Learn how to apply for a VFD Microfinance Bank loan with our comprehensive guide. Discover the benefits, services, loan limits, and requirements of this digital banking trailblazer
Digital Banking with VFD Microfinance: A Guide to Securing a Loan
In today’s era, digitization has permeated various sectors including marketing, education, and banking. The complex transactions, once confined to banking halls, can now be completed from your home’s comfort. In this digital banking wave, VFD Microfinance Bank is playing a significant role by offering e-banking services. The bank operates entirely online, given the absence of physical branches.
Getting to Know VFD Microfinance Bank
Housed in Lagos, VFD Microfinance Bank is a leading fully digital bank in Nigeria. It’s steered by a seasoned management team, known for delivering exceptional customer service for over five decades. The core vision of VFD Microfinance Bank is to offer safe, enjoyable, and unforgettable services to its customers. Operating entirely online, it is a registered limited liability company, accredited as a microfinance bank by the CBN.
Advantages of Engaging with VFD Microfinance Bank
Several benefits come with using VFD Microfinance Bank:
- Fully digital operations
- Prompt customer service responses
- A diverse range of loan products
Services Provided by VFD Microfinance Bank
- Corporate Banking: Accessible to account holders, the bank offers a corporate banking facility for conducting transactions.
- Employee Loan: Designed for employees of organizations that have an agreement with VFD Microfinance Bank. This loan comes with attractive interest rates and a 12-month repayment period.
- Travel Loans: Intended for frequent travelers in need of funds for flight bookings. This loan also covers vacation costs, repayable later. However, access to the documents is granted only after clearing all dues.
- Secured Loans: For those seeking quick cash, secured loans can be availed by offering assets as collateral. The bank retains the original asset documents during the loan period.
Other services by VFD Microfinance Bank include unsecured loans, bridge financing, and corporate cash advance. For detailed information on VFD products, visit their official website at https://www.vfdbank.com/
Navigating V by VFD
V by VFD is the bank’s smartphone application, compatible with both Android and iOS platforms. The app offers several features including cardless withdrawals, bill payments, budgeting, savings packages, and more. Additionally, the app is secured with biometric login access, enhancing its safety features.
Understanding VFD Microfinance Bank’s Loan Limits
The maximum loan amount from VFD Microfinance Bank varies according to the loan package and your monthly income, which is assessed by the bank prior to loan approval. There are no rigid boundaries on the amount that can be borrowed, but for specific packages like secured and unsecured loans, the limit is set at N2,000,000 and N250k respectively.
Interest Rates at VFD Microfinance Bank
Interest rates vary across different loan packages. However, they will be disclosed during the application process, ensuring your agreement. The interest rate for their business cash advance loan currently stands at 4% per annum.
Minimum Requirements for VFD Microfinance Bank Loan
While the requirements may differ based on the type of loan, most loan applications necessitate the following documents:
- Valid identity proof
- Employment proof
- Application form
- Passport-sized photograph
- Bank statements from the last 6 months
- BVN/bank account ownership proof
VFD Microfinance Bank’s Loan Disbursement Speed
On average, the loan application process takes about 6 hours. Following this, you will be notified about the application’s status. If approved, the loan amount will be immediately transferred to your account.
VFD Microfinance Bank is a trailblazer in the realm of digital banking in Nigeria. Their services are accessible, user-friendly, and supported by an excellent customer service system. By embracing the convenience and efficiency of digital finance, they offer a diverse range of products that cater to the varied financial needs of their customers. With their innovative and customer-centric approach, VFD Microfinance Bank is truly revolutionizing the banking landscape.