In Nigeria, the need for a loan can arise at any point in one’s lifetime. Having a reliable source to obtain loans is crucial in such situations. Look no further than Access Bank loans, where your loan worries can be put to rest. Access Bank offers a range of loans designed to meet the needs of eligible Nigerian citizens. Continue reading to discover how easily you can get loans from Access Bank.
An Overview of Access Bank
Established in 1988, Access Bank has emerged as a prominent financial institution in Nigeria. With a remarkable track record spanning 26 years, the bank has earned a reputation as one of the most reputable banks in the country. Ranked among the top 5 largest Nigerian banks based on assets, deposits, branch network, and loans, Access Bank is committed to providing a wide range of financial, investment, and loan services to its esteemed customers.
Types of Loans Offered By Access Bank and How To Apply for Them
There are various types of Access bank loss available for you to borrow depending on what category fits you. Here is a comprehensive list of the various loans you can get from Access bank:
1. PayDay Loan
This is a quick digital loan product by Access bank that targets salary earners who fulfil the Access Bank risk acceptance criteria (RAC).
How do I apply for an Access Bank PayDay Loan?
You can apply for a fast Payday Loan via any of the following ways:
- Dial the simple Access bank USSD code *901*11#
- Download the QuickBucks mobile app. It is available on both the Google Play Store and the iOS App Store.
- Open the Access Mobile App and click on “ Loans & Investments”
- Visit the nearest Access Bank office.
What are the interest rates/fees for the PayDay Loan?
The interest rate for the Access PayDay Loan is about 10% – 11% for third-party customers (non-Access Bank customers). However, it attracts other charges like:
- 1% management fee
- 0.3% credit life insurance
Does my salary account have to be in Access Bank before I can apply for a PayDay Loan?
No, your salary account does not have to be in an Access bank to qualify for a PayDay loan. As long as your salary is processed through Remita, you are eligible to apply for a PayDay Loan. However, once you apply for this loan Access bank will automatically open an account for you. The loan tenor for the PayDay loan by Access bank is 30 days.
2. Salary Advance loan
This an Access bank loan that targets salary earners who have their salary account with Access bank and fulfil the Access Bank risk acceptance criteria (RAC).
How do I apply for a Salary Advance Loan?
You can apply for an Access bank Salary Advance Loan via any of these ways:
- Dial the quick USSD code *901*11#
- Download the QuickBucks app. It is available on both the Google Playstore and iOS App Store.
Does my salary account have to be in Access Bank before I can apply for a Salary Advance loan?
Yes, you need to have your salary account in Access Bank to qualify for this loan. Also, this account must be active for a minimum of 6 months.
What are the rates/fees for Salary Advance?
The interest rate for an Access bank Salary Advance loan is about 10% on reducing balance. Other charges taken upfront include:
- 1% management fee
- 0.7% credit life insurance
The Salary Advance loan tenor is 6 months or 180 days and the maximum loan amount you can receive is 200% of your monthly salary.
3. Creative sector loan
The loan scheme is brought by the Central Bank of Nigeria and aims to create more employment for both individuals and businesses that are currently doing any of these:
- Fashion
- Movie Production
- Music
- Information Technology
- Software Engineering Student Loan
- Movie Distribution
To apply for the Creative sector loan, just reach out to your Account Officer or go to any Access Bank branch near you.
What is the tenor for the product?
The tenor varies based on tiers, however, the maximum tenor is about 10 years and has a specific interest rate of 9%.
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4. Access Device Financing
This kind of loan gives you support to upgrade your device and pay it back in instalments. Basically, Access bank funds the purchase while you pay them back. You can access this loan on the Quickbucks mobile app.
5. Advance for School Fees
This loan scheme is specially designed to give parents/guardians short–term funding to take care of the tuition fees of their children/wards. Also, it is ideal for funding undergraduate study and postgraduate studies.
What documents do I need to get an Advance for School Fees loan from Access bank?
Here’s a brief breakdown of the documents you need to take out this loan:
For Salaried Customers:
- Duly completed application form
- School fees bill / invoice in the name of the student. This bill should state the total fee amount
- Duly accepted offer letter
- utility bill (with the last 3 months)
For Non-Salaried Customers:
- Completed application form
- 1-year Bank statement of corporate account
- Valid ID card
- Recent Utility Bill (within the last 3 months).
- CAC documents
- School fees bill/ invoice in the name of the student. This bill should state the total fee.
- Duly accepted offer letter.
- Evidence of lien on fixed deposit, treasury bill on any valid money market investments. OR
- Receipt of acceptable guarantee (either individual or corporate)
- The statement of the Net worth of the guarantor.
How can I obtain an Advance for School Fees loan from Access Bank?
