High Yield Savings Accounts

 Having access to a loan for personal or business financial needs gives us an edge in life.

Below are the loan products by commercial banks in Nigeria.

BANK NAME	TYPE OF LOAN	LOAN FACILITY	ELIGIBILITY	LOAN DURATION	AMOUNT ACCESSIBLE	COLLATERAL ( YES/NO )	OTHER REMARKS
ACCESS BANK	Business Loan	SME Import Loan	SME IMPORTS	Not Specified	$20,000 FROM CBN, $60,000 FROM BANK	NO	FX Payment for SMEs Import (CBN FORM Q) via Telegraphic transfer.
	Business Loan	SMEs International Trade Facility	SME IMPROTER (INTERNATIONAL)	Not Specified	Up to $100,000  every quarter from the Bank Strictly via Letters Of Credits.	NO	Ability to access up to $180,000 every quarter. $100,000 from SIT with an additional $80,000 from CBN FX Payment and SME Import Loan.
	Business Loan	Facility Upgrade Support Scheme (For Schools)	Schools and Educational Institutions	Up to a maximum of three (3) years tenure	Not Stated	NO	For Schools to Finance renovation/upgrade of their facilities and purchase necessary Equipment/Properties.
	Business Loan	Hospitality Facility Upgrade Support Scheme (For Hotels and Quick Service Restaurant)	Hotels and Restaurants	Not Specified	Not Specified	NO	For Hotels and Restaurants to finance renovation/upgrade of their facilities, purchase equipment and necessary assets.
	Business Loan	Hospital Facility Upgrade Support Scheme	Hospitals	Not Specified	Not Specified	NO	For Hospitals to finance renovation/upgrade of their medical facilities, and purchase medical equipment and assets.
	Business Loan	AFD (AGENCE FRANCAISE DE DEVELOPMENT)	Schools, Hospitals and Hospitality Sector	Not Specified	Not Specified	YES	This is a Limited guarantee designed to bridge the gap of collateral inadequacies of SME’s and MFI’s in accessing finance from the Bank. The focus is to grow SME’s risk assets portfolio on Term Loan.
QUARANTY TRUST BANK	Business Loan	Term Loans for Schools	Established and Well Structured Schools.	Span from 3 to 10 Years.	Minimum- N20,000,000 Maximum- N400,000,000	YES	This is a medium to long term facility aimed at assisting established and well structured schools with a quarterly repayment of principal and monthly repayment of interest.
	Business Loan	Fashion Industry Credit	Fashion Industry	Repayment plan spread over 360 days (1 year)	Up to N5,000,000 with a single interest rate of 9% per annum (0.75%) per month. Customers can access Up to 50% average annual turnover.	Not Specified	Credit Facility Tailored for Fashion Businesses,
	Business Loan	SME Invoice Discounting Finance	SME’s	60 days (maximum waiting period of 30 days)	Maximum of N50,000,000 (Subject to 70% of Invoice Value)	Not Specified	This is a short facility which provides a quick cash flow solution to the Business whereby Businesses can draw money against Invoices issued before their clients pay for goods purchased or services rendered.
	Business Loan	Overdraft	All Businesses	1 Year	Not Specified	Not Specified	This is a line of credit that allows customers write a cheque for more than his actual  balance on the account with a finance charge on the excess. The fund is usually available for use for a tenor of one year but it can be renewed upon satisfactory performance.
	Business Loan	Food Industry Credit	Food Vendors	180 days (9% per annum interest rate) 0.75% per month.	Up to N2,000,000	Not Specified	Zero fees, Business should be registered, business should be atleast 3 years old, business must have a clean bureau report with no unpaid obligations, business must have a satisfactory CRMS report of owners, sponsors and directors.
	Business Loan	Quick Credit for Small Business	Small Businesses (SME’s) in the Education and HealthCare Sector.	Loan tenure is 6 months (12 months for Schools)	50% of average annual turnover	Not Specified	Eligible to prequalified Customers, 1.33% per month (16% per annum) interest. You can open a corporate account and operate it for 12 months before applying for the credit facility. Eligible Customers can apply via GAPs/GAPslite platform. Repayment structured in 2 ways; Monthly interest payment and quarterly principal payment (option is only available to schools) equal monthly repayment of interest and principal. TO APPLY: Simply select SME Credit and click on QuickCredit  for small business on GAPs/GAPslite platform and follow the prompts.
