Instant Business Loan Frequently Asked Questions

1. What is an Instant Business Loan?

This is an instant digital loan product which is targeted at MSMEs to provide to
provide a short-term funding solution to meet cashflow/float gaps and other
immediate business needs and requirements, subject to the Bank’s risk
acceptance criteria (RAC).

2. How do I request for an Instant Business Loan?

You can request for the instant Business Loan on QuickBucks, through any of
the following ways:
- Download the QuickBucks app, available on the Google Playstore or iOS
App Store
- Or click here to visit the QuickBucks website

3. Does my account have to be in Access Bank before I can apply for an Instant
Business Loan?
Yes, your account needs to be in Access Bank and needs to be active for at least
three (3) months.

4. What are the rates/fee for Instant Business Loan?

The interest rate for Instant Business Loan is 7.5%. Other charges include a 1%
management fee, 1% advisory fee and 1.5% insurance cover (inclusive of credit
life/keyman, and fire and burglary insurance), which are taken upfront.

5. What is the tenor for an Instant Business Loan?

The loan tenor is 180 days (6 months).

6. How much can I get with Instant Business Loan?

The maximum amount (i.e., eligible amount) you can get is 50% of your monthly
average turnover/cashflow for six months, subject to a maximum of ₦10,000,000
depending on your average monthly turnover and less any active loans at the
Bank. Your offer letter will display the maximum amount you are allowed to take;
however, your current eligibility will be displayed when you request for the loan
on QuickBucks,

Average Monthly Turnover Max Limit

₦500,000 - ₦2,499,999 ₦1,000,000
>₦2,500,000 - ₦4,999,999 ₦2,000,000
>₦5,000,000 - ₦9,999,999 ₦3,000,000
>₦10,000,000 - ₦24,999,999 ₦4,000,000
>₦25,000,000 - ₦49,999,999 ₦5,000,000

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 >₦50,000,000 - ₦59,999,999 ₦6,000,000
>₦60,000,000 - ₦69,999,999 ₦7,000,000
>₦70,000,000 - ₦79,999,999 ₦8,000,000
>₦80,000,000 - ₦89,999,999 ₦9,000,000
>₦90,000,000 - ₦100,000,000 ₦10,000,000

7. How can I qualify my business for an Instant Business Loan?

Contact your Relationship Manager and provide your account number and
Business details to be pre-approved for an Instant Business Loan; or to see if you
are already pre-approved and confirm eligibility.

8. What are the pre-approval requirements for an Instant Business Loan?

Please see the below list for the pre-approval requirements:
- Registered business entity(ies) i.e. ventures, enterprises and limited
liability companies with full ‘know your customer’ (KYC) documents.
- Evidence of MEMART or Articles of Association to indicate company’s
interest in the product.
- BVN and TIN of the company’s promoter and all related accounts (of the
promoter and business).
- Evidence of a minimum of one (1) year of existence of the business.
- Minimum of three (3) months relationship with Access Bank.

9. What documents and collateral are required to process the Instant Business
Loan request?
1. Accepted offer letter
2. Personal guarantee of the promoter or the majority shareholder of the
Borrower, with the notarized Statement of Net worth
3. Irrevocable direct debit mandate, authorizing Access Bank to pool any
funds in accounts linked to the promoters BVN
4. Irrevocable letter of lien/set off from related accounts, including sister
companies or individual accounts of the promoters of the Borrower
5. Board resolution/Simple resolution
6. Advisory fee mandate

10. What business sectors for an Instant Business Loan?

The product is targeted at the following sectors:
- Supermarkets - Professional firms and
- Hospitals and Healthcare Associations
- Clearing agents - Legal firms
- Distributors and dealers - Accounting firms
- Vendors - Quick service restaurants

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 - IT Services - Traders
- NGOs - Agriculture
- Hospitality/lounges - Importers and Exporters
- Food and Drink - Pharmaceuticals
- Manufacturing - Transport
- Entertainment - Diagnostic centre
- Travel Agencies

11. What can affect my pre-approval and eligibility?

Your eligibility will be affected by any of the following:
- Average Monthly turnover less than ₦500,000
- The customer has been registered for less than a year
- The customer has exceeded the maximum number of returned cheques
- The customer’s relationship with Access Bank is less than three (3) months
- Sectors not qualified for Instant Business Loans:
o Oil & Gas
o Contractors
o Real Estate
o Gambling/Firearms
o Religious Bodies
o Advertising
o Schools

12. What if I have other existing loans, can I still get an Instant Business Loan?
Where you have existing loans, the equated monthly instalment (EMI)/ monthly
repayment(s) will be used in calculating your eligible amount. Your eligibility
amount will therefore be 50% of your average monthly turnover, less any EMI. If
the monthly repayment is higher than your eligible amount, you will not be able to
take an Instant Business Loan.

