Baobab – loan application
Screenshot of https://baobabgroup.com/nigeria, operated by: Baobab Microfinance Bank Limited, used under legitimate licence.
Contact
Company
Baobab Microfinance Bank Limited
Address
Lagos, Nigeria
Website
https://baobabgroup.com/nigeria
Baobab – repayment table
Estimated monthly repayments at 28.00% monthly interest. Actual terms confirmed upon approval.
| Amount \ Term | 6 months | 12 months | 18 months | 24 months |
|---|---|---|---|---|
| ₦500,000 | ₦223,333 | ₦181,667 | ₦167,778 | ₦160,833 |
| ₦1,000,000 | ₦446,667 | ₦363,333 | ₦335,556 | ₦321,667 |
| ₦1,500,000 | ₦670,000 | ₦545,000 | ₦503,333 | ₦482,500 |
| ₦2,000,000 | ₦893,333 | ₦726,667 | ₦671,111 | ₦643,333 |
| ₦2,500,000 | ₦1,116,667 | ₦908,333 | ₦838,889 | ₦804,167 |
| ₦3,000,000 | ₦1,340,000 | ₦1,090,000 | ₦1,006,667 | ₦965,000 |
Representative example
Loan amount
₦260,000
Repayment term
12 months
Monthly interest
28.00%
Monthly repayment
₦94,467
Total interest costs
₦873,600
Total amount payable
₦1,133,600
* Example is for illustration only. Actual terms are confirmed upon loan approval.
Quick overview
Loan amount
₦20K – ₦10.0M
Term
6 – 24 months
Interest from
28.00%
Approval
3 business days
Age
18+ years
Online application
Yes
Requirements
- ✓ Valid government-issued ID
- ✓ BVN
- ✓ Proof of business (for business loans)
- ✓ 3 to 6 months bank statement
- ✓ Utility bill or proof of address
- ✓ Two guarantors (for some products)
Loan features
- Individual and group loans
- Business and personal loan products
- Loans from ₦50,000 to ₦5,000,000
- Repayment 3 to 24 months
- Relationship officer support
- CBN licensed microfinance bank
Ready to apply?
Go to official Baobab website ad