FIRST CITY MONUMENT BANK (FCMB)	Business Loan	SME Development Finance Facility	SME’s ( TRADERS )	36 Months	N500,000 Interest rate (competitive)	Not Specified	This is a loan facility to help businesses acquire their own facilities (office space/ building or warehouse space)
	Business Loan	SME Asset Finance Facility	Contractors Manufacturers Wholesalers	12 to 48 Months	Minimum of N500,000 Interest rate (very Competitive)	Not Specified	To finance acquisition of new asset for the day to day business, SME’s in all eligible industries not limited to retailers, manufacturers, wholesalers and distributors. This credit gives businesses the opportunity to acquire that important  machinery or equipment to increase productivity and efficiency.
	Business Loan	SME Working Capital Facility	Traders (overdraft) Manufacturers, Wholesalers (Term Loans)	30 to 180 days (overdraft) 1 year to 36 months (Term Loan)	Minimum of N500,000 Interest rate (very competitive)	Not Specified	This is designed either as a term or overdraft to support businesses with funds to satisfy both maturing short term obligations and upcoming operational expenses.
	Business Loan	Quick Loans	School Aid Facility Private Schools (Primary and Secondary)	Six (6) weeks	N500,000 to N5,000,000	Not Specified	This is a short term loan facility availed to private schools owners specifically designed to finance school admin expenses and other reoccurring school expenses within a term.
			School Support Facility (All Privately Owned Schools in Nigeria)	24 Months with Moratorium up to 12 Months	N250,000 to N20,000,000 1.18% Monthly interest	Not Specified	This is an upgrade on the School Aid Facility, in view of the impacts of COVID-19 Pandemic as well as the conundrum brought to school businesses by the lockdown imposed by the FGN.
			Temporary Advance Facility (All Business except those in BDC, financial services and CBN prohibition list)	180 days	N500,000 to N10,000,000 (Very Competitive as low as 2.5% cost of fund per month)	Not Specified	This is a short term loan for all businesses (goods and services oriented except those in BDC, financial services and CBN prohibited list)
	Business Loan	SME Invoice Discounting Finance Facility	Contractors Manufacturers Traders	1 to 180 days	Minimum of N500,000 (Very Competitive)	Not Specified	To finance invoices issued by potential SME’s to eligible counterparties, SME’s operating within the service industry with diversified sources of income.
	Business Loan	SME Local Purchase Order Finance Facility	Contractors Manufacturers	1 to 180 days	Minimum of N500,000 (Very Competitive)	Not Specified	This Loan is designed to finance Local Purchase Order Issued to SME’s operating within the service industry with diversified sources of income. It is a short term financial option that provide businesses with capital to pay suppliers upfront for verified purchases order.
SUNTRUST BANK NIGERIA LIMITED	Business Loan	Retirement Plans for Small Business	About to/retired Small Business Owners	Not Specified	Not Specified	Not Specified	This is a retirement loan, its purpose is to assist retired individual/small business owners.
	Business Loan	Business Insurance Protection	Small Business Owners	Not Specified	Not Specified	Not specified	You might be considering an insurance policy as a means to fund a partner buy-sell agreement. Or maybe you’d like to better understand how insurance and trusts can be used in tandem to transfer your business interests to the next generation more tax efficiently.
	Business Loan	Private Wealth Management	Business Owners	Not Specified	Not Specified	Not specified	Our Private Wealth Management advisors have the experience and expertise to offer advice and solutions that fit your small business’ unique wealth management needs: Investment Mgt, Insurance and risk managementsolutions, Business transition planning, Retirement planning, Trust and estate planning. We’re committed to assisting you and your small business every step of the way, through expert financial advice that will help your business thrive and ensure you achieve the financial freedom you’ve work so hard to earn.
STANBIC IBTC BANK	Business Loan	Agri-Business Finance	Agro-Allied Businesses	Not Specified	Not Specified	Not Specified	Financing solutions for agricultural enterprises from resources and equipment to seasonal cashflow.
