Access bank loan (requirements and how to get)

by Abdulrazaq
Access bank loan: requirements and how to get.

Are you intending to start a new business or support an existing business but don’t have enough money? Here, we have discussed how to get Access bank loan including their requirements and other procedures that you must need to follow. Access bank loan scheme is the number one way to get a quick loan without spending a lot of time.

If you are interested to know how to get Access bank loan to start a new business or support a new business, pay your bill, school fee, etc., then continue reading as that is also what we are also going to discuss today. The procedures of how to get Access bank loan that we have explained below will help get a loan from Access bank without collateral and also will not require you paying high interest rate.

Some commercial banks don’t easily give out loan to an aspiring applicants but Access is exclusive, hence, Access bank loan can be applied regardless of a little money you are having in your bank account. If you are an existing customer of Access bank, your request will attract quick review and approval, however, if you are not a customer of Access bank, we will guide you how to open Access bank account very fast at the comfort of your home using Now, let’s start to discuss how to get Access bank loan very fast.

The best part about Access bank loan application can be done by every one. If you are an existing customer of Access bank, it is very easy for your request to be reviewed and approved very quickly. You can also open Access bank account using your phone by dialing their USSD code.

Access bank is a commercial bank which easily gives out loan. Getting loan from Access loan doesn’t imply that you must have to constantly receive some amount of money in your bank account before you are qualified to apply Access bank loan. To apply for Access bank loan, BVN and government issued identification document are all what you want.

Sometimes, urgent financial needs may arise and you might be low on cash. This is where loan comes in. With Access bank, you can get access to instant cash by dialing any of the following steps. If you are an Access bank customer and your alet number is active, dial *901*11# via your alert SIM, then follow the prompts and get a loan.

Please note that Access bank has an instant loan product for non-salary account holders who have an existing banking relationship with them for over six months. Here is the step by step guide on how to get Access bank loan.

How to get Access bank loan

  • Step: through USSD code method
  • Step two: visit any of their ATMs
  • Step three: download Quickbucks app

Step: through USSD code method

  • Dial *901*11# on your mobile device.
  • This Access bank USSD works every time and it does not require you to visit the bank, hence, you can at the convenient of your home using mobile phone and request an application of Access bank loan via USSD code (*901*11#)
  • You don’t need to provide any document for verification purpose if using USSD code to apply for Access loan
  • No collateral needed
  • The loan can lasts for a maximum of 3months (90 days)

Step two: visit any of their ATMs

If you want to get a loan from Access bank, you can visit any of their nearest branch and make the request. Click here to know all Access bank branches in Nigeria as of 2022.

Step three: download Quickbucks app

QuickBucks is a Mobile Banking Application for digital loans. It is a holistic platform for all loan products aimed at improving your borrowing experience for retail Loans, Credit Card, Debit Card, Consumer Durable Loans and Device Financing Loan requests.

You can download the app via the:

1. Google PlayStore

2. IOS App Store.

The loans that can be accessed on QuickBucks include:

  • PayDay Loan
  • Salary Advance
  • Small Ticket Personal Loan
  • Device Financing.

If you want to sign up on QuickBucks, take the following steps:

  • Download QuickBucks from your app store
  • Enter your email address and BVN linked phone number
  • An OTP will be sent to you via SMS for verification
    1. If SMS is unsuccessful, you can request OTP to be delivered via a voice call Or
    2. Request a push message from the App- the app sends an encrypted message to a short code. This functionality is only applicable to customers using their BVN linked phone number for the transaction
  • Upon OTP validation, create an app password (to be used to log into the app) and PIN (to be used in transacting)
  • Inputs personal details. This includes:
    1. Location
    2. First Name, Last Name, Other Name
    3. Date of Birth
    4. Occupation – Salaried or Self Employed
    5. Place of work
    6. Salary Bank Number
    7. Bank Account Number
    8. Closest Branch
    9. BVN
    10. Monthly Salary Amount
  • Then agree/consent to the Terms and Conditions

The good news is that after you have successfully requested for a loan, it will be instantly approved and disbursed into your Access Bank account. Please note that presently, the interest rate for lending money from Access bank is 5% (Upfront fees of 1% flat, 4% flat interest and insurance of 0.15% of loan amount is taken upon loan disbursement). With Access, you can request for a loan of up to ₦300,000 and above depending on your choice.

