Vfd Microfinance Bank Review – What You Should Know

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Sirmike Saturday, 9 November 2024, 4:50 pm

Vfd Microfinance Bank Review – What You Should Know

VFD Microfinance Bank is a fully digital bank with headquarters in Lagos, Nigeria. It was founded in 2009 and is licensed by the Central Bank of Nigeria. VFD Microfinance Bank offers a variety of banking products and services, including savings accounts, current accounts, loans, and bill payments. The bank also offers a mobile app that allows customers to access their accounts and make transactions on the go.

VFD Microfinance Bank is a good option for customers who are looking for a convenient and affordable way to bank. The bank’s mobile app is easy to use and the fees are relatively low. VFD Microfinance Bank is also a safe and secure bank, as it is regulated by the Central Bank of Nigeria.

Here are some of the pros and cons of VFD Microfinance Bank:

Pros:

Convenient and easy-to-use mobile app
Low fees
Safe and secure
Wide range of products and services

Cons:

Limited physical branches
Customer service can be slow at times

Overall, VFD Microfinance Bank is a good option for customers who are looking for a convenient and affordable way to bank. The bank’s mobile app is easy to use and the fees are relatively low. VFD Microfinance Bank is also a safe and secure bank, as it is regulated by the Central Bank of Nigeria.

Here are some of the features of VFD Microfinance Bank:

Zero charge till your 51st transaction: You can enjoy zero charge on your transactions up to your 51st transaction.
Free account maintenance: You do not have to pay any account maintenance fee when you open an account with VFD Microfinance Bank.
Monthly interest on savings: You earn interest on your savings every month with VFD Microfinance Bank.
Easy-to-use budgeting features and analytics: You can track your spending and make better financial decisions with the budgeting features and analytics offered by VFD Microfinance Bank.
Multiple cards: You can have multiple cards with VFD Microfinance Bank, including debit cards, credit cards, and prepaid cards.
Multiple beneficiaries: You can add multiple beneficiaries to your account with VFD Microfinance Bank.
Advanced budgeting: You can create advanced budgets with VFD Microfinance Bank, including recurring transactions and proximity payment.
Account analytics: You can track your spending and make better financial decisions with the account analytics offered by VFD Microfinance Bank.
Bill payment: You can pay your bills online with VFD Microfinance Bank.

If you are looking for a convenient and affordable way to bank, VFD Microfinance Bank is a good option. The bank offers a variety of products and services, including savings accounts, current accounts, loans, and bill payments. The bank also offers a mobile app that allows customers to access their accounts and make transactions on the go.

What are the benefits of using VFD Microfinance Bank?

VFD Microfinance Bank is a leading microfinance bank in Nigeria that offers a wide range of banking products and services. Some of the benefits of using VFD Microfinance Bank include:

It is completely digitized. You can open an account and manage your finances entirely online or through the V by VFD app. This makes it very convenient and easy to use.
They offer a wide array of loan products. VFD Microfinance Bank offers a variety of loan products to meet the needs of different customers. These loans can be used for a variety of purposes, such as business, education, or personal expenses.
They have a rapid customer service response time. VFD Microfinance Bank has a dedicated customer service team that is available 24/7 to help you with any questions or issues you may have.
They offer competitive interest rates. VFD Microfinance Bank offers competitive interest rates on their savings products and loans. This means that you can earn more money on your savings and save money on your loan payments.
They are safe and secure. VFD Microfinance Bank is a licensed and regulated financial institution. This means that your money is safe and secure with them.

Overall, VFD Microfinance Bank is a good option for people who are looking for a convenient, affordable, and secure way to manage their finances.

Here are some additional benefits of using VFD Microfinance Bank:

You can earn interest on your savings. VFD Microfinance Bank offers a variety of savings products that allow you to earn interest on your money.
You can access your money anytime, anywhere. With the V by VFD app, you can access your money 24/7 from anywhere in the world.
You can pay bills and make transfers easily. The V by VFD app makes it easy to pay bills, make transfers, and send money to friends and family.
You can get a loan quickly and easily. If you need a loan, VFD Microfinance Bank can help you get one quickly and easily.

If you are looking for a convenient, affordable, and secure way to manage your finances, VFD Microfinance Bank is a good option to consider.

What services does VFD Microfinance Bank offer?

Savings accounts: VFD offers a variety of savings accounts, including a regular savings account, a target savings account, and a business savings account. All savings accounts earn interest, and some accounts offer additional benefits, such as free ATM withdrawals and debit card usage.
Loans: VFD offers a variety of loans, including personal loans, business loans, and educational loans. Loans are available to both individuals and businesses, and interest rates are competitive.
Bill payment: VFD customers can pay their bills online or through the VFD mobile app. Bills can be paid for utilities, telecom, insurance, and other services.
Transfers: VFD customers can transfer money between VFD accounts, as well as to other banks in Nigeria. Transfers can be made online, through the VFD mobile app, or by phone.
Debit cards: VFD customers can apply for a debit card that can be used to make purchases at ATMs and point-of-sale terminals. Debit cards can also be used to withdraw cash from ATMs.
Mobile banking: VFD offers a mobile banking app that allows customers to access their accounts, make transfers, pay bills, and more. The mobile app is available for both Android and iOS devices.

