How To Obtain Loan From Bank Of Industry In Nigeria

Bank of Industry is an institution in Nigeria that provide credit facilities to support small, medium and large scale companies so that entrepreneurship can strive and move ahead

The following are the list of people that can get financial assistance from Bank of industry.

Who can BoI Assist?

• Small, medium and large enterprises, excluding cottage industries.
• New or existing companies, seeking expansion, mordenisation or diversification.
• Credit worthy promoters who will be required to prove their commitment to the project by contributing at least 25% of the project cost excluding land.
• Borrowers whose management capability, financial situation (including availability of collateral and guarantee), character and reputation are incontrovertible.
• Clients with demonstrable ability to meet loan repayments.
• Borrowers with no record of unpaid loans to erstwhile development finance institutions and other banks.

Source: www.boinigeria.com

The following are the steps you can take to access credit facilities from Bank Of Industry

The 1^st Step:

You will write an application letter showing your interest in accessing credit facility from bank of industry, Nigeria. This is a normal formal application letter which you will address to the Bank Of Industry

The 2^nd Step

Bank Of Industry has An Appraisal Requirement and Questionnaire which any applicant seeking to get credit facility need to fill and complete the form and get it submitted to BOI industry for thorough perusal, reviewed and approved

 Want to download Appraisal Requirements and  Questionnaire Form, CLICK HERE

The 3^rd Step

The last but not the least is to submit the BOI’s Appraisal and Questionnaire Form to any of their nearest office. Need the list of Bank Of Industry where you can submit the form, Clickhere

Bank Of Industry has really help some Nigerians access credit facilities to support their businesses, anyone including YOU can also benefit from this excellent financial benefit

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How To Get Loan In Nigeria

The rate at which economic crisis is looming cannot be over-emphasized, most people are unemployed while the little ones who are gainfully employed are underpaid. The financial crisis generally affects all the sectors of the economy and also affects the minds of every individual whether you are a factory worker or you are a trader working as an entrepreneur.

Everyone is seriously complaining of not having enough cash to deal with their day to day financial obligation due to the weakness of the economy and different hikes in prices. Our living expenses and cost of living, especially in the major keep rising up without adequate or additional earning to justify the increase in the living expenses on our everyday necessities.

You may be bothered to think or contemplating if you could find any unsecured loan to help you meet up with the upcoming purchases or projects, I’m here to assure that you don’t need to panic. A lot of genuine lenders are out there looking for profitable businesses to invest their capital upon.

It is now easier than before to see many reliable investors in the market with capital and who are willing to lend money to deserving and worthy borrowers regardless of the current economic crisis here and there that made some lenders to restrain their capital to the genuine borrowers

You don’t Really Need To Risk Your Collateral Any Longer

In the economy today, you hardly see any lender imposing tight collateral on the loan perhaps they are fully aware that some of the borrowers don’t really have the collateral which they can put down against a secured loan. The reasons for not imposing such unachievable collaterals are due to the high level of uncertainties in the labour market, company downsizing, poor infrastructure and many other factors militating against the social and economic development of the nation.

As a result of those factors, the borrowers fully understand that pledging collateral securities may be very difficult and a kind of decision they will not like to make. Some of the borrowers who are gainfully employed fear losing their jobs after taking loan from their employer or any financial institution using their emolument as collateral. If anything happen to their job and they eventually lose their job, their secured loan will definitely come in against them and they may lose their home in the process. Some of these and many other reasons make the unsecured loan to be so popular irrespective of the high interest rate associated with it

Unsecured Loan Can Be Used For Major Key Purposes

Fortunately, unlike some secured loans where the borrower may be giving you the condition on how to utilize the money borrowed, you can use the money to cover varied purposes such as purchase of equipment, mortgage payments, utilities, house rent, business expansion and improvement and so on. The most important thing is to have the means of paying back the loan which many lender will like to consider before giving you the loan since it is a loan without collateral.

Money For All Purposes

Improve Your Chances Of Receiving Your Unsecured Loan

It is important to ensure you get prepared and do all the necessary things that need to be done to improve your chance of getting the loan. Some lender will require you bank with them for some weeks to know more about your financial capability for the repayment of the loan. This is applicable to their new borrower or new customer, while some will ask you to bring your previous bank statement for the last six months to see whether if given the loan, you will be able to pay the money back as promised.

Some lender will love to see your business plan, loan proposal and the likes just to ensure their money is not going to the wrong hands. Try to find out what they need and get prepared to give it to them so that your loan will be approved without much delay.

Want To Know The Hidden Secrets And The Techniques Of Getting Your Loan Approved With The List Of Genuine Lenders And How To Approach Them To Get Any Amount Of Money As Loan Without Any Hassle, Check The Business Loan Package Blueprint For Details