Here is a quick guide on how to get a loan in Nigeria for your Business.. If you have a killer business idea, don’t allow it to die, all you need is to find a startup capital to fund it. There are many sources of funding for your business idea, one of them is loan.
A loan can simply be defined as a thing either money or properties that is borrowed or lend, mostly a sum of money that is expected or ought to be paid back with interest.
In terms of finance, a loan is a debt provided by one entity (organization or individual) to another entity at an interest rate, and a signed evidenced or document by but parties which specifies, most require information’s such as: the principal (the amount of money been borrowed), interest rates e.g. 10%, and repayment date.
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Loan also entails the reallocation of the subject asset(s) for a period of time, between the two parties i.e. a lender and the borrower.
In the definition above you will notice that I highlight the term interest or interest rate. This is because most people in Nigerians seem to forget that they will have to pay certain amount of money as agreed rate as well as the principal when taking a loan.
Most time after taking a small loan (let’s say you take a loan of the about #100,000) you might end up paying twice the amount you actually borrowed due to the high interest rates. So when taking a loan from an organization or individual, always look out for the interest rate. The higher the interest rates of the loan, the higher the total amount you end up paying.
By now you should be thinking or asking the question “where can I get/access a loan?”.
Getting a loan from an organization or individual is not as difficult as most people think. The problem is mostly that of huge communication gap and knowledge gap between the lender and the borrower and not really unavailability of funds or unwillingness of the organization to give out loans.
In Nigeria you can get a loan form the following organization or individuals
This article is going to focus on how to take/get a loan from the banks in Nigeria and shall be limited to First bank Nigeria.
Please note that almost all bank are Nigeria give loans to customers and they all have their various polices, despite their differences, most of these policies are similar and this article will give you a general view/ concept of how to get a loan in Nigeria.
First bank Nigeria have various types of loan accessible to their customers based on some polices and like I said these policies may be similar for all their various types of loan. Such loans are:
After reading this I know you might be scared of the collateral policies, and you might be thinking or saying I don’t even have any property not to talk of a property with a government issued certificate of ownership.
But believe, there are other loans you can access without collateral such as CAR loan, you can receive a car loan form a bank without collateral because the car itself will be use as a collateral but mind you there are policies by the bank (the bank might require you to pay the cost of insurance for the car, this way if the car is stolen or had a accident the insurance company will refund the bank.
For further information you can contact you bank customer care office of you bank.
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