Are you feeling financially stuck, with traditional banks turning down your loan applications or offering terms that seem impossible to meet? Don’t lose hope just yet! There’s a lifeline you might not have explored yet — microfinance banks. And among them, SUSU Microfinance Bank stands out as a beacon of hope for individuals and small-scale businesses in Nigeria.
Understanding SUSU Microfinance Bank
SUSU Microfinance Bank is a key player in the microfinance industry, catering to the financial needs of various individuals and small businesses. Similar to Nirsal Microfinance Bank, SUSU specializes in providing loans and credit facilities tailored to suit the unique requirements of its customers.
Products Offered by SUSU Microfinance
SUSU Microfinance Bank offers a range of products and services designed to address diverse financial needs, including:
- Microloans: These are small credit facilities designed for individuals from all walks of life, such as traders, students, and entrepreneurs. Microloans can go up to 1 million naira, with interest rates starting at a minimum of 5 percent, depending on the loan duration.
- Salary Advance: This product is ideal for employed individuals, allowing them to access up to 75 percent of their salary upfront.
- Group Loan: Known as Esusu or Ajo, this product involves a group of individuals contributing and withdrawing funds on a rotational basis.
Advantages of Choosing SUSU Microfinance
- Highly convenient repayment plans
- Flexible loan conditions tailored to individual needs
Drawbacks to Consider
- Limited availability (currently only in Lagos)
- Requires a deposit of about 10 percent of the loan into a savings account
- Requires a guarantor for loan approval
- Maximum loan amount is relatively low
Eligibility Criteria for SUSU Microfinance Credit Facilities
To be eligible for credit facilities at SUSU Microfinance Bank, you must:
- Be between the ages of 22 and 58
- Maintain an account with SUSU for at least 3 months
- Reside and work in Lagos
Required documents include:
- Two guarantors
- Two passport photographs
- Two signature cards
- A duly filled application form
- A copy of a utility bill
How to Reach SUSU Microfinance Bank
You can connect with SUSU Microfinance Bank through:
- Visiting their office at 34 Commercial Avenue, Sabo Yaba, Lagos, Lagos State, Nigeria, Monday to Friday, 8 am to 4 pm.
- Contacting them via telephone or email at [email protected].
- Engaging with them through social media channels.
Conclusion
Microfinance banks like SUSU Microfinance Bank serve as a vital resource for individuals and businesses who face challenges accessing traditional bank loans. By offering tailored financial solutions and flexible terms, these institutions empower people to fulfill their financial goals and aspirations.
FAQs
1.Can I apply for a loan if I don’t live in Lagos?
Currently, SUSU Microfinance Bank operates only in Lagos, so you must reside and work in Lagos to be eligible for their services.
2.Do I need a guarantor to apply for a loan?
Yes, SUSU Microfinance Bank typically requires two guarantors for loan approval.
3.What is the maximum loan amount available?
The maximum loan amount at SUSU Microfinance Bank is relatively low, with microloans going up to 1 million naira
