Introduction
Access to finance is one of the biggest challenges for many Nigerians—whether it’s a small business owner needing capital, a salary earner requiring emergency funds, or a student pursuing higher education. Nigerian banks have risen to the challenge by offering a variety of loan products tailored to different financial needs.
In this detailed guide, we will break down bank-specific loan products and their interest rates in Nigeria as of 2025, helping you make informed financial decisions.
Bank-Specific Loan Products
Why Bank Loans Matter in Nigeria
Nigeria’s formal credit system plays a crucial role in driving personal and business growth. While fintech apps and informal lenders offer quick access, banks remain the most secure and regulated sources of credit, offering better terms, clearer documentation, and lower interest rates when compared to unlicensed alternatives.
Factors Influencing Bank Loan Terms in Nigeria
Before diving into specific bank offerings, it’s essential to understand what affects loan pricing and eligibility:
Creditworthiness (BVN score, salary flow, account activity)
Loan type (secured vs. unsecured)
Tenor (short vs. long term)
Collateral (if applicable)
Employment status (salary domiciliation or self-employed)
Top Nigerian Banks and Their Loan Products in 2025
Let’s explore what top banks in Nigeria are offering, including their interest rates, loan amounts, repayment periods, and unique features.
1. GTBank – QuickCredit
GTBank’s QuickCredit remains one of the most accessible personal loan products for salary earners and business owners.
✅ Features:
Loan amount: ₦5,000 to ₦5 million
Interest rate: 2.95% per month (~35.4% per annum)
Tenor: Up to 12 months
Eligibility: Active salary account (at least 3 months), BVN-linked account
Collateral: None
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Bonus: GTBank also offers QuickCredit for SMEs, enabling small business owners to access working capital.
2. UBA – Personal Loan
UBA’s personal loan product is tailored for mid to high-income earners seeking flexible repayment terms.
✅ Features:
Loan amount: From ₦200,000 up to ₦30 million
Interest rate: Competitive and market-linked (contact UBA for current rate)
Tenor: Up to 60 months (5 years)
Requirements: Minimum salary of ₦25,000, active UBA account, employment confirmation letter
Processing time: 24–48 hours
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3. Access Bank – Small Ticket Personal Loan (STPL)
Access Bank offers this loan product for employed individuals with modest borrowing needs.
✅ Features:
Loan amount: Up to ₦10 million or 400% of monthly salary
Interest: 9% reducing balance rate (effective APR lower than flat rate)
Tenor: Up to 12 months
Other fees: 1% management fee, 1.2% insurance
Collateral: Not required
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Special Options: Also offers auto loans, mortgage finance, and creative sector financing.
4. Fidelity Bank – Personal Loans
Fidelity Bank provides a suite of personal and instant loans, including:
Fast Loans (Digital access for instant cash)
Fidelity Personal Loan Scheme (For salaried individuals)
Fidelity Asset Leasing Scheme (FEALS)
✅ Features:
Loan amount: ₦50,000 to ₦10 million
Interest rate: Starting from 2.5% monthly
Tenor: 3 to 60 months
Eligibility: Salary account holders or business customers
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Unique Selling Point: Includes NYSC Loans for youth corps members and school fees loans for parents.
5. First Bank – FirstCredit and Personal Loans
First Bank offers a variety of loan products from micro-loans to major funding.
✅ FirstCredit (Instant Loan):
Loan amount: ₦1,000 to ₦300,000
Tenor: ≤30 days
Interest: 8% flat fee, plus 5% insurance
✅ FirstBank Personal Loan Against Salary:
Loan amount: ₦50,000 – ₦10 million
Interest rate: 2.5% – 3.5% monthly
Tenor: Up to 36 months
Salary domiciliation: Required
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6. Standard Chartered – Personal Loan
For high-income earners, Standard Chartered offers up to ₦35 million in personal unsecured loans.
✅ Features:
Loan amount: ₦500,000 – ₦35 million
Interest rate: From 2.19% monthly
Tenor: Up to 60 months
Eligibility: Strict income requirements, salary account with SCB
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You can also read on : Best Loan apps in Nigeria 2025
Summary Comparison Table
| Bank | Loan Name | Amount Range | Interest Rate (Monthly) | Tenor | Collateral |
|---|---|---|---|---|---|
| GTBank | QuickCredit | ₦5,000 – ₦5M | 2.95% | Up to 12 months | No |
| UBA | Personal Loan | ₦200K – ₦30M | Market rate (~2–3%) | Up to 60 months | No |
| Access Bank | STPL | Up to ₦10M | 9% reducing balance | 12 months | No |
| Fidelity Bank | Fast Loans, FEALS | ₦50K – ₦10M | From 2.5% | 3–60 months | No |
| First Bank | FirstCredit | ₦1K – ₦300K | 8% flat + 5% insurance | 30 days | No |
| Standard Chartered | Personal Loan | ₦500K – ₦35M | From 2.19% | Up to 60 months | No |
How to Choose the Right Loan for You
To avoid falling into a debt trap or paying excessive interest, consider these smart borrowing tips:
Compare interest structures: Flat interest is more expensive than reducing balance.
Read the fine print: Look for processing fees, insurance, and early repayment penalties.
Assess your repayment capacity: Don’t borrow more than 30% of your monthly income.
Check bank loyalty incentives: Long-term customers may enjoy better terms.
Frequently Asked Questions (FAQs)
❓ What is the average interest rate on bank loans in Nigeria in 2025?
Most personal loans range from 2.2% to 3.5% per month, translating to 26–42% annually.
❓ Which Nigerian bank offers the best salary loan?
GTBank, Access Bank, and UBA are top contenders for their fast processing, transparent pricing, and flexible repayment plans.
❓ Can self-employed individuals access bank loans?
Yes, but they typically need to provide:
6–12 months of bank statements
Proof of business registration
Verifiable cash flow
❓ Are digital loans better than bank loans?
Digital loans are faster but often come with higher interest rates and aggressive recovery tactics. For long-term needs, bank loans offer better value.
Conclusion
Nigeria’s banking sector in 2025 offers a wide range of loan options—whether you’re looking for a short-term emergency loan or a multimillion-naira personal loan. From GTBank’s QuickCredit to UBA’s flexible personal loans and Access Bank’s structured salary schemes, you can find a loan that fits your financial needs.
Pro tip: Always compare at least three bank loan offers before committing. And remember—borrowing should improve your life, not burden it.
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