Looking for a quick and easy way to get a loan? This article will give you the insight you need to be able to know how to access loans from VFD Microfinance Bank and apply from the comfort of your home without ever setting foot in a physical branch.
VFD Microfinance Bank has become a major player in Nigeria’s digital banking space. As a licensed microfinance bank accredited by the Central Bank of Nigeria (CBN), VFD aims to provide customers with innovative financial solutions for individuals and businesses.
Their services which range from corporate banking to personal loans are manned by a strong management team with over 5 decades of experience.
This experience ensures that customers get not only seamless digital services but also timely and responsive customer support.
What VFD Microfinance Bank has that’s different is the variety of loan options, employee loans, travel loans, secured loans, and unsecured loans.
These products are designed to meet the different needs of their customers, whether you need cash for personal use, business or even a vacation.
In this article, we’ll guide you through a step by step process on how to get loans from VFD Microfinance Bank, from the types of loans to the application process and requirements.
How to Get Loans from VFD Microfinance Bank
Why Choose VFD Microfinance Bank for Loans
One of the advantages of choosing VFD Microfinance Bank for your loan is that it’s fully digital. You can apply for a loan and get funded without stepping into a physical branch. The bank’s digital platform allows for faster service and more convenience. VFD Microfinance Bank also has a range of loan products to cater to different customers.
Customer service is prompt and all your questions and issues are attended to. VFD Microfinance Bank also has designed its loan products with flexible repayment terms so borrowers can manage their loans. Whether you’re an employee, a frequent traveler or someone looking to collateralize a loan, VFD Microfinance Bank has got you covered.
Services Offered by VFD Microfinance Bank
VFD Microfinance Bank offers:
- Corporate Banking: For account holders to manage their corporate transactions seamlessly.
- Employee Loans: For employees of organizations that have partnership with VFD Microfinance Bank. Interest rate is competitive and repayment period is up to 12 months.
- Travel Loans: For those who travel frequently for business or leisure, VFD offers travel loans to cover flight tickets and accommodation. The documents (travel tickets) will only be released once the loan is fully paid.
- Secured Loans: Customers can take secured loans by offering assets such as property or valuable documents as collateral. Original documents will be kept by the bank during the loan tenure.
- Unsecured Loans: If you don’t have any asset to offer as collateral, VFD Microfinance Bank also offers unsecured loans but with a lower loan limit compared to secured loans.
For more info on their services visit their website or download VFD mobile app on Android and iOS devices.
V by VFD: The Bank’s Mobile App
VFD Microfinance Bank is a mobile-only bank, V by VFD. You can apply for loans and do other financial transactions without visiting a physical branch. Features of the app:
- Cardless Withdrawals: Withdraw money from your account without a debit card.
- Bill Payments: Pay your utility bills, subscriptions, and other recurring payments.
- Budgeting Tools: Manage your finances with budgeting tools and saving plans.
- Biometric Security: For extra security, the app has biometric login options (fingerprint recognition).
Apply and manage your loans with ease on the V by VFD app. All banking features are in one place.
VFD Microfinance Bank Loan Limits
VFD Microfinance Bank loan limits are quite flexible and depends on the type of loan and your financial situation. Generally the loan limit is determined by your income, credit history and the loan product you are applying for.
- Secured Loans: For secured loans, VFD Microfinance Bank allows up to N2,000,000. The amount is based on the value of the asset being used as collateral.
- Unsecured Loans: Unsecured loans which does not require any collateral has a maximum limit of N250,000. Approval for these loans is based on your monthly income and financial history.
These loan limits gives the bank the ability to offer a solution for different customer needs, whether you are an individual looking for a small short term loan or a business looking for a larger amount.
Interest Rates and Repayment Plans
VFD Microfinance Bank has competitive interest rates on their loans, rates varies per loan product. During the loan application process, the interest rate applicable to your loan will be disclosed to you. For example, the bank’s business cash advance loan has an interest rate of 4% per annum which is one of the best in the microfinance space.
Repayment plans are flexible with fair and reasonable terms. Most loans has a repayment period of up to 12 months depending on the loan type and amount. The bank ensures the repayment schedule is manageable so you can pay back your loan without stress.
Requirements for VFD Microfinance Bank Loan
To apply for a loan at VFD Microfinance Bank, you must meet the below requirements. Although these may vary slightly based on the type of loan, the standard documents required are:
- Valid ID: A government issued ID (passport or driver’s license).
- Proof of Employment: For employee loans, a letter from your employer or recent payslips.
- Bank Statements: 6 months bank statement to assess your financial status.
- Passport Photograph: A recent passport photograph.
- BVN: Your Bank Verification Number to confirm your identity and account ownership.
These requirements will give the bank all the necessary information to approve your loan and assess your repayment ability.
Loan Disbursement Time
One of the benefits of VFD Microfinance Bank is the speed of loan application processing. Loan approval takes about 6 hours from the time of application. Once approved, the loan is credited to your account immediately and you can access the funds without delay.
This is a big advantage especially for emergency funds or time sensitive expenses.
Summary
VFD Microfinance Bank is a digital first bank with a wide range of loan products to cater to the different financial needs of its customers. With its digital platform, getting a loan has never been easier. Whether you need an unsecured loan, secured loan or even travel loan, VFD’s process is seamless, interest rates are competitive and repayment options are flexible. Use the bank’s mobile app and user friendly services to get loan approval and access funds from the comfort of your home.
