If you need loans to cover your expenses, check to see how you can apply for loans on Kada Microfinance Bank. See how you can easily apply for a Kada loan online below.
About Kada Microfinance Bank Loan
Kada Microfinance bank, located in Kaduna, is a loan lender offering accessible and secure loans to clients in Kaduna. The organization is one of the easiest institutions where you can get loans. Currently, the bank has provided thousands of loans to clients.
One of the main aims of the Kada Microfinance bank is to empower its clients financially. They offer people money when they need it, to invest or to keep them afloat till the next payday.
Is Kada Loan Legit?
Kada Microfinance bank is a CBN-licensed organization that provides loans for a variety of purposes. Hence, clients in Kaduna can get secure low-interest loans on the Kada.
How Much Can I Borrow from Kada Microfinance Bank?
The limit to which a client can borrow on Kada loan depends on their eligibility. When the bank checks your income, they will give you a loan offer according to the assessment.
What is Kada Loan Interest Rate?
Kada loans offer low-interest loans to clients. In other institutions, when you borrow money, interest may be equalling the amount you borrowed. However, Kada helped solve the problem. Now, clients can borrow money and pay with an interest rate of 4% to 11%.
What Do I Need to Borrow Money from Kada Microfinance Bank?
Before you borrow money, check if you meet the requirements for your loan application. To apply for loans from Kada Microfinance bank, here are the requirements:
- National ID or other forms of identification
- Staff identity card
- Letter of employment
- Pay slip
- Six months statement of account
- Two credible guarantors
- Utility bill
Do I Need to Provide Collateral?
Yes. To apply for loans on Kada Microfinance bank you need to provide collateral. Collateral is one of the eligibility requirements to qualify for a loan.
However, if you wish to borrow money without collateral, see the alternative loan platforms here.
What Type of Loan Can I Get on Kada?
- Microloans
Students, traders, and business owners can use this to access their current firms. Small- and medium-sized business owners can quickly, transparently, and effectively obtain loan products through Kada Microfinance Bank. In order for us to complete the loan tracker compliance form, the customer must fill out the bank’s loan application form—a maximum term of 6 months at 5% interest plus additional charges.
Requirement: Collateral
- Group loans
Organizations can borrow loans on Kada to carry out investments. Kada offers the group loan for 5%, plus a 4% borrowing fee and additional loan fees.
- Salary Advance
For salary earners at reputed organizations, advances against anticipated salaries are possible. The maximum loan amount is 50% of the anticipated wage at month’s end, with a maximum term of 30 days. The borrower must pay back the loan when they receive the next paycheck. Customers are required to domicile their wages with the Bank, to domicile checks from other banks drawn on their salary accounts, or to domicile payments in accordance with other arrangements.
