Nigerian Loan Calculator
Calculate EMI, Interest Rates & Monthly Payments for Nigerian Banks
💼 Popular Nigerian Banks – Indicative Interest Rates
GTBank
Personal: 15-28%
Business: 18-32%
Personal: 15-28%
Business: 18-32%
Zenith Bank
Personal: 16-30%
Business: 19-35%
Personal: 16-30%
Business: 19-35%
First Bank
Personal: 15-25%
Business: 17-30%
Personal: 15-25%
Business: 17-30%
UBA
Personal: 16-28%
Business: 18-32%
Personal: 16-28%
Business: 18-32%
Access Bank
Personal: 17-30%
Business: 19-35%
Personal: 17-30%
Business: 19-35%
Fidelity Bank
Personal: 16-29%
Business: 18-33%
Personal: 16-29%
Business: 18-33%
❓ Frequently Asked Questions – Nigerian Loans
What is EMI and how is it calculated?
EMI (Equated Monthly Installment) is the fixed monthly payment you make to repay your loan. It includes both principal and interest components calculated using a standard formula.
What are typical interest rates for personal loans in Nigeria?
Personal loan interest rates in Nigeria typically range from 15% to 30% per annum, depending on your credit profile, income, and the lending institution.
How much can I borrow from Nigerian banks?
Most Nigerian banks offer personal loans up to ₦50 million, typically 3-4 times your monthly salary. Business loans can go higher based on cash flow and collateral.
What documents do I need for a loan in Nigeria?
Common requirements include: Valid ID, Bank statements (6 months), Salary certificate, Utility bills, Passport photographs, and Guarantor information.
Can I prepay my loan early in Nigeria?
Yes, most Nigerian banks allow early repayment. However, some may charge prepayment penalties (usually 1-5% of outstanding amount).