Interest On 1 Million Naira. - Business

Interest On 1 Million Naira. - Business - Nairaland

Nairaland Forum › Nairaland General › Business › Interest On 1 Million Naira. (2492 Views)

Interest On 1 Million Naira. by Geepee77(op): 5:54pm On May 20, 2020

Good day nairalander.... I just wanna ask if anyone knows the interest rate banks charge for 1million naira in 6 months or 12 months. Someone said its 90,000 interest in a year and I'm actually finding it difficult to believe.

Re: Interest On 1 Million Naira. by Luckydubby7(m): 6:04pm On May 20, 2020

Geepee77:
Good day nairalander.... I just wanna ask if anyone knows the interest rate banks charge for 1million naira in 6 months or 12 months. Someone said its 90,000 interest in a year and I'm actually finding it difficult to believe.

. 90k for a year? Nigeria bank? Who dey deceive u like this?

Re: Interest On 1 Million Naira. by Geepee77(op): 12:09am On May 21, 2020

Luckydubby7:
. 90k for a year? Nigeria bank? Who dey deceive u like this?

Do you have any idea on how much interest they will charge for 1M in a year?

Re: Interest On 1 Million Naira. by joeadoga(f): 5:04pm On Jun 02, 2020

Geepee77:
Good day nairalander.... I just wanna ask if anyone knows the interest rate banks charge for 1million naira in 6 months or 12 months. Someone said its 90,000 interest in a year and I'm actually finding it difficult to believe.

40k

Re: Interest On 1 Million Naira. by Geepee77(op): 5:17pm On Jun 02, 2020

joeadoga:
40k

40k? Which bank?

Re: Interest On 1 Million Naira. by joeadoga(f): 5:31pm On Jun 02, 2020

Geepee77:
40k? Which bank?

Access bank.
Approximately 3300 monthly on a 4% interest rate annually

Re: Interest On 1 Million Naira. by Mcleo007(m): 5:46pm On Jun 02, 2020

It varies per Bank tho. Some Banks charge 1.3% interest rate while some 1.8%. You must have a good relationship with your Bank and account officers as loans are difficult to give during this time. I know GTB is around 1.3% while Union Bank is around 1.8%.

Re: Interest On 1 Million Naira. by joeadoga(f): 6:48pm On Jun 02, 2020

joeadoga:
40k

I'm sorry, sir. I'd thought you were referring to the interest on deposits.

Well, interests on loans are way higher and varies from bank to bank

Re: Interest On 1 Million Naira. by chillex8(m): 7:19pm On Jun 02, 2020

joeadoga:
Access bank.
Approximately 3300 monthly on a 4% interest rate annually

It’s no longer 4%

Re: Interest On 1 Million Naira. by Alkason: 9:44pm On Jun 02, 2020

I am looking for where I can get a loan of 1m naira to enable me complete my start up capital for a new business.
Note: I am a salary earner

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Re: Interest On 1 Million Naira. by Geepee77(op): 12:00pm On Jun 03, 2020

joeadoga:
I'm sorry, sir. I'd thought you were referring to the interest on deposits.

Well, interests on loans are way higher and varies from bank to bank

I thought as much.

Re: Interest On 1 Million Naira. by smokinloud(m): 10:10am On Jan 16, 2025

chillex8:
It’s no longer 4%

Interest rate in Nigeria today is 27% so expect bank interest of 30% annual interest rate. Like 2.5%monthly interest rate. Which is #25,000 monthly interest and total annual interest of #300,000.
Not interest on savings tho.

1 Reply

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