	Business Loan	Distributor Finance	Manufacturers & Distributor of Wholesale Goods	Long & Short term. (no further clarification)	(Not Specified) You will be requested to provide the following documentation on applications: 1.Letter of Introduction of the Distributor from the Principal 2.Statement of account with Principal (past 12 months) 3.Facility letters of existing/previous facilities with other banks 4.6 -12 months banks statement 5.Three year audited financials (Where applicable) 6.Distributor’s letter of request 7.Inventory report and collateral documentation 8.Company’s profile and incorporation documents	YES ( interest is calculated based on financing needs and repayment terms ).	This is a type of loan available to manufacturers and distributor of wholesale goods. It is a flexible loan to help maintain cashflows. 1.Improved turnover by managing your cashflow through short-term working capital finance. 2.Convenient collateral terms and options (cash, legal mortgage). 3.Competitive interest rates. 4.Manageable loan ratios of your turn-over to ensure that you are not over-leveraged. 5.Affordable insurance to go with your finance 6.Free business monitoring solutions. 7.Dedicated relationship managers with vast experience. 8.Referral business
	Business Loan	Invoice Discounting	Contractors	Up to 12 months	Up to 85% of Invoice 1.Immediate cash flow for your business, allowing for continuous growth and cash management 2.Up to 80% value of the invoice can be discounted. 3.Domiciliation of proceeds with the bank. 4.Rates are negotiable. 5.No need to provide tangible collateral	No tangible collateral How to apply – Apply for invoice discounting at the bank.	With the invoice discounting facility, business can draw money against invoices issued for completed contracts before payment is received from creditors. 1.Formal application letter 2.Board Resolution (if a limited liability company) 3.Copy of the supply order 4.Copy of confirmed invoice from supplier 5.Copy of delivery receipt and certificate of contract performance 6.12 months' bank statements (for new to bank customer) 7.Duly executed statement of personal guarantee of company owner(s)
	Business Loan	Purchase Order Discounting	Businesses that are into purchase and sale.	120 days maximum term	Up to 64% of the value of the purchase order.	No need for tangible collateral How to apply- 1.Formal application letter 2.Board resolution approving the request (if you are limited liability company) 3.Duly executed irrevocable domiciliation agreement for the full LPO value of the contract into a collections account 4.Copy of supply order/contract document duly verified by the collections monitoring unit (CMU) 5.Copy of goods/product invoice from supplier 6.6 months’ bank statements (for new-to-bank customers) 7.Satisfactory credit bureau report 8.Duly Executed Statement of Personal Guarantee of Company Owner(s)	With the purchase order discounting service, businesses can fulfil order and pay suppliers.
	Business Loan	Trade Finance	Dealers in import and export products.	Not Specified	Not Stated 1.Available to support both import and export transactions. 2.Most secured mode of payment in international trade. 3.Available in 13 currencies globally. 4.Risk of non-payment and non-delivery does not exist as both parties are bound by conditions that must be met for both delivery and payment. 5.Safest and most secured method of payment compared to other methods of payment. 6.Provides financing structure for importers and exporters.	Not Stated How to apply- Pls visit a Stanbic IBTC branch near you.	This facility offers import and export products to help them trade their gods and services across borders. N5000 – Processing of export forms. N5000 – Import extensions.
	Business Loan	Overdraft	Business Owners	Up to 60 months to repay overdraft facility.	Not Stated.	Not Stated 1.Application form 2.The CV of each member of the management team i.e. management profile 3.Company profile 4.A valid means of identification of each director and signatory (voter’s card, international passport or a driver's license) 5.The purpose of the facility 6.3-year financial statements of the business, including an income statement, balance sheet and cash flow statements (where available) 7.Personal statements of assets and liabilities of all the partners, members or directors 8.A cashflow forecast showing the impact of the facility and repayment capabilities 9.Bank account statements for the last 12 months	Facility to withdraw more than the balance in your business account. 1.A convenient way to manage cashflow in the event of shortfalls 2.A flexible form of credit which means you can use the funds at any time during the agreed overdraft term. 3.You pay interest only on funds utilized. 4.Up to 60 months to repay your overdraft facility 5.Preferred rates on business insurance products 6.Access to our 24 hours business support helpline 7.Full e-banking options, which include internet, mobile and USSD banking
ECO BANK NIGERIA PLC	Business Loan	Business Overdraft	SME’s	Not Stated	Not Stated	Not Stated	This facility ensures that business has funds available immediately against the unexpected via a short-term facility for immediate and easy access.