Types of loans that you can get from Access bank

  1. Personal Loan.
  2. Lending Against Turnover.
  3. Salary Advance.
  4. Creative Sector Loan.
  5. Maternal Health Service Support (MHSS).

There are over 20 different types of loan grants offered by Access bank but I am going to explain only five listed above to you including their requirements, features, documents required to apply and get, etc. and how to apply.

As a matter of fact, types of Access bank loans we have researched so far for now are 20 in number and they are:

  • ACCESS AGENT LOAN
  • ACCESS MIKANO AUTO DEAL
  • ACCESS MORE MILEAGE
  • CONSUMER ASSET LEASE
  • CASH-BACKED LOAN
  • CREATIVE SECTOR LOAN
  • DEVICE FINANCE
  • EAZY BUY FINANCE SCHEME
  • NISSAN AUTO LOAN PROMO
  • LENDING AGAINST TURNOVER
  • PERSONAL LOAN
  • PAYDAY LOAN
  • ADVANCE FOR SCHOOL FEES
  • SALARY ADVANCE
  • SMALL TICKET PERSONAL LOANS
  • AUTOCLUB BY ACCESS
  • HOME LOANS
  • MATERNAL HEALTH SERVICE SUPPORT (MHSS)
  • QUICKBUCKS
  • W POWER LOAN.

Now, let’s discuss the five among them:

1. Personal Loan.
2. Lending Against Turnover.
3. Salary Advance.
4. Creative Sector Loan.
5. Maternal Health Service Support (MHSS).

1. Personal Loan

Why wait on your dreams? Get funds to meet your personal and financial needs with our Personal Loan product. 

Features
  • Flexibility to meet individual needs
  • Loan amount up to 50% of net annual salary
  • Up to 36 months tenure
  • Credit life insurance
Requirements
  • Completed application form
  • Copy of employment ID and valid means of identification
  • Credit checks
  • Duly accepted offer letter and term sheet

Customers with existing personal loans on salary accounts can get access to more funds when needed.  

To qualify
  • You must have paid down at least 50% of your existing facility.
  • You must have not missed any repayment in the last six (6) months.
How to apply?

Interested to get a Personal loan? Click  here to fill the form.

2. Lending Against Turnover

Sometimes urgent financial needs may arise and you might be low on cash. This is where Lending Against Turnover (LATO) comes in. With LATO, you can get access to instant cash by dialling *901*11#.

Lending Against Turnover (LATO) is an instant loan product for non-salary account holders who have an existing banking relationship with the Bank for over six months. For more inquiries, call +234 700 300 0000 or +234 1 271 2005; send an e-mail to contactcenter@accessbankplc.com; or visit any Access Bank branch

Features
  • 24/7 service which does not require visits to the bank and application is done conveniently via USSD code *901*11#
  • No documentation required
  • No collateral required
  • 3months/90 days
How to apply?

You can request for a Payday Loan through any of the following ways:

  • Dial the USSD code *901*11#
  • Go to the Access Mobile App and select Loans & Investments.

Comment: customers will face a 1% penal charge per month for defaulting on the loan from 31 days past due.

3. Salary Advance

Access up to 200% of your net monthly salary and repay for 6 months with Salary Advance. Your account needs to be in Access Bank and needs to be active for at least three (3) months. For you to get this type of loan from Access bank, you must earn at least 50, 000 Naira as your salary.

Features
  • 24/7 service which does not require visits to the bank and application is done conveniently via QuickBucks App or USSD code *901*11*1#
  • No documentation required
  • No collateral required
  • Six (6) months tenor
How to apply?

You can request for a Salary Advance Loan through any of the following ways:

  • Dial the USSD code *901*11*1#
  • Download the QuickBucks App as explained above which is available on Google Playstore or Apple App Store.

