Access Bank is one of the few commercial banks in Nigeria that offer solar loan applications to Nigerians. Although in our previous article we discussed solar financing companies in Nigeria, in this guide we are going to take a general overview of the Access Bank solar loan application to enable you to apply and secure a solar loan for your solar project.
However, while Access Bank offers solar loan applications, they come with conditions like other loans from commercial banks. Nevertheless, we are going to discuss everything you need to know about the Access Bank Solar Loan Application in this guide, ranging from the requirements and application process to the loan amount and interest rate, among others.
Access Bank’s solar loan is called the Switch to Solar program and it allows Nigerians to borrow up to ₦200 million to finance their solar project. The loan application process is not rigorous and the loan terms are a bit flexible. So, if you want to apply for an Access Bank Solar Loan but don’t know how to go about it, there is no cause for alarm because this article was designed with you in mind.
Access Bank Solar Loan Application Requirements
The requirements for the Access Bank solar application are not fixed; they vary depending on whether you are a salaried employee borrower or you are borrowing as a business owner.
However, the general requirements include
- Completed Access Bank solar loan application form
- Supporting documents
- Guarantors, etc.
For more information on the Access Bank solar loan application requirements, kindly check our previous post on Access Bank solar financing requirements in Nigeria.
Access Bank Solar Financing
As we stated in the introduction, Access Bank solar loans come with different terms and conditions, just like any other loan offered by financial banks in the country. The Access Bank Solar Financing terms are detailed below:
- Loan Amount: Up to ₦200 million
- Interest Rate: 3% to 6%
- Down Payment: 30%
- Repayment Plan: 48 months
From the breakdown above, we can see that Access Bank solar loan terms come with different conditions. The maximum loan amount that Nigerians can access from Access Bank to finance their solar project is ₦200 million. This loan comes with an interest rate of 3% to 6%. It didn’t stop there; to get a solar loan from Access Bank, you will need to make a 30% down payment of the loan amount you want to get. For instance, if you want to borrow ₦50 million from Access Bank for your solar project, you will need to make a down payment of ₦15,000,000. However, the repayment plan of Access Bank solar loan is relatively flexible because the loan can be repaid within four years.
Access Bank Solar Loan Application
Now that you know the requirements for Access Bank solar loan and the applicable loan terms. Let’s look at the application process.
Applying for Access Bank solar loan is quite easy once you meet the requirements we discussed earlier. You can follow the steps below to begin your application:
- Open your device and visit accessbankplc.com
- Complete the solar loan application interest form by entering your full name, email address, phone number and other necessary details.
- After completing the interest, click on the submit button
- Once you submit your form, wait for awhile for an Access Bnak staff to contact you.
- Once you link up wth their staff you can then complete the process and provide all the necessary details.
- If they approve the loan for you, use it judiciously and adhere strictly to the loan terms to avoid violations.
Conclusion
The Access Bank solar loan application is not difficult as long as you meet the loan requirements. This solar loan is available to both salaried employees and business owners who need a loan to finance their solar project. Although the Switch to Solar program allows borrowers to access up to ₦200 million, they will need to make a 30% down payment. The Access Bank solar loan comes with a 3% to 6% interest rate and a 48-month repayment plan. You can apply for this solar loan today to actualize your dream of going solar.