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How to get Loans From Banks Without Collateral in Nigeria


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The world of entrepreneurs has often a time been made limited due to issues /problems arising from capital and funds. It’s has been of great limitation to many prospective bright entrepreneurs like they often lament. Many entrepreneurs have great business ideas, many also have millions worth ideas, ideas that is sure to bring change but Nigeria being what it is (previously) they often fall back with these ideas as they cannot on their own raise capital nor can they found this idea. 

READ ALSO: Alternate Ways to Get Funding For your Start Up

After every great business idea or idea in general often follows development, and this development are only visible in the presence of fund and capital. The issue of raising capital has aborted many great ideas unborn in Nigeria. An entrepreneur now is a concept only, many think what is entrepreneur when your efforts is not supported (get loans to kick off). Maybe you are among the list of these entrepreneurs, or just a business minded individuals with great business idea are you among those that wish they have access to loans and grant to help them finance their projects? Are you among those that just wish the process of getting loans is minimized and made easy? Then follow me in this article

loans
Previously, like we all know banks and other monetary establishments have failed Nigerians in the area of loan (mortgage) and capital for running business. Some of them make us believe they are helping entrepreneurs (small and medium scale) and individuals. While moreover, all they do is make us lose interest and values for our ideas. After building a healthy long relationship with these banks, when you apply for loan they would want you to walk through the needles eye, even when you apply for small meager amount they still impose stiff and unnecessary procedure that will later end in the term collateral.

READ ALSO: Top 10 Micro Finance Bank That Offers Loan Without Collateral


Many individuals and groups have remarkable thoughts for new ideas or for expanding existing ideas, but they're often incapable of turning their ideas into realities. This frequently kills the dreams of Nigerian entrepreneur resulting in their inability to meet the often stringent requirements of obtaining a bank loan.

The truth however still remain that banks and other monetary establishment in Nigeria are in the enterprise of creating wealth or retaining their preliminary capital in the worst-case state of affairs. For this reason, banks use those stringent loan requirements to make certain that they may be not pouring money down the drain. Nonetheless, a few Nigerian banks have realized that some entrepreneurs have most effective solid ideas therefore; they are willing to provide loans without collateral.
Below are the lists of banks that offer these loans namely
Diamond bank plc
Diamond bank plc offers entrepreneurs possibility to access loans without securing the loans in opposition to collateral. The non-collateral loans are designed to stimulate increase for Micro Small and Medium establishments (MSME).

READ ALSO: Business Loan Opportunity: How to Access Federal Government Loan And Grants

Diamond Bank has about 5 SME friendly accounts but if you want a loan without collaterals, you may most in all likelihood be sourcing for bank's SME loans. Diamond financial institution's SME loans may be accessed in the form of; Revolving credit, Installment loan, local purchase Order (LPO) Finance and settlement Finance. Also presentation of a collateral protection is now not a bid deal for it to do not forget applications for, and make available loans to prospective and existing entrepreneurs and business minded individual in Nigeria’s Micro Small and Medium establishments (MSME) region."
However, to start you'll need to open a corporate bank account with the bank before you can apply for its SME loans.

First bank Nigeria percent

First bank of Nigeria has made plans to provide non-collateral loans for Small and Medium enterprise   as a part of the bank's initiative to strength increase inside the SME sub-region. The loans are presented to SMEs in one of kind sectors of the financial system; consequently, there aren't any favorites.
The non-collateral loans provided with the aid of First bank do not require collateral. The best component you want to do is to go through a psychometric check, pass the check and provide the bank together with your business plan and economic projections.
Getting loans without collateral is part of first banks contribution toward boosting the growth of the SME section." most SMEs don’t have collateral to relaxed loans. With this now, all a potential borrower is requested to do is to go through a psychometric test. As soon as the SME passes it, we improve the loan. That is a reducing edge innovation."
The top notch element approximately First bank institution's unsecured loan is that it is designed to be without difficulty available to entrepreneurs regardless of the sort or length of your commercial enterprise.
Stanbic IBTC bank
Stanbic IBTC bank gives Nigerian entrepreneurs a super opportunity to attain enterprise loans without offering collateral. The loans are designed to help SMEs purchase belongings, but the asset only end up yours when you make the ultimate charge at the mortgage.

Who’re to gain From This loan?
The mortgage (loan) is for any Nigerian who is prepared and wants to apply for business driven purpose and not agenda’s outside business.

WHAT ARE THE benefits?
1. No preliminary deposit i.e. zero equity
2. No expenses on processing
3. You will decide the duration.
4. Simplest 6% interest
5. Chance of getting up to N1.5 million
6. Short processing duration (within 3 days or much less)
7. No lost on your side.
 WHAT AM I TO DO?
      1.     You will need to provide them with the records they require.
    2.   You  need to open account with them (cooperate)
    3.    Declare your interest for loan and stating the amount you need
For example to use for a non-collateral loan with Stanbic IBTC, you need to be organized to offer the financial institution with the subsequent records:

      ·   For which purpose do you want the finance?
      ·  Total names and capacities of individuals who will       sign
      ·  CV of each member of the management.
      ·  Your enterprise' economic statements, along with an earnings assertion, balance sheet and cash flow statements.
    ·  private statements of belongings and liabilities of all the companions, individuals or directors
    · A 12-month cash flow forecast.  The amount of your personal contribution and the supply of the budget.
    If you do not have a cooperative account with Stanbic IBTC bank, you will be required to provide a cooperative bank statement for them beyond six months.

READ ALSO: Entrepreneurship Guide To Fund Raising

Note: before approach any of the above listed banks for a non-collateral loan, it would be in advantage to open, run and keep an account (corporate preferred) for a duration of at least 3 to 6 months. You must also be armed with a sound business plan and a strong reimbursement plan for the loan.

If executed properly within 2 days you would receive of a telephone call from them asking you to come for your money.

FOR QUESTIONS CONTRIBUTIONS OR CLEARITY PLEASE USE THE COMMENT BOX BELOW. MAYBE YOU HAVE SUCCESSFULLY SECURED A LOAN BEFORE FOR YOUR BUSINESS PLEASE SHARES INFORMATION OH HOW YOU GOT IT WITH US….. USE THE COMMENT BOX BELOW. YHANKS

7 comments:

  1. Diamond bank is not giving entrepreneur loan without collateral. I have tried several but couldn't succeed. I was asked to bring collateral for MSME Loan. I have run my account successfully for three years. But diamond bank still refuse loan.

    ReplyDelete
    Replies
    1. Diamond bank do give loan sir, but there are conditions that must be meet first like those listed above. also worthy of note is that this loans without collateral have a a range above which you must present a collateral before grant.

      Delete
  2. I’m Michelle Mills by name. I live in Texas USA, i want to use this medium to alert all loan seekers to be very careful because there are scammers everywhere.Few months ago I was financially strained, and due to my desperation I was scammed by several online lenders. I had almost lost hope until a friend of mine referred me to a very reliable lender called Mrs. Julia Johnson who lend me an unsecured loan of $190,000.00 U.S. Dollar under 2hours without any stress. If you are in need of any kind of loan just contact him now via: juliajohnson88@outlook.com I‘m using this medium to alert all loan seekers because of the hell I passed through in the hands of those fraudulent lenders. And I don’t wish even my enemy to pass through such hell that I passed through in the hands of those fraudulent online lenders,i will also want you to help me pass this information to others who are also in need of a loan once you have also receive your loan from Mrs. Julia Johnson, i pray that God should give him long life.

    God bless him forever.

    Michelle Mills

    Testimony on how i got my loan

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