1. Visit the Access bank website, www.accessbankplc.com, open the menu and click on “Personal” and then “Borrowing”
2. Next, scroll down and find the “Advance for School Fees” tab then click on it. Once it opens, tap “Get Started”
3. Thereafter, download the forms attached and fill it out with accurate information.
4. Lastly, send the completed form as well as the required documents as mail to schoolfeesadvance@accessbankplc.com
6. Vehicle Finance
The Access bank vehicle finance loan enables you to own a vehicle easily. Basically, this product allows you to acquire a vehicle and pay it back in a convenient manner.
What documents do I require to obtain a vehicle finance loan?
Here is a list of the necessary documents to get this loan:
- Completed application form
- Credit Checks
- Pro forma invoice gotten from any of Access Bank-approved vendors. It should be addressed as “Access Bank/Customer’s name”
- Vehicle Inspection report & agreement (For only pre-owned vehicles)
- Blank transfer of ownership Form
- An accepted offer letter and term sheet
How can I get a Vehicle Finance Loan from Access bank?
1. Go to the Access bank website, www.accessbankplc.com, open the menu and tap on “Personal” and then “Borrowing”
2. Next, scroll down and find the “Vehicle Finance” tab then click on it.
3. Once it opens, scroll down and fill out the Interest form then submit it.
7. Home Loan
This mortgage product is specially designed to offer financial assistance for the acquisition of properties that have been completed as well as properties that are still under construction.
What documents do I need to obtain a Home loan from Access bank?
To obtain a Home loan from Access bank, you need these documents:
- Completed Mortgage Application Form
- Letter of offer from the property seller.
- Employer’s Confirmation Form or Employee Status Inquiry
- Title document of the property.
- Valuation report from any of Acces Bank’s approved property valuer
- Credit checks.
- Search report
To access the Access bank home loan, simply visit the nearest Access bank office close to you and apply for it.
8. W Power Loan
The Access W power loan helps women’s Health and overall well-being by promoting financial freedom. It is further divided into subcategories, which include:
- Term Loan: This is a loan for both asset acquisition and infrastructure upgrades. Basically, you can this loan to purchase fixed assets, machinery, as well as the equipment you need for your business.
- Working Capital: You can use this loan to buy raw materials or pay off other everyday operating costs of the business.
What is the loan tenor for the W Power Loan by Access bank?
The W Power Loan by Access bank offers borrowers a loan tenor of 12 – 36 months. Also, for a business to be eligible for this loan, it must have a minimum of 50% female ownership. To learn more about the Access W Power Loan and how to get it, call 1-2273005.
9. Maternal Health Service Support (MHSS)
The Maternal health service support by Access bank is designed to support women going through fertility challenges. The loan assists women to be able to afford fertility treatments.
What documents do I need to get Maternal Health Service Support (MHSS) by Access bank?
Here is a list of the important documents you need to take out this loan:
- Completed application form.
- Executed Employee Status Inquiry/Employer’s Confirmation letter or last promotion letter.
- Copy of Employment ID
- Domiciliation of Salaries/ Business Proceeds.
- Valid means of identification.
- Medical bill.
- Your BVN
- Credit checks.
How can I apply for the Maternal Health Service Support loan by Access bank?
- Go to the Access bank website, www.accessbankplc.com, open the menu and tap on “Personal” and then “Borrowing”
- Next, scroll down and look for the “Maternal Health Service Support” tab then click on it.
- Fill out the application form correctly and submit it immediately.
Related Article – Zenith Bank Loans – Everything You Need to Know
10. Access More Mileage
Get instant funding for a brand-new car for as cheap as ₦170,000 every month. You pay this amount every month to get your dream car.
What documents do I need to get the Access More Mileage product?
To get this product, you need the following documents:
- Application Form
- Pro-forma Invoice stated in the name of “Access Bank Plc. / Customer”
- Letter of Introduction (for Access bank salaried customers)
- Valid means of identification
- Domiciliation of your salary account with Access Bank (for Accesss bank salaried customers)
- Your Employer’s Confirmation and Undertaking Form
- Recent Payslips / Salary Bank Statements (for salaried customers)
- A recent 2-year audited/management account (for entrepreneurs)
- Bank Statements from different banks (for entrepreneurs)
- Personal Guarantee of a director of the corporation (for only corporates)
- Board Resolution (for only corporates)
For additional information on how to get the Access more mileage loan, call 01-2712005-7 or just email – AsianCorporateVictoriaIslandTeam1@ACCESSBANKPLC.com
What’s the interest rate and fee for the Access More Mileage scheme?
The interest rate for this loan scheme is 18% while the management fee is 1%. The Credit Life Insurance fee (to insure your vehicle) is 0.75%.
11. Cash-Backed Loan
As an Access Bank customer, you can use the Cash Backed Loan to get fast cash. However, this is only open to Access bank customers who have investments with them that are yet to mature. Just dial *901*11*2# to access this loan.
