Access Bank has different loan plan for each of its customers. You can now apply for loans through online platforms, mobile apps, USSD codes, and inside the branch services. However, you need to understand the available loan products and how to apply.
This article provides a detailed information about the various Access Bank loans including Personal Loans, Small Ticket Personal Loans, Payday Loans, etc. We’ve also include details like requirements, interest rate, how to apply, and more.
Here are Access Bank Loans and related information for each:
1. personal Loan
Access Bank’s personal loan is designed for both salary and non-salary earners. It allows customers to get quick funds without collateral.
You can get access personal loan by dialing *901*11#, *426*11#, or through the QuickBucks App, Internet Banking, Mobile App, and WhatsApp Banking. No documentation is required, and the service is available 24/7.
Interest Rate and Fees
Below are the interest rate and other associated fees
- Interest Rate: 12% for Access Bank customers; 13% for non-Access Bank customers.
- Management Fee: 1% of the loan amount, deducted upfront.
- Credit Life Insurance: 0.5% of the loan amount, deducted upfront.
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Requirements
Bellow are the requirements for access bank personal loan:
- Employment Status: Open to both salary and non-salary earners.
- Bank Account: An active bank account is necessary.
- BVN: A valid Bank Verification Number linked to your account.
- Phone Number: The phone number used for the application must be linked to your BVN.
- Existing Loans: No outstanding loans with Access Bank or other banks.
- Salary Evidence: For salary earners, evidence of salary payment in the previous month is required.
Loan Amount and Tenure:
- Maximum Amount: Up to 75% of your monthly salary, with a cap of ₦1,000,000.
- Tenure: 30 days or until your next salary payment, whichever comes first.
2. Payday Loan
If you’re a salaried employee, you can apply for a access bank payday Loan to cover various expenses. The loan amount can be up to 75% of your net annual salary (for applicants with terminal benefits) or up to 50% (for those without). The repayment tenure extends up to 36 months.
To apply, you’ll need to complete an application form, provide an Employee Status Inquiry/Employer’s Confirmation Form, evidence of confirmation (like a letter of confirmation or last promotion letter), a copy of your employment ID, a valid means of identification, BVN, and undergo credit checks
Features
Loan Amount
- Up to 75% of net annual salary for applicants with terminal benefits.
- Up to 50% of net annual salary for applicants without terminal benefits.
Tenure: Up to 36 months.
Credit Life Insurance: Included to cover unforeseen circumstances.
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Access Bank Payday Loan Requirements
- Employment Status: Must be a confirmed employee.
- Salary Domiciliation: Salary account must be with Access Bank.
- Minimum Net Monthly Salary: ₦100,000.
- Age: Between 21 and 58 years.
- Employment Tenure: Minimum of 12 consecutive months with current employer.
How to apply for access bank payday loan:
1. Complete the Application Form: Available at any Access Bank branch or on the official website.
2. Provide Required Documentation:
Valid means of identification (e.g., National ID, Driver’s License, International Passport).
Recent utility bill or other proof of address.
- Latest pay slips (not more than three months ago).
- Letter of employment or confirmation.
3. Submit Application: At any Access Bank branch or through your relationship manager.
Interest Rate and Fees
- Interest Rate: Competitive rates determined based on individual risk assessment and prevailing market conditions.
- Management Fee: 1% of the loan amount, deducted upfront.
- Credit Life Insurance Premium: 1% of the loan amount, deducted upfront.
Repayment:
- Monthly installments deducted from your salary account domiciled with Access Bank.
3. Lending Against Turnover (LATO)
LATO is designed for customers who maintain an average balance of ₦20,000 over six months. You can borrow up to 20% of your average turnover, subject to a maximum of ₦300,000, with a repayment period of 90 days. To apply, dial *901*11# or use the Access Mobile App.
Interest Rate and tenure
- Interest Rate: 13.99%
- Management Fee: 1% of the loan amount, deducted upfront
- Credit Life Insurance: 0%
Loan Amount and Tenure:
- Maximum Amount: Up to 20% of your average monthly turnover over the past six months, with a cap of ₦300,000
- Tenure: 90 days (3 months)
Requirements
- Account History: Active Access Bank account for at least six months
- BVN: Valid Bank Verification Number linked to your account
- Phone Number: The phone number used for the application must be linked to your BVN
- Existing Loans: No outstanding loans with Access Bank or other banks
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Once your loan request is successful, your Access Bank account is credited instantly. However, it may take up to 24 hours to process before disbursement into your account. In such an event, the bank will notify you of any delays.
4. Agent Loan
For Access CLOSA Agents, the Access Agent Loan offers up to ₦1 million to bridge liquidity gaps. Apply through the CEVA mobile application or the QuickBucks platform.
