Frequently Asked Question
What are the requirements to get a loan?
? Your business must be operational for more than one year
? Receipt of application stating the purpose of the loan
? 6-12 month statement of account (preceding loan request date)
? 3-6 month payslip for Salary advance/Salary Loan
? One Passport Photograph
? Valid ID (Drivers Licence, PVC, National ID or International Passport
? BVN
? Utility bill not less than 3 months
? Two credit worthy guarantors
? Cheques for loans above N100,000
What is the length of time to process a loan application?
The loan approval takes maximum of 3 working days after all necessary.
documents have been submitted to the bank
What is the amount of loan that I can access?
You can get as low as N30,000.00 and as high as N5 Million after meeting
approved criteria.
How long does it take to repay the loan?
Loan repayment is between 1 month to 12 months and this depends on the
loan type.
How are my loans going to be repaid?
? You can transfer directly into your IRL MFB account from any correspondent Banks.
? You can walk into IRL MFB correspondent bank to pay.
? You can make use of your ATM Cards.
? You can transfer on ATM or mobile phones to IRL MFB account.
Is it necessary for me to save money before qualifying for a loan?
It is advisable but not compulsory to save before being able to access a
loan facility
Can Salary earners apply for a loan Facility?
Yes, we give loan facility to salary earners.
Can my wife/husband stand as a guarantor?
No, family members may not stand as guarantors.
How do I know my repayment balance?
Kindly discuss with your account officer.
Is it possible to get letter of non-indebtedness after paying down my loan?
This will be made available after an application for letter of Non
-Indebtedness is received from you
What is the interest rate of the Bank?
This varies depending on the loan product.
Is the process of opening an account tedious?
No, you can conveniently open a tier 1 account with your passport photograph
This will have to be upgraded to tier 3 before requesting for a loan
What are the requirements for an account upgrade?
? Utility Bill of not less than 3 months.
? Valid Means of Identification (Drivers Licence, PVC, National Identity, International Passport
? BVN
Is it possible to have more than one IRL MFB account?
Yes, there is no limit to the number of accounts that can be opened by an
individual provided they are required for different purposes
Is the debit card similar to cards issued by other financial institutions?
? Yes, you can use the debit card issued by IRL MFB on any ATM.
? Utility Bill of not less than 3 months.