BOI loan application form |get loan from BOI? requirements

BOI loan application form
|how to get loan from BOI?

The Bank of industry is one of Nigeria oldest banking systems with a thriving financing sector. The Bank started as a corporation under the Nigerian industrial development bank (NIDB) limited in 1964, and in 2001 separated from the development bank to establish its own financial sector.

Since undergoing a successful institutional and reconstructing program, The Bank of Industry has continued to provide effective and efficient services. With customer service, its primary focus, the Bank of industry has been able to stamp its feet among Africa’s top leading development financial institutions.Boi loan

Since its establishment, the Bank of industry has provided financial and business services to businesses and enterprises. Their different loan services cover startup funds for large, medium, small businesses and expansion loans for enterprises’ modernization.

we will be discussing this loan program to put you up to feet on what they entail and how to access them.


The Bank of industry, controlled by the federal government, focuses on providing loans to entrepreneurial and industrial enterprises involved in Agro-processing, information technology, and lots more.

It also provides loans for small-scale businesses with startup and sustenance funds as long as they can provide collateral in equivalent value.

Apart from funding enterprises with startup funds, the Bank also provides working capital, asset materials, and equipment that are essential for business and production.

The Bank of industry also plays a significant role in youth development by organizing empowerment and funding programs to provide mentorship and funding for their startup.

This program aims to offset the nation’s vicious unemployment cycle by providing the youth with employable skills to become self-employed and create employment for others. Programs like the graduate entrepreneurship fund have helped contribute to this mission by providing jobs for previously unemployed graduates.

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The loan services provided by the development bank also includes options that are suitable for both salary earners. This option is made available to them so they can access a percentage of their salaries upfront when in emergencies.

The interest rates attached to borrowed loans are lower than the average market rate. The reason is to create relief for customers when paying back loans. The loan tenors are also great as the repayment period ranges from 12 to over 60 months, depending on the amount borrowed. The reason for this long payment grace is due to the kind of loans the Bank gives.

The Bank is majorly focused on disbursing financial support to manufacturing sectors of different production scales that are mostly startups. These enterprises will typically need some years to record profit turnover, hence the Bank’s decision to incorporate a manageable tenor to accommodate this incubation period.

Interested enterprise owners with required eligibility can get a loan on this service and pay as per the period agreed.

Loan offers by Bank Of Industry .

The Bank of industry’s major role is to provide financial supports for startups. As already stated, the loan option is available for both small, medium, and large scale enterprises. The financial corporation facilitates all the procedures right from the pre-loan application, grant/offer, and return of the capital within the stipulated period at a reasonable interest rate.

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The loan and credit facilities set by the Bank of industry are designed to provide enterprises and entrepreneurs manner with the various incentives:

Working Capital Loan

The Bank of industry working capital incentive targets small business owners and starting entrepreneurs who desire to obtain loans to enhance their businesses. The working capital loan is meant for businesses’ operations with an accessible amount of #50,000 to #500,000 at a competitive interest rate of 4% per month.

The recipient or applicants of this loan must have been in business for at least 12 months and must provide collateral of equivalent to the loan borrowed. The payment period lasts for a maximum of 12 months.

Consumer Loan Plan

The Bank of industry also provides loans for personal, family, and household purposes. Beneficiaries of this loan plan must be a bonafide staff (who must have been in full employment for at least six months) of a reputable organization. The loan plan also ranges from #50,000 to #500,000 with a maximum payment period of 12 months. The returning rate for this loan plan is 4% per month.

Asset Finance Loan

The Asset finance loan is a kind of credit that gives you the privilege of owning the dream asset you have always desired for your business or personal use. Assets include generators, electronic and electrical appliances e.t.c.

Interested borrowers must be able to provide 30% of the equipment’s cost while the Bank finances the remaining 70% of the cost. The equipment to be purchased (usually in the Bank’s name) is insured and given to the loan applicant with a suitable guarantor as the facility’s collateral. An asset’s cost must not exceed #500,000 and is to be paid with a 4% monthly interest rate.

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It should be noted that transfer of ownership of the financed equipment is not allowed until the equipment’s full payment term has been satisfied by the loanee.

Group loan

This kind of loan is offered to menial traders, small-scale business owners, self-help groups, and active business associations. The recipient group should have a minimum group of at least five members with joint and several borrowing guarantees.

Payment for this loan option could be daily, weekly or monthly at an interest rate of 4%. Compulsory saving by group members should be carried out as this will be used to secure the joint and several guarantees.

Eligibility And Requirements .

Businesses and individuals interested in accessing the Bank of industry loan options must provide certain requirements that ensure their eligibility. These requirements include

  • A formal letter of application.
  • A photocopy of the certificate of incorporation.
  • A standard feasibility study report.
  • Copies of passport photographs.

Other requirements include the company’s organizational structure and management, three years’ most recent tax clearance for the enterprise, marketable financial instruments, a legal mortgage on landed property, bank guarantee, external guarantors with a known statement of net worth.

how To APPLY for The BOI Loan .

  • Visit the website at
  • Click on the registration form and provide a ‘YES or NO’ to question your business been registered or not.
  • If your business is registered, click YES and fill the form. click the Register to apply for loan.

3 thoughts on “BOI loan application form |get loan from BOI? requirements”

  1. Good day. I actually need this loan to Start farm business, I am Anthony Onyenokwe, BSc. holder in business Administration, from Delta State. Being out of Job since 2018, I have just decided to go into farming business and hence I call on BOI if they can give me a start up loan #300,000 that will cover for land rent, Seedling/Cassava stems, Fertilizer and some other farm inputs, looking forward to hearing from you.

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