With Mkobo Microfinance Bank, obtaining a guarantor and collateral-free loan has become remarkably easy. This reputable financial institution offers a convenient way for individuals and businesses to access loans without the need for complex requirements. Below is an overview of the various types of Mkobo MFB loans and how to access them with utmost ease.
An Overview of Mkobo MFB Loans Review
Mkobo Microfinance Bank, authorized by the Central Bank of Nigeria (CBN) and established in 2015, stands as a prominent player in the financial sector. The bank’s primary focus is providing accessible financial services to the public through innovative technology. Among the array of services offered, Mkobo MFB provides secured and unsecured loans to eligible individuals and businesses in collaboration with them.
Unlike traditional microfinance banks, Mkobo MFB exclusively conducts electronic transactions. This means that they solely accept transfers and do not deal with cash deposits. Embracing a cashless approach ensures that transactions are seamless, secure, and more convenient for all customers.
What are the types of Mkobo MFB Loans?
Basically, Mkobo offers all Nigerians a wide range of short-term loans to take care of both personal and business needs. These Mkobo loans include:
1. Emergency Loan
This product is solely for workers of companies that partner with Mkobo. To take out this loan, you will require your company’s unique Business Partner ID number. Just contact your HR for the number then you can use it to apply online for this loan.
What is the maximum and minimum amount of emergency loan I can obtain from Mkobo?
For emergency loans, you can borrow a minimum amount of N5,000, while your maximum limit is N50,000. Fortunately, there is no monthly salary limit requirement.
What is the loan tenor for Mkobo emergency loan?
Basically, for the emergency loan, Mkobo gives you a tenor of 30 days. Thereafter, they will deduct the amount due from your next salary. You don’t need any guarantor or collateral to borrow this loan.
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2. Personal Loan
This is one of Mkobo loans that are only available to working-class individuals who reside in Lagos. Basically, this package is for people who are seeking larger loans that have a longer payback duration. You can use it to take care of your personal needs like rent payments, family emergencies, school fees, car expenses etc.
Note that this loan is strictly for people who live in Lagos as the company doesn’t borrow loans do people residing or working outside Lagos state.
What is the maximum and minimum amount of personal loan I can obtain from Mkobo?
For the Mkobo personal loan package, you can borrow a minimum amount of N51,000, while your maximum limit is N500,000. Also, there is no monthly salary limit requirement and your monthly reimbursement can’t be over 33% of your salary per month.
What is the loan tenor for Mkobo personal loan?
Basically, for the personal loan package, Mkobo gives you a tenor of 6 months. Thereafter, you will need to pay back your loan from your salary account.
What are the eligibility requirements to obtain a personal loan from Mkobo?
To qualify for the Mkobo personal loan, you must fulfil these requirements:
- Have been in your current job for at least 6 months
- Be willing to provide a guarantor if requested
- Provide proof of your employment & be a confirmed staff of your organisation
- Have a valid work ID
What documents do I need to obtain a personal loan from Mkobo?
Here is a list of the important documents you need to borrow the Mkobo personal loan:
- A valid work ID
- Your recent salary slip for 3 months
- A valid official ID (This can be either your Passport, National ID, Drivers License, or Voters Card)
- Must provide your proof of address. This should be dated within the past 3 months.
- Recently authorised 6 months bank statements
- Must give a NUBAN cheque to cover your loan repayments
- A Guarantor (in some cases)
3. Micro & SME Loan
The Mkobo Micro & SME loan is only available to entrepreneurs who have their businesses located in Lagos. Basically, entrepreneurs can use this facility for their short-term cash flow needs or even purchase goods etc.
4. Emergency Loan
As the name implies, the emergency loan product is made for people who need cash as fast as possible. Usually, the application and disbursement process is usually quick so that eligible borrowers can get access to instant funds.
5. Short-Term Loan
The Short-term loan product is also meant to take care of your emergency needs, however, the loan duration is short. The loan tenor for this product is less than one year.
6. Personal Loan
You can obtain a personal loan to cover your needs on the Mkobo platform. Usually, the terms and conditions may vary depending on the amount of loan you want to borrow and what you need it for.
7. Payday Loan
Mkobo also gives you access to payday loans which you will have to repay when you receive your salary. Just like other loan products, this loan is also convenient and easily accessible.
8. Salary Advance
This loan product is strictly for working-class people who need urgent cash. Basically, employees can borrow a loan against their future salary to take care of an emergency.
7. Micro Loans
If you want to start a business or seek a small amount of money to boost your business, you can obtain a microloan to help you out.
8. Quick Loans
The Mkobo quick loans product offers you loans as fast as possible. Hence, as long as you meet the requirements and have a good credit score, you can access it.
9. No Collateral Loans
Just as the name implies, this product is one of the types of Mkobo MFB loans that lets you take out collateral-free loans. To apply for it, just contact the company.
10. Bespoke Loans
The bespoke loan product is customized to cater for your needs. Hence, the loan amount, terms and conditions, interest, as well as duration may vary depending on what you want.
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How can I apply for Mkobo Loans?
To apply for any of the Mkobo MFB loans, please just follow these steps:
1. Visit their official website, www.mkobo.com.ng
2. Next, tap on “loans”. Once it opens, search for your preferred loan product and click on “Apply Now”.
3. Lastly, fill out the Mkobo loan application form so they can start processing your loan immediately.
If you are eligible for the loan, the company will send you an offer letter stating your payment plan. Thereafter, you will receive the said loan amount within 24 hours. Alternatively, you can reach out to Mkobo on 0700 000 65626 or email them at info@mkobo.com.ng to apply for any loan product.
How can I contact Mkobo Microfinance Bank?
You can contact Mkobo Microfinance Bank via any of these ways:
Address: 3rd Floor, 13 Hughes Ave, Alagomeji-Yaba 101245, Lagos
Phone Number: 0700 0006 5626
Website: www.mkobo.com.ng
Email Address: info@mkobo.com.ng
Final Thoughts
Mkobo MFB loans are packages that offer customers access to instant credits to cover financial emergencies. This financial company is duly licensed by the Central Bank of Nigeria so it is definitely secure. Be sure to check out Mkobo if you are stranded financially.
