Loan Product

Secured Loan

Our Secured loans are designed for customers who need fast cash at the lowest interest rates, for short periods of time. This involves clients utilizing an asset (including movable assets) to collaterise a loan. The asset is usually sold to VM for the loan amount required and duration stated. Ownership of the asset will revert to status quo on fulfilment of all terms of the loan.

With a Secured Loan, VFD Microfinance Bank will keep the original documents of the car or other asset for the duration of the loan. Depending on the terms of the loan, the title on the asset documents is left as is, so transfer of ownership is guaranteed to be seamless at the end of the tenor.

Application requirements:

  • Original asset documents
  • Bank statements for the last 6 months
  • Copy of work ID card (original to be sighted)
  • Current utility bill (original to be sighted)
  • Proof of Asset Ownership
  • Insurance
  • Vehicle Licence
  • One passport photograph
  • Copy of driver's license, international passport, voter's card or national ID
  • Front, back and side view pictures of the car

Features include

  • Highly competitive interest rate applied on a reducing balance
  • Maximum tenor of 12 months
  • Maximum loan amount N2,000,000.00 (for loans without guarantees/ collateral)
  • Availabe within 24 hours
  • Loan is secured with original asset documents