. Select ‘Access Bank’ from the list of available loan options.
2. Read through the information provided on the Access Bank page to understand more about the provider, and its products.
3. Select a product.
4. Click on ‘Apply’ to begin the application process.
5. Fill in your personal details and provide all the necessary documents.
6. Submit your application form for review and processing.
7. After a successful review of your application, you will receive an email notification confirming that your application has been approved!
Access Bank Short Code
You can get access to an instant loan by dialling *901*11#, *426*11# or via Internet Banking, WhatsApp Banking, Access Mobile App and QuickBucks App.
How to get the best loan offer from Access Bank
To get a loan from Access Bank or any other financial institution, you will need to follow a series of steps.
These steps can vary depending on the type of loan you are seeking, your creditworthiness, and the specific requirements of Access Bank.
Here are the general steps you can expect to take when applying for a loan from Access Bank:
● Determine Your Loan Need
First, identify the specific purpose for which you need the loan, whether it’s for personal expenses, home purchase, car purchase, business expansion, or any other financial need.
Understanding your loan purpose will help you choose the right loan product.
● Eligibility
Access Bank has eligibility criteria for each type of loan. These criteria can include factors such as income, credit history, employment status, and more. Review the bank’s eligibility requirements to ensure you meet them.
● Documentation
The bank typically requires documentation to process your loan application.
Common documents include proof of identity (such as a government-issued ID), proof of income, bank statements, and information about the collateral (if applicable).
● Choose the Right Loan Product
As listed above, Access Bank offers various loan products to cater to different needs. Research the available loan options to select the one that best suits your requirements.
● Complete the Loan Application
Visit an Access Bank branch, their official website or download the appropriate app to fill out a loan application form.
Ensure that you provide accurate and complete information, as this will play a crucial role in the bank’s decision-making process.
● Submit Your Application
Submit the loan application along with the required documentation to Access Bank. You may need to pay an application fee, depending on the bank’s policy.
● Credit Evaluation
Access Bank will evaluate your creditworthiness by reviewing your credit history, income, and other relevant factors. This process can take some time.
● Approval and Terms
If your loan application is approved, Access Bank will provide you with the terms of the loan, including the interest rate, loan amount, repayment schedule, and any other relevant details.
● Acceptance
Review the loan terms carefully and accept them if they meet your requirements. You may need to sign a loan agreement.
● Disbursement
Once you accept the loan terms, Access Bank will disburse the loan amount to your designated account or, in the case of specific loans like mortgages, directly to the seller or service provider.
● Repayment
Make regular loan payments according to the agreed-upon schedule. Access Bank will typically provide various methods for repayment, such as automatic deductions from your account.
Keep in mind that the specific steps and requirements can vary based on the type of loan and Access Bank’s policies.
Don’t forget to visit nairaCompare to get the best loan offers and savings options.
