VFD Microfinance Bank Review – What you should know
VFD Microfinance Bank is a fully digital bank with headquarters in Lagos, Nigeria. It was founded in 2009 and is licensed by the Central Bank of Nigeria. VFD Microfinance Bank offers a variety of banking products and services to individuals and businesses, including savings accounts, loans, and bill payments. The bank also offers a number of innovative features, such as its V by VFD app, which allows customers to bank on their phones.
Thank you for reading this post, don't forget to subscribe!What are the benefits of using VFD Microfinance Bank?
- Completely digitized: VFD Bank is a 100% digital bank, which means you can open an account and manage your finances online or through the V by VFD app. This makes it easy and convenient to bank with VFD, no matter where you are.
- Rapid customer service response time: VFD Bank has a reputation for having excellent customer service. If you have a question or need help, you can reach out to a customer service representative through the V by VFD app or by phone. You can expect a response within minutes.
- Wide array of loan products: VFD Bank offers a wide variety of loan products to meet the needs of businesses and individuals. Whether you need a loan to start a business, consolidate debt, or finance a major purchase, VFD Bank can help.
- High interest rates on fixed deposits: VFD Bank offers high interest rates on fixed deposits, which can help you grow your savings faster.
- Free ATM withdrawals: VFD Bank customers can make free ATM withdrawals at any VFD ATM or at any ATM that is part of the NIBSS Switch network.
- No monthly maintenance fee: VFD Bank does not charge a monthly maintenance fee for its savings accounts.
Here are some additional benefits of using VFD Microfinance Bank:
- V by VFD app: The V by VFD app is a powerful tool that allows you to manage your finances on the go. With the V by VFD app, you can view your account balance, make transfers, pay bills, and more.
- Cardless withdrawal: VFD Bank offers cardless withdrawal, which allows you to withdraw cash from an ATM without your ATM card. This is a convenient option if you lose your ATM card or if you need to withdraw cash from an ATM that is not part of the VFD ATM network.
- Online bill payment: VFD Bank allows you to pay your bills online through the V by VFD app or through the VFD Bank website. This is a convenient way to pay your bills on time and avoid late fees.
- 24/7 customer support: VFD Bank offers 24/7 customer support through the V by VFD app, the VFD Bank website, and by phone. This means you can get help with your banking needs no matter what time of day it is.
What services does VFD Microfinance Bank offer?
- Savings accounts: VFD offers a variety of savings accounts with different interest rates and features.
- Loans: VFD offers a variety of loans, including personal loans, business loans, and education loans.
- Bill payment: VFD allows you to pay your bills for utilities, telecom, and other services through the V by VFD mobile app.
- Debit cards: VFD offers a debit card that can be used to withdraw cash from ATMs, make purchases online and in stores, and send money to other VFD customers.
- Transfers: VFD allows you to transfer money to other VFD customers and to bank accounts in other banks.
- Investment products: VFD offers a variety of investment products, such as fixed deposits and treasury bills.
- Business banking services: VFD offers a variety of business banking services, such as current accounts, overdrafts, and loans.
VFD Microfinance Bank also offers a number of innovative features, such as:
- Zero charge till your 51st transaction: VFD does not charge any fees for your first 50 transactions each month.
- Free account maintenance: VFD does not charge any fees for maintaining your savings account.
- Monthly interest on savings: VFD pays interest on your savings account every month.
- Easy-to-use budgeting features: VFD’s mobile app makes it easy to track your spending and create a budget.
- Advanced analytics: VFD’s mobile app provides you with detailed analytics about your spending habits.
VFD Microfinance Bank is a fully digital bank, which means that you can do all of your banking transactions through the V by VFD mobile app. This makes it easy and convenient to bank with VFD, regardless of where you are.
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If you are looking for a reliable and affordable financial institution, VFD Microfinance Bank is a great option. VFD offers a wide range of services and features, and its mobile app makes it easy to bank on the go.
What is the maximum amount that I can borrow from VFD Microfinance Bank?
The maximum amount that you can borrow from VFD Microfinance Bank depends on the loan package you apply for. For secured loans, the maximum amount you can borrow is N2,000,000. For unsecured loans, the maximum amount you can borrow is N250,000. However, the bank will also consider your monthly income when determining the maximum amount you can borrow. They typically allow you to borrow a certain percentage of your salary, up to a maximum of the loan amount stated above.