13. How long does it take to get a loan?

The pre-approval process takes two (2) to five (5) working days. Once pre-
approved your Access Bank account is credited instantly, following a successful
loan request on QuickBucks. However, it may take up to 24 hours to process
before disbursement into your account. In such an event, we will notify you of any
delays.

For returning customers, simply log on to the Quickbucks platform to make a

digital loan request.

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 14. Can I liquidate my Instant Business Loan early?
Customers are at liberty to pay off their loan at their convenience. Interested
customers can self-liquidate their existing Instant Business Loan on USSD and
on the QuickBucks platform. Alternatively, customers can contact Access Bank
on +2347003000000 or 0201-2712005; send an e-mail to
[email protected]; or visit any Access Bank branch to
liquidate their loans.

15. What happens if my account is not funded for repayment on the due date?
The loan amount will be deducted from any inflow into the customer’s account.
Where the loan us past due, deduction will be made from any account linked to
your BVN.

16. Is there any penalty for not repaying the loan on time?
Customers will face a 1% penal charge per month for defaulting on the loan from
31 days past due.

17. Are there other instant digital loans at Access Bank?

Yes, there are. Please see the table below for other instant digital loan products
available for individuals.

Loan Type Available to Loan Amount Repayment Plan Pricing

Salary account Up to 75% of Against next Interest Rate:

holders with monthly salary, salary payment or 12%
Access Bank subject to a max. 30 days
of ₦1,000,000 (whichever comes Management Fee:
first) 1%

Credit life insurance

PayDay Loan 0.5%
(PDLP)

Other bank Up to 50% of Against next Interest Rate:

customers monthly salary, salary payment or 13%
whose salaries subject to a max. 30 days
are processed of ₦500,000 (whichever comes Management Fee:
through Remita, first). 1%
eTranzact, Zinox Your repayment
Group/Konga will be deducted Credit Life Insurance:
Pay, and from your next 0.5%
PrimusPlus salary and paid
into your Access
Bank account.

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 Salary account Up to 100% of 90 days with Interest Rate:
holders with monthly salary, repayment over 11% (on reducing
Access Bank subject to a three (3) monthly balance)
maximum of instalments
₦2,000,000 Management Fee: 1%

Credit Life Insurance:

0.7%

Other bank Up to 80% of 90 days with Interest Rate

PayDay Extra customers monthly salary, repayment over 11% (on reducing
(PDLE) whose salaries subject to a three (3) monthly balance)
are paid through maximum of instalments
Remita, ₦1,000,000 Management fee: 1%
eTranzact, Zinox
Group/Konga Credit Life Insurance:
Pay, and 0.7%
PrimusPlus

Salary account Up to 200% of 180 days with Interest Rate:

holders with monthly salary, repayment over 10% (on reducing
Access Bank subject to a six (6) monthly balance)
Salary Advance
who earn a maximum of instalments
(SADV)
minimum of ₦5,000,000 Management Fee:
₦30,000 1%

Credit Life Insurance:

1%

Salary account Up to 400% of 365 days with Interest Rate:

holders with monthly salary, repayment over 9% (on reducing
Small Ticket
Access Bank subject to a twelve (12) balance)
Personal Loan
who earn a maximum of monthly
(STPL)
minimum of ₦10,000,000 instalments Management Fee: 1%
₦30,000
Credit Life Insurance:
1.2%

Salary account Up to 33% of Up to 365 days Interest Rate:

holders with annual salary, but with repayment 30% p.a.
Device Finance
Access Bank subject to a max. over twelve (12)
(DFPS)
of ₦500,000 monthly Management Fee: 1%
without equity instalments
contribution and Credit Life Insurance:
₦2,000,000 with 1%
equity
contribution.

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 Individual Up to 30% of 90 days with Interest Rate:
Lending Against account holders average monthly repayment over 11% - 15%
Turnover (RLAT) with Access turnover, subject three (3) monthly
Bank, with to a maximum of instalments Management Fee: 1%
unverified ₦1,000,000.
salaries Credit Life Insurance:
0% - 1.5%

LATO Trader (TLAT) Trader account Up to 20% of 90 days with Interest Rate: 12%
holders with average monthly repayment over
Access Bank turnover, subject three (3) monthly Management Fee: 1%
to a maximum of instalments
₦500,000. Keyman Insurance:
0.7%

*Please note that all fees will be take upfront at the point of disbursal

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