8 Of The Best Types of loans offered by Access Bank

In this article, we’ll walk you through the main types of loans offered by access bank, how to be eligible and how to apply. Stay tuned!

Did you know that 27 per cent of Nigerians across different income categories use loans to achieve big dreams like buying homes or starting businesses? 

Access Bank is one of Nigeria’s biggest banks, with over 600 branches across 12 countries, and provides different types of loans to help people and businesses reach their goals. They have loan options made to fit each person’s needs, whether you’re planning to buy a car, grow your business, pay for your children’s education, etc. Their loan provides easy terms and fair rates to make your goals possible. 

Types of loans offered by Access Bank

Personal Loan

Access Bank’s Personal Loan lets you take steps toward your goals, which may be to fund a new project, handle unexpected expenses or support any other personal plans. You can borrow up to 75% of your net annual salary (for those with terminal benefits) or 50% (without terminal benefits) with repayment terms of up to 36 months and credit life insurance included.

Source: Access bank official website

What are Terminal benefits and non-terminal benefits?

Terminal benefits are payments that employees get when they leave a job, like retirement money, while Non-Terminal Benefits mean there are no extra payments given when you leave your job. For example, if you leave a job without retirement,  you have non-terminal benefits.

Eligibility & Application

To apply for the Access Bank Personal Loan, here’s what you need:

• Completed Application Form: Download the form from the Access Bank website or You can use the website to submit your details and fill them out completely.

• Employee Status Inquiry/Employer’s Confirmation Form: This confirms your employment and salary details.

• Proof of Employment: Provide a confirmation letter, last promotion letter, or similar document.

• ID and Proof of Employment: Include a copy of your employment ID and valid means of identification (e.g., driver’s license, passport).

• BVN (Bank Verification Number): This ensures your details are securely verified.

• Credit Checks: Access Bank will perform a credit check to assess your eligibility.

• Letter of Lien/Set-off: This is an agreement that allows Access Bank to recover the loan if necessary.

You can also download and fill out the form on Access Bank’s website to get started on your path to financial flexibility.

Payday Loan

Access Bank’s Payday Loan is designed for times when unexpected expenses come up before payday. With this instant loan, you can quickly access funds without needing documentation or collateral. It is available to both salary earners and non-salary earners; this loan option is perfect for emergencies in letting you borrow money at a low interest rate.

Source: Access bank official website

Eligibility and Application Process

• Convenient Application: Apply anytime, anywhere via 90111#, *426#, QuickBucks App, Internet Banking, Mobile App, or WhatsApp Banking.

• No Documentation: No paperwork needed for approval.

• No Collateral: No need to provide assets as security.

• Flexible Tenure: Repayment terms are available for up to 36 months.

Salary Advance 

Source: Access bank official website

Access Bank’s Salary Advance lets you access funds before your salary is paid. This loan is ideal for emergencies or short-term expenses, as it allows you to get a salary advance without documentation or collateral. Plus, with a 10% interest rate reduction for salary account holders, you enjoy additional savings.

Eligibility and Application Process

• 24/7 Convenience: Apply anytime through the QuickBucks App or by dialing 90111*1#.

• No Documentation or Collateral: Easily accessible without the need for paperwork or assets.

• Six-Month Tenure: Flexible repayment period of up to six months.

Creative Sector Loan

Access Bank’s Creative Sector Loan provides affordable funding to support businesses in Nigeria’s creative industries, such as fashion, IT, movie production, distribution, music, and software engineering. Designed to empower creative professionals, this loan offers low-interest rates and flexible repayment terms, helping creative entrepreneurs grow and reach long-term business goals.

Source: Access bank official website

Features

• Low-Cost Funding: Single-digit interest rate, capped at 9% per year including all charges.

• Flexible Repayment: Tailored repayment periods up to 3 years for Software Engineering Student Loans and up to 10 years for other sectors.

• Financial Advisory Support: They provide expert guidance to help you make the most of your loan.

Eligibility and Application Process

• Prepare a Business Plan: Clearly outline your funding needs and business goals.

• Visit an Access Bank Branch: Bring your business plan to the nearest Access Bank or apply online through the Creative Sector Loan portal.

• Loan Processing: Access Bank’s relationship officers will contact you for further discussions and process your loan application.

Access Device Financing

Access Bank’s Device Financing allows you to upgrade to the latest device with an easy repayment plan and no collateral needed. Plus, you enjoy free airtime bundles through MTN, making it a convenient way to stay connected while paying off your device over time.

Features

• No collateral is required: You can access their loans without needing to secure assets.

• Free Airtime: You may receive monthly airtime bundles with MTN.

• Flexible Repayment: You can repay the loan expandable up to a 12-month repayment term.

Source: Access bank official website

Eligibility and Application Process

• Download QuickBucks: Get the app from your app store.

• Register: Enter your email and BVN-linked phone number to verify, then create a password and PIN.

• Provide Personal Information: Fill in details like your location, address, and salary account information.

• Select Device: Go to the “Device Finance” section, choose your desired device, and agree to the terms.

• Complete Application: Submit your details to receive a transaction code and further instructions for device pickup.

Advance for School fees 

Access Bank’s Advance for School Fees offers financial support to cover your child’s education expenses from primary school to university and even professional courses. This service is designed for both salaried individuals and business owners to provide the resources needed to invest in your child’s future.

Source: Access bank official website

Features

• Loan Amount: You can borrow up to NGN 20 million

• Repayment Term: You can also spread your payments over 12 months.

• Flexible Repayment: Tailored to fit your budget, with refinancing available if you’ve already paid out of pocket

• Competitive Interest Rate: This is designed to be affordable for your interest.