	Business Loan	Business Revolving Credit Plan	Business Owners	Not Stated	Not Stated	Not Stated	This solution gives your business a line of credit that may be used when required through a short to mid-term line of credit.
	Business Loan	Debtor Finance	Business Owners	Not Stated	Not Stated	Not Stated	This is a type of facility that gives businesses a portion of the fund owed to them by their client on invoices due, based on valid invoices and proof of delivery of work done.
	Business Loan	Distributor Finance Scheme	Business Owners	Not Stated	Not Stated	Not Stated	This solution pre-finances businesses with a short -term credit facility accommodating also for supply needs.
	Business Loan	Vehicle and Asset Finance	Business Owners & Individuals	Not Stated	Not Stated	Not Stated	This solution meets the needs for asset through structured and comprehensive funding solutions.
STERLING BANK PLC	Business Loan	Import Finance	Corporate Customers, Multilateral corporations and Companies.	Tenor ranges from 30 to 180 days per tranche and ultimate maturity is usually for a year or less.	Not Stated	(Not Stated) Conditions to be met – A 20% minimum equity contribution from is required from the customer. The goods to be imported must be insured under a clause ‘A’ insurance from a reputable company.	The sterling bank import finance facility provides importers with financing specifically toward the  importation of industrial goods, raw materials and consumer products.
	Business Loan	Invoice Discount	Available to rapidly growing companies with corporate account with sterling bank and whose growth typically requires constant cash outlay.	The tenor is short and self- liquidating, usually not more than 90 days.	Disbursement is limited to a maximum of 80% of the invoice while repayment is from collection of the accounts receivable on a continuous basis.	Not Stated	This is a specialized revolving line of credit, extended to fund account receivables and accommodate customers continuous needs for working capital pending receipt of payments.
	Business Loan	Letter of Credit	Importer and Exporters	Not Stated	Not Stated	Not STATED ( To make payment to or to the order of a third party { the beneficiary } or is to accept or pay bills of exchange  {draft} drawn by the beneficiary or authorizes another bank to effect such payment or to accept and pay such bill of exchange or authorizes another bank to negotiate against stipulated documents provided that terms and conditions of the credit are complied with.	A letter of credit is an instrument guaranteed by a bank that enables importers and exporters exchange goods on credit.
	Business Loan	Overdraft	Business Owners/Current Account holders of Sterling Bank	Maximum tenor of 12 months from the date of offer. (acceptance or disbursement, whichever comes first)	Permitted to overdraw your current account up to but not exceeding the approved limit of the overdraft facility.	Not Stated	Sterling Bank overdraft facility provides financing that helps to meet the day to day operational and unplanned expenses. You can conveniently increase or decrease your limit at any point in time.
	Business Loan	Project Finance	Not Stated	You can enjoy financing up to the Bank’s single obligor limit with a tenor as high as 10 years.	Not Stated	Not Stated	At Sterling Bank, the bank is eager to go into a long term partnership with you and provide the finances you need to bring your project to reality. The cash flow of the project must be sufficient to liquidate the facility over its life time.
STANDARD CHARTERED BANK	Business Loan	Trade and Working Capital Solutions	Business Owners	Not Stated	Not Stated FEATURES OF THIS FACILITY INCLUDES- 1.Bonds and Guarantee – Standard chartered bank is able to issue your organization a wide range of bond to facilitate your contractual obligations. 2. Import Financing- The bank is able to part fund the import content of your business using a wide range of products such as import financing and letter of credit.	Not Stated	This facility helps to grow the business by leveraging on extensive international network, enjoys flexible facilities including overdraft and trade services.
	Business Loan	Long Term Loan	Business Owners	Not Stated	Not Stated FEATURES OF THIS FACILITY INCLUDE 1.Structured form of borrowing- Term loan are a structured form of borrowing intended to finance specific transaction or asset. 2.Medium term loan- This is a contract between a borrower and the bank where the bank provide the borrower with a certain currency for a period in excess of one year up to 5 years. 3.Short term loan- This is a contract between the borrower and the bank where the customer is provided a loan amount for a period not exceeding one year.	Not Stated	Term Loans are a structured form of borrowing intended to finance specific transactions and asset.
