Access Bank is one of the renowned banks in Nigeria known for its loan services and efficient, technology driven transactions.
Like other banks in Nigeria it provides financial services to its customers and is known for offering loan facilities to customers at competitive conditions and interest rates. In this article, we will discuss in detail the Access Bank loan, including its types and the conditions to apply for them.
Types of Access Bank Loans
Access Bank offers various loan options to its customers. These can be broadly divided into Personal and Business loans. These loan options have different requirements, interest rates and repayment periods. In this article, we will look into some of the Personal loan options available to you as an Access bank customer and how you can apply for them.
1. Personal Loans
Access Bank offers a variety of loan options for her customers who need financial assistance for personal expenses. Detailed below are some of the personal loan options available to you if you are an Access bank customer:
A) Personal Salary Loan
Access Bank Personal salary loan is a salary administration loan product designed to assist salary earners who are Access bank customers meet their financial obligations by allowing them access to up to 50% of their annual salaries even without terminal benefits.
Features of Access Bank Personal Salary Loan
- Flexibility to meet individual needs.
- Loan amount up to 75% of net annual salary (for applicants with terminal benefit).
- Loan amount up to 50% of net annual salary (for applicants without terminal benefit)
- Up to 36 months tenure.
- Credit life insurance.
Requirements To Apply For Access Personal Salary Loan
- Completed Application Form.
- Completed Employee Status Inquiry/Employer’s Confirmation Form.
- Evidence of Confirmation (Letter of Confirmation, Last promotion letter etc.).
- Copy of Employment ID and valid means of identification.
- BVN
- Credit checks.
- Letter of Lien/Set off
Sometimes emergencies arise before payday and you might be low on cash. This is where PayDay Loan comes in. Payday Loan is an instant loan product for Access bank customers (both salary and non-salary earners). With Payday Loan, you can borrow money at a low-interest rate with no documentation or collateral needed.
With this facility you can get access to an instant loan by dialing *901*11#, *426*11# or via Internet Banking, WhatsApp Banking, Access Mobile App and QuickBucks App.
Features Of PayDay loan
- 24/7 service which does not require visits to the bank and application is done conveniently via *901*11#, *426#, QuickBucks App, Internet Banking, Mobile App.
- No documentation required.
- No collateral required.
- Up to 36 months tenure.
How To Apply For PayDay Loan
You can get access to this losn if you are an Access bank customer by simply dialing *901*11#, *426*11# with the phone linked to the account or via Internet Banking, WhatsApp Banking, Access Mobile App and QuickBucks App.
C) Salary Advance
Access bank Salary Advance loan allows customers who receive their monthly salaries via the bank to have access to funds before month end to attend to their needs.
Features Of Salary Advance
- 24/7 service which does not require visits to the bank and application is done conveniently via QuickBucks App or USSD code *901*11*1#
- No documentation required.
- No collateral required.
- Six(6) months tenor.
How To Apply For/ Get Salary Advance Loan
There are two ways to apply for and get this loan. They are as follows:
- Via USSD code *901*11*1#
- Or conveniently via QuickBucks App.
QuickBucks is a Mobile Banking Application of Access bank for digital loans. It is a platform for all loan products aimed at improving your borrowing experience – for retail Loans, Credit Card, Debit Card, Consumer Durable Loans and Device Financing loan requests.
D) Creative Sector Loan
The creative sector loan is a Central Bank of Nigeria initiative aimed at capacity building and employment creation for individuals and businesses currently into businesses such as fashion, music, movies, and computer technology.
Features Of Creative SectorLoan
- Low cost-single digit funding for your business.
- Flexible structure and repayment plans.
- Opportunity to achieve your long term business goals.
- Excellent financial advisory service.
How to Apply For Creative Sector Loan
- Prepare your business plan or statement on how much you want for your business.
- Go to any Access bank branch with the above mentioned document or apply online through our Creative sector loan portal
- Our Relationship officers will contact you for further discussion and process your loan request.
