Bank of Industry – loan application
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Bank of Industry – repayment table
Estimated monthly repayments at 10.00% monthly interest. Actual terms confirmed upon approval.
| Amount \ Term | 12 months | 18 months | 24 months |
|---|---|---|---|
| ₦1,000,000 | ₦183,333 | ₦155,556 | ₦141,667 |
| ₦1,500,000 | ₦275,000 | ₦233,333 | ₦212,500 |
| ₦2,000,000 | ₦366,667 | ₦311,111 | ₦283,333 |
| ₦2,500,000 | ₦458,333 | ₦388,889 | ₦354,167 |
| ₦3,000,000 | ₦550,000 | ₦466,667 | ₦425,000 |
Representative example
Loan amount
₦750,000
Repayment term
12 months
Monthly interest
10.00%
Monthly repayment
₦137,500
Total interest costs
₦900,000
Total amount payable
₦1,650,000
* Example is for illustration only. Actual terms are confirmed upon loan approval.
Quick overview
Loan amount
₦1.0M – ₦50.0M
Term
12 – 60 months
Interest from
10.00%
Approval
5 business days
Age
18+ years
Online application
Yes
Requirements
- ✓ CAC registered business
- ✓ Detailed business plan and feasibility study
- ✓ 3 years audited financial statements
- ✓ Valid IDs of directors
- ✓ BVN of directors
- ✓ Collateral (land, property, machinery)
- ✓ Evidence of equity contribution (usually 25-30%)
Loan features
- SME loans from ₦5,000,000 to ₦500,000,000
- Repayment up to 10 years
- Interest from 9% per annum
- Multiple intervention fund windows
- Manufacturing and agribusiness focus
- Federal Government backed
Ready to apply?
Go to official Bank of Industry website ad