4. Creative Sector Loan

The creative sector loan is a Central Bank of Nigeria initiative aimed at capacity building and employment creation for individuals and businesses currently into any of the following:

  • Fashion
  • Information Technology
  • Movie Production
  • Movie Distribution
  • Music
  • Software Engineering Student Loan
Benefits
  • Low cost-single digit funding for your business
  • Flexible structure and repayment plans
  • Opportunity to achieve your long term business goals
  • Excellent financial advisory service
How it works
  • Prepare your business plan or statement on how much you want for your business.
  • Go to any Access bank branch with the above mentioned document or apply online through our Creative sector loan portal
  • Our Relationship officers will contact you for further discussion and process your loan request.
  • The maximum interest rate of 9% per annum (all charges inclusive) is applicable on all loans.
  • The repayment period is a maximum of:
    a) 3 years for Software Engineering Student Loans
    b) 10 years for Movie Production & Distribution, Fashion, Information Technology and Music
Requirements

The eligibility requirements to access the loan are:

  • Business Plan
  • Economic benefits
  • 3 Years Financial Projections
  • 3 years audited accounts for existing companies
  • Statement of Affairs for start-ups and companies with less than 3 years of existence
  • Copies of duly executed offer documents between the bank and loan applicants
  • Certificate of Incorporation. R.C
  • Brief on Directors
  • BVN
  • Tax Identification Number (TIN)
  • Previous /Current Management Position
  • Shareholding
  • At least 2 Credit Reports for the company and each Director
  • Proposed schedule of fund disbursement
  • Proposed schedule of fund repayment
  • CBN Intervention(s) which the project is Currently Benefiting from
  • Outstanding Amount(s) in respect of 12 above
  • Minimum Equity Contribution-30% of total project cost
  • Provide evidence of any of the following:
       – Legal mortgage
       – All asset debenture
       – Personal Guarantee
How to apply?

Interested? Click here to fill in your details. You can contact your Account Officer, Contact Centre or visit any Access Bank branch close to you. Please note that this type of Access bank loan grant is for strictly 100% Nigerian owned businesses.

5. Maternal Health Service Support (MHSS)

Did you know that 1 out of 4 families in Nigeria face the challenge of infertility? 
 
In recent times, the acceptance of assisted reproductive techniques by more families have increased their chances of conceiving. Having a fertility treatment is quite expensive for even middle-class families in Nigeria and in some cases, families may have to go through multiple treatments before getting their desired result which may lead to cash strapped situations if not properly planned for. Also, the rising costs attached with having a successful fertility treatment (e.g. IVF, ICSI etc.) stem from the need to undergo multiple cycles depending on the outcome. 
 
In response to this plight and to ease the financial burden on families, Access Bank offers a Maternal Health Service Support (MHSS) Loan under the W Initiative that covers medical procedures (local and international) for women. MHSS has financed 102+ fertility-related procedures and recorded successful births of 50+ healthy babies to thankful families. 
 
In addition to Fertility Treatments and Natal Support (local and International), the following specialized procedures are also covered under MHSS; Hysterectomy, Myomectomy, Dental, Orthopedic, Bariatric (weight loss procedures) etc.

Features
  • No Loan Fees
  • Highly subsidized interest rate
  • Flexible repayment plan
  • Access to over 30 well-renowned fertility clinics and birth travel service companies in Nigeria.
Required
  • Loan Application Form
  • Confirmation Letter or Promotion Letter
  • Letter of Authority or Irrevocable letter of Domicliation Invoice from the hospital
  • Credit Checks
  • Means of Identification
  • Salary bank statement/Payslips (New to bank customers)
  • Offer letter
  • Executed Term sheet
  • Letter of Lien/Set-off
  • Document Attestation
  • Standing instruction for renewal of Credit life insurance
How to apply?

If you are interested to apply for this type of loan, please click here, read more about and follow the prompts to apply it.

The compilation of all types of Access bank loans are shown in the list and table below with more important information about them one by one.

  1. ACCESS AGENT LOAN
  2. ACCESS MIKANO AUTO DEAL
  3. ACCESS MORE MILEAGE
  4. CONSUMER ASSET LEASE
  5. CASH-BACKED LOAN
  6. CREATIVE SECTOR LOAN
  7. DEVICE FINANCE
  8. EAZY BUY FINANCE SCHEME
  9. NISSAN AUTO LOAN PROMO
  10. LENDING AGAINST TURNOVER
  11. PERSONAL LOAN
  12. PAYDAY LOAN
  13. ADVANCE FOR SCHOOL FEES
  14. SALARY ADVANCE
  15. SMALL TICKET PERSONAL LOANS
  16. AUTOCLUB BY ACCESS
  17. HOME LOANS
  18. MATERNAL HEALTH SERVICE SUPPORT (MHSS)
  19. QUICKBUCKS
  20. W POWER LOAN
Loan TypeAvailable toLoan AmountRepayment PlanPricing
PayDay loanSalary account holders with Access Bank
 