Here is a table of the maximum loan amounts for different loan packages at VFD Microfinance Bank:
| Loan Package | Maximum Loan Amount |
|---|---|
| Secured Loan | N2,000,000 |
| Unsecured Loan | N250,000 |
| Salary Advance | 12 months’ salary |
| Business Loan | N1,000,000 |
| Asset Finance | N5,000,000 |
Please note that these are just the maximum loan amounts. The actual amount you are approved for will depend on your individual circumstances. To find out more about the maximum loan amount you can borrow from VFD Microfinance Bank, you can contact their customer service department.
What interest rates are applicable to VFD Microfinance banks?
- Fixed deposit: The interest rate for fixed deposits at VFD Microfinance banks ranges from 14% to 20% per annum, depending on the tenor and the amount deposited.
- Loans: The interest rate for loans at VFD Microfinance banks ranges from 18% to 30% per annum, depending on the type of loan and the borrower’s credit history.
- Target savings: Target savings accounts at VFD Microfinance banks earn an interest rate of 8% per annum.
- Current accounts: Current accounts at VFD Microfinance banks do not earn interest.
It is important to note that these are just the standard interest rates. The actual interest rate that you will be offered may vary depending on your individual circumstances. You should always speak to a VFD Microfinance bank representative to get an accurate quote.
Here are some additional details about the interest rates for VFD Microfinance banks:
- The interest rates for fixed deposits are usually higher than the interest rates for loans. This is because fixed deposits are considered to be a lower risk investment for the bank.
- The interest rates for loans are usually higher for borrowers with poor credit history. This is because the bank considers these borrowers to be a higher risk.
- The interest rates for target savings accounts are usually lower than the interest rates for fixed deposits. This is because target savings accounts are considered to be a less liquid investment.
- Current accounts do not earn interest because they are considered to be a transactional account.
What are the minimum requirements for taking up a loan with VFD Microfinance Bank?
- A valid means of identification: This could be a valid driver’s license, national ID card, or international passport.
- Proof of employment: This could be a letter of employment from your employer, or a recent payslip.
- Application form: You can download the application form from the VFD Microfinance Bank website.
- Passport photograph: You will need to submit two passport-sized photographs.
- Bank statements for the past 6 months: This will show your bank account activity and income.
- BVN/proof of bank account ownership: This is a unique identification number that is assigned to every bank account holder in Nigeria.
In addition to these general requirements, some loan types may have additional requirements. For example, a business loan may require you to provide a business plan and financial statements.
You can find more information about the specific requirements for each loan type on the VFD Microfinance Bank website.
Here are some additional tips for applying for a loan with VFD Microfinance Bank:
- Make sure you meet all the requirements before you apply.
- Be prepared to provide all the necessary documents.
- Be clear about the purpose of the loan and how you will use the funds.
- Have a good credit history.
- Be able to afford the monthly repayments.
How fast does VFD Microfinance bank disburse loans?
VFD Microfinance Bank disburses loans within 6 hours of approval. This means that after your loan application is approved, you will receive the funds into your account within 6 hours. This is one of the fastest loan disbursement speeds in the country.
Here are the steps involved in the loan disbursement process at VFD Microfinance Bank:
- You submit your loan application online or at a VFD branch.
- VFD Bank reviews your application and documents.
- If your application is approved, you will receive an email or SMS notification.
- The funds will be disbursed into your account within 6 hours.
You can track the status of your loan application on the VFD Bank website or mobile app.
Here are some of the factors that may affect the speed of loan disbursement at VFD Microfinance Bank:
- The type of loan you are applying for. Some loans, such as business loans, may take longer to disburse than personal loans.
- The amount of the loan you are applying for. Larger loans may take longer to disburse than smaller loans.
- The completeness of your application documents. If your application documents are incomplete, it may delay the disbursement of your loan.
- Your credit history. If you have a good credit history, your loan may be disbursed more quickly than if you have a bad credit history.
In Conclusion:
There are several factors that can affect the speed at which your loan is disbursed. It is important to keep these factors in mind when applying for a loan to ensure a smooth and timely disbursement process. Additionally, it is advisable to communicate with your lender and provide any necessary documentation promptly to avoid any delays. By considering these factors and being proactive in your loan application process, you can increase the chances of a quick and efficient loan disbursement.
