If you are looking for a loan to start or expand your business, Fahimta Loan may be a good option for you.
About Fahimta Microfinance Bank
Fahimta Microfinance Bank is a financial institution that provides loans and other services to small and medium enterprises (SMEs) in Kaduna State, Nigeria.In this blog post, I will explain the requirements, how to apply, the interest rate and the repayment terms of Fahimta Microfinance Bank loans.
Types of loans that Fahimta Microfinance Bank Offer
- Business Loan – This is a loan for SMEs that need funds to start or expand their businesses. The loan amount ranges from N50,000 to N5 million and the repayment period ranges from 3 months to 24 months.
- Personal Loan – This is a loan for individuals who need funds for personal or family needs. The loan amount ranges from N20,000 to N500,000 and the repayment period ranges from 3 months to 12 months.
- Salary Advance Loan – This is a loan for salaried workers who need funds to meet urgent needs before their next payday. The loan amount ranges from N10,000 to N100,000 and the repayment period is one month.
- Micro loans – This is for entrepreneurs, traders and students to access for existing businesses. Fahimta Microfinance Bank offers business owners of Small and Medium Size Enterprises the opportunity to access loan products in a quick, transparent and efficient way. The customer must complete the Bank’s Loan application form to enable us complete loan’s tracker compliance form. Maximum tenor of 6 months. Collateral is required.
- Asset Acquisition Loan – This is a loan for customers who want to purchase assets such as household appliances, furniture, electronics or vehicles. The loan amount ranges from N50,000 to N2 million and the repayment period ranges from 6 months to 24 months.
- Agricultural Loans – Fahmita provides a non-collateral agricultural loan for farmers in Kaduna with a maximum loan amount of N150,000 at a rate of 40% for 3 months.
Fahimta Microfinance Bank also offers other services such as savings accounts, current accounts, fixed deposits, money transfer and financial advisory.
What are Fahimta loan requirements?
- You must be a Nigerian citizen with a valid means of identification (such as national ID card, voter’s card, driver’s license or international passport).
- You must have an active bank account with Fahimta Microfinance Bank.
- You must have a verifiable source of income (such as salary, business income or pension).
- You must have a guarantor who is also a customer of Fahimta Microfinance Bank or any other bank in Nigeria.
- You must have a good credit history and no outstanding loans with other financial institutions.
How to Apply for Fahimta Loan
- Visit any branch of Fahimta Microfinance Bank near you and fill out an application form. You can also download the form from their website (www.fahimtabank.com) and print it out.
- Attach the following documents to your application form: photocopy of your ID card, bank statement for the last six months, proof of income (such as pay slip, tax clearance certificate or business registration certificate), passport photograph and guarantor’s details.
- Submit your application form and documents to the loan officer at the branch. The loan officer will review your application and conduct a background check on you and your guarantor.
- If your application is approved, you will receive an offer letter stating the amount, interest rate and repayment terms of your loan. You will also be required to sign a loan agreement and provide post-dated cheques or direct debit mandate for the repayment of your loan.
- Once you sign the loan agreement and provide the repayment instruments, you will receive your loan amount in your bank account within 24 hours.
Fahimta Loan Interest Rate and Repayment Terms
The interest rate and repayment terms of Fahimta Microfinance Bank loans vary depending on the type, amount and duration of the loan. However, generally speaking, the interest rate ranges from 18% to 24% per annum and the repayment period ranges from 3 months to 24 months. The interest rate is calculated on a reducing balance basis, which means that you pay less interest as you repay your loan.
See also: How to Get a Loan from Snow Microfinance Bank
Benefits of Borrowing from Fahimta Loan
- Fast and easy application process
- Competitive interest rates
- Flexible repayment terms
- No collateral required
- No hidden charges
How can I contact Fahimta Loan?
You can contact them by reaching out to:
Phone: 0802 903 0085.
Address: NO 24 Muhammadu Buhari Way, Doka, Kaduna, Nigeria
Fahimta Microfinance Bank is a reliable and reputable financial institution that caters to the needs of SMEs and individuals in Nigeria. If you are looking for a loan to finance your business or personal needs, you should consider applying for a loan from Fahimta Microfinance Bank. You can visit their website (www.fahimtabank.com) or any of their branches for more information.
See also: Kada Loan – How to Apply for a Loan from Kada Bank