First published on LinkedIn.
Nigerian rising interest rates worry many borrowers. Here are 5 reasons Bank of Industry (BOI) loans remain the best.
Nigerian interest rates are going up and Nigeria’s central bank has aggressively raised its monetary policy rate (MPR) to 22.75% to control inflation. This represents 400 basis points (4%) from the former 18.75%.
The MPR is the rate the CBN lends to commercial banks which then use it as their benchmark rate for their lending.
What this means is that all business and personal interest rates will go up and this is a bad time for current and prospective borrowers unless your loan is from Bank of Industry (BOI).
5 reasons to select a BOI loan:
1. No Nigerian bank can match BOI’s current interest rate of 10% per annum. Prove me wrong with evidence in the comments if you can.
2. BOI as a policy works with prospective borrowers through registered consultants known as Business development services providers (BDSP).
The BOI BDSPS are carefully vetted experts who work with borrowers to guide them in meeting BOI loan requirements.
This takes a lot of work off the prospective borrowers.
3. In times of trouble or economic turbulence BOI is very proactive in loan restructuring to ease the borrower’s business challenges.
During Covid19 BOI slashed interest rates and suspended repayments for many borrowers.
4. The BOI loan requirements have triggered many informal and disorganized businesses to streamline their operations, introduce corporate governance and sound business planning practices
5. BOI loans are transparent (no hidden charges) and fast to get if you meet the requirements and select the BDSP that matches your sector.
Share your comments and send a message if you want to apply for a BOI loan or to learn more.
