Types of Loans Offered by Access Bank, Their Features, and Requirements

Access Bank offers a variety of loan options to meet your needs. Before you apply, it’s a good idea to understand the different types of loans offered by Access Bank; that way, you can choose the one that best fits your situation.

In this article, we’ll walk you through the types of loans offered by Access Bank, their features, and requirements so you can make an informed choice and get the funding you need.

How to be Eligible for a Loan from Access Bank

To qualify for a loan from Access Bank, you’ll need to meet a few basic requirements.

• Be at least 18 years of age. Access Bank requires all applicants to be of legal age.
• Have a steady source of income. You’ll need to provide proof of income from your job or business to show you can repay the loan.
• Have a good credit score. Access Bank will review your credit history and score to determine your eligibility and loan terms. The higher your score, the better your chances.
• Provide proper ID. You’ll need to give a government-issued ID like a driver’s license or passport to verify your identity.
• Have a low debt-to-income ratio. The less of your income that goes to existing debts, the more likely Access Bank is to approve your loan application.
• You must have an active bank account with Access Bank.

How to Borrow Money Using Access Bank Loan Code

As an Access Bank customer with an active account, you can always use the Access Bank loan code to borrow money from the bank.

This is a simple process that covers a few Access Bank loans such as the Payday Loan, Salary Advance, and Cash-Backed Loan. Simply dial *901*11*1# to borrow a loan from Access Bank and follow the prompts.

To borrow money from Access Bank using their loan code, follow these steps:

1. You must have an Access Bank account.
2. Register for Access Bank’s mobile banking.
3. Get a Mobile banking authentication PIN or Token.
4. Link your Mobile phone number that is linked to your Access Bank account.
5. Dial the access bank phone loan code, *901*11*1#.
6. Follow the prompt on your phone screen to request the type of loan you want.

Make loan payments on or before the due date each month to avoid late fees and penalties. Payments can be made online, through the mobile app, over the phone, or in person at a branch.

Types of Loans offered by Access Bank

An Access Bank loan is simply money you borrow from Access Bank and pay back over time with interest. Access Bank offers several types of loans for both personal and business needs.

When looking for a loan, Access Bank offers many options to suit your needs. Some of the major types of loans offered include:

Payday loan

A payday loan is a short-term, unsecured loan you can access quickly in an emergency. The Access Bank payday loan is a digital loan product that is available instantly to salaried individuals who match Access Bank’s risk acceptance criteria (RAC).

To qualify for a payday loan from Access Bank, you must:

• Be at least 18 years old
• Have a steady source of income
• Have a bank account

Features Of Payday Loan

• It is a 24/7 service that doesn’t require visits to the bank.
• The application can be done instantly by dialing *901*11#, QuickBucks App, Internet Banking, or Mobile App.
• No collateral is required.
• No documentation is needed.
• 36-month tenure.

Payday loans provide fast cash, but the interest rates are predatory. They should only be used occasionally and paid off quickly. Make a realistic budget, cut expenses, and find other ways to earn or borrow money before resorting to payday loans.

QuickBucks Loan

QuckBucks is a mobile banking application for digital loans. With access bank QuickBucks, you’ll find loan options meant to improve your borrowing experiences, such as credit cards, debit cards, retail loans, consumer durable loans, and device financing loan requests.

Loans you’ll find on QuickBucks access bank are:

• Salary Advance
• Payday Loan
• Device Financing
• Small Ticket Personal Loan

QuickBucks is an unsecured loan offered by Access Bank with a fast approval process and flexible repayment terms.

To qualify for QuickBucks, you’ll need:

• A steady source of income
• An existing account with Access Bank
• A good credit history
• Minimum age of 18 years

How To Sign Up On QuickBucks

Download the quickbucks app from either Google Play store or AStore. Input your email address and BVN registered phone number.

• You’ll get an OTP via SMS for verification.
• If the SMS fails, request that the OTP be sent through a voice call.

You can also use the app to request a push message, and QuickBucks will send an encrypted message to a short code. The message will be decrypted, and the validation process will be completed.

This feature is only available to customers who use a BVN-registered phone number for transactions.

After validating the OTP, generate an app password (to be used to log into the app) and a PIN (to be used when transacting).

Input personal data, such as:

1. Your Location.
2. First Name, Last Name, Other Name.
3. Date of Birth.
4. Occupation – Salaried or Self-Employed.
5. Place of work.
6. Bank Account Number.
7. Salary Bank Name.
8. Closest Branch.
9. BVN.
10. Salary Amount.

Then, Agree/consent to the Terms and Conditions.

QuickBucks provides funding when you need it, with reasonable interest rates and terms to suit your needs.

