StartCredits StartCredits StartCredits StartCredits
  • Loans
    • Credit Score
    • Guide
  • Investments
    • Bank
    • Bitcoin
  • Log In
StartCredits StartCredits
  • Loans
    • Credit Score
    • Guide
  • Investments
    • Bank
    • Bitcoin
  • Log In
baobab

Baobab

Interest Rate (7.25% – 16%)

 

Apply
Category: Microfinance Tags: Business, Education, Micro Loan
  • Description

Description

Baobab Microfinance Bank


Baobab Microfinance Bank is a CBN licensed institution offering loans for multiple purposes in Nigeria.

 

Products

  • Micro loans – This is for entrepreneurs, traders and students to access up to N1m for existing businesses. The interest rate charged by Baobab on loans is a minimum of 7% with the total dependent on the tenor of the loan. Micro lending is the provision of financial services for people who don’t have access to traditional financial services such as banks. The loans are aimed at individuals who were previously considered “unbankable” by larger banking institutions. These are borrowers who are possibly dealing in small amounts of money each day, living in hard-to-access areas, without credit histories or who don’t meet “traditional requirements” within the banking sector.
  • SME loans – They provide a loan of up to 20m to help consolidate or invest in your business, that is repayable in up to 24 months. The loan is for use as working capital or for the purchase of fixed assets.

Pros

  • Interest rate is charged on a reducing balance basis
  • Convenient repayment plan
  • Flexible loan conditions

Cons

  • Loan application fee of up to N4000
  • Geographic restrictions to Lagos
  • 10% of loan amount is required in savings account
  • Guarantor required
  • Low Maximum loan amount

Requirements

  • You should be between 22 and 58 years old.
  • Applicant must live and or work in Lagos State.
  • Two recent passport photograph (within the last 6 months)
  • Two credible guarantors
  • Two duly completed signature cards
  • Completed application form
  • Utility bill – last 3 months PHCN/NITEL

Related products

  • accion loans

    Accion

  • paylater loan

    Paylater

  • PayConnect startcredits

    PayConnect

  • bank of industry startcredits

    Bank of Industry

Search for your Loan

Latest Loans

  • fairmoney FairMoney
    Rated 3.33 out of 5
  • zedvance loans Zedvance
  • MarketMoni FarmerMoni
    Rated 4.50 out of 5
  • MoneyWise microfinance bank MoneyWise
  • zenith bank loans Zenith Bank
    Rated 5.00 out of 5
  • Nirsal microfinance loan Nirsal
    Rated 4.29 out of 5
  • PayConnect startcredits PayConnect
    Rated 3.00 out of 5
  • skye-bank loans Skye
  • Chase microfinance Chase
  • Nigerian Mortgage Refinancing Company Nigerian Mortgage Refinancing Company

Loan Advice

  • Securing a federal government housing loan in Nigeria
  • Non-performing loans of Nigerian banks
  • Types of loans offered in Nigeria
  • Home loans in Nigeria
  • Who gives loans for Nigerian Startups
  • The 2020 top banks in Nigeria by earnings
  • Key requirements to access loans in Nigeria
  • Can You Still Get a Loan After Bankruptcy in Nigeria?

Company

  • About
  • Contact
  • Careers
  • Credit Score

Loans

  • Moneylenders
  • Peer to Peer
  • Mortgage
  • Microfinance

Investments

  • Bitcoin
  • Bonds
  • Deposits
  • Shares

Follow Us!

Follow Us on FacebookFollow Us on TwitterFollow Us on LinkedInFollow Us on Google+
Return To Top
  • Moneylenders
  • Peer to Peer
  • Mortgage
  • Microfinance
Copyright © 2021 startcredits.com
  • Loans
    ▼
    • Credit Score
    • Guide
  • Investments
    ▼
    • Bank
    • Bitcoin
  • Log In