IBILE Microfinance Bank Nigeria Ltd | Financial Products
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Financial Products

Our financial products are:

Ibile BuyNowPayLater - Asset Finance

The loan is used to finance motor vehicles and non-moveable assets. The maximum loan limit is 70-80% of asset cost provided total repayment is not more than 33.3% of obligor’s net income. Only standard personal assets are to be financed.

 

Product features:

  1. Tenor between 3-24 months.
  2. Competitive pricing and no hidden charges.
  3. Convenient repayment installments.
  4. Insurance of the asset in the bank’s name.
  5. Statement of account and/or Pay slip of (last 6 months) Bank confirmation of applicant’s current employment status.
  6. Proforma invoice from an authorised dealer or brand owner of the product.
  7. Letter of domiciliation of salary and allowances from employer to be confirmed by the bank/direct debit.

Type of Asset to be financed:

  1. Cars and buses – New/Used.
  2. Generator set – up to 50Kva.
  3. Television set.
  4. Air conditioner.
  5. Cooker.
  6. Washing machine.
  7. Fridge, freezer.
  8. Health equipment and other appliances.

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Ibile Sure Cash - Salary Advance

This is designed especially for employees of reputable organizations. This product grants salary earners the temporary bridge they need to get from pay-day to payday. With a maximum loan amount not exceeding a third of the employee’s basic annual wage or N1milion, and repayments no more than a third of the employee’s monthly pay, our salary advance can provide necessary float without overburdening cash flows. Customers can have access to 70% of their net monthly salary before pay day.

 

Product features:

  1. Recommendation letter from employer
  2. Statement of account (6 months)
  3. Letter of confirmation of appointment / employment
  4. Domiciliation of salary with Ibile MFB/ Instruction to debit from source
  5. Tenor between 3-24 months
  6. Competitive pricing and no hidden charges
  7. It is a one-off overdraft facility against salary pay day

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Ibile Loya

This is a product designed to empower customers save towards future projects, festivals, school fees, wedding, pilgrimage (Haji &Jerusalem), house rent payment.

The focus here is to create a platform that foster loyalty between the customer and the bank and give structure to our customer’s financial plans and for greater financial security.

Product Features

1 . It is a flexible savings account that permits a customer to save at his own pace.
2 .Savings is for a period of 3 months without withdrawal to qualify for a loan.
3. Account holder can apply for loan up to maximum of N500, 000.00
or twice the deposit in the account, whichever is lower.
4. Loya savings balance can only be withdrawn three (3) months after loan is secured.
5. Account will be use and can be used as collateral for future loan by account holder.
6. Interest will be forfeited if withdrawals are made above three (3) times in a month,
7. Standing Order instruction to fund the Target Account attracts no charges.
8. Loya savings account holder loan facility is at 3% monthly flat interest.
9. Encourages savings to meet immediate and future needs
10. Gift Items for account holder who meet their target
11. Initial opening balance of N2, 000.00.
12. Deposits to serve as collateral for loan
13. A high interest rate of 5%.
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Ibile Back to School (iBats) - Education Loan

Education Loan: is a Product offered to our customers for the payment of their children or ward’s education fees.

 

Product features:

  1. Tenor between 3-24 months
  2. Competitive pricing and no hidden charges
  3. Convenient repayment installments

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Personal Loan

This is a loan that enables customers’ access short and medium term loans to meet urgent personal needs.

 

Product features:

  1. Tenor between 3-24 months
  2. Competitive pricing and no hidden charges
  3. Convenient repayment installments

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School Support

Specific financial support to schools for the development of infrastructure, acquire working tools and so on.

