Instant Providus Bank SME Business Loan [Apply Now]

Providus Bank Limited is a financial institution that is headquartered in Nigeria. It is a commercial bank that has authorization for regional banks.

The head office of the bank is located in 54 Adetokunbo Ademola Street, Victoria Island, Lagos. The bank has branches located throughout Lagos State and also in cities such as Abuja and Akure.

Providus employs the latest technology to ensure the highest level of customer satisfaction, whether it’s in commercial or retail banking.

The bank focuses on business areas that are not oil-based. The main industries of focus are art, commerce, agriculture entertainment, mining, and hospitality. Within these fields, Providus serves large corporations, SMEs and governmental agencies.

Types of business loans offered by ProvidusBank

Providus has the capacity to benefit businesses of any size, regardless of size, whether small or large, with funding needs. Providus offers customized solutions for businesses and services which will help your business develop and grow every day.

Some examples of the finance services offered by ProvidusBank are standard-term loans as well as business overdrafts, foreign exchange, and much more. Corporate financing solutions is also offered.

The other financial services that are available to you are business advice, portfolio management and relationship management, to name a few.

The requirements for qualifying for ProvidusBank Business credit/Loan

ProvidusBank offers a list of minimal funding requirements that are required to be eligible for a business loan. Alongside these basic requirements, they also have certain lending guidelines that must be met in connection with the particular credit facility.

Providus can only lend money to businesses that can return the borrowed money. Repaying capacity is demonstrated through a company that is able to generate constant positive cash flow. Your capacity to make money, i.e. the turnover of your business, is what determines whether you can borrow the amount Providus Bank will lend to you.

A third and more general loan requirement is to have solid credit ratings. Your past actions are an important measure of your future results. Therefore, having a record of not completing the debt obligations will probably limit your chance of securing a loan from the majority of banks of Nigeria (including Providus). This is particularly true when it comes to unsecured loans.

Secured loans are available despite a bad credit rating because the specific collateral (security) offered is of higher significance.

Other common business lending requirements comprise:

• A registered business or a company registered with The Corporate Affairs Commission (CAC)
• A corporate or business account in a bank
• I’ve been trading for a while (1-3 years at a minimum)
• It is essential to have a positive Credit Bureau report with no outstanding debts or unpaid obligations.
• As a customer who is active with the bank.

Providus is able to only finance companies that are registered with CAC. Providus also prefers to fund only businesses that are registered with the CAC and have a Providus company bank account.

People who do not have registered businesses or bank accounts for corporate clients could consider taking out a personal loan. Providus also offers consumer loans.

Another opportunity is to apply for financing through SukFin. SukFin will provide alternative funding options.

How do I make an application to get a ProvidusBank business loan or credit?

Prior to applying for a Providus business credit, you should investigate. Each company is distinct, which is why it’s crucial to know the ways in which Providus will effectively benefit you. The first step is to learn the various ways to finance and choose the most appropriate options. It is possible to submit an inquiry regarding funding, which you can do via telephone, via email, mobile apps, or via social media channels.

The loan application process typically involves filling out one of the forms. On this form, you must provide a variety of details about your organization and also state your purpose for borrowing. This request form, as well as all supporting documents, is what Providus relies on to arrive at an appropriate lending decision. The lending decision will be determined in line with Providus Bank lending guidelines.

The loan approval comes with the issue of an acceptance letter. All terms and conditions pertaining to the loan will be outlined in the letter of offer. The steps you must complete before you can get funds transferred will also be stated.

An inventory of the most important documents often requested is:

• Application form completed
• Company profile
• Plan of business
• Budget for cash flow
• Statements from banks (12 months)
• Financial accounts that have been audited
• Certificate of Incorporation
• A valid means of identification (driving licence (passport, driver’s license, or voters’ card))
• The proof of address
• The details of the collateral that is offered (if there is any)

Important: The specific documents required by the bank for will depend on the particular facility of interest.

Commonly requested questions (FAQs)

How do I contact Providus Bank?

Want to make an enquiry, send a request, or resolve a complaint? Our Business Concierge team is on stand-by 24/7 and will be delighted to assist you. You can reach us on 070077684387

How long does it take to receive funds via Providus Bank?

The primary factor that affects the length of time required for money to be disbursed is the credit line that is sought. Complex financing options need more time for processing.

How long will I need to repay the Providus Bank loan?

The way you fund your business is usually based on the needs of your company. This means that money could be borrowed for several months or even years.

What is the maximum amount I can get with Providus Bank?

The limit you are able to borrow depends on your business’s ability to pay. In general, the larger your business, the greater funds Providus will provide to it.

What is the rate of interest that is charged for a Providus Bank loan?

Providus interest rates differ. Actual rates for borrowing depend on your company’s history in trading as well as the product you are looking for.

Does Providus Bank require collateral?

Although there are occasions where collateral isn’t required, the majority of times Providus requires some form of collateral.

In the form of collateral or security, the bank can accept items including:

• The obligations of the Federal Government of Nigeria (FGN Bonds, FGN Eurobonds, FGN Treasury Bills and so on.)
• Obligations of the state government or organizations that are part of Federal Government of Nigeria
• Other non-government debt instruments
• Physical assets, e.g. real estate
• Third-party Guarantors (or collateral)