What is the loan tenor for the Access bank Cash-Backed Loan?
The Cash-Backed loan tenor is very flexible with a maximum loan tenor of 12 months. Also, the maximum loan amount you can get under this loan scheme is ₦10,000,000.
12. Small Ticket Personal Loan
This is one of Access bank loans that is a quick digital product targeted at salary earners in Access Bank who fulfil the risk acceptance criteria (RAC).
How do I apply for a Small Ticket Personal Loan from Access Bank?
You can apply for an Access bank Small Ticket Personal Loan via any of these ways:
- Dial the Access Bank USSD loan code *901*11#
- Download the QuickBucks on the Google Playstore or App Store.
- The Access bank website.
What is the interest rate on the Small Ticket Personal Loan?
The interest rate for Salary Advance is just 10% on reducing the balance. However, there are other charges which are taken upfront. They include:
- 1% management fee
- 1% credit life insurance
What is the tenor for a Small Ticket Personal Loan?
The loan tenor for this loan is 12 months or 360 days. Also, the maximum amount of loan you can access is 400% of your monthly salary.
13. Access Agent Loan
It is a fast digital loan product that is solely for Access CLOSA Agents. With this product, Access agents can access up to N1 million instantly. As an Access agent, you can apply for this loan via the CEVA mobile application.
14. Eazy Buy Finance Scheme
This Access bank loan is designed specifically to give you access to purchasing Nissan cars. Basically, it is more like a “buy now pay later” scheme. The bank helps you to buy a Nissan car while you pay it back in instalments.
15. Lending Against Turnover (LATO)
LATO is a fast loan product solely for non-salary account holders who have had an active bank account with Access bank for at least 6 months. If you fit this description, you can apply for the LATO loan by dialling *901*11#.
16. Consumer Asset Lease
This product gives you instant access to a broad range of household items and electronics for you to pay back conveniently over 24 months. The financeable assets you can acquire include:
- Generators
- Solar Panels
- Inverters & batteries
- Laptops
- White goods
- Electronics
To access this loan, just visit any Access bank branch close to you.
What is the interest rate on Access bank loans?
There are different types of Access bank loans. Hence, the interest rate varies depending on the type of loan you want to apply for. Read the details above to get a breakdown of the interest rate for each loan type.
Customer Reviews on Access Bank App (August 2023)
Positive Reviews
Mbata Chibuzo – “Precision!!! At first I was discouraged by the not so accurate reviews but decided to download anyways. Honestly I have these to say. If you’re having issues logging in, just do a password reset. Its got…… Better Graphic User Interface (gui) Well organised subsections. Speed of transactions would definitely be affected by network service providers. Amazing Overview/Home/dashboard view. For the first time I was really impressed with a banking app update. A lot of RnD went into this. ✅”
Emeka Gerald – “Honestly, I prefer this app to the Access More app. I really don’t know why you guys want to take to take this down. This app saves receipts easily in picture format while Access More saves receipts in PDF format which I find not interesting. Also, this app is less complex when compared to Access More. Well, it’s finally up to you guys”
christopher uchenna judah – “Completely superb! The graphic user interface is “user-friendly”. It enlightens me while I use it. It’s completely an upgrade if the responses will be either greater or equal to the former app.. It’s a good one, I like it”
Negative Reviews
Emmanuel Dalyop – “Since I installed the app on my new device I’ve not been able to login it keeps popping up a network error message. This has been going on for 3 months now. To add to that I can’t make transactions using the ussd code, it takes about 20 attempts and over 15 minutes just to buy airtime using the ussd code not to talk about making a transfer. Please if I can get assistance to this issue I’d love it.”
Arinze Anakor – “It’s not easy to have an app without any form of bugs but some bugs are very annoying, especially one that should be too easy to notice! I simply can’t use this app after updating to the latest version. It kept loading… after a long time and I continued with the transfer. At a point it says netwrok error and all I see afterwards is a blank white screen. I deleted and reinstalled the app, now at the point where I should confirm to make a transfer it will say my session has expired.”
Neo Angelo – “This app is a total trash I mean I can’t even log in, each time I try, it’s always “no internet connection” and I have a lot of data What kinda bug is that, it’s very annoying and frustrating. If you guys would look into this, this app is for daily transaction it’s not meant to have his kinda bug. Pls fix it”
How can I contact Access Bank?
To contact Access bank immediately, use any of these ways:
Email Address: contactcenter@accessbankplc.com
Phone Number: + 1-2802500, 07003000000 or visit any Access bank branch close to you
Website: www.accessbankplc.com
Bottom Line
There are various Access bank loans you can obtain to cater for your needs. However, you must be eligible for the loan category you are applying for. Go through the information above to learn about the various types of Access loans, how to apply for them, and what makes you eligible for them.
