FAQs

There are criteria that must be met for a project to be eligible for financing. These include:

• Businesses must be registered with the Corporate Affairs Commission (CAC)
• Businesses must have their audited financial statements (if existing)

All loan applications are submitted at the various state offices closest to the customer. However, it is IMPORTANT TO NOTE that processing of the loan application does not commence until all documents stated in the checklist are provided. (Our Locations)

Micro-enterprises can apply for loans that are less than N10million.

Interest rates vary depending on the product. Please refer to the product guide on the website.

Yes. Depending on the type of loan, you may be required to pay the following fees and charges;

• Appraisal Fee (non-refundable) – 1% of approval amount
• Commitment Fee (non-refundable)– 1% of approval amount
• Monitoring Fee – 0.0125% of approval amount per quarter (on reducing balance)
• Insurance charge
• Legal Fees

Up to the 3 years.

Yes. A combination of;

1. Irrevocable Personal Guarantee of the Chief Promoter of the company
2. Two (2) external Guarantors acceptable to BOI who must belong to any of the following categories:
   • Senior Civil Servant (Level 12 and above) who should not be more than 53 years old or not more than 28 years in service (whichever comes first.
   • Bankers (not below the level of Assistant Manager) and must have been confirmed by current employer.
   • Professionals i.e. Medical Doctors, Lawyers, Accountants, Engineers, etc.
   • Senior Staff (not less than a manager) of reputable quoted Companies, International Oil Companies, Telecommunications Companies (GSM providers)

The guarantees must be supported by duly Notarized Statement of Net worth acceptable to BOI

1. Payment of 10% security deposit into designated BOI account; in addition to lien over the equipment (present and future)
2. Asset and Credit Life Insurance of the Chief Promoter

1. The loan application process effectively begins when all required documents have been received and admitted by the Bank.
2. The documents are reviewed and processed accordingly.
3. The loan application is approved, if it meets the Bank’s minimum risk acceptable criteria.
4. An offer letter is issued by the Bank to the loan applicant. The offer letter contains the features, terms and conditions of the loan, including the pre-disbursement conditions required prior to the disbursement of the loan amount.
5. Subject to meeting all pre-disbursement conditions, including payment of all required fees and charges, the loan sum is disbursed to the equipment suppliers and/or other beneficiaries as approved.

It takes within 30 to 40 working days to process and obtain Management’s approval after submission of ALL requirement documents. While it takes about 15 working days for disbursement, once all criteria have been met.

Yes. Your loan application would be handled by the state office responsible for the location of the factory (operation site). This is for easy access to your production site and for effective monitoring by the project team. However, the approval process is concluded at the Head Office.