Tutorial on How to Apply for Loan in any Nigerian Bank.
Apply for Loan in any Nigerian Bank – Are you thinking about how to a loan in Nigeria to improve your business? This article will provide you with a list of some banks in Nigeria you can apply for a loan.
You can agree with me when I say that most Small and Medium-sized Enterprises (SMEs) in Nigeria are having difficulties in starting and expanding their businesses due to lack of funds. And one of the major reasons that often kill great business ideas of most entrepreneurs in Nigeria is their inability to meet the requirements for obtaining loans from banks.

However, you can obtain bank loans as small as N50,000 and as big as N100,000,000 depending on your type of business. Banks generally offer the least interests funding for SMEs and the charge interest rates of 5-25% and more, for 1-5 years (short to long term loans).
The following are some of the banks you can apply for loans in Nigeria:
1 – First Bank of Nigeria
First Bank of Nigeria has made plans to provide non-collateral loans for Small and Medium Enterprises as part of the bank’s initiative to power growth in the SME sub-sector. The loans are offered to SMEs in different sectors of the economy; hence, there are no favorites.
The non-collateral loans offered by First Bank do not require collateral. The only thing you need to do is to go through a psychometric test, pass the test and provide the bank with your business plan and financial projections.
The great thing about First Bank’s unsecured loans is that it is designed to be easily accessible to entrepreneurs irrespective of the type or size of your business.
HOW TO APPLY:
1. You will have to write an application for the type of loan you want and the application must include the purpose of the loan, amount of loan, tenure of the loan, source of loan repayment and collateral for the loan (if required).
2. The letter of application must be addressed to the branch manager of the branch of First Bank which the salary is domiciled and after it is written and signed, the customer presents it at the bank for further processes.
3. When the bank receives the letter, the bank reviews the application, writes Credit Appraisal Memorandum (CAM) which highlights the customer‘s capacity, condition, character, collateral, and capital, generates the loan repayment schedule, prepares the offer letter which specifies the terms and conditions under which the loan will be granted.
4. You will then sign off on your offer letter and meet the conditions precedent to drawdown. The conditions precedent to drawdown includes provision of post-dated cheques that cover the entire duration of the tenure of the loan, presentation of a reputable guarantor, execution of guarantor‘s form and statement of personal net worth form by the guarantor, provision of proforma invoice (for automobile loan), equity contribution (for automobile loan, personal home loan and joint mortgage), presentation of statement of account and execution of statement of personal net worth form by the customer.
5. Once you have met all the conditions precedent to drawdown, all the documents will be sent to First Bank’s compliance department, then the department will approve and book the loan.
2 – Diamond Bank Plc
Diamond Bank Plc offers entrepreneurs an opportunity to obtain loans without securing the loan against collateral. The non-collateral loans are designed to stimulate growth for Micro Small and Medium Enterprises (MSME).
Diamond Bank has about 5 SME friendly accounts but if you want a loan without collaterals, you’ll most likely be looking at the bank’s SME loans. Diamond Bank’s SME loans can be accessed in the form of; Revolving Credit, Installment Loan, Local Purchase Order (LPO) Finance and Contract Finance.
However, you’ll need to open a corporate bank account with Diamond Bank before you can apply for its SME loans.
HOW TO APPLY
1. To begin the processing of the loan, you will need to write a letter of application introducing your business and stating what the loan is meant for.
2. You also have to attach the resolution of your company’s board of directors authorizing the loan application if your company is a limited liability company.
3. But before you can apply successfully, the bank says your business should have been in at least three months banking relationship with Diamond Bank.
For more details of this loan, you need to visit with the bank.

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