Aztec Microfinance Bank Ltd
Group microloans from ₦100,000 to ₦1,000,000 for up to 6 months with flexible weekly or monthly repayments. Great for traders who need fast funding.
Aztec Microfinance Bank’s Micro Loan is an attractive and practical lending solution for small business owners and traders in Nigeria’s informal sector. Targeting groups of at least five people, the loan offers between ₦100,000 and ₦1,000,000 with a maximum tenor of six months. Repayment can be made monthly or weekly, which adds convenience for those with different cash flow needs. To apply, you’ll need an existing business, two guarantors, and a 10% equity contribution, among other requirements. This makes it accessible yet responsible for borrowers.
How to Apply for Aztec Micro Loan
Follow this step-by-step process to get started:
1. Form a group of at least 5 people.
2. Gather required documents including evidence of business activity and guarantors.
3. Visit your nearest Aztec Microfinance Bank branch to request, complete, and submit the application form.
4. Make your 10% equity contribution.
5. Await assessment and approval before loan disbursement.
Pros of Aztec Micro Loan
One main advantage is the flexibility of weekly or monthly repayment, which helps fit payment schedules to your needs. The loan amount, up to ₦1 million, is also suitable for small business expansions. Additionally, the requirement to join a group encourages responsibility and support among borrowers, further reducing risk for the bank and making approval more likely.
Cons of Aztec Micro Loan
A notable downside is the need for two guarantors and post-dated cheques, which may be a barrier for some. Also, the six-month maximum tenure might not be ideal for businesses requiring longer repayment periods or larger capital.
Verdict: Who Should Consider Aztec Micro Loan?
Aztec Micro Loan is a solid choice for small business owners and market traders looking for fast, short-term funding. Its emphasis on responsible lending and group formation builds discipline but may not suit solo entrepreneurs without a support network. Overall, it stands out for speed and flexibility, especially for those comfortable with group borrowing structures.