Rand merchant Bank Loan: How To Apply, USSD Code And Requirements

You will be demanded or asked to upload some significant and important documents and some private details before you can open a Rand Merchant Bank  Limited Bank account.

• Name (First Name -Middle Name – Last Name)
• Date of birth (Day/Month/Year)
• Contact phone number.
• Occupation.
• Mother’s maiden name.
• Next of KINS
• Residence status.
• Citizenship
• Home address.
• Email address.

How to open a Merchant Bank account online?

• On your mobile phone and click on Google Playstore/App Store and Install then  A merchant Bank App.

• Click on Internet banking /request for a form.
• A form will appear/or start to.
• Fill out the form with all the necessary requirements such as
• Select “Country“
• Select the language “English” which your in
• Enter your (First, Middle, Last)Name, Marital status, and Gender (Male/Female)
• Date of birth.
• Email address.
• Phone Number.
• Then your passport
• ID card will also be demanded for scanning.
• After filling out the form and click on submit.

Rand Merchant Bank Loan Intrest Rate

Two years ago, the banks at a 23 percent interest rate had liquidated the loan.

The CBN in October 2019 raised the Loan to Deposit Ratio of banks to 65 percent, after the September 30, 2019 deadline given to the banks to meet its 60 percent directive. However, the regulator extended the deadline of the 65 percent LDR to March 31, 2020.

You can borrow or be lent funds, and the applicable and functional interest rates are negotiable. Nigerian banks are charging an average interest rate of between 4 percent and 36 percent on loans given to customers in various sectors.