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Services

Micro Credit

Obosi Microfinance Micro credits are small loans that are granted to individuals, groups rather than banks or credit unions. These loans can be granted by a single individual or aggregated across a number of individuals who each contribute a portion of the total amount.

Features/Benefits

  • Access to loan for as low as N20,000.00 to N499,000.00
  • Collateral required
  • 4 to 12 months tenor
  • Interest rate 5@ % reducing balance
  • Committemen fee of 2%.
  • Loan processing fee of 2%
  • Quick turnaround time
  • Easy loan procedure
  • Competitive interest rate
  • 12 months maximum repayment period.

Requirements

  • Loans up to N500,000
  • Hand written Application Form.
  • Must have run the account(Inflow and Outflow) for 3 months
  • Duly Filled Loan Application Form.
  • Daily Savings Must Continue Even after Loan has been disbursed.
  • Ensure you have a good credit record.

Two guarantors. Guarantors to submit 3 months statement of account, form of identification, undated signed blank cheque leaflets for monthly repayments , I passport photograph and executed personal guarantee form.

SME:

This is a working capital and asset finance loan for business owners of small and medium scale enterprise (SMEs) operators in Nigeria. (Irrespective of the sector your enterprise is operating, OBOSI MfB is willing to support you with a credit facility up to N5,000,000 to expand the enterprise.

For more information about the SME Loan, kindly contact us on: 08032626731, 09098472559

Features and benefits

  • 5% interest rate @ reducing balance
  • 2% Loan Management fee
  • Loan Processing fee of 2%
  • Access to loan of up to N5,000,000.00
  • Loan backed by collateral
  • Tenure up to 1years
  • Working capital and asset loan for SME operators
  • Monthly repayment Schedule
  • Training on basic financial management, business planning and customer relations
  • Expert financial advice available when you need it
  • Easy loan procedure

Requirements

  • Loan application letter
  • Duly completed application form
  • 2 guarantors
  • A valid means of ID (national ID, driver’s license, voter's card or international passport)
  • Current utility bill
  • 4 recent passport-size photographs
  • Two guarantors. Guarantors to submit 3 months statement of account, form of identification, undated signed blank cheque leaflets for monthly repayments , I passport photograph and executed personal guarantee form.

OVERDRAFT

A current account/ Temporary Overdraft is a transaction by means of which the Obosi MFB authorizes the customer to have more funds available to him than his own funds, or more than an existing credit facility, for a limited period. Obosi Microfinance Bank temporary overdraft is the ideal solution for dealing with any unexpected event for which you need additional funds for a short period of time.

Features and Benefits

  • Facility range: N500,000 maximum
  • For individual and corporate current account
  • Duration: 1-90 days
  • Grace period: Negotiable
  • Access to funds in emergency situations
  • No collateral
  • Competitive interest rate
  • Flexible and convenient repayment structure
  • Expert financial advice available

Requirements

  • Loan application letter
  • Duly completed application form
  • 2 guarantors
  • A valid means of ID (national ID, driver’s license, voter's card or international passport)
  • Current utility bill
  • 4 recent passport-size photographs

LPO

This product is designed for customers who require finance for their Local purchase order (LPO).

Features / Benefits

  • Simple account opening process.
  • 5% interest rate @ reducing balance
  • 2% Loan Management fee
  • Loan Processing fee of 2%
  • Access to loan of up to N5,000,000.00 to 10,0000,000.00

Requirement

  • Copy of the local purchasing order (LPO) from the issuing company.
  • Copy of verification letter of the LPO.
  • Copy of domiciliation letter of LPO proceeds to the bank verified by the issuing company.
  • Credit bureau report.