Frequently Ask Questions
Why does the bank need my BVN and other personal details?
This is due to a compulsory CBN policy to Microfinance Banks for KYC requirements.
What are your loan requirements/documents?
To access a salary loan; we need your ID card or employment Letter, pay Slip and a recent passport photograph.
What is your interest rate?
We charge a monthly interest rate of 3% to 4% depending on the loan conditions
How long does it take to get a loan?
Getting a salary loan from Mutual Trust Microfinance Bank takes only 10 Hours.
Am I eligible for a loan?
To be eligible for a loan, you must be a Federal Civil Servant on IPPIS or a Private Sector Salary Earner.
What type of loans do you offer?
We offer quick salary loans for federal civil servants and categorized private sector salary earners in Abuja and anywhere in Nigeria.
How much can I borrow from Mutual Trust Microfinance Bank?
We have a minimum salary loan amount of N70,000 and a maximum salary loan amount of N2,000,000. The loan amount you get is dependent on your take-home salary
HOW IT WORKS
Example of Mutual Trust Loans:
Loan amount of ₦1,000,000 borrowed over 12 months.
Interest rate (APR): 35.5% = ₦355,000
Total amount payable: ₦1,355,000
Monthly Repayment: ₦112,916.67 (In 12 months)