Hello, how can we help?

Does BOI have an App?

This will be launched soon.

How do I apply for a BOI loan?

Loans can be applied for either physically or online. For physical application, customers are advised to apply either at any of the BOI branch offices that is closest to them or at the headquarters (for loan applications that are N1bn and above). Customers who want to apply online can do so by applying on the bank’s website or by clicking the link www.boi.ng/apply to apply.

What do I have to do to ensure that my project is eligible for financing?

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

  1. Businesses must be registered with the Corporate Affairs Commission (CAC)
  2. Businesses must have their audited financial statements (if existing)
Where do I submit my loan application?

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)

Does BOI have a loan threshold for SMEs?

SMEs are eligible to apply for loans that fall within the category of N10million to less than N1billion.

What is the pricing on SMEs loans?

Term Loans 10% p.a.
Working Capital Loans 12% p.a.

Do I have to make any other payments besides interest rates?

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

  1. Appraisal Fee (non-refundable) – 1% of approval amount
  2. Commitment Fee (non-refundable)– 1% of approval amount
  3. Monitoring Fee – 0.0125% of approval amount per quarter (on reducing balance)
  4. Insurance charge
  5. Legal Fees
What is the tenor of repayment/payback?

Term Loan: 3 – 10 years
Working Capital: 2 years
Moratorium: 6 months – 12 months (from date of loan disbursement)

Does bank of industry loan require security?


  • All assets debenture/ Legal mortgage in choice locations.
  • Irrevocable Personal Guarantee of the Chief Promoter of the company.
  • Asset and Credit Life Insurance of the Chief Promoter.
  • Bank Guarantee from a Commercial Bank acceptable to BOI.
What is the loan application process?
  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.



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