Kada Loan: Get a Loan from Kada Bank in Nigeria – Easy Application Process. Kada Bank is a leading microfinance bank in Nigeria that offers a variety of loan products to individuals and businesses. Kada Loan is one of their most popular loan products, offering borrowers up to N1,000,000 without any collateral.
To apply for a Kada Loan, you must meet certain eligibility criteria, such as being a Nigerian citizen, being over the age of 18, and having a regular source of income. You will also need to provide some documentation, such as a valid ID card, a bank statement, and a proof of employment.
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The Kada Loan application process is simple and straightforward. You can apply online or at any Kada Bank branch. If your application is approved, you will receive the funds within 24 hours.
Here are the steps on how to apply for a Kada Loan:
- Visit the Kada Bank website or download the Kada Bank mobile app.
- Create an account or log in to your existing account.
- Click on the “Loans” tab and select “Kada Loan.”
- Fill out the loan application form and submit it for review.
- Wait for Kada Bank to review your application and let you know if you’ve been approved.
- If you’re approved, the funds will be deposited into your bank account within 24 hours.
Kada Loan is a great option for Nigerians who need a quick and easy loan for unexpected expenses, such as medical bills, car repairs, or school fees. With a simple application process and fast loan approvals, you can get the money you need in no time.
An Overview of Kada Microfinance Bank
Kada Microfinance Bank is a financial institution that offers loans to business owners and salary earners in Kaduna, Nigeria. This institution was licensed by the CBN in 2008 and has grown to become a reputable bank that offers loans to its customers.
What products does Kada Microfinance Bank offer?
Basically, Kada bank offers loan services to business owners and salary earners. Here’s what you would know:
1. Microloans
Microloans are solely for students, business owners, and petty traders. Basically, this type of loan caters to Small and medium-sized enterprises and gives them a chance to obtain quick loans. To get a Microloan from Kada bank, you need to fill out the loan application form and provide collateral for the loan. The interest rate on this loan is 5% with a maximum loan tenure of 6 months.
2. Salary Advance
As the name implies, Salary advance is primarily for salary earners in reputable organisations. If you fall into this category, you can obtain a maximum loan amount of 50% of your normal monthly salary. The maximum tenor on this loan is 30 days.
3. Group Loan
The group loan is available for people who want to borrow as a group. This loan attracts a 4% borrowing fee alongside other loan fees.
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How can I apply for a Kada loan?
If you want to apply for a loan from Kada bank, follow these instructions:
1. Open an account with the bank
This is the first step to take if you want to borrow a loan. Opening an account with Kada bank will show your commitment to the bank.
2. Fund your account for sometime
The next step to take after opening a Kada account is to actively service your account for a while. Basically, servicing your account means that you have to fund it and withdraw money from the account constantly. This will make you qualified to access loans.
3. Apply for the loan
To apply for a Kada loan, you need to have a valid reason why you need the loan. As long as your loan reasons are genuine, there is a high chance that you will get the loan.
4. Provide the necessary documents
You can hasten your access to the loan by providing the necessary documents pertaining to why you need the loan. Also, you need to present collateral and its documents.
What are the requirements to obtain a Kada loan?
To obtain a loan from Kada bank, you need to present the following documents:
1. Letter of employment
2. Other forms of valid identification (National Identity card, your international passport, etc)
3. Staff identity card
4. Pay slip
5. 6 months statement of account
6. Two credible guarantors
7. Utility bill
What is Kada loan interest rate?
Kada bank charges you an interest rate of 4% – 11% depending on the amount of loan you borrow. Also, the type of loan product you took will determine your interest rate.
How can I contact Kada Microfinance Bank?
Here’s how to contact Kada Microfinance Bank
Address: 3, RIGACHIKUN POLY ROAD, KADUNA, Tudun Wada, Kaduna
Phone Number: 08098909343, 08036884586
Email Address: [email protected]
Final thoughts
Kada Microfinance Bank is a reliable financial institution where you can access loans if you reside in Kaduna. All you need to do to get a Kada loan is to open an account with the bank and become one of their customers. This will make your loan processing easier. However, the loan you can access is not collateral free. Hence, you will need a collateral and guarantor to obtain a loan from Kada bank.
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