If you are a business owner in Kaduna, Nigeria, you might have faced some financial challenges that threatened your business’s survival. Maybe you needed some capital to expand your operations, buy new equipment, or pay your suppliers. Or maybe you had an emergency that required urgent cash. Whatever the case, you know how hard it is to get a loan from traditional banks, especially if you don’t have collateral or a good credit history.
But don’t worry, there is a solution for you. Kada Loan is a product of Kada Microfinance Bank, a licensed financial institution that offers loans to business owners and salary earners in Kaduna. Kada bank loan is designed to help you overcome your financial difficulties and grow your business.
What is Kada Microfinance Bank?
Kada Microfinance Bank is a licensed and regulated financial institution that provides a range of financial services to individuals, small and medium enterprises, and cooperatives. Whether you need a savings account, a loan, a fixed deposit, or a microinsurance product, Kada Microfinance Bank has something for you.
In this article, we will tell you everything you need to know about Kada loan, how to apply for it, and how it can benefit your business.
What is Kada loan?
Kada loan is a type of microloan that caters to small and medium-sized enterprises (SMEs) in Kaduna. It is suitable for students, business owners, and petty traders who need quick and easy access to funds. You can use Kada loan for any legitimate purpose, such as working capital, inventory, equipment, education, or personal needs.
How much can I borrow from Kada loan?
The amount of money you can borrow from Kada loan depends on your credit score, which is determined by your bank transaction history, phone records, BVN, and other factors. The higher your credit score, the more money you can borrow. The minimum amount you can borrow is N5,000 and the maximum is N500,000.
See also: How to Borrow from Your Pension Fund in Nigeria
What is the interest rate and repayment period of Kada loan?
The interest rate of Kada loan is 5% per month, which is lower than most other online lenders. The repayment period is flexible, ranging from 1 to 6 months. You can choose the repayment plan that suits your cash flow and budget.
The requirement to get a loan from kada bank
– You must be a Nigerian citizen with a valid means of identification.
– You must be between 18 and 60 years old.
– You must have a regular source of income and a verifiable bank account.
– You must have a good credit history and no outstanding debts.
How can I apply for Kada loan?
Applying for Kada loan is very simple and fast. You just need to follow these steps:
1. Open an account with the bank
This is the first step to take if you want to borrow a loan. Opening an account with Kada Bank will show your commitment to the bank.
2. Fund your account for sometime
The next step to take after opening a Kada account is to actively service your account for a while. Servicing your account means that you have to fund it and withdraw money from the account constantly. This will make you qualified to access loans.
3. Apply for the loan
To apply for a Kada loan, you need to have a valid reason why you need the loan. As long as your loan reasons are genuine, there is a high chance that you will get the loan.
4. Provide the necessary documents
You can hasten your access to the loan by providing the necessary documents about why you need the loan. Also, you need to present collateral and its documents.
What are the benefits of Kada loan?
Kada loan has many advantages over other sources of funding for your business. Here are some of them:
– It is fast and convenient: You don’t have to waste time and energy visiting physical branches or filling out lengthy forms. You can apply for Kada loan anytime and anywhere with your smartphone.
– It is flexible and affordable: You can choose the amount and duration of your loan according to your needs and capacity. You also enjoy a low-interest rate and no hidden charges.
– It is secure and reliable: Your data and transactions are protected by encryption and security measures. You also have access to customer support via phone, email, or chat.
– It is rewarding and empowering: You can improve your credit score by repaying your loan on time and accessing higher amounts in the future. You also have the opportunity to grow your business and achieve your goals.
See also: GEEP LOAN – How to apply, Requirements, and more
How can I contact Kada Microfinance Bank?
Here’s how to contact Kada Microfinance Bank
Address: 3, RIGACHIKUN POLY ROAD, KADUNA, Tudun Wada, Kaduna
Phone Number: 08098909343, 08036884586
Email Address: email@example.com
Kada loan is a great option for business owners in Kaduna who need quick and easy access to funds. It can help you solve your financial problems and boost your business performance. All you need to do is download the app, apply for a loan, and get the money in minutes.
Don’t let lack of funds stop you from pursuing your dreams. Apply for Kada loan today and see how it can save your business from collapse.