List of Bank loan Interest rates in Nigeria 2023

Interest rates on bank loans in Nigeria

The thought of accessing bank loans in Nigeria at a competitive interest rate is the dream of every borrower out there. No SME wants to pay more especially when it can be less and that includes the rates offered by some financial institutions in the country today. For that reason, we have decided to come in handy to give you a list of Nigerian commercial banks and their lending rates in 2023.

Getting a low or high interest rate is determined by the amount to be borrowed and time allowed for repayment. As a rule of thumb, the lesser the period or higher the amount, the lower the rate value. However, everyone knows loaning money is not a crime, in fact, it is highly recommended and needed to scale up your business, execute contracts, buy & sell goods, and sometimes taken to solve some urgent domestic needs in the name of personal loans etc.

Although, obtaining instant Loans from banks can be a daunting task and most times discouraging especially when you don’t have a suiting collateral, needed criteria and documents to present. The good thing about it is that large sums of money to execute bigger projects can be accessed with peace of mind unlike some of its alternatives like loan apps without collateral that will alert your contact list whenever you default.

These loans are collected with attached deadlines for repayments and should be honored to maintain good credit score and worthiness.

Commercial Bank loan interest rates in Nigeria

There are financial institutions in Nigeria best known by customers for the kind of juicy loan offers they give out to their customers. Most commercial banks have loan packages introduced into the system to meet liquidity needs in different sectors of the economy such as Agriculture, Oil & gas, Education etc. As expected, there are two classes of rates charged customers upon application and they are the prime lending rates and maximum lending rates.

The prime rates are usually of lower percentage at about 10% and it’s meant for credit worthy “individuals”. On the other hand, maximum rates are higher at about 30.70% and are given to “persons” considered to be credit risk. In a bid to takle inflation, the CBN recently raised the average rate bar via it’s Monetary Policy Rate up to 16.5 percent. Regardless, below is the list of Nigerian banks and what they charge.

1. GTBank Loans

The Guarantee Trust bank, best known as Guarantee Trust Holding Company is one of Nigeria’s modern day banks with the required digital facilities to stay fit in the ever competitive capital market in Nigeria and at the international level.

Alongside its numerous programs to see to the utter fulfilment of their customer’s financial dreams, the internet banking company provides a number of mouthwatering loan to its customers in the public and private sectors.

Interestingly, the bank has wide variety of loan packages for different profiles and account types ranging from business to personal loans. Below are some of the most popular ones.

Salary advance

Right from the name, this type of loan is strictly for salary earners having active salary accounts with GTbank. This plan doesn’t require collateral as you get upfront, 50% of your net monthly salary which is renewable after 30 days.

The Salary Advance loan USSD code is *737*8*2# and it is given at no known interest rate.

Quick credit

Having considered only salary earners above, GTbank with its Quick credit offers include also non-salary earners who bank with them and are in need of loans.

This instant loan goes at the lowest interest rate of 2.0% per month with over ₦5,000 to ₦5 million up for grab. Repayment period spans over a 12 month tenor with no hidden charges asides the additional Credit Insurance Fee of 1%.

Access Quick credit loans using the following USSD code: *737*51*51#.

MaxAdvance loan

Once you are a staff of a designated corporate or governmental organization with a corresponding staff account with GTB, then you are qualified to apply for this personal loan package with amounts ranging from ₦100,000 to ₦10,000,000 naira which is repayable within 3 to 48 months time.

This is best for civil servants in the public sector who wish to borrow to run a side hustle so as to repay principal and interest from their net monthly salary since MaxAdvance facilities can be used for any purpose. However, it has a flexible interest rate.

Some other loan plans are available at GTB website, check it out to see more.

2. Zenith bank loans

One of the major providers of easy loan services in the Nigerian banking sector is the 1990-birthed distinguished bank formally known as Zenith Bank PLC. It is headquartered in Lagos with over 500 branches present in every nook and cranny of the country, plus other functional subsidiaries in countries like Ghana, Sierra Leone, Gambia and the United Kingdom, United Arab Emirates etc.

It boasts of the 6th biggest bank in Africa with over Five hundred thousand shareholder base and a net worth of about ₦704.50 billion in 2016 as published by the company. Zenith bank has been making easy loans accessible to those that have account with them from mortgage loans, investment loans, personal loans to retail loans.

Again depending on the tenor and loan package you may chose from MSME loans to SME loans, Salary loans and Overdraft, Education loans, LPO Finance etc, interest rate vary from 5% – 10% per annum and tenors range from 3 months to 12 months (except for Timeless loans) with amounts getting up to ₦2 million. For more info, visit the Zenith bank website.

3. First bank loans

To help make your dreams come true, Firstbank gives out 3 major types of loans to help individuals or corporate bodies in Nigeria to expand their business, go for vacation, trips and travels, etc. In fact, if you need a loan to start your small business or possibly wants to buy a car or own a new home, the bank is always there to give you the financial support through its unending loan products.

Firstbank’s loans come in the following packages: Automobile loans, Personal home loans, Joint mortgage, FirstCredit, Salary facilities and other financial options. The interesting part of it is interest rates are as low as 0.5% and as high as 15% per month with a weekly repayment plan. The amount borrowable depends on your needs, Check out First bank’s loan calculator here and apply now for quick response to your application.

4. Access bank loans

When you talk about instant bank loans, it will not be complete until you mention Access bank, a multinational commercial bank owned by the Access bank Group.

Access has maintained its rank as the bank with largest customer base since it’s merger with Diamond bank in April 2019… and when it comes to loan products like in every other case, they have made it accessible too.

Their range of loan services include Payday loans, Small Ticket personal loans, Salary Advance and Lending Against Turnover, Quickbucks, Access Agent loan etc. These are some of the popular packages and interest rates can be as low as %6 and as high as 9% (all charges inclusive).

Eligibility for loans with Access bank is having an account with them. Amount borrowable gets up to ₦10 million naira. For cash-backed loans, dial the ussd code *901*11*2# to get started.

5. First City Monument Bank loans

The kind of big pocket loans FCMB gives out to its customers is really tempting and honestly beats the industry’s standards. Honestly, numbers can get up to ₦5 billion naira for business application. The Fastcash product itself allows you quick loans in minutes without collateral or even documentation by just daily the used code *329# from your phone’s pads.

Apart from Fast Cash, there is Premium & Salary Plus Loan, Auto loan and FCMB cash-backer loans etc. These packages are meant for qualified individuals, startups, SME and organizations. Going to the meat of the matter, the interest rate for collecting FCMB loans is also competitive. A typical FCMB loan of 4 year tenor period with maximum loanable amount of about ₦100,000,000 is given at 13% interest rate. Meanwhile, for more details on other products, visit FCMB website here.

Eligibility for these products with any bank listed above starts with having an account with them first. Since the introduction of BVN and fierce competition from loan mobile apps, collaterals are no longer a prerequisite for obtaining loans from most Nigerian banks these days.


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