How to get a Loan from Access Bank Nigeria with or without Collateral

If you are looking to get a loan from Access Bank Nigeria, this guide will provide you with all the information you need as Simple as ABC.

What is Access bank?

Access Bank is one of the largest banks in Nigeria, with a long history dating back to 1989. It was founded in 1989 and today, it is a leader in the Nigerian banking industry.

Access Bank has over 250 branches and offers banking services to customers in more than 10 countries. The bank offers retail, corporate, and commercial banking services as well as access to a variety of financial products and services such as loans, mortgages, investments, and foreign exchange.

What types of loans does Access bank offer?

Access bank offers different types of loan options, these include:

1. Personal Loans: Personal loans are designed to help borrowers meet their personal financial needs. With Access bank, you can apply for a loan with flexible repayment terms and competitive interest rates.
2. Business Loans: Access Bank offers small business loans to entrepreneurs who need financing to start or grow their business. These loans offer competitive rates and flexible terms.
3. Vehicle Loans: Vehicle loans are designed to help borrowers purchase cars and other motor vehicles. Access Bank offers competitive interest rates and flexible repayment terms on vehicle loans.
4. Home Loans: Home loans from Access Bank help borrowers purchase or refinance homes. These loans feature competitive interest rates and flexible repayment terms.
5. Education Loans: Access Bank provides education loans for students who need financial assistance to attend college or university. These loans are offered at competitive rates and with flexible repayment terms.
6. Agricultural Loans: Agricultural loans from Access Bank are designed to help farmers and agricultural businesses acquire the funds they need for their operations. These loans feature competitive interest rates and flexible repayment terms.
7. Short-term Loans: Short-term loans are designed to provide temporary financial relief in times of need. These loans feature competitive interest rates and flexible repayment terms.

Read: Top 10 Financial Business Loan Banks and Companies in South Africa

What are the requirements for getting a loan from Access bank?

1. You must be 18 years of age or older.
2. You must be a resident in Nigeria.
3. You must have a valid government-issued photo ID such as a driver’s license, international passport, or national identity card.
4. You must have a verifiable source of income.
5. You must have a good credit history and credit score.
6. You must have a current and active bank account.
7. You must have collateral (if required) to secure the loan.
8. You must submit all other necessary documents as requested by the Bank or it agents

What are the repayment terms for a loan from Access bank?

The Repayment terms for a loan from Access Bank vary depending on the type of loan and the amount. Generally, most loans are repaid within 12-72 months. Repayment periods can range from 6 to 48 months depending on the purpose of the loan.

For example, Access Bank’s personal loans are typically repaid over a period of 12 to 36 months, while home loans are usually repaid over a longer period of time, such as 15 to 20 years.

When it comes to making payments, you have several options. You can make payments through your bank account or directly at the bank’s branches. You can also make payments via an online transfer or through automated teller machines (ATM).

Access Bank also offers a variety of flexible repayment plans for its customers. You can choose to make one lump sum payment or pay in installments, allowing you to manage your finances better.

In addition, if you find yourself in financial difficulty, Access Bank provides hardship options to help you get through tough times. This includes deferring your loan repayments for up to three months or restructuring your loan.

It’s important to remember that loan repayment terms are subject to change depending on your credit score and other factors. Be sure to read all the terms and conditions before signing any loan documents.

What are the interest rates for a loan from Access bank?

Access Bank offers a variety of loan products, each with its own interest rate. Generally, the interest rate for a loan from Access Bank ranges from 6.75% to 24.00% depending on the type of loan you are applying for.

It is important to note that Access Bank does not charge any upfront fees associated with taking out a loan. You should also be aware that the actual interest rate you are offered may be higher or lower than the advertised rates, depending on your individual circumstances.

What are the fees associated with a loan from Access bank?

Are there any fees associated with Access Bank loans? Yes. The fees vary depending on the type of loan you are applying for and may include an origination fee, late payment fees, and penalty fees.

An origination fee is a one-time fee that covers administrative costs such as processing and underwriting the loan. The amount of this fee varies depending on the amount of the loan and may be as high as 4%.

Late payment fees may be charged if you fail to make your payments on time. The late payment fees range from 5% to 10% of the outstanding balance. Penalty fees may be charged if you fail to meet certain terms of the loan agreement. These fees can range from 2% to 5% of the amount borrowed.

How to apply for a loan from Access bank

1. Online: You can apply for a loan from Access bank online via the bank’s website or mobile app. All you need to do is provide your personal and financial details, choose the type of loan you need, and submit your application.
2. Offline: You can also visit a local Access bank branch and apply for a loan in person. All you need to do is bring the required documents and fill out an application form with the assistance of a loan officer.
3. Over the phone: You can also call Access bank customer service on 0800 CALL ACCESS (0800 225 52237) and apply for a loan over the phone. You will be required to provide your personal and financial information, choose the type of loan you need, and answer questions related to your ability to repay the loan.
4. Through third-party agents: You can also get a loan from Access bank through third-party agents such as loan brokers and financial advisors. These agents can help you get the best deal available and also assist with any paperwork needed to process the loan application.

Frequently Asked Questions (FAQ)

How do I borrow money from Access bank?

Getting a loan from Access Bank is a relatively straightforward process, but it require some preparation.
The first step is to decide what type of loan you need. Access Bank offers several types of loans, such as personal loans, business loans, car loans, and home loans. Each type of loan has its own requirements and terms.

Once you’ve determined the type of loan you need, the next step is to apply for the loan. As I have mentioned earlier, You can apply online or visit your nearest Access Bank branch. In order to apply, you’ll need to provide basic information, such as your name, address, contact details, employment history, bank account details, and income details. Depending on the type of loan you’re applying for, you may also be required to provide additional documents, such as proof of identity, proof of residence, and proof of income.

After your application is approved, the loan will be disbursed and you will receive the funds.

If you have any questions about borrowing money from Access Bank, you can contact the customer service team directly. The team is available 24/7 to answer any questions or concerns you may have. With their help and support, you can easily get a loan from Access Bank and manage it responsibly.

How do I know I qualify for any Access bank loan?

The first step to finding out if you qualify for any Access Bank loan is to review the bank’s eligibility requirements.

Generally, the bank requires that you have a good credit score, stable income and employment, sufficient collateral, and an acceptable debt-to-income ratio.

Additionally, depending on the type of loan you are seeking, you may need to meet certain requirements such as having a minimum amount of savings or providing proof of a down payment.

After meeting all the requirements, you should then submit your application for consideration. If approved, you will receive a loan offer with the terms and conditions included.

What is the code to borrowing from Access bank?

The code for borrowing instant loan from Access bank is *901*11#. This USSD code allows you to apply for loans and access other banking services from Access Bank.

You can use another USSD code to borrow money from Access Bank by  simply dialing *426*11# from your register mobile phone number, then follow the on-screen instructions to apply for a loan.

Once your loan application is approved, you can expect to receive your funds in minutes. It’s quick, easy and secure.

Conclusively, You can use the *901# code to manage your loans, check your loan balance, make payments and access other banking services like transfers and bills payment.
So if you need to borrow money from Access Bank Nigeria, the *901# USSD code is your go-to option.