How To Obtain SMEDAN Loan In Nigeeria

Are you an entrepreneur or a business person who needs loans? Do you need personal loans or even mortgage loans? You are sure of getting the answers you will need after reading this. We want to show you how to obtain SMEDAN loan in Nigeria without much hassles. There are different places you can obtain business loans in Nigeria. But, we want to focus our attention on SMEDAN. Before you ask, let’s answer you.

What Is SMEDAN?

SMEDAN stands for Small and Medium Enterprises Development Agency of Nigeria. The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) was established by the SMEDAN Act of 2003 to promote the development of the MSME sector of the Nigeria Economy. The Agency positions itself as a One Stop Shop for MSME Development. Micro Enterprises are included in the clientele of the Agency since they form the bedrock for SME’s.

Also See: Practical Ways To Obtain Business Loans In Nigeria

HOW TO GET A LOAN FROM SMEDAN

Here are the guidelines you will follow to obtain SMEDAN loan in Nigeria. They include the following:

  1. Log onto SMEDAN portal click here.
  2. You will be expected to select the type of loan you are looking for. They offer 4 different types of loan, You will see them below after this guideline.
  3. You will be asked next to provide necessary information. More like creating a profile. You must only provide accurate information. Information required will include the purpose of loan, your age, employment status and how much you need. See the screenshot below as an example.
  4. Once you have filled in the required information, you click on ‘check availability’. From there you should be able to see the available loan options for you based on the information that you provided.
  5. Go through the results. You will see loan requirement for each of them and the interest rates. Once you find the one that is okay by you, you apply. Simply click on “View details and apply.” Then click on “Get started.”  From there you can apply.

Also See: How To Apply For Bank Of Industry (BOI) Loan – See Guidelines And Requirements

Types Of SMEDAN Loans

Below are the types of loans offered by SMEDAN.

  1. Personal loan: Personal loans are aimed at helping individuals achieve aims/target quickly
  2. Business loans: Business loans are targeted to help businesses grow
  3. Mortgage loans: Mortgage Loans are aimed to assist in acquiring property. It is usually long-term loan to assist individuals own their houses
  4. Credit card loans: Credit card loans are to help you on the go

Also See: How To Obtain Development Bank Of Nigeria Loan – Step by Step Guide

SMEDAN Loan Interest Rates

Since the loan are from different providers, there is no fix interest rate. However, SMEDAN prioritized loans with small interest rates.

Where Can I Get SMEDAN Loans?

Currently the loans are available mainly in only few states in Nigeria. You can still find some in other states but the coverage is mainly in the following states: Lagos, Abuja and Kaduna. However, if you are not any of these states you can still try. You will see options for “All states” when applying. Select it. You may still have loans to access.

We have shown you how to obtain SMEDAN Loan in Nigeria, If you have any question, kindly use the comment box below.

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