One thing people are scared of when borrowing loans is the interest rates of the loans they are borrowing, especially for those doing business. The interest rates of a good number of loans is high. In this post, we’ll be examining the 5 best commercial banks to borrow loan in Nigeria with very low interest rates.
The commercial banks you’ll see here are ones with very low interest rates that you can easily pay back, and it won’t eat deep into your business. Now, let’s take a look.
5 Best Commercial Banks to Borrow Loan in Nigeria with Very Low Interest Rates
1. Stanbic IBTC
Stanbic IBTC has one the best loans with low interest rates in Nigeria. This bank is where you can go and get loan to easily pay back. However, securing loan from the bank is a rigorous process, and you would have to provide collateral if you aren’t a salary earner.
There are options for salary earners where you would borrow a little amount of money while providing six months salary evidence and proof of employment. Their repayment plan is flexible and a little bit long.
Guaranty Trust Bank (GTB) has the second best loan with low interest rate. It is where you can trust for your loans for your business. Nonetheless, you’ll have to follow the rigorous process and provide collateral for the loan before collecting it. The repayment plan is a bit long and flexible as well.
Jaiz Bank is an Islamic Bank built and organized in the Islamic process of banking. In this bank, they don’t give any type of loan for interest. Thus, if you are Muslim, or even some Christians, you can get to the bank to inquire for loan.
The bank was mostly opened to help establish, fund, and develop businesses. So, you’ll find it somehow easy to get a loan from here. The repayment plan is also superb.
Polaris offers loans at low rates. This means you can easily secure business loans that paying back isn’t an issue. You follow the right process, and get the loan to repay with a long and flexible repayment plan.
Unity is just like the banks mentioned here, and it’s relatively growing as well. With this bank, you find it a lot easier to secure low interest loans for your business or any other need. You follow the right process, provide collateral, and you are good to go.
These are the 5 best commercial banks to borrow loan in Nigeria with very low interest rates. You need to be thorough and sincere in the process. You repay as at when due.