Based on research and not influenced
This is based on rigorous research, testing and not influenced by our earning potentials.

Requirements for Baobab Microfinance Loans

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  • Post last modified:04.03.2023

Baobab Microfinance loans are reliable services offered to eligible customers needing financial support to fund the start and growth of their business.

Baobab Microfinance loans are easy to get with flexible interest rates and reasonable tenures. Each loan is made to cater to the needs of business owners and individuals who are looking to start a business.

Starting from urgent loans that need immediate response to loans that require certain processes and time, Baobab makes it possible to fulfill your immediate needs while leaving you feeling assured. Baobab Microfinance loans include Taka loans and Baobab loans

This article will give you a better understanding of what loans are fit to solve whatever need you have.

 

Baobab Microfinance Loans

Below are the available Baobab Microfinance loans with their requirements:

 


Taka Loans

Limit

₦150,000

Interest

0%

Tenor

30 days

Taka Loans are small Baobab Microfinance loans made to cater to urgent needs. This loan is usually disbursed fast and customers are granted a maximum of N150,000 with a duration of 2 weeks to 1 month.

With this Baobab Microfinance loan, the faster you pay back, the more your loan increases. This means that, if you pay back your loan within 2 weeks, you can get an increase in the amount you can borrow the next time you need a Taka loan.

If you pay back within a month, your loan amount remains the same and if you exceed one month, your Taka eligibility will be blocked; meaning you won’t be able to access Taka loans anymore.

You can check your eligibility and apply for this Baobab Microfinance loan online. It is disbursed immediately at the closest Baobab branch to you.

 

Requirements for Baobab Microfinance Taka Loan

  • You must be Baobab Microfinance Bank clients based in Nigeria

 

Baobab Microfinance Taka Loan Application Channels

You can apply for this Baobab Microfinance loan through the following:

  • Any Baobab Microfinance branch

Baobab Microfinance Loans

Baobab Microfinance loans are perfect for business owners and businesses looking to fund the growth of their businesses. These loans are only available for businesses that are already in existence or have been in operation for up to six (6) months and must be at specific locations within the bank’s lending area (Lagos, Oyo, and Ogun state).

Customers are not required to have open accounts with Baobab. This means, even if you do not have an account with Baobab Microfinance Bank, you can still apply for a loan and if you’re found eligible and are granted the loan, an account will be created with the bank where your loan will immediately be disbursed.

You are granted a minimum of N50,000 and a maximum of N50 million and a tenure of 1 to 24 months to pay back the amount borrowed.

Once you have applied for the loan, if you have met the requirements, it should only take 2-3 working days for your application to be processed and will be disbursed within 72 hours. The interest rates for these loans differ on the amount being loaned is said to be competitive.

Baobab Microfinance loans consist of a range of easily accessible loans depending on what kind of business you are funding. Most of the loans are available to students, entrepreneurs, traders, etc. as long the borrower is earning a steady income.

  • Mini Micro Loans.
  • Micro Loans.
  • Micro plus Loans.
  • SME Loan (Credit SME Loans plus).
  • Cross & Group Guarantee Loan.
  • Asset Finance.
  • Hybrid Green Loans.

 

Mini Micro Loan

  • Has a minimum and maximum limit of N50,000 and N50 million respectively.
  • A duration of 6-12 months.
  • Only available to business owners.

 

Micro Loan

  • Has a minimum of N50,000 and a maximum of N50 million.
  • Available only to business owners.
  • A duration of 6-12 months.

 

Micro Plus Loans (Credit SME Loan)

  • A minimum of N500,000 and N2 million.
  • Available to business owners.
  • Has a duration of 6-18 months.

 

Baobab SME Loans

SME Loan 

These are Baobab Microfinance loans available to business owners who either have a small or medium-sized business within SME sectors.

  • Has a minimum and maximum amount of N2 million and N50 million respectively.
  • A fixed duration of 6-18 months.
  • Available to business owners.

 

Cross & Guarantee Loan

A Cross & Guarantee loan is a Baobab Microfinance loan made to prevent the borrower, who has incurred a liability from losing their assets.

  • Has a minimum of N50,000 to a maximum of N50 million.
  • A fixed duration of 6 months.
  • Available to business owners.

 

Asset Finance

This Baobab Microfinance loan aids the acquisition of assets. For business owners, this loan serves as a means to acquire equipment or secure funding from a loan.

These are loans that aid the acquisition of assets. The assets could be vehicles or property.

  • Has a minimum of N50,000 and a maximum of N50 million.
  • A duration of 6-12 months.
  • Available to business owners.

 

Hybrid Green Loans

These are Baobab Microfinance loans that enable customers to finance projects involving the environment and the impact it will have on the environment.

  • A minimum of N100,000 and a maximum of N1 million is set.
  • Has a duration of 6-24 months.
  • Available to existing customers and business owners.

Baobab Savings Loans

The Baobab Savings product is the perfect opportunity given to customers looking to save money for the unseen future. Whether for an emergency or because you want to buy something you’ve always wanted, this product serves as the means to accomplish that.

The interest rates depend on the number of term deposits and the maturity period. It is also negotiable with a maximum tenor of 30 days.

