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Home Opinions 5 Banks with the Best Lending Rates in Nigeria
Opinions - August 14, 2022

5 Banks with the Best Lending Rates in Nigeria

The need for personal and business loans has seen conventional banks up their games in loan accessibility. This made some banks devise different strategies to reduce the bottleneck process associated with the industry and provide the best lending rates in Nigeria.

Since the banks offer different loan facilities, it can be difficult to determine the actual interest rate of some financial companies. Thus, the lending process sometimes considers factors such as the amount, personal asset, tenor, and credit scores.

Notwithstanding this, you can start your loan journey by considering some of these banks in Nigeria.

GTBank tops the list of best lending rates in Nigeria with 1.5%

best lending rates Nigeria
Source: The Guardian Nigeria

Guaranty Trust Bank Limited (GTBank) is one of the leading banks in the Nigerian banking sector. It is a multinational financial company that offers individuals, businesses, and private and public institutions across Africa and the United Kingdom a broad range of financial products and services.

To offer services and give back to customers, GTbank offers different loan services to users. Some of their loan facilities are:

QuickCredit is available to salary earners or self-employed. You can access up to N5million for 12 months with an interest rate of 1.5% monthly.

MaxAdvance is a personal loan offer to the staff of select corporate and government companies whose staff salary accounts are with GtBank. They can access loans ranging from N100,000 to N10,000,000 for 3 to 48 months. This is with an equal monthly repayment of the principal and interest which shall not exceed 3.3% of the net monthly.

GTSalary Advance: you get 50% of your net monthly salary for 30 days. It is renewable monthly and available only to staff with active accounts domiciled in the bank. It requires no collateral and will be disbursed within 24 hours.

People working in the public sector must receive a monthly minimum salary of N25,000, while the private sector has a minimum of N50,000 to access the facility.

Others are GTBank School Fees Advance, Maxplus, Computer Advance, GT Mortgage, Premium Advance, Travel Advance and Vehicle Insurance Premium Financing.

Access bank is facilitating loans with its best lending rates in Nigeria

best lending rates Nigeria
Source: Business Post Nigeria

Access bank offers loan facilities such as personal loan, home loan, advances for school fees, and quick bucks. Under the quick bucks, you can access the payday loan, salary advance, small ticket personal loan and device financing. 

The salary advance is accessible to salary account holders with the bank and earns a minimum of N50,000. 

They can access up to 200% of their monthly salary. It has a 1.9% interest rate, 1% management fees, and 0.20% credit life insurance. The loan is for six months. Late payment attracts a penalty.

Small ticket personal loan is for people who earn a minimum of N100,000. They have access to 400% of their monthly salary. It has a 12 monthly instalment payment, a 3.7% interest rate,1% management fees, and 1% credit life insurance.

Device finance is for salary account holders with access and other banks. Have access to a loan of 33% of their annual salary and a maximum cap of N500,000. It has a 27% interest rate for a year with 1% credit life insurance.

The payday loan is for both salary and non-salary earners. Customers are eligible for 75% of their monthly salary. The loan duration is a month from the date of disbursement.

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Stanbic IBTC Bank has one of the best lending rates in Nigeria with its EZ cash product

Source: Premium Times Nigeria

Stanbic IBTC Bank offers personal loans such as unsecured personal school fees loans, home loans, salary advance loans, vehicle and asset finance, smart loan, secured term loans and unsecured loans.

The financial platform also provides the EZ cash product that offers loans from N20,000 to N5 million with an interest rate of 2.5% for a year.

Firstbank, the premier bank with one of the best lending rates in Nigeria

Source: Tekedia

First Bank of Nigeria Limited is the oldest and leading bank in the Nigerian financial industry. The institution offers personal loans such as are FirstCredit, Personal Home Loans, Joint Mortgage, Automobile loans, and salary loans.

The FirstCredit offers a maximum loan of N300,000 for one month with a 10% interest rate. It includes a 1% insurance rate and a penalty charge for unpaid loans.

This is available to users with active accounts in the bank and no bad credit history. The loan is disbursed immediately after request.

The Salary loan, on the other hand, is in three parts. There is the FirstAdvance, Personal Loan Against Salary, and Agent credit.

The firstAdvance loan is accessible to salary earners with a domiciled account in FirstBank and a stable salary record for a minimum of six months. The maximum amount is N500,000, which is subject to 50% of the net average three months salary. The eligible amount is calculated after deducting all other loan obligations to the Bank. 

UBA floating interest term makes it one of the best banks with the best lending rates in Nigeria

Source: Premium Times Nigeria

UBA offers personal loan-direct, personal loans, senior citizen loans, auto loans, asset finance, FX cash-backed loans, and insurance premium financing.

The personal loan direct is for salary earners who do and do not have an account with the bank. They can access up to N10 million. The personal loan gives you access to up to N30 million with a two years repayment period.

The interest rate for both loans type is based on floating terms which are subject to the changes in the money market during the loan period. It also has a one-off management fee of 1% with up to 50% of the debt service ratio(DSR).

The maximum loan amount for personal loan-direct is N10 million. Also, the maximum loan amount for a personal loan is N30million and the minimum of N100,000.

For FX cash-backed loan, the maximum loan amount is N10 million with a two years repayment period. It has a 0.5% interest on FX deposit, 15% interest rate and 1% one-off management fee.

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