Chase Microfinance Bank loans; Interest Rate (4% – 15%)

Chase Microfinance Bank is a CBN licensed institution offering loans for multiple purposes in Nigeria.

 

Products

  • Micro loans – This is for entrepreneurs, traders and students to access for existing businesses. Micro lending is the provision of financial services for people who don’t have access to traditional financial services such as banks. The loans are aimed at individuals who were previously considered “unbankable” by larger banking institutions. These are borrowers who are possibly dealing in small amounts of money each day, living in hard-to-access areas, without credit histories or who don’t meet “traditional requirements” within the banking sector.
  • Group Loan – Chase Microfinance Bank group based loans are loan facilities designed for micro-enterprise operators, who do not have conventional collateral. These loans are up to ₦200,000 and have a short tenor. To supplement collateral requirements, the loans are secured partly by cash and partly by group guarantees. To access these types of loans one has be a member of registered and unregistered groups of 5-30 members. Group lending is where individuals borrow in the group by use of co-guarantee mechanism and any other appropriate securities accepted by the bank.
  • Asset Financing – The loan is for traders, artisans and low income earners in paid employment for acquisition of assets like generator, electronics, kitchen and other household products.

Pros

  • Flexible loan conditions
  • Competitive rate

Cons

  • Geographic restrictions to Lagos
  • Guarantor required
  • Low Maximum loan amount

Requirements

  • Letter of employment
  • Staff identity card
  • Pay slip
  • 6 months statement of account
  • Other forms of identification (National Identity card, international passport, etc)
  • Utility bill
  • Provide a guarantor
  • Loan period of 180days
  • Flexible repayment an arrangement
  • Comprehensive Insurance

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