How to Secure Baobab Microfinance Bank Loan (Up to N5M)

How to Secure Baobab Microfinance Bank Loan: When it comes to excellence and professionalism in financing small and medium-sized businesses, the Baobab Microfinance Bank loan is an aid to be superior in meeting the expectation of borrowers

The Baobab Microfinance Bank loan is easy and flexible and does not pose any hidden charges or threat to small businesses, this is because, it addresses the needs of entrepreneurs who are currently underserved by mainstream banking services and strive to make financial services more accessible, inclusive and transparent, helping clients tap into their full entrepreneurial potential, regardless of financial status

About Baobab Microfinance Bank

Founded in 2005, Baobab Microfinance Bank has branches in 10 countries including Nigeria, China, Burkina Faso, Congo, France, Senegal, Tunisia, Madagascar, Cote d’Ivoire, Mali

The bank supports almost 425,000 active customers in 10 markets across the globe. It has 4,000 employees, the bank aims at unlocking clients’ full potential by making financial services more accessible, inclusive, and transparent. Read more

How To Open An Account With Baobab Microfinance Bank

If you want to partner with the Baobab Microfinance Bank regarding getting a loan to finance your business, the first step is to open an account with them, you can walk into the bank and meet with their customer representatives and talk to them about getting an account

You will be required to come with the following documents:

Passport

Utility Bill (PHCN, Waste Bill)

House Address

Biometric Verification Number

Means of Identification

How to Secure Baobab Microfinance Bank Loan (Up to N5M)

To secure a loan with the bank, you don’t need collateral and no one will police you during the time for payment, you can collect up to 5,000,000 with no need for a down payment.

And your money will be credited into your account within three working days, a maximum of 72 hours pending when your documents are reviewed and approved

If you can show that your company has been in operation for at least six months and that it has a bank account, you may be eligible for a business loan from Baobab Microfinance Bank.

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How Can Your Loan Be Approved from Baobab Microfinance Bank?

For you and your business to have a greater chance of being approved, you need to take the following religiously:

Apply with a credit card that has an excellent credit history

An excellent credit history boosts your chances of securing a loan.

Your company has been in operation for a minimum of 12 consecutive months.

If your company is in Lagos, Oyo, Ogun, or any other state in which Baobab MFB works, please contact us.

It can show a minimum monthly turnover of 150,000.

You have a bank account with Baobab MFB or any other bank, and you can produce documentation to prove your ownership of the account.

And that account has been in use for the past six months, according to records.

Terms and Conditions

Baobab Microfinance Bank Loan Eligibility

Baobab MFB SME loan applicants must meet certain criteria.

Payment: 50,000 to 100,000,000 (or a multiple of that)

5 percent per month is the interest rate.

6–24 months is the duration of the loan repayments

Loan Requirements

Passport-sized photos of you in color

At the latest, three months’ utility bills from your primary residence

Deferred payment checks

Present a Guarantor form signed by two parties.

Because of some of its policies, you might not get loans. Ensure you meet up the standard.

A government-issued ID (International Passport, National ID, Driver’s License, Voters ID) is required.

MEMART Certificate of Incorporation (Form CO7, Form C02) for Limited Liability Company (LLC), SME

The last six months of your bank statements.

Your bank’s account verification code

How to Secure Baobab Microfinance Bank Loan

Suitable and qualified candidates are to visit the Baobab Web page and apply

How to Secure Baobab Microfinance Bank Loan (Up to N5M)