Personal loan

The Access Bank personal loan is a salary administration product that assists employees in achieving financial independence. This loan can be set up by companies to help their employees.

Some of the main features and requirements of a personal loan include:

Features of Personal Loan

• It is flexible enough to meet individual needs.
• Loan amount of up to 75% of net salary (applicable to applicants with terminal benefits).
• Loan amount of up to 50% of net annual salary (applicable to applicants without terminal benefit).
• 36-month tenure.
• Credit life insurance.

Requirements For Personal Loan

• A completed application form.
• Completed employee status inquiry/ employer’s confirmation form.
• Evidence for confirmation (letter of confirmation, last promotion letter, etc.).
• Copy of employment ID and valid means of identification.
• BVN.
• Credit checks.
• Letter for Lien/Set-off.

Home loan

Home Loan is an access bank interest-free loan designed to help you finance the purchase of complete properties as well as those that are still under construction.

Access Bank offers home loans with competitive interest rates and flexible repayment terms.

Features Of Home Loan

• It is available for salary earners and business entrepreneurs.
• It covers properties in Lagos, Abuja, and Port Harcourt.
• Minimum of 20% equity contribution.
• Up to 20 years tenor subject to the borrower’s age.
• Asset protection and credit life insurance.
• There is no provision for interest.

To qualify for a home loan from Access Bank, you will need:

1. Completed Mortgage Application Form.
2. Employee Status Inquiry/ Employer’s Confirmation Form.
3. Title document of the property.
4. Letter of offer from the property seller.
5. Valuation report from any of the Bank’s approved estate valuers.
6. Credit checks.
7. Search report.

The loan amount and interest rate you qualify for will depend on your credit score, income, loan-to-value ratio, and other factors. Access Bank offers fixed and variable interest rate options so you can choose a loan that suits your needs.

Creative sector loan

Creative Sector Loan is a Central Bank of Nigeria-sponsored access bank project created to enable capacity building and job possibilities for individuals and enterprises in any of the following sectors:

• Fashion
• Movie Distribution
• Music
• Software Engineering
• International Technology
• Movie Production

It offers:

• Flexible structure and repayments loans.
• Low cost-single funding for your business.
• Impressive financial advisory service.
• Opportunity to achieve desired long-term business goals.

To Qualify, you’ll need:

1. You must create a business plan or statement on how much you need for your business.
2. You have to visit any Access bank branch with the above-listed document or apply online via the Creative Sector loan portal.
3. The maximum interest rate of 9% per annum (all charges inclusive) applies to all loans.
4. Access Bank’s Relationship officers will contact you for more discussion and process your loan request.
5. The maximum repayment period is:

i) 3 years of Software Engineering Student Loans.

ii) 10 years for Movie Production and distribution, Music, Fashion, and Information Technology.

This loan provides much-needed funding for those in creative fields to turn their passion into a thriving enterprise. Talk to your Access Bank account officer today to start the application process. Expand your creative vision and take your business to the next level with the support of the Creative Sector Loan.

Salary Advance

The access bank salary advance loan saves you from unexpected expenses that arise before your salary is received. You can use access bank salary advance to receive a choice of loans geared to your specific needs. Simply open a payroll account, and you’ll enjoy a 5% interest rate decrease on loans.

Features Of Salary Advance

• 24/7 banking service that eliminates the need for visiting the bank and applications. Bank easily on QuickBucks App or USSD code to get a loan from access bank *901*11*1#.
• 6 months tenor.
• No documentation is needed.
• No collateral is needed.

Requirements

To qualify for Salary Advance, you need:

• A steady job with a verifiable income
• An account with Access Bank for at least 6 months
• No history of delinquent payments or defaults with Access Bank

The loan amount depends on your salary and repayment ability, usually up to 50% of your net monthly income. The loan is repaid automatically when your next salary payment is deposited, so you don’t have to worry about missing a payment.

Access Device Financing

If you require a new device, consider Access Device Financing. You’ll be able to pay for your purchase with a contract arrangement that includes a monthly airtime bundle.

Another thing to keep in mind is that Access Device Financing is a no-collateral access bank loan, and it’s a 12-month tenor.

How To Get Access Device Financing On QuickBucks

To get the access bank phone loan on QuickBucks, follow the steps below:

1. Download the QuickBucks App from the Google Play Store or App Store.
2. Enter your email address and BVN registered number.
3. An OTP will be sent to you through SMS verification. After verification, create a password and PIN.
4. Input your personal data like location, address, full name, BVN, etc. Then, accept their terms and conditions.
5. Click on ‘Device Finance.’ Select the phone of your choice and fill in the required information.
6. Click on ‘Get This Device’. Accept the T&C.
7. You’ll receive a transaction code in your email with other requirements for the pickup of the device.