 

Product features:

  1. School must have an active account with Ibile MFB Bank Limited or any other bank for a minimum period of 3 terms.
  2. The school must be Government approved.
  3. Corporate Guarantee of the Executives of the National Association of Proprietors of Private Schools.
  4. Staff salary account must be maintained with the bank or get a Direct debit (where request is for overdraft to pay salaries)
  5. Personal guarantee of the Proprietor/Proprietress supported by a statement of notarizes net worth(including the sponsor of the school)
  6. Statement of account evidencing the average school fees collectable per term for minimum of 3 terms (12 months)
  7. For renovation of property a duly certified BOQ must be submitted.
  8. Repayment – Domiciliation of school fees.
  9. Tenor between 3-24 months (Termly repayment)
  10. Competitive pricing and no hidden charges

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Ibile Group Loan - Cooperative/Group Loan

Provides loans to members of approved cooperative societies, associations and unions to meet personal financial obligations.

 

Product features:

  1. It must be duly registered & must have been in existence for 1 year
  2. Constitution/Byelaw empowering it to borrow as a legal entity
  3. Contribution and other income for the last 12 consecutive months.
  4. Applicant must submit letter of domiciliation of contribution/dues and executed corporate guarantee.
  5. Applicant must submit copy of letter of recognition/registration by relevant regulatory bodies.
  6. Tenor between 3-24 months
  7. Competitive pricing and no hidden charges
  8. Convenient repayment installments

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ibile Traders Finance( iBTF) - Traders Finance

Many small and medium enterprises customers who trade or retail in fast – moving goods are often short of requisite funds to support their working capital. This group of customers usually seeks financial accommodation to see them through lean periods. This product is to enable the bank support such customers.

The Product offers short term advances (Overdrafts and Short – Term Loans) to traders / retailers.

 

Product features:

  1. Documentary evidence of customer having been in this line of business for a minimum period of 6 months.
  2. Personal guarantee of the MD / CEO of the company with notarized statement of net worth.
  3. Tenor between 3-24 months.
  4. Competitive pricing and no hidden charges.
  5. Convenient repayment installments.

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LPO Finance

Supplies financing for contractors to enable them take advantage of opportunities in Local Purchase Orders received from specific organisations.

 

Product features:

  1. Facility amount per transaction must not be more than 70% of cost of execution.
  2. Applicant’s employer must be on the EBL approved list of counter-parties.
  3. Tenor between 3-6 months.
  4. Competitive pricing and no hidden charges.
  5. Convenient repayment installments.
  6. payment shall be in full on or before expiry from proceeds of the LPO /Supply order.

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Invoice Discounting Facility

The product is to provide self – liquidating advances to customers in a prompt, secure and profitable manner. It involves the provision of short term financing to Ibile MFB customers engaged in the supply of goods and services and execution of small to medium – scale contracts for Government, MDAs’ and reputable institutions.

 

Product features:

  1. The customer shall formally domicile proceeds of invoices to the Bank by instructing the paying company accordingly.
  2. Confirmation of invoice presented for discounting.
  3. Tenor between 3-6months
  4. Competitive pricing and no hidden charges
  5. Convenient repayment installments

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Agricultural Finance

This loan can be accessed by arable/field crops farmers, fish farmers, livestock farmers, agricultural produce marketers, tree crop farmers. Ibile Microfinance is committed to serving the rural sector to improve the expansion of small and medium scale Agricultural enterprise.

 

Product features:

  1. Availability of moratorium
  2. Tenor between 3-24 months
  3. Competitive pricing and no hidden charges
  4. Convenient repayment installments

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Target Savings Account

Designed to help individuals and groups achieve that desired celebration without having to borrow or run helter-skelter, looking for money. This is a special account designed to raise hope and meet our customer’s demand during the ‘rainy’ day. It establishes the discipline of prudent money management, to give structure to our customer’s financial plans and for greater financial security.

 

Product features:

  1. Initial opening balance of N500.00
  2. Minimum operating balance of N1, 000.00
  3. Higher interest rate than a regular savings account
  4. Bonus interest will be forfeited if withdrawals are made before specified time or monthly target not met.
  5. Target Savings duration ranges from 3mths to 5yrs.
  6. Standing Order instruction to fund the Target Account attracts no charges.

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