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In Kaduna, Nigeria, Kada Microfinance Bank is a financial organization that grants loans to wage earners and company entrepreneurs. The CBN granted this organization a license in 2008, and since then it has developed into a respectable bank that provides loans to its clients. Today, company owners can now get speedy loans thanks to Kada microfinance banks. You can apply for Kada loans if you reside in Kaduna and require a loan.
What products are available from Kada Microfinance Bank?
In essence, Kada Bank provides loan services to wage earners and company entrepreneurs. here are the different types of loan products from Kada loans.
- Microloans
Only students, business owners, and small-time traders are eligible for microloans. Basically, this kind of loan allows small and medium-sized businesses the opportunity to get speedy financing. You must submit a loan application form to Kada Bank and offer loan collateral in order to be approved for a microloan. This loan has a maximum term of 6 months and an interest rate of 5%.
- Salary Advance
A salary advance is largely for salary earners in reputable organizations, as the name implies. If you fit into this category, the maximum loan amount you can get is equal to 50% of your typical monthly wage. This loan’s maximum term is 30 days.
- Group Loan
For those who want to borrow money collectively, there is a group loan option. Along with other loan fees, there is a 4% borrowing fee for this loan.
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How do I make a Kada loan application?
Please follow these steps to apply for a loan from Kada Bank:
1. Make a bank account opening.
If you want to get a loan, you should start here. You can demonstrate your dedication to the bank by opening an account with Kada Bank.
2. Send some money to your account.
After opening a Kada account, the following step is to actively service your account for a while. You must regularly fund and withdraw money from your account in order to service it. You will then be able to apply for loans thanks to this.
3. Request a loan.
You must have a good reason for needing a loan before you can apply for a Kada loan. There is a good probability that you will be approved for the loan as long as your loan-related justifications are sincere.
4. Present the required paperwork
By submitting the required paperwork explaining why you require the loan, you can speed up the loan application process. You must also produce the collateral’s paperwork.
What conditions must be met to qualify for a Kada loan?
You must provide the following paperwork to Kada Bank in order to be approved for a loan:
- Employment letter
- A National Identity Card, or other acceptable identification
- Employee ID card
- Pay stub
- Six-month account statement
- Two trustworthy guarantors
- Energy bill
How much does a Kada loan cost?
Your interest rate from Kada Bank ranges from 4% to 11%, depending on how much you borrow. Additionally, your interest rate will depend on the type of loan product you chose.
What is the Kada loan’s maximum amount?
Among the top lending firms in Nigeria with over 1 million downloads Kada loan’s interest rates start as low as 5% per month. Loan durations range from 91 days to a year, with amounts ranging from N1,500 to N1,500,000.
Last Thoughts
If you live in Kaduna, you can get loans from the reputable banking company Kada Microfinance Bank. To qualify for a Kada loan, all you have to do is create an account with the bank and start doing business with them. This will simplify the loan application process.
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