Up to 75% of monthly salaryAgainst next Salary payment or 30 days (whichever comes first)– Interest 4%
– Management fee 1%
– Credit Life Insurance 0.3%
– Penal Charge 1% per month upon default
Other bank customers whose salaries are processed via IPPIS or RemitaUp to 50% of monthly salary, but subject to a max. of ₦500,000Against next salary payment or 30 days (whichever comes first).Your repayment will be deducted from your next salary and taken from your other bank account– Interest 5%
– Management fee 1%
– Credit Life Insurance 0.3%
– Penal Charge 1% per month upon default
Lending Against Turnover (LATO/ILAT)Customers who maintain an average balance of ₦20,000 over six monthsUp to 20% of Average Turnover, subject to a max. of ₦300,00090 days with repayment over 3 months– Interest from 4% on reducing balance
– Management fee 1%
– Credit Life Insurance 0.5%
– Penal Charge 1% per month upon default
LATO Premium
(PLAT)
Customers who maintain a minimum turnover of N200,000 in the last 30 days and N500,000 in the last 6-12 months.Up to 20% of Average Turnover, subject to a max. of ₦500,00090 days with repayment over 3 months– Interest 4% on reducing balance
– Management fee 1%
– Credit Life Insurance 0.5%
– Penal Charge 1% per month upon default
Small Ticket Personal Loan
(STPL)
Salary account holders with Access Bank who earn a minimum of N100,000Up to 400% of monthly salary365 days with repayment over six (6) monthly instalments– Interest 2.7% on reducing balance
– Management fee 1%
– Credit Life Insurance 1%
– Penal Charge 1% per month upon default.
Device Finance
(DFPS)
Salary account holders with Access Bank & other bank customersUp to 33% of annual salary, but subject to a max. of ₦500,00012-months with monthly deductions– Mark-up fees vary: Devices are purchased at discounted rates and sold at market value
– Credit Life Insurance 1%
– Penal Charge 1% per month upon default.

Comment: Please note that all these will be take upfront at the point of disbursal.

Related searches

The related frequently asked questions about Access bank loan and their answers are:

Does Access bank loan application require collateral

No. Requesting for Access bank loan does not need an applicant to provide a collateral or some one to second them. The things needed for getting Access bank loan are your BVN, government issued ID card like national identification number, etc.

What are the types of Access bank loans

Access bank has different types of loans that it offers to its customers or aspiring loan applicants depending on their needs and application medium. Some important types of Access bank loans you have to know are Personal loan, PayDay loan, DEVICE FINANCE, etc.

What are the requirements for getting Access bank loan

The requirements for requesting Access bank loan and getting it successfully are not hard, in fact, there are the documents you have actually got they required. If you have a minimum of 3 months existing bank account with Access bank and have your government issued ID card (voters’ card, NIN, drivers’ license, etc.), then Access bank won’t hesitate to issue you loan.

How to get Access bank loan (the fastest way)

By dialing *901*11*1#. You don’t have to visit their branch carrying documents and file in the course of getting Access bank loan as you can do very fast at the comfort of your home using phone. If your Access bank alert SIM card is active, just simply insert in a mobile phone, dial *901*11*1# and follow the prompts. If done correctly, then the loan will be disbursed to your account immediately.

Does Access bank offer Covid-19 loan grant

Access bank has been granting loan to the interested and qualified applicants before the Covid-19 pandemic. During the period of Covid and after it, Access is also giving out loan. Finally, there is no specific loan that is called Covid-19 loan at Access bank, hence, regardless your tribe, origin, religion, need, budget, etc., Access bank will give you loan if you are interested. Please click here to visit their website for more important information.

Conclusion

If you know that this article has helped you know how to get loan from Access bank and the requirements involved, then please share it with your friends and remember to subscribe to our newsletter for more important updates.

For more information on how to get any type of Access bank loan and their requirements, please visit their website at www.accessbankplc.com, call their 24/7 customer care on +234 1- 2712005-7, +234 1-2802500, 07003000000 or just simply send a mail to them via contactcenter@accessbankplc.com. If not satisfied, then visit any of their nearest branches located across everywhere nationwide. You can click here to find out the address of all Access bank branches in Nigeria for 2022.

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