- The maximum interest rate of 9% per annum (all charges inclusive) is applicable on all loans.
- The repayment period is a maximum of:
a) 3 years for Software Engineering Student Loans
b) 10 years for Movie Production & Distribution, Fashion, Information Technology and Music.
E) Access Device Financing
Are you an Access bank customer and needs a new device upgrade? Then this loan option is available for you to consider which finances your purchase with a contract arrangement that includes a monthly airtime bundle.
Features Of Access Device Financing
- No collateral required.
- Free airtime bundles with MTN.
- Up to twelve months term.
How to get the Device Finance Loan
- Download the Quickbucks app from your app store
- Enter your email address and BVN linked phone number
- An OTP will be sent to you via SMS for verification. Upon verification, create an app password (used to log into the app) and PIN (used in transacting)
- Input personal details such as location, address, name, salary account name and number, BVN etc. Then agree/consent to terms and conditions
- Click on the ‘device finance’ console. Select the phone of your choice and fill in required details
- Click on ‘get this device’. Accept the T&C
- Customer receives a transaction code via mail with other requirements for pickup of device.
F) Advance For School Fees
Honestly, education is the most important investment you can make in your child’s tomorrow. Access bank Advance for School Fees scheme is designed to provide parents/guardians with short–term financing to cover tuition fees for their children/wards. It is also ideal for financing undergraduate study, postgraduate study and professional examinations.
Features Of Advance For School Fees Loan
- Ensures that your child’s education is not interrupted, due to unforeseen circumstances.
- Loan amount: up to N5million.
- Up to 6months repayment period.
Required Documents For Advance For School Fees
1.Salaried Customers
- Duly completed application form
- Duly accepted offer letter
- School fees bill / invoice in the name of the student. The bill should contain the total fee amount
- Valid ID card and recent utility bill (with the last 3 months)
2.) Non-Salaried Customers
- Duly completed application form
- Valid ID card
- 1-year Bank statement of corporate account
- CAC documents
- Recent Utility Bill (within the last 3 months).
- Duly accepted offer letter.
- School fees bill/ invoice in the name of the student. The bill should contain the total fee.
- Evidence of lien on treasury bill, fixed deposit on any money market investments. OR
- Receipt of acceptable guarantee (individual or corporate) and
- Statement of Net worth of guarantor.
Additional Documents for Out of Bank
- Executed NIBBS mandate form.
- Acceptable party guarantee of personal or corporate (Guarantor must maintain a salary or corporate account with Access bank) and
- Statement of Net worth of guarantor.
- Payslipsand 6 months statement.
- Letter of lien/set-off
How To Apply For Advance For School Fees
- Download the below listed forms and fill in with accurate information.
- Append your electronic signature (don’t know how to go about it? Very easy! Simply download any scanner app on your phone, scan your signature and save as image. Copy and paste the image on the form.)
- Send completed form and all required documents to:
- Access bank team picks it up and starts processing your loan.
- Loanis approved and offer letter is communicated for execution
- Uponreceipt of executed offer letter and all necessary documents available.
- Loanis disbursed into your account and immediately transferred to the school’s account.
- Presenttransaction receipt at school.
Documents to download For Application
- Retail Lending Application Form.
- PersonalGuarantee Form.
- Statementof Personal Networth.
- Corporate Guarantee
Download from the following website of Access bank.
https://www.accessbankplc.com/personal/borrowing/advance-for-school-fees
You can as well contact Access bank customer care unit for more information you may require.
Conclusion
Access bank is obviously a supportive bank to it’s customers when it comes to granting loans in view of various options of Personal and business loans the bank offers. In this article, we have looked at six options of personal loans available to Access bank customers. If you are an Access bank customer, do well to go through to identify the one that best suits your need. In the part 2 of this article we will look at further Personal loan options available in Access bank.
