Lending

Small Business Loan

Small Business Loan (SBL) is designed to meet the capital needs of small and medium scale entrepreneurs who require more funds for expansion.
• Facility range: N50,000 (minimum) to N500,000 (maximum)
• Methodology: Individual
• Duration: 1-6 months

Benefits

• No collateral
• Access to funds for business expansion
• Access to other loan products
• Flexible repayment structure
• Training on basic financial management, business planning and customer relations
• Low interest rate
No collateral
• Access to funds for business expansion
• Access to other loan products
• Flexible repayment structure
• Training on basic financial management, business planning and customer relations
• Low interest rate

Documentation Required

• Duly opened current account
• Three months statement from your bankers
• Loan application letter
• Duly completed application form
• 2 guarantors
• 2 recent passport-size photographs

FAQs

1. Q: Do I need collateral before I can access this loan?
A: No. You do not need collateral as a condition but two guarantors that can stand as your surety in case of default.
2. Q: Can I re-apply for a higher loan after the full repayment of the previous loan?
A: Yes. You can have access to a higher loan depending on the previous repayment performance.
3. Q: Can I reduce the repayment duration?
A: Yes. You can reduce the repayment duration to the number of months that suits you
4. Q: Is this loan insured?
A: The loan is insured against death, fire in the business place or disability

Salary Advance & Pay Day

At Consumer MFB, we understand that life happens. That’s why we let you choose your payday and get quick, easy and convenient access to funds.

  • Balance enquiries
  • View mini e-statement
  • Conveniently pay bills
  • Send and receive funds in a heartbeat
  • Air time top up.

Agricultural Loan

Agriculture is the mainstay of any economy and is fundamental to the socio-economic development of any nation. This is why Consumer MFB designed Agric Loan to finance the farming activities of individuals, group or corporate organizations. The repayment schedule is designed to suit the seasonal nature of such activities.• Targeted at farmers’ cooperative societies/ farmers groups to meet their financial needs
• Facility range: N50,000 (minimum) to N500,000 (maximum)
• Methodology: Individual, group and cooperative
• Duration: 1-12 months
• Grace period: 30-60 days
• Prospective clients must be practicing farmers with verifiable evidence of existing farm investments.
• Counter guarantee of members of the Cooperative Societies (Joint and several liability of members).
• Cooperatives must be at least 6 months old of being registered with Registrar of Cooperatives.

Features & Benefits
  • No collateral
  • Provides capital for farming activities
  • Flexible repayment structure
  • Low interest rates
  • Expert financial advice available
Requirements
  • Duly opened current account
  • Duly completed application form
  • 2 guarantors or group guarantee
  • 2 recent passport-size photographs
  • Current utility bill
  • A valid means of ID (national ID, driver’s license, voter’s card, international passport)
FAQs

1. Q: Do I need collateral before I can access this loan?
A: No. You do not need collateral as a condition but two guarantors that can stand as your surety in case of default.
2. Q: Can I re-apply for a higher loan after the full repayment of the previous loan?
A: Yes. You can have access to a higher loan depending on the previous repayment performance.
3. Q: Can I reduce the repayment duration?
A: Yes. You can reduce the repayment duration to the number of months that suits you
4. Q: Is this loan insured?
A: The loan is insured against death, fire in the business place or disability

Cooperative Loan

This loan facility is ethical, accessible and designed to work strictly with cooperatives. It is tailored specifically to meet the needs of members of cooperative societies irrespective of size. The members of the cooperative have access to individual loans but must however cross-guarantee each other. This means that a default by a single person reflects on all the members of the group.
Facility range: N50,000 (minimum) to N200,000 (maximum)
Methodology: Individual lending but group liability
Duration: 6 months
Grace period: 2 weeks
Repayment frequency: Weekly
Clients must belong to a group and meet weekly

Features & Benefits
  • No collateral
  • Access to funds for business expansion
  • Flexible repayment structure
  • Training on basic financial management, business planning and customer relations
  • Low interest rate
Requirements

• Duly completed application form
• 1 guarantor and group guarantee
• 2 recent passport-size photographs
• Duly opened current account.

FAQs

Q: How do I join a group?
A: You locate a Consumer MFB group around where you live or do business.
Q: Can the sales rep./relationship officer locate a group for me?
A: No. According to Consumer MFB’s policy, a staff isn’t allowed to direct you to a group to join.
Q: Can I start a group?
A: Yes.
Q: What happens in the event that a group member defaults?
A: The group members will bear the liability

Personal Loan

CMFB Personal Loans are customized loans built to meet the specific needs of our customers. Our personal loans options are below. Each is offered with highly competitive rates and flexible terms

Personal Line of Credit

This is a credit line which provides you with instant borrowing power. By simply writing a check and an application letter, you can request cash when you need it. Qualified collateral may be required to secure your personal line.

Features & Benefits
  • Facility range: N10,000 (minimum) to N500,000 (maximum)
  • Methodology: Individual
  • Duration: 3-6 months
  • Grace period: 1 month
  • Access to a loan to fund your emergency financial needs
  • Takes less than 48 hours to disburse if all documentation is provided.
  • Flexible repayment structure
  • Low interest rate
Requirements
  • You must have salary account or have been involved in loan with consumer with excellent repayment in the past.
  • Duly completed application form
  • 2 guarantors or letter from employer
  • Satisfactory collateral

Overdraft

Overdraft is an individual loan product designed by Consumer MFB to assist clients with both business and household emergencies. Overdraft enables clients have access to funds for emergencies at a very low interest.

Requirements
  • Loan application letter
  • Duly completed application form
  • 2 recent passport-size photographs
Features & Benefits
  • Facility range: N500,000 maximum
  • Methodology: Individual
  • Duration: 1-30 days
  • Access to funds in emergency situations
  • No collateral
  • Competitive interest rate
  • Flexible and convenient repayment structure

Consumer Leasing

Consumer MFB Leasing product is designed to enable our customers purchase home appliances of their choice and pay conveniently over a period of time. This product is available to both Salary earners and non Salary earners alike. 50% upfront payment for those in the market and 30% for Salary account holders Repayment tenor is 6 months for salary accounts and 3 months for non salary accounts.

Features & Benefits
  • Buy now and pay in installment up to 6months for salary accounts and 3months for non salary accounts
  • Minimal Interest Rate
  • 1 year Warranty
  • Installmental payment (3-6 months)
Requirements
  • Duly completed hire purchase form and loan application form
  • Upfront Payment of the Customer’s contribution
  • Upfront payment of Hire Purchase fee of N2,000
  • Post dated cheques in the name of Consumer MFB for the repayment period if no salary domiciliation.
  • Comprehensive insurance of the item Purchased with Consumer MFB as the first loss payee
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