Here we will be focusing on how to borrow money from Renmoney Microfinance Bank Ltd, with respect to investment. No wise man would go to the bank to borrow money to solve or settle personal issues. Borrowed funds should be invested in a business with a possibility of reasonable ROI (Return On Investment), which brings to us. Have you got business ideas but faced with the challenge of funding it. Lack of funds to finance business ideas always seem a like a cog in the wheel between success and failure but nevermind, RENMONEY is here to bridge the gap between you and your dreams though am a bit skeptical about their monthly interest rate if I must confess.
CHECK OUT: PRICES OF BUILDING MATERIAL IN LAGOS
How to Apply For A Loan From RenMoney MFB Ltd.
RenMoney has a range of requirements, which you need to meet to be able to receive a loan. These requirements and conditions differ for people employed in different ways. You need to have an idea of all of them, just in case, if you are thinking about getting a loan.
RENMONEY LOAN REQUIREMENT
- You should be between 22 and 55 years old.
- You must run an account (Current or Savings) with a commercial Bank in Nigeria.
- Applicant must live and or work in Lagos State.
- You must have a verifiable monthly income.
- You must have a clean Credit Bureau Report.
- You must not have a history of returned cheques in your account.
- One recent passport photograph (within the last 6 months)
- Salary bank statement for the last 6 months (must be stamped by the bank). Your bank can send it directly to renmoney at [email protected]
- NUBAN Cheque leaves for the duration of Loan (agreed at branch) OR Filled Direct Debit Form
- Staff Identification card
- Pension OR Tax Identification number
- Letter of Employment, Confirmation, Promotion, Redeployment, Salary Increase OR Introduction Letter from Employer’s HR to RenMoney
- Utility Bill (PHCN, Water bill, LAWMA bill OR Rent Agreement)
- Valid Proof of Identification (current ECOWAS Passport, National Identification, Driver’s License or Voters ID)
RENMONEY LOAN INTEREST RATE
From my personal experience of taking a loan from Renmoney twice, you can be rest assured what you read here are verified. I took my first loan of N250,000 and the total amount I paid back from the Image above was N324,260.63.
By my calculation, the interest rate was 25% i.e (25/100 x 250,000 = 62,500) . The addition of N62,500 and the principal loan of N250,000 will give us N312,500.
They added admin fee and some other fees to make it N324,260.63
So, the RenMoney Loan Interest Rate is 25%.
You can take loans to a maximum of N2,000,000.00 and you must be gainfully employed to benefit from our loan products.
RENMONEY LOAN APPLICATION FORM
There two main options to apply for Ren Money loans and they are as follows;
- Visit https://onboard.renmoneyng.com/ and apply online which is usually an interim application that will still require visiting their office nearest to you but it will give you an edge over those who just walked into their office for an application.
- The second option is applying for a loan via Telephone – 0700RENMONEY (0700 73666639)
- The last option is visiting their offices and their office address are just below.
You will get an SMS once your loan has been approved based on your document verification. An email will also be sent to you with details of your Loan and account number. Just make sure you provide all your correct contact information to make the processing of your loan easy. If you have received an SMS, the funds would have been credited to your account.
You can renew your loan immediately you finish repaying an existing loan.
Another check towards abuse of loans is that one cannot apply for more than one loan at the point of your application, but you can apply for a top up loan after making one-third installments on your current loan. A top up loan is an additional loan request that is added to your existing loan.
Please note that you cannot apply for multiple loans
Renmoney Contact Addresses
Head Office: 89, Awolowo Road
Ikoyi, Lagos, Nigeria.
Surulere Office: Kings Plaza, 80,
Adeniran Ogunsanya Street,
Opebi Office: Pentagon Plaza, 23 Opebi
Lagos Island Office – 50 – 52, Broad Street, Lagos in CSS Bookshop House
Apapa Office: No. 13, Park Lane,
Call Center: [email protected]
Goodluck in your application…