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ACCESS BANK PLC

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8/7/2020

Cash-Backed Loan

You can access instant cash-backed loans by dialing *901*11*2#

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Cash-Backed Loan

Are you in need of cash urgently
and the maturity on your investment with us is far away? This is where cash-backed lending comes in! You can access instant cash-backed loans by dialing *901*11*2#



Frequently Asked Questions (FAQs)

It is an instant digital loan product which is targeted at Access Bank customers with qualifying Fixed Deposit investments in the Bank and who meet the Bank’s Risk Acceptance Criteria (RAC).
You can request for a loan by d*901*11*2#.
 
Yes, your account needs to be in Access Bank, and you need to have a qualifying investment with the Bank to be eligible.
 
The loan tenor is flexible with a maximum tenor of 12-months.
 
The pricing varies with the loan tenor as follows:
  •  
1 – 2 months 3 – 12 months
Management Fee
  1.  
  1.  
Credit Life Insurance
  1.  
  1.  
Interest 2% (paid upfront)
 
All fees will be taken at disbursal
2% paid upfront in the first month of the first two months (no interest is charged on the second month); and 1% payable monthly from the third month on the outstanding loan balance.
Penal Charge 1% per month, upon default 1% per month, upon default
The maximum amount (i.e. eligible amount) you can get is 85% of amount held as investment with the Bank. However, the maximum loan amount under this scheme is ₦10,000,000 (ten million naira only).

If you have multiple investments running, your eligibility calculation is based on the investment with the longest tenor.   

Your eligibility is displayed when you dial the short code to request for the loan.
 
Your eligibility will be affected by any of the following:
  1. If you do not have an existing qualifying investment in the Bank
  2. If your existing investment is encumbered i.e. used as collateral for another loan.
  3. If you have any outstanding loan(s) in Access Bank or other banks.
  4. If you apply using a phone number that is not linked to your BVN.
Yes, you can still get a Cash-Backed Loan subject to a maximum of 85% of the investment amount.
 
Once your loan request is successful, your Access Bank account is credited instantly.
 
As many times as you may like, as long as you have not exceeded your eligible amount. It is however subject to a maximum of three disbursals per day.
 
Your Cash-Backed Loan will be due for repayment every 30 days from the date the loan was disbursed into your account until expiration of your selected loan tenor.
 
Please note that the loan will become automatically due upon pre-liquidation or maturity of your investment. The loan repayment amount will be automatically deducted from your account.
 
Customers are at liberty to pay off their loan at their convenience. Interested customers should send an e-mail to contactcenter@accessbankplc.com to liquidate their loans.
 
The cash back loan amount will be recovered from any inflow into the customer’s account after the repayment due date and/or from the investment used as collateral.
 
Yes, there are. Please see the table below for other instant digital loan products available.
 
Loan Type Available to Loan Amount Repayment Plan Pricing
PayDay loan Salary account holders with Access Bank
 
Up to 75% of monthly salary Against next Salary payment or 30 days (whichever comes first)  
Interest 4% Flat
 
Management fee 1%
 
Credit Life Insurance 0.15%
 
Penal Charge 1% per month upon default
 
Please note that all these will be take upfront at the point of disbursal
Other bank customers whose salaries are processed via IPPIS or Remita Up to 55% of monthly salary, but subject to a max. of N500,000 Against next Salary payment or 30 days (whichever comes first).
 
Deduction will be taken at source from your other bank account
Lending Against Turnover (LATO) Customers who maintain an average balance of ₦20,000 over six months Up to 20% of Average Turnover, subject to a max. of ₦50,000 90 days with repayment over Three (3) monthly instalments  
Interest 4% Flat
 
Management fee 1%
 
Credit Life Insurance 0.15%
 
Penal Charge 1% per month upon default
 
Please note that all these will be take upfront at the point of disbursal
Device Finance Salary account holders with Access Bank & other bank customers
 
Up to 33% of annual salary, but subject to a max. of N500,000 12-months with monthly deductions  
Mark-up fees vary: Devices are purchased at discounted rates and sold at market value
 
Credit Life Insurance 0.5%
 
Penal Charge 1% per month upon default
 
Please note that all these will be take upfront at the point of disbursal
Salary Advance
(SADV)
Salary account holders with Access Bank who earn a minimum of N100,000
 
Up to 100% of monthly salary 90 days with repayment over Three (3) monthly instalments Interest 4% on reducing balance
 
Management fee 1%
 
Credit Life Insurance 0.2%
 
Penal Charge 1% per month upon default
 
Please note that all these will be take upfront at the point of disbursal
Small Ticket Personal Loan (STPL) Salary account holders with Access Bank who earn a minimum of N150,000
 
 
Up to 200% of monthly salary 180 days with repayment over Six (6) monthly instalments Interest 4% on reducing balance
 
Management fee 1%
 
Credit Life Insurance 0.33%
 
Penal Charge 1% per month upon default
 
Please note that all these will be take upfront at the point of disbursal
No; only Fixed deposit investments in the bank qualify you for a Cash-Backed Loan.