How to Get loan for Your Farm Business from WEMA Bank
Getting a loan from banks is often seen as something that is impossible, but with the understanding of it you can access financial support for your farm business.
First you should have an account with them and run it for some period of time to build your statement of account. Your statement of account will determine how much you can have access to.
You can also bring your statement of account from another bank, open an account with them and have access to loan as soon as you complete the account opening process.
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You must have been in the business for a minimum of 2 years. Once you apply, they will visit you to see existing business you want the loan for. The interest rate is 27% as at when this report was gotten. The interest rate is calculated on reducing balance.
There is another package called Business Support Facility
This facility is designed to help business finance stock and other business needs.
Features & Benefits
Available to customers trading in all business segments with regular credit/debit transactions
Open to persons trading in their personal names
Minimum loan amount N100,000. Maximum loan amount N5,000,000
Open to new to bank customers.
Top up available
Maximum tenor is 12 months
Competitive interest rate
Access to mobile & internet banking services
Customer’s application letter
12 months bank statement
Proof of address
Personal Guaranty of the Promoter/Obligor supported with sworn affidavit of statement of net worth
Insurance covering burglary and special peril noting Wema Bank as first loss payee
Visit the nearest WEMA Bank for details or contact Wema Bank Here