Features
- Loan Amount: Up to ₦1,000,000.
- Tenure: 2 days (48 hours).
- Interest Rate: Specific interest rates are not publicly disclosed.
- Penalty for Late Repayment: 1% flat per month on all unpaid obligations.
Requirements
- Status: Must be an authorized Access CLOSA Agent.
- Business Location: A visible and easily accessible business location.
- Working Capital: Minimum of ₦50,000.
- Identification: Valid ID such as Voter’s Card, Driver’s License, or National ID Card.
- Utility Bill: Recent utility bill.
- Business Registration: Required for corporate entities.
How to Apply for Access Agent Loan
- CEVA Mobile Application: Access the loan through the CEVA app designed for Access CLOSA Agents.
- QuickBucks Platform: Alternatively, apply via the QuickBucks app, available on Google Play Store and Apple Store, or through the QuickBucks online portal.
5. Creative Sector Loan
If you’re involved in the creative industry—such as fashion, information technology, movie production, or music—you can access low-cost funding through the Creative Sector Loan. Prepare a business plan detailing your financial needs and visit any Access Bank branch to apply. The interest rate is capped at 9% per annum, with repayment periods up to 10 years, depending on the sector.
Eligible Sectors
- Fashion
- Information Technology
- Movie Production and Distribution
- Music
- Software Engineering Student Loan
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Repayment Period
- Up to 3 years for Software Engineering Student Loans.
- Up to 10 years for Fashion, Information Technology, Movie Production and Distribution, and Music.
Requirements
Bellow are requirements for access creative Sector loan
- Must be a Nigerian-owned business operating within the eligible sectors.
- Provide a detailed business plan, including financial projections and economic benefits.
- For existing businesses, submit three years of audited financial statements; startups should provide a statement of affairs.
- Demonstrate a satisfactory credit history.
- Offer acceptable collateral, such as a legal mortgage or personal guarantee.
- Provide at least a 30% equity contribution, evidenced at the time of application.
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How to apply for access bank creative Sector loan
- Prepare a Business Plan: Detail your financial needs and how the loan will support your business objectives.
- Visit an Access Bank Branch: Submit your business plan and discuss your application with a relationship officer.
- Loan Processing: The bank will review your application and contact you for further discussions.
6. Small Ticket Personal Loan
If you’re a salary earner in Access Bank, the bank offers a Small Ticket Personal Loan that allows you to borrow up to 400% of your net monthly salary, with a repayment period of 12 months.
Features of the Small Ticket Personal Loan:
- Loan Amount: Up to 400% of your net monthly salary, with a maximum limit of ₦10,000,000.
- Tenure: 12 months.
- Interest Rate: low interest rate
- Fees: 1% management fee and 1.2% credit life insurance, both deducted upfront.
Eligibility: Minimum monthly salary of ₦30,000, with your salary account domiciled in Access Bank for at least six months.
Application Channels: Apply via the QuickBucks App or by dialing the USSD code *901*11*1#.
Interest Rate and Fees:
- Interest Rate: 5.2% monthly on the reducing principal balance.
- Management Fee: 1% of the loan amount, deducted upfront.
- Credit Life Insurance: 1% of the loan amount, deducted upfront.
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Requirements
Following are the requirements for the loan
- Salary Account: Your salary must be domiciled with Access Bank for at least six months.
- Minimum Salary: You should earn a minimum monthly salary of ₦100,000.
- Employment Status: You must be a confirmed employee, evidenced by a letter of confirmation or last promotion letter.
- Documentation: Completed application form, employer’s confirmation form, valid identification, and BVN.
Loan Amount and Tenure:
- Loan Amount: Up to 400% of your net monthly salary, with a maximum limit of ₦2,000,000.
- Tenure: 12 months (360 days).
Repayment:
Monthly installments are automatically deducted from your Access Bank salary account.
Early repayment is allowed without penalties.
How to Apply
Using the QuickBucks App:
- Download and install the QuickBucks App from the Google Play Store or Apple App Store.
- Open the app and register using your Access Bank account details.
- Navigate to the loan section and select “Small Ticket Personal Loan.”
- Follow the on-screen instructions to complete your application.
Using USSD Code:
- Dial *901*11*1# on your mobile phone.
- Follow the prompts to apply for the Small Ticket Personal Loan.
Important Considerations:
Existing Loans: Your eligibility may be affected if you have outstanding loans with Access Bank or other banks.
Repayment: Repayments are automatically deducted from your Access Bank account monthly.
Early Repayment: You can repay the loan before the end of the tenure without penalties.
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If you want to learn more about any of these loans you can do so here
