How to Get Loan from NPF Microfinance Bank

Here is  how to get loan from NPF Microfinance Bank:  Are you are that there is a Microfinance Bank being operated by the Nigerian Police Force? Are you in need of a loan to upgrade your business? Let’s get you started!

How to Get Loan from NPF Microfinance Bank

Microfinance banks are financial institutions in Nigeria that offer small loans to individuals or organisations. They also provide entrepreneurs and organizations with access to loans for their businesses.

They give loans to people and small businesses (SMEs) that are repaid in simple installments with little interest.

NPF Microfinance Bank began operations on August 20, 1993, at 1 Ikoyi Road Obalende, Lagos, after receiving a provisional license to operate as a Community Bank from the Central Bank of Nigeria on July 12, 1993.

On January 24, 2002, the company received its full permission to operate as a Community Bank. Following the Central Bank of Nigeria’s order to all Community Banks, the bank switched from its Community Bank status to a Microfinance Bank on December 31, 2007.

NPF Microfinance Bank: What is it all About?

NPF Microfinance Bank Plc (Formerly NPF Community Bank Ltd) was incorporated on the 19th May 1993 as a Limited Liability Company under the provision of the Companies and Allied Matter Act cap c20LFN 2004.

The bank provides banking services to both serving and Retired Officers and men of the Nigeria Police Force, its ancillary institution, and the general banking public.

Over the years, NPF Microfinance Bank Plc has continued to live up to its dream of becoming the bank of first consideration for all Police businesses and selected other businesses.

Additional Information

Through its continued improvement in personalized service delivery, and most importantly, by employing committed and trustworthy personnel to deliver excellent financial results comparable to none in the industry.

At NPF Microfinance Bank Plc, a strong capital base, development of superior asset quality, professionalism and corporate governance are abiding principles.

The bank’s customer-specific approach to customer services consistently reinforces its value creation processes towards assisting customers in their goals.

For more information, visit https://npfmicrofinancebankplc.ng/

NPF Microfinance Bank Salary Account Loan Requirement

1. Loan application letter.

2. Letter of introduction from the employer.

3. Letter of domiciliation of monthly salary to NPF Microfinance bank from the employer or MSS (Mechanized salary section).

4. Physical evidence of the loan purpose.

5. Two acceptable salary current account holder guarantors.

6. 3% mandatory deposit.

7. Credit bureau report.

NPF Microfinance Bank School Facility Loan Requirement

1. Loan application letter on the school official paper duly signed by the proprietress/proprietor of the school.

2. Ministry of Education provisional approval.

3. Certificate of incorporation.

4. Cash flow statement of the school.

5. Site visitation and verification report.

6. Two properly executed personal guarantor forms for non-salary guarantors, while salary account guarantor can fill out the bank guarantor form except the loan amount, is ₦3million and above.

7. 30% equity contribution in case of asset acquisition facility for the school.

8. Letter of domiciliation of school fees to the bank.

9. Credit bureau report.

NPF Microfinance Bank Agricultural Loan Requirements

1. Loan application letter.

2. Two properly executed personal guarantor forms for non-salary guarantors, while salary account guarantor can fill out the bank guarantor form except the loan amount, is ₦3million and above.

3. Cash flow statement of the farm.

4. Farm report.

5. Site visitation and verification report.

6. Agriculture insurance policy of the farm with bank interest noted on it as the first beneficiaries (where applicable).

7. Credit bureau report.

NPF Microfinance Bank Transport Business Requirement

1. Loan application letter.

2. Two properly executed personal guarantor forms for non-salary guarantors, while salary account guarantor can fill out the bank guarantor form except the loan amount, is ₦3million and above.

3. Cash flow statement of the business.

4. The vehicle must be comprehensively insured with the bank’s interest noted on it as beneficiary.

5. Vehicle fitness report and vet by the credit officer or branch manager.

6. Credit bureau report.

7. Site verification and verification report of the customer’s residence.

NPF Microfinance Bank Corporate Institution Loan Requirement

1. Loan application letter on the company’s official paper duly signed by the managing director or the prime mover of the enterprise in case of a one-man business.

2. Board resolution authorizing the company to borrow from the bank.

3. Certificate of incorporation.

4. Memorandum and article of association.

5. Company audited financial statements and cash flow statements.

6. Two properly executed personal guarantor forms for non-salary guarantors, while salary account guarantor can fill out the bank guarantor form except the loan amount, is ₦3million and above.

7. Guarantee of the prime-mover/or directors of the company.

8. Credit bureau report.

9. Site visitation and verification of report of the business location.

NPF Microfinance Bank LPO Financing Requirement

1. Loan application letter for the individual customers while on official paper for the corporate institutions.

2. Two properly executed personal guarantor forms for non-salary guarantors, while salary account guarantor can fill out the bank guarantor form except the loan amount, is ₦3million and above.