The main benefits are affordable interest rates, flexible tenors, and the opportunity to own the latest tech devices. This can enhance your productivity and lifestyle.

Advance for School Fees

The Advance For School Fees loan from Access Bank is designed to provide parents/guardians with short-term funding to cover tuition fees for their children/wards.

This access bank student loan is also ideal for paying for undergraduate, postgraduate, and professional studies.

Features Of Advance For School Fees

• Loan amount of up to N5 million.
• Up to 6 months repayment period

Required Documents For Advance For School Fees

Salaried Access Bank:

• Properly completed application form.
• School fees bill/invoice in the student’s name. The bill should include the total fee amount.
• Valid ID card and recent utility bill (within the last 3 months).
• Properly accepted offer letter.

Non-Salaried Customers:

• Duly completed application form.
• Valid ID card.
• CAC documents.
• 1-year Bank statement of a corporate account.
• School fees bill/invoice in the student’s name. The bill should include the total fee amount.
• Recent Utility Bill (within the last 3 months).
• Accepted offer letter.
• Proof of lien on treasury bill, fixed deposit on any money market investments, or receipt of acceptable guarantee (individual or corporate) and statement of Net worth of guarantor.

Additional Documents for Out of Bank:

• Executed NIBBS mandate form.
• Statement of Guarantor’s Net Worth.
• Acceptable party guarantee of personal or corporate (Guarantor must keep a salary or corporate account with Access Bank) and
• Letter of lien/set-off.
• Payslips and 6-month statement.

The loan amount depends on your net monthly income and repayment ability.

Cash-Backed loan

Access Bank Cash-Backed Loan is an instant loan designed for Access Bank customers who have qualifying Fixed Deposit investments with the bank and meet the bank’s Risk Acceptance Criteria (RAC).

You can get money quickly with a Cash Backed Loan. It is provided to customers who have investments that haven’t matured with the bank. Simply dial the loan access bank code *901*11*2.

Some key features of this loan are:

• Low interest rates as your funds act as security.
• Flexible repayment options
• The loan amount depends on the value of the securities pledged.
• No income proof is required as your funds act as collateral.

How To Request For Cash Backed Loan

• You can request for this loan by dialing the code for access bank loan *901*11*2#.

How Much Can You Borrow With a Cash-Backed Loan?

The maximum (qualifying amount) that customers can obtain with this loan is 85% of the amount invested with the bank.

However, the maximum loan amount available under this scheme is? 10,000,000 (ten million naira). Customers who have numerous active assets can determine their eligibility based on the investment with the longest tenor.

When you dial the provided shortcode to request the loan, you will be able to determine your eligibility.

This loan allows you to borrow money against your own funds at lower rates without disturbing your investments. The pledged funds continue to earn interest, but a lien is marked till the loan is repaid.

Small Ticket Personal Loan

The Small Ticket Personal Loan allows you to borrow up to 400% of your net monthly wage and repay for 12 months.

Features Of The Small Ticket Personal Loan

• 24/7 banking service that curbs visits to the bank and simple application via QuickBucks APP or USSD access bank quick loan code *901*11*1#.
• No documentation is needed.
• 12 months tenor.
• No collateral is needed.

Once your documents are verified, the loan amount is credited into your account within 24-48 hours. The interest rate starts from 1.5% monthly.

Salary Eligibility Requirement For Small Ticket Personal Loan

• To be eligible for the Access Bank small ticket personal loan, you must be earning a minimum salary of 100,000 naira.

Consumer Asset Lease

Consumer Asset Lease is an access bank loan that allows you to obtain a variety of electronics and domestic items, which you then repay over the course of 24 months.

Assets you can finance with Consumer Asset Lease

• Solar Panels.
• Generators.
• Inverters & Batteries.
• Electronics.
• Laptops.

Features Of Consumer Asset Lease

• Available for salaried customers and business owners.
• Buy household items and equipment over 5 million and N50m for solar panels.
• Convenient repayment for over 24 months.
• No extra collateral.
• Wide range of vendors to select from.

Requirements For Consumer Asset Lease

1. A valid means of identification.
2. A completed loan application form.
3. A pro-forma invoice from an approved vendor in the name of Access Bank/Customer.
4. Credit Checks.
5. Duly accepted offer letter & term sheet.

Additional requirements for business owners:

• Board/simple resolution.

W power loan

Access Bank launched the W Power Loan specifically to bridge the funding gap for female-owned enterprises by providing access to loans and credit facilities.

Two Areas Of The W Power Loan

The W Power Loan is granted in two broad areas:

Term Loan

A term loan is intended for asset acquisition and infrastructure enhancements. It can be used to purchase machinery, equipment, and other fixed assets for your business.

