Loan Policy
Transparent and fair guidelines for our credit facilities.
1. Eligibility Criteria
To qualify for a loan at IOMFB, applicants must:
- Be at least 18 years of age.
- Hold a valid account with IOMFB for a minimum period (where applicable).
- Provide proof of steady income or a viable business plan for SMEs.
- Possess a valid means of identification and BVN.
2. Types of Loans
We offer various credit products including:
- Personal Loans for immediate needs.
- SME Loans for business expansion.
- Agro Assist Fund for agricultural projects.
- Emergency Loans with fast processing.
3. Interest Rates and Fees
Our interest rates are competitive and calculated in accordance with CBN guidelines. Specific rates depend on the loan type, amount, and tenure. All fees, including processing and insurance, will be clearly disclosed prior to disbursement.
4. Repayment Terms
Repayment schedules are agreed upon at the time of loan approval. We offer flexible daily, weekly, or monthly repayment options depending on the nature of the loan and your income cycle.
5. Collateral and Guarantors
While some small-scale loans may be uncollateralized, larger facilities may require security or credible guarantors. We evaluate each application on its merit.
6. Credit Bureau Reporting
IOMFB reports all loan performances to licensed Credit Bureaus. Maintaining good repayment behavior will improve your credit score for future facilities.
7. Default and Recovery
In the event of a default, IOMFB reserves the right to initiate recovery processes as permitted by law and the terms of the loan agreement signed by the borrower.