Education Loan.

Education Finance Loan is categorised under two main product offerings.

Education loan is a loan designed strictly for the payment of children’s school (Primary and Secondary) related expenses in Nigeria only. Education loan is aimed at protecting the cash flow of clients’ businesses. This loan can be accessed by a client who is a member of a group (Union).

Education Finance Loan is categorised under two main product offerings.

Features

  • Account opening with N200 (minimum)
  • 1.25% Per Annum interest rate on savings
  • A chance for your child to win the LAPO MfB Scholarship
  • Convenient and easy withdrawal anytime, anywhere nationwide
  • Payments can be made anywhere nationwide with our Pocket Money banking service.
  • Very low entry balance.
  • Easy access to your account.
  • Secured future for your child.
  • Available to Groups and Individuals.
  • Expert financial advice .

Documents Required

  • Duly completed application form
  • 2 recent passport-size photographs
  • Current utility bill
  • A valid means of ID (national ID, driver's license, voter's card or international passport)

School Fees Loan

School Fees is designed for economically active parents/guardians who have the willingness to educate their children in private schools.
This product is tailored to close the gap between the need of the child and what the parent can offer in regard to school fees/levies, uniforms, books and school bus fees.

  • Loan range ‒ NGN 20, 000 to NGN 200, 000
  • Grace period ‒ 1 Month moratorium (Approximately 30 days after disbursement)
  • Interest rate ‒ 4% Reducing Balance (48% per Annum Reducing Balance)
  • Repayment Mode ‒ Monthly
  • Loan period ‒ Loan can be disbursed all year round

Loan purpose

— To cover Tution fees, uniforms, Books & Transportation (School Bus).

School Improvement Loan

School Improvement Loan is designed for school proprietors (low or medium income private schools, from Nursery to Secondary level), to improve their schools in terms of Increased learners enrolment & quality education.
The loan is structured around classification of school needs such as working capital, buildings improvement/renovation and procurement of fixed assests that enhances learning.

  • Loan range ‒ NGN 250, 000 to NGN 10, 000, 000
  • Grace period ‒ 3 to 18 months
  • Interest rate ‒ 4% Reducing Balance (48% per Annum Reducing Balance)
  • Repayment Mode ‒ Termly-Repayment shall be according to school cash-flow
  • Loan period ‒ Loan can be disbursed all year round

Loan purpose

— Building extension, working capital, extra classrooms, dormitories, wash facilities, sick bay, buying of IT equipments, purchase laboratory equipment & furniture, projectors, textbooks, school bus, blackboards e.t.c.

Features

  • Facility range: N20,000 to N200,000 (maximum)
  • Methodology: Group
  • Duration: 8 months
  • Grace period: 1 month

Benefits

  • No collateral
  • Access to funds for the prompt payment of children’s school related expenses.
  • Flexible repayment structure
  • Low interest rate

Documents Required

  • Loan application letter
  • Duly completed application form
  • 2 guarantors
  • A valid means of ID (national ID, driver's license, voter's card or international passport)
  • Current utility bill
  • 4 recent passport-size photographs

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SME Loan

Big businesses require big loans. The Riverside Microfinance Bank "SME Loan" is a credit product designed specifically to support Small and Medium Scale Enterprises (SMEs) operators in Nigeria.

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Agric Loan

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Regular Loan

This loan product is designed to operate on a group (union) methodology. A union is a self-selected group of people who access loans individually but have group guarantees.

Premium customer support

Enjoy the personalized service you need at Riverside Microfinance Bank, including long-term business financial planning and extended-hours access to our specialized business service team.

  • One combined monthly statement for all of your business accounts 
  • Extended-hours access to our specialized business service team