Working Capital

Working capital loan can be used to purchase raw materials or to cover other day-to-day business expenses.

Key Features:

• Competitive interest rates. Access Bank offers affordable rates, currently around 15% per Annum.
• Flexible repayment terms. Choose a repayment period that suits your needs, from 12 months up to 3 years.
• The minimum loan amount is 1 Million naira, Maximum loan amount is 100 million naira.
• Quick disbursement. Access Bank aims to disburse funds within 5 business days of approving your application.

Requirements:

To qualify for the W Power loan, you must:

• Business must have been in operation for at least one year.
• Businesses with at least 50 percent female ownership/stake. Businesses where a woman owns 20-50 percent shareholding and has a woman as its CEO or COO.
• You need a credible Guarantor for loans up to 10 million naira,
• All Asset Debenture
• Legal mortgage or transfer of ownership of shops
• Have a satisfactory credit score. Access Bank will run a credit check to determine your eligibility and loan terms.

The W Power loan provides fast, flexible financing for a variety of personal needs. If you meet the eligibility criteria, it could be a useful line of credit to have available when life’s little surprises crop up, and extra cash is needed.

Lending Against Turnover (LATO)

Lending Against Turnover (LATO) is an Access Bank instant loan product available to non-salary account holders who have been with the bank for at least 6 months.

When you have an urgent financial need and short on cash, you can use LATO by contacting the loan number for access bank *901*11#.

Features Of Lending Against Turnover

• 24/7 service that doesn’t need visits to the bank, and application can be done with a code *901*11#.
• No documentation.
• No collateral.
• 3 months/90 days tenure.

Access Agent Loan

Access Agent loan is an access bank instant loan product aimed at Access CLOSA Agents to bridge the liquidity and funding gap. Access Agent Lending offers loans of up to N1 million.

Features Of Access Agent Loan

• 2-days / 48 hours tenor.
• 48-hour cycle for repayment.
• Instant credit to your Access Bank account. 24 hours to process before disbursement.
• Request for Access Agent Loan as many times as you like, provided you don’t exceed your eligible amount.

How To Request For An Access Agent Loan

1. Apply for the Access Agent Loan via the CEVA mobile application for Access CLOSA Agents.
2. You can also access this loan on the QuickBucks platform, available online and through the QuickBucks mobile app by downloading the QuickBucks on Google Play Store or iOS App Store. Or you can visit the QuickBucks website.

Eligibility Requirements For Access Agent Loan

To qualify for the Access Agent Loan, one of the following MUST not apply to you:

1. If you have an outstanding loan(s) in Access Bank or other banks.
2. If you took digital loans in the past and exceeded your eligible amount.
3. If you apply with a phone number not linked to your BVN.
4. If there is an existing loan and the monthly repayment is more than your eligible amount.

This straightforward loan can help tide you over during temporary cash shortages or emergencies without the hassle of lengthy application processes or burdensome repayment terms. If paid back responsibly, it may also help build your credit score and open you up to higher loan amounts in the future.

Maternal Health Service Support

The Maternal Health Service Support loan is part of Access Bank’s W Initiative, which supports medical operations for women both locally and internationally. MHSS funded 102 or more fertility-related treatments, resulting in the successful delivery of 50 or more healthy babies to grateful families.

MHSS has financed specialized surgeries such as hysterectomy, myomectomy, dental, orthopedic, and bariatric (weight loss procedures) in addition to fertility treatments and natal support (both locally and internationally).

Features Of Maternal Health Service Support

• Flexible repayment plan.
• Loan fees are free.
• Highly subsidized interest rate.
• Access to 30+ well-known fertility clinics and birth travel service companies in Nigeria.

Requirements For Maternal Health Service Support

1. A completed MHSS application form.
2. Domiciliation of Salaries/ Business Proceeds.
3. Executed Employee Status Inquiry/ Employer’s Confirmation, i.e., confirmation letter/ last promotion letter.
4. A copy of an Employment ID and valid means of identification.
5. Medical bill.
6. BVN.
7. Credit checks.

With competitive rates and flexible terms, an Access Bank loan could be a great option whether you’re buying a home vehicle or just need a little extra cash. Applying is easy, and they work to get you pre-approved as quickly as possible. Why not check them out?

Conclusion

There you have it, all the major types of loans currently offered by Access Bank and what you need to qualify for each. The requirements and interest rates vary depending on the specific loan, but many come with attractive terms and the security of borrowing from one of the leading banks in Nigeria.

The next step is to head to your nearest Access Bank branch and get the funding you need to reach your financial goals.

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