Loan Application Requirements in Nigeria
Are you in need of a loan to support your business and you don’t know how to go about it? In this article, we have highlighted the requirements you have to meet in order to get a loan from approved loan companies in Nigeria.
Want to know the requirements to get a good loan in Nigeria? Then read this article carefully to the very end.
Requirements for Loan in Nigeria
Here’s a list of common requirements you have to meet to get a loan from any loan company in Nigeria:
- Loan application letter
- Means of Identification (NIN, Voter’s Card, or Driver’s Licence)
- Loan Collateral
- Passport Photographs
- Valid Email Address
- Bank Verification Number (BVN)
- A minimum of two guarantors
- Bank account number
- Utility bill
Loan Application Letter
The loan application letter is a written letter by the applicant that declares the intention of the writer to request a loan or a sum of money. The regular loan application letter is one of the most demanded from loan companies as a requirement before the loan can be issued to the applicant.
The loan application letter must contain the following:
- Full names
- Loan amount to be requested
- The Company’s name
- Company’s head office address
- Your residential address
- Your passport photographs
- Purpose of loan
Means of Identification
Your means of identification is a document that will identify you as a valid citizen of Nigeria. The means of identification is no doubt a requirement to meet in order to get a loan from any loan company in Nigeria.
Your means of identification could be either NIN, Voters Card, or Driver’s License
Loan collateral is always demanded in situations where you request a higher loan amount (N200 upward). The loan collateral could be any asset that is valued similarly to the amount you’re requesting for.
This could be a document, house, land, vehicle, etc.
Here’s a list of companies you can request a loan from without collateral.
Bank Verification Number (BVN)
Your BVN is a requirement gateway to access a loan facility in any loan company. Your BVN is often requested by loan companies as a key criterion because the loan company can only blacklist your BVN via the CBN portal. This only happens when the loan applicant violates the most important section of the loan agreement which is repayment.
However may be the case, not everyone feels happy submitting their BVN to any loan company just to get a loan. Here’s how to get a loan without BVN.
Did you find this article useful? Please drop a comment below to let us know.
Check out these loan companies
Leave a Reply