	Business Loan	Wealth Management Overdraft	Not Specified	Not Stated	Access to up to the equivalent of $1,000,000 facility without liquidating or losing returns on current investment.	No Collateral is required aside your investment pledge.	This is available in multiple currencies such as Naira, USD, GBP and EURO.
	Business Loan	Business Mortgages	Businesses	Loan tenor up to 20 years	Loan up to 80% of the value of the property with competitive interest.	Not Stated	This facility offers an opportunity to acquire residential, commercial or industrial property.
FISRT BANK NIGERIA	Business Loan	Secured Overdraft	SME’s with annual turnover of over N3 billion	Maximum tenor of 12 months	Maximum amount of N20,000,000	YES Accompanying Documents- 1.Application letter. 2.Duly completed Retail Loan Application Form. 3.Proforma Invoice from FirstBank approved vendors. 4.Company Profile. 5.Current utility bill. 6.Latest audited account. 7.Six (6) months Bank statement. 8.Other KYC requirementsfor opening a corporate account.	The secured overdraft is a loan type designed to finance small and medium businesses with an annual turnover of N3billion and below. Assists businesses in management cash flow, supports business growth and expansion, retail businesses may obtain funds for their immediate working capital.
	Business Loan	Contract Finance	SME’s with annual turnover of N3billion	Maximum facility tenor of 6 months, with an option of renewal over a maximum of 3 months.	Loan must not exceed 70% of estimated total cost of executing the contract, 30% of which must be evidenced as customer’s equity participation.	Not Stated Accompanying Documents- 1.Contract Papers issued by the company awarding the contract. 2.Bill of Quantity for the contract to be executed. 3.Evidence of previous similar contract(s) executed by Contractor. 4.Evidence of relevant government agency approval for contract. 5.Any other documents that may be required by the bank.	This facility is designed to help fund bigger contracts from FirstBank-approved list of companies, for easy execution without challenges.
	Business Loan	Secured Term Loan	SME’s with annual turnover of N500,000,000 below	Maximum tenor of 36 months	Maximum amount is N40,000,000	YES Accompanying Documents- 1.Application letter. 2.Duly completed Retail Loan Application Form. 3.Proforma Invoice from FirstBank approved vendors. 4.Company Profile. 5.Current utility bill. 6.Latest Audited Account. 7.Six (6) months Bank statement. 8.Other KYC requirements for opening a corporate account.	This facility is designed to provide retail organisations with finance to execute their capital projects. The facility is limited to 50% of the last six months turnover. BENEFITS- 1.Assist businesses manage cash flow. 2.Retail businesses may obtain funds for capital projects while repayment is done on installments. 3.Convenient repayment plan (equal monthly or quarterly repayment over 36 months period). 4.Competitive interest rates.
	Business Loan	SME’s Products Financing	Small and Medium Scale Enterprise 1.IMPORT FINANCE 2.OIL AND GAS CONTRACT FINANCE 3.CEMENT DISTRIBUTORSHIP FINANCE	Import finance – This has a short tenor facility, collaterised by lien shipping documents. Oil and gas contract finance – This is designed to meet the funding requirements of indigenous oil and gas companies. The facility is short tenured (90 to 360 days), self liquidating, bank provides up to 70% of cost of contract execution and not cost of contract value. Cement Distributorship finance – The product provides flexible short term facility to meet working capital needs of the distributor of major manufacturing cement companies in the FirstBank’s approved list of companies.	Not Stated	Not Stated	SME’s product financing was designed to create solutions for your business growth and sustainability. Under which we have- import finance, oil and gas contract finance and cement distributorship finance.
	Business Loan	Local Purchase Order Finance	Small and Medium Scale retail customer	Subject to a tenor of 90 days with the option of 60 days renewal after the expiry of the facility.	Loan amount does not exceed 70% of cost of supply.	Not Stated Accompanying Document- 1.Customer’s application letter. 2.Letter from Employer confirming the Invoice and stating details / time of payment. 3.Valid means of identification (National ID, International passport or Driver’s License) of prime mover or 2 of the company directors for limited liability companies. 4.Six (6) months statement of account. 5.LPO supply paper. 6.Letter of domiciliation of contract payment from Employer Company.	LPO Is set up to meet customers order in time and never run out of stock. This loan facility is designed to provide short term financing to small and medium scale retail customers with annual turnover of N500,000,000 and below.