Eligibility and Application Process 

For Salaried Employees

• Application Form: You must fully complete your application form and get it signed 

• Tuition Bill: Proof of school fees is required

• Valid Identification: Like a passport or national ID

• Recent Bank Statement: Showing your salary account activity

• Signed Loan Agreement: Offer letter and term sheet from Access Bank

• Refinancing Proof (if applicable): Receipts showing prior payment to the school

For Business Owners

i. Application Form: You must fully complete your application form and get it signed 

ii. Tuition Bill: Proof of school fees required

iii. Valid Identification: Like a passport or national ID

iv. One-Year Bank Statement: Showing activity on your business account

v. Business Registration Documents: You must submit proof of your business’s legal registration

vi. Guarantor Form: With a notarized statement of net worth (for individuals)

How to Apply

i. Fill Out the Application: Download the form, add your electronic signature, and fill in all details.

ii. Email Your Application: Send the completed form and documents to schoolfeesadvance@accessbankplc.com.

iii. Review and Approval: Access Bank’s team will review your application. Once approved, sign the offer letter to confirm.

iv. Fund Transfer: The approved loan amount is transferred directly to the school’s account.

Home Loan

Access Bank’s Home Loan provides a straightforward way to finance your dream home. Whether you’re a salaried employee or a business owner, this mortgage loan provides you with the financial support needed to purchase a completed home or a property under construction.

Source: Access bank official website

Key Features

i. Eligibility: Available to you as either a salary earner or a business entrepreneur.

ii. Location Coverage: You can Access properties in all state capitals and select city centres across Nigeria.

iii. Equity Contribution: A minimum of 20% down payment is required.

iv. Loan Tenor: You can enjoy up to 20 years of repayment based on your age.

v. Insurance Protection: Includes asset protection and credit life insurance to give you peace of mind.

vi. Competitive Rates: It’s designed to make your repayments affordable.

Eligibility Criteria and Application Process

i. To qualify for the Access Bank Home Loan, you need to meet the following requirements:

ii. Employment or Business Status: It’s available to both salaried employees and business owners.

iii. Equity Contribution: You’ll need a minimum down payment of 20% of the property value.

iv. Property Location: The loan covers properties in all state capitals and select city centres in Nigeria.

v. Age and Tenor: Loan repayment terms extend up to 20 years, depending on your age.

Application Process

Complete the Mortgage Application Form: Begin by filling out the Mortgage Application Form, which is available on the Access Bank website or at any branch.

i. Provide Employment Verification (If Salaried): For employees, an Employee Status, An inquiry or Employer’s Confirmation Form is required to verify your job status.

ii. Gather Property Documents: You’ll need a Letter of Offer from the property seller, title 

documents, and a valuation report from a bank-approved estate valuer to confirm the property’s value.

iii. Submit the Search Report and Credit Check: These reports help verify the property’s status and ensure you meet the bank’s credit requirements.

iv. Apply at Any Access Bank Branch or Online: You can submit the form and documents at any Access Bank branch. Alternatively, you can begin the process online for greater convenience.

v. Receive Approval and Loan Disbursement: Once approved, Access Bank will disburse the loan directly to the property seller’s account.

Maternal Health Service Support (MHSS) Loan

Source: Access bank official website

Access Bank’s Maternal Health Service Support (MHSS) loan is designed to support women through significant health challenges, particularly during fertility treatments, pregnancy, and various related health issues. The loan helps alleviate the emotional and financial burdens many families face while trying to conceive and helps to give quality treatment.

Key Features of MHSS

i. No Loan Fees: The loan comes with no additional fees, making it easier for families to focus on their health needs.

ii. Subsidized Interest Rates: Access Bank offers highly subsidized interest rates to ensure the loan is affordable.

iii. Flexible Repayment Plans: You can repay the loan at a pace that suits your financial situation.

iv. Loan Amount: Access up to ₦10 million for medical procedures related to fertility, maternal health, and other treatments.

v. Exclusive Partner Network: The loan grants access to a network of partner fertility clinics, hospitals, and health service providers across Nigeria.

vi. Different Health Services: The MHSS loan supports treatments beyond fertility and natal care, including Fibroid Treatments, Dental & Optical Surgeries, Orthopedic Procedures, Bariatric (Weight Loss) Surgeries, Pediatric Care, Cancer Treatments etc.

Eligibility Requirements

• To qualify for the MHSS loan, applicants need to meet the following criteria:

• Completed Loan Application: Fill out and submit the MHSS loan application form.

• Proof of employment with Salary Domiciliation or Business Income Proceeds.

• An Employee Status Inquiry/Employer’s Confirmation Form or last promotion letter.

• Valid Identification: Employment ID and another form of identification (e.g., passport, National ID).

• Medical Documentation: Provide medical bills and a referral letter from the hospital.

• Credit Check: A routine credit check will be conducted to assess loan eligibility.

• Guarantor (for Business Owners Only): If you are a business owner, you will need a credible guarantor.

• BVN: Bank Verification Number for security purposes.

Application Process

i. Fill out the Loan Application Form: Start by completing the MHSS loan application form online.

ii. Submit the Required Documents: Ensure you submit all necessary documents such as your medical bills, referral letter, and identity proof.

iii. Review and Approval: Access Bank will review your application and provide an offer based on your eligibility.

iv. Loan Disbursement: Upon approval, the loan will be disbursed directly to the hospital or fertility clinic, covering the treatment costs.

v. Repayment: You can enjoy flexible repayment options that suit your financial situation.

Conclusion 

Access Bank offers different loans to help you reach your goals, whether it’s buying a home, paying for school, or growing your business. With easy application, low interest rates, and flexible terms, these loans make it easier to achieve your dreams. Whether you need a personal loan or a loan for a home or business, Access Bank has a solution for you. Don’t wait. Start today and let Access Bank help you make your dreams come true.