3. A copy of the local purchasing order (LPO) from the issuing company.

4. Copy of verification letter of the LPO.

5. A copy of the domiciliation letter of LPO proceeds to the bank verified by the issuing company.

6. Credit bureau report.

NPF Microfinance Bank Consumer Loan Requirement

1. Loan application letter duly signed by the account holder and accompanied by a preform invoice from the management-approved vendor.

2. Letter of introduction from the employer while in case of a police officer from his/her command.

3. Letter of domiciliation of monthly salary to NPF Microfinance Bank from the employer of MSS (police mechanized salary section).

4. Two acceptable salary current account guarantors.

5. Credit bureau report.

6. Assets comprehensive insurance with the bank’s interest noted on it as the first beneficiary (where applicable).

7. The assets to be purchased must be registered under the national collateral registry.

8. Credit bureau report.

NPF Microfinance Bank Sharp Loan Requirement

Loan application letter.

One guarantor.

NPF Microfinance Bank Micro Loan Requirement

Loan application letter.

Two guarantors.

5% – 30% mandatory deposit.

NPF Microfinance Bank as a Business Bank

NPF Microfinance Bank Plc. is engaged in the business of microfinance banking and has emerged as one of the leading microfinance banking institutions in this sub-sector.

It is a professionally managed and conservative bank, providing a wide range of banking products and services to consumers at its various locations.

Some services provided include Retail Banking, Loans and Advances, Money Market Activities, and Financial Advisory services (to members of its community and the larger society).

Additional Information

Their main service point is to create a product focus that will give our financial institution a competitive advantage in service delivery to customers.

The Bank’s leadership assets are manifested in the ability of our managers to combine strands of knowledge to create fast action value for the customers.

They combine vision with precision, using creativity, skills, and ideas to expand their business reach into the lives of the customers by helping them fulfill their needs with incredible speed. Their services are:

1. NPF Services

2. Savings Services

3. Credit Services

4. Treasury Services

5. Non-Financial Services

6. Remittances

NPF Microfinance Bank Recruitment and Selection Policy

NPF Microfinance Bank Plc as a responsible corporate organization is an equal opportunity employee.

This document is developed to put in proper perspective the recruitment policy (process and procedures) of NPF Microfinance Bank Plc as a guide to future exercises.

As an organization that engenders trust and integrity, NPF Microfinance Bank Plc is committed to a fair and consistent approach to recruitment and selection through the promotion of equal employment opportunities in all aspects.

Steps on How to Get a Loan from Most Microfinance Banks

The roles of microfinance banks in the development and growth of a country’s economy cannot be overemphasized.

They play key roles in poverty alleviation, agricultural development, and an increase in small-scale businesses, and so on. Here, we will focus on how to get a loan from microfinance banks.

1. Have a Genuine Reason Or Project For The Loan

Microfinance banks will never loan you money for frivolities. If you want to get a loan from a microfinance bank, you must have a genuine reason for it.

It could be for business purposes or personal development, so long as your purpose for applying for the loan is important.

Microfinance banks only grant loans that fall into the category of small and medium enterprises (SMEs). They are also into business, and no business wants to run into a loss. Granting loans is a serious business.

The credit facility that most microfinance banks grant is loans for business, asset procurement, agriculture, educational purposes, and loans for salary earners. No microfinance bank will give you a loan if there is no money back guaranty.

2. Document It

You can further facilitate access to a loan from a microfinance bank by presenting a document regarding your reason for applying for that loan.

It could be as a document concerning a project you are working on, for which you need financial assistance.

For instance, if you are a contractor needing financial assistance to complete a project for which they have paid you in part, in which you will not be given the balance of your payment until the project is completed.

All you need to do is present the proposal for the contract, acceptance of your proposal, payment agreement and all other relevant documents.

3. Open an Account With the Bank

The first thing you will be asked to do when you go to apply for a loan in a microfinance bank is to open an account with the bank. This is to show that you are serious and they will commit you to the bank.

4. Service the Account For A Period Of Time

It does not just stop at you opening an account with the microfinance bank; you need to actively service the account, i.e. paying and withdrawing money from the account constantly before you can be qualified to apply for a loan.

This will help them build trust in you. It will also assure the bank that you will repay the loan if it is granted.

5. Present Collateral or Its Documents

You also need to present collateral when applying for a loan in a microfinance bank. This may not apply to small business loans for petty traders and individuals.

In fact, some microfinance banks do not require collateral, e.g. Lift Above Poverty Level (LAPO). But, it will be necessary for business loans that fall into the category of assets acquisition, agriculture, and other loans of a larger amount.

Your collateral must equate the amount of loan you are applying for or supersede it, but it cannot be lesser in money value than the loaned amount.

These are the basic steps to acquiring a loan from microfinance banks. It may vary from country to country, but this process is peculiar to Nigeria.

How to Open an Account With NPF @ www.npfmicrofinancebank.ng