	Business Loan	Operational vehicle Finance	Business Owners	Maximum tenor of 36 months	Maximum loan amount of N10,000,000	Not Stated Accompanying Documents- 1.Application letter. 2.Duly completed Retail Loan Application Form. 3.Proforma Invoice from FirstBank approved vendors. 4.Company Profile. 5.Current utility bill. 6.Latest Audited Account. 7.Six (6) Months Bank Statement. 8.Other KYC requirementsfor opening a corporate account.	Get the operational vehicle loan as part-finance to purchase new vehicle for your business. Only to be used for the day to day running of the business only. FEATURES- 1.Minimum equity of 30%. 2.Vehicle must be purchased from a FirstBank approved vendor. 3.Insurance policy on the vehicle.
	Business Loan	FirstEdu Loan	Private Schools duly registered with CAC	Tenor is from 90 days to 12 months (Terms and Conditions apply)	Maximum loan amount is N20,000,000	YES Accompanying Documents- 1.Evidence of Government Approval of school. 2.School Memorandum and Articles of Association (MEMART) where applicable. 3.Documents showing how long school has been in the business. 4.Documents showing the number of students in the school. 5.Any other documents that may be required by the bank.	The firstedu loan is available to private school owners who require extra funds for the smooth running of their school operations. FEATURES- 1.Available to all private schools duly registered with CAC (either Government approved or not). 2.Tenor is from 90 days to 12 months (terms and conditions apply). 3.Maximum Loan amount is N20m. 4.Finance of operational vehicles for schools (new and fairly used) 5.Asset acquisition of up to N20m for 24 months. 6.Collateral is undertaking to domicile school fees with FirstBank. 7.School must have been in account relationship with any bank for a minimum of 12 months. 8.School must have a minimum student population of 100.
	Business Loan	Revenue Loans and Overdraft	Local Government Area	Tenor is 12 months with 30 days clean up cycle subject to the expiration of the tenure of the current local government executives.	Single obligor limit is 50% of average net monthly subvention subject to a maximum of N50 million.	Not Stated	The LGA Revenue overdraft is designed to offer short term facilities to Local Government Councils in account relationship with First Bank. FEATURES- 1.Local Government Subvention account must be domiciled with FirstBank. 2.Local Government must have received at least 3 months subvention into their FirstBank account. 3.Loan can be used to meet working capital requirements and carry out small capital projects. 4.Irrevocable domiciliation of LGAs monthly subvention and other sources of income is required.
	Business Loan	Health Finance Product Guideline	Registered Pharmacy and Private Hospitals	Tenor is up to 6 months	Loan amount is up to N5,000,000	Not Stated	This is a product guide for financing registered pharmacies and private hospitals. FEATURES FOR PRIVATE HOSPITALS- 1.Loan is for the purchase of drugs and other medical supplies locally and internationally. 2.Available to pharmacies either owned by a registered pharmacist or having a resident Pharmacist with professional qualification and license to prescribe drugs. 3.Pharmacy (or resident Pharmacist) must be duly registered with the Pharmaceutical Council of Nigeria (PCN)
	Business Loan	Health Finance	Registered Pharmacies, Private hospitals and other health care service providers.	Tenor Is 180 days for working capital and 3 years for asset finance	Not Specified	No collateral required for working capital loan.	The health finance loan is targeted at registered pharmacies, private hospitals and other health care service providers, the purpose of which is to provide finance for working capital, stocking of drugs and medical supplies, as well as purchase of hospitals medical equipment. FEATURES- 1.Pharmacies must be within 5 km from the requesting branch 2.Daily charged savings of 0.5% for pharmacy credit facility 3.Hospitals have no distance limitation or Charged savings, but loan must be secured with HMO domiciliation 4.Interest rate is competitive 5.No collateral is required for all working capital loan.

                                                                                                                                                                                                                                            

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