Description

Ibile Microfinance Bank

Ibile 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 Ibile on loans is a minimum of 5% 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 over N500k 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. Loan amount above N500, 000. 3.5% interest rate. 6 months repayment plan.
• Salary Advance – Staff members of Private Organisation with a minimum of 10 Staff, Staff of Blue Chip companies, Civil and Public Servants. The salary must be paid into a bank account. Tenor between 3-6 months. Management Fee 1%, Insurance Fee 1%.
• Agriculture – This loan can be accessed by arable/field crops farmers, fish farmers, livestock farmers, agricultural produce marketers, tree crop farmers. Ibile Microfinance is committed to serving the rural sector to improve the expansion of small and medium scale Agricultural enterprise.  Tenor between 3-6 months.
• Asset Financing – IBILE Asset Finance gives you the opportunity to own that asset you had always longed for. Be it a generator, mobile phone, laptops, washing machine, household furniture etc.

Pros

• Flexible loan conditions
• Competitive rate

Cons

• Geographic restrictions to Lagos
• Guarantor required
• Low Maximum loan amount

Requirements

• Letter of employment
• Staff identity card
• Pay slip
• 6 months statement of account
• Other forms of identification (National Identity card, international passport, etc)
• Utility bill
• 2 passport photographs
• Guarantor form
• 2 months IBILE MFB account statement.
• 6 months other bank account statement.
• Letter of confirmation of appointment/employment.
• Direct debit will be placed on customer’s account.
• Execution of dud cheque indemnity form.