Bank Of Industry (BOI) - Microfinance Bank Loan Requirement And Interest Rate In Nigeria
Bank of Industry (BOI) Limited provides credit and loan support for the establishment, expansion, mechanization and diversification of small scale, medium scale and large scale industries in Nigeria.
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Apart from these, the Nigerian bank also gives advisory services. Bank Of industry (BOI) was formerly referred to as Nigerian Industrial Development Bank Limited before its name was changed in October 2001.
READ: Where And How To Get Loans To Start Business
Incorporated in 1964, with its headquarters in Lagos, Nigeria, Bank of Industry Limited functions as a subsidiary of Ministry of Finance Incorporated.
LOAN REQUIREMENTS TO OBTAIN LOAN FROM BANK OF INDUSTRY
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Getting capital to start up a business from most banks in Nigeria can be very difficult considering the numerous conditions and requirements attached to such loans. This has necessitated an agreement between Bank Of industry and commercial banks. BOI gives long term loans to set up the investment while the commercial banks provides funds to run the business.
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I have tried to list some requirements you must have to access BOI loans:
==> Collateral worth minimum 150 percent of loan
==> feasibility study/business plan of the business you want to start
SEE: Free Samples Of Business Plan Template In DOC And PDF Format
==> You must have a registered business name or cooperative to benefit
==> Visit any branch of BOI and inquire for more details to acquire loans
How To Access Loan From Bank of Industry (BOI)
==> collect forms from BOI
==> complete the Questionnaire
==> submit your application forms
==> download, fill and submit other forms
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Click HERE to contact Bank Of Industry.Click HERE to download application forms from Bank Of Industry