Are you planning to get a personal loan from any bank or organization in Nigeria but don't know the requirement or how to qualify for a personal loan, I will help you with all the info you need on how to get a personal loan from anywhere in Nigerian by looking at the basic requirements.
In Nigerian, you can request for a loan not only from a bank but some other platform established to help you with funds to meet urgent needs just like RenMoney
and so many others.
Before I decided to share this information regarding the requirements to get a personal loan in Nigeria I checked some Nigerian banks and other platforms that can assist you with a loan just to ascertain the general requirement for a personal loan in Nigeria.
You can get up to 10 million loan if you are qualified but before I proceed with requirements you might be interested to read How to Get Loan and Airtime from Quickteller without stress
Why You might need a loan
Getting a loan doesn't necessarily mean that you have financial problems or that you are poor but sometimes you needed to handle big project that your one or two months salary cannot be able to handle, it could be for your children school fees when you might have invested your money elsewhere and need urgent help to settle few things.
Even the poor don't stand any chance of getting any reasonable amount of money as a loan from any platform because in as much as they are willing to give you up to 10 million as a loan they are as well concerned on how you are going to per back without any problems.
What you must know before applying for a loan
Getting a loan is not something you should go for if you don't have any means of paying back on or before the agreed date, you should as well think twice and ask yourself if you really need the loan because it might turn to your nightmare if you failed to pay back in one way or other
Basic requirements and eligibility to get a personal loan in Nigeria
I know you have been waiting for an answer to this question and its time to clear the air, below are the main requirements to get a personal loan in Nigeria.
Minimum monthly net salary between NGN 50,000 - NGN 200,000
For you to be able to get a loan from any bank or other platforms in Nigeria you must have a good Job that can enable you repay the loan through your monthly salary.
Most Nigerian banks can only approve your loan request only if your employer domicile your salary to the bank in question which gives them control over your monthly salary and at the end of every month they will deduct the agreed percentage and leave the rest for you untill the loan is completely paid.
Letter of confirmation from employer
In some case you might need to get your employer involved to confirm that he is aware of the loan request before they can proceed.
Valid identification document
There are 4 recognized ID card in Nigeria, driver's license, international passport, national ID and voter's card, one of them must be presented or photocopied and attached in your application form,
To complete the loan request there are few other things you might need to present before the approval of your loan and they are as follows.
⇒ Completed application form
⇒ Bank statements for the last 3 months
⇒ Pay slips for the last 3 months
⇒ Copy of driver's license, international passport, national ID or voter's card
⇒ Copy of company or staff ID card
⇒ Marriage or birth certificate (where applicable)
⇒ Letter of Awareness from employer to domicile your salary with the bank
⇒ Important Information Documents (IID).Note:
This is just the basic requirement but every bank and platforms have their own requirements but they will not be far from the listed requirement above.
Loan for Businessmen/women and Self-employed
If you are self-employed or a businessman you can still get a loan but your bank statements and verifiable means of identification must be presented, your bank statements and transactions in your account will help them know your financial capabilities to be sure you have what it takes to repay the loan and in some case you might need to present at least 2 guarantors.