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.

How do I ensure 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)
What are the required documents for loan application?

There is a checklist that can guide loan applicants. The list of requirements to apply for a loan can be found on the Bank’s website. Please click here for Pre and Post Approval documentation requirements. (LE checklist link)

Is there a checklist that guides my application for a loan?

Yes, there is a checklist that can guide loan applicants. The list of requirements to apply for a loan can be found on the Bank’s website. Please click here for Pre and Post Approval documentation requirements.

Where do I submit my loan application?

All loan applications are submitted at the respective groups within the head office. 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 large enterprises?

Large Enterprises are eligible to apply for loans that are N1billion and above.

What is the pricing on large enterprises loans?

4.5% - 14% p.a. interest rate.

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?

Yes. Kindly see the general FAQs for information on the categories of eligible/acceptable Guarantors.

 

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