Features of Baobab Savings

  • Up to 100% on interest depending on the set duration.
  • No payable interests and no deposit or management fees.
  • The transactions can be made near you.
  • Customers should be 18 and above.
  • A minimum amount of N50,000.

 

Ajo Savings

Interest Rates – 6%-100% depending on the duration.

Tenor – The duration varies. 3 months, 6 months, 9 months, and 12 months.

Fixed Deposit Account

Interest rates – the interest rates vary depending on the amount of savings and the maturity period.

Tenor – A minimum and maximum tenor of 30 and 360 days respectively.

Savings Plan

A minimum of N5,000.

An interest rate of 10%.

Minimum and maximum tenor of 6 and 36 months respectively.

 

Requirements for Baobab Microfinance Savings

  • Identification Card (National ID, Driver’s license, International Passport, etc)
  • A minimum of N1000 

Baobab Microfinance E-Channels

These are the channels that help you perform daily transactions fast and with ease on Baobab. 

Baobab Fast

This is a fast and easy solution for transferring cash from your Baobab account to another person’s account at another bank. You can perform this transaction by visiting the nearest Baobab branch and filling out a transfer form after which the money is transferred immediately to any bank of your choice. The limit per transaction is N10 million.

Baobab Debit Card

The provision of Debit Cards will make purchasing things a lot easier for customers. With a Baobab Debit Card, you can easily withdraw and transfer wherever you are. You can make your purchases with your card if required and even check the balance on your account.

It is a safe and convenient choice that allows you to walk around cash-free as it is available everywhere in Nigeria.

Paydirect

You can also make payments into your Baobab account from any other bank using Baobab Paydirect. By just going to any Commercial Bank and giving them the Baobab NUBAN number of your account, you can immediately make transfers into your account.

Baobab Mobile Codes (USSD)

Baobab has provided customers with Mobile codes (USSD) that can be used directly from their phones to make transactions easier and stress-free.

The only thing required for this transaction is your phone and the sim phone number used to register your Baobab account.

To use this service, dial the USSD code required for the service you want to use.

Here are some of the USSD Codes for various transactions:

  • For Balance inquiry, dial *723*348*0#.
  • For Recharging of airtime for others, dial *723*348*phone number*amount#.
  • To recharge for yourself, *723*348*amount#.
  • To transfer funds to another account, *723*348*account number*amount#.
  • To pay bills e.g DSTV, GOTV, *723*348*biller code*amount#.
  • To pay bills for a third party, *723*348*biller code*customer ID* amount.

 

Baobab Mobile Application

Everyone now uses Mobile phone Apps to make life easier for performing daily tasks and the Baobab mobile app does the same. 

Baobab Mobile Application helps customers perform their daily transactions anywhere they are with the help of their phones. You can complete any transaction from bill payments to money transfers to airtime purchases. You can even apply for instant TAKA Loans on the App. Everything has been simplified for you to access and use.

You can download the mobile app on your Google play store.

Baobab Microfinance Loan Calculator

If you are feeling lucky, take some minutes to calculate how much you will pay back before applying for any using the below Baobab Microfinance loan calculator:

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Baobab Microfinance Loan FAQs

How can I apply for a Baobab business loan?

You can apply for a Baobab Microfinance loan by filling out an application form online. Once the application is received, it goes through a screening where they’ll look at your business to know if it’s qualified for the loan applied. If eligible, you will be notified and directed to the nearest Baobab Bank branch where you will get your loan disbursed.

Do I need to visit a Baobab bank branch to apply for a Taka loan?

You can apply online for any Baobab Microfinance loan and once found eligible, have your loan disbursed immediately. You do not need to visit a Baobab branch.

How do I know I am eligible for a loan?

You must be a business owner and your business should have been active for a specific period. You must also be located at specific places (Lagos, Oyo, and Ogun state) where the bank branches are located.

What is the interest rate for a loan?

The interest rates for each loan differ based on the amount of money being borrowed. The interest rates are competitive. While for Taka loans, there is no interest rate or fees attached to the loan. There is only a commission of 6% on refunds.

Do I need to have an account with Baobab Microfinance Bank before taking out a loan?

It is not necessary to have an account with Baobab bank before requesting a loan. You can apply for the loan and once granted, an account will be opened where your loan will immediately be disbursed.

Where can I apply for a Taka loan?

You can apply online and once found eligible, have your loan disbursed immediately.

How do I get the Interest on my savings?

The interest will be paid directly into your account monthly or upon maturity.

Can I liquidate my savings and get my funds for an emergency?

Yes, you can. But depending on the type of interest chosen, the interest accrued will be charged.

How can I deposit money into my savings account without going to a Baobab branch?

You can deposit money quickly without going to any of their branches by performing transfers using either your debit card, by using their Mobile codes, or by paying directly into the bank from another bank.

How can I get more information on Baobab loans?

To get more information on Baobab loans, visit their loans listing page 

Baobab Microfinance is generous with its services and helps customers not only access loans but also helps them with the choice of saving and performing other transactions. This has made things easier for customers and has proven the reliability of Baobab Group.

If you wish to get more options on loans and funding, then check out loans from other providers.

Lois Samari
You are the first in our research hence, we rallies around doing rigorous checks, testing and analysis to help you make a good decision on products and services. Meanwhile, items providers' final views are superior to ours.
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