In addition to these services, VFD Microfinance Bank also offers a variety of other features, such as:

Budgeting tools: VFD customers can use budgeting tools to track their spending and set financial goals.
Rewards program: VFD customers can earn rewards for using their VFD accounts and making purchases with their debit cards.
24/7 customer support: VFD offers 24/7 customer support through its website, mobile app, and phone lines.

VFD Microfinance Bank is a reliable and secure bank that offers a wide range of services. If you are looking for a convenient and affordable way to bank, VFD is a good option.

What is the maximum amount that I can borrow from VFD Microfinance Bank?

The maximum amount that you can borrow from VFD Microfinance Bank depends on the loan product that you apply for and your creditworthiness. For example, the maximum amount for a consumer loan is NGN 5 million, while the maximum amount for a business loan is NGN 10 million. However, you may be able to borrow more than the maximum amount if you have a good credit history and can provide sufficient collateral.

Here is a table of the maximum loan amounts for different loan products from VFD Microfinance Bank:

Loan Product	Maximum Loan Amount
Consumer Loan	NGN 5 million
Business Loan	NGN 10 million
Asset Finance Loan	NGN 10 million
Bridge Financing Loan	NGN 5 million
Overdraft Facility	NGN 1 million
Employee Loan	NGN 1 million

To find out the maximum amount that you can borrow from VFD Microfinance Bank, you can contact their customer service department. They will be able to assess your creditworthiness and recommend a loan product that is right for you.

What interest rates are applicable to VFD Microfinance banks?

The interest rates for VFD Microfinance Bank vary depending on the type of account and the tenure. For fixed deposits, the interest rates range from 11.25% to 15% per annum. For savings accounts, the interest rates range from 2.5% to 5% per annum.

Here is a table of the current interest rates for VFD Microfinance Bank:

Account Type	Tenure	Interest Rate (% p.a.)
Fixed Deposit	1 month	11.25
Fixed Deposit	3 months	12.5
Fixed Deposit	6 months	13.75
Fixed Deposit	9 months	14.375
Fixed Deposit	12 months	15
Savings Account	30 days	2.5
Savings Account	90 days	3.5
Savings Account	180 days	4.5
Savings Account	365 days	5

Please note that these interest rates are subject to change. You can always check the VFD Microfinance Bank website or app for the latest interest rates.

Here are some other things to keep in mind about interest rates at VFD Microfinance Bank:

The interest rates are paid monthly.
There is no minimum balance requirement for fixed deposits.
There is a minimum balance requirement of NGN1,000 for savings accounts.
There is a penalty for early withdrawal of fixed deposits.

What are the minimum requirements for taking up a loan with VFD Microfinance Bank?

The minimum requirements for taking up a loan with VFD Microfinance Bank vary depending on the type of loan you are applying for. However, some general requirements include:

A valid means of identification: This could be a driver’s license, national ID card, or passport.
Proof of employment: This could be a recent payslip, employment letter, or business registration certificate.
Application form: You can download the application form from the VFD website or request one from a branch.
Passport photograph: You will need to provide two passport-sized photographs for your application.
Bank statements for the past 6 months: This will show your income and expenses, and help the bank assess your ability to repay the loan.
BVN/ proof of bank account ownership: This is to verify your identity and confirm that you have a bank account.

In addition to these general requirements, there may be other specific requirements for the type of loan you are applying for. For example, if you are applying for a business loan, you may need to provide a business plan or financial statements.

The maximum amount you can borrow from VFD Microfinance Bank varies from one loan package to another. However, for packages like secured and unsecured loans, you can borrow a maximum of N2,000,000 and N250k.

The interest rate on VFD loans is also variable, depending on the type of loan and your creditworthiness. However, the interest rates are typically lower than those offered by commercial banks.

To apply for a loan with VFD Microfinance Bank, you can visit a branch or apply online. The application process is usually quick and easy.

Here are some additional tips for applying for a loan with VFD Microfinance Bank:

Make sure you understand the terms and conditions of the loan before you apply.
Be prepared to provide all of the required documentation.
Have a good credit history.
Be realistic about your ability to repay the loan.

If you are approved for a loan, you will be required to sign a loan agreement. This agreement will outline the terms and conditions of the loan, including the interest rate, repayment period, and any fees.

How fast does VFD Microfinance bank disburse loans?

VFD Microfinance Bank disburses loans within 24-48 hours of approval. This is one of the fastest loan disbursement times in the Nigerian microfinance industry. The bank has a dedicated team of loan officers who work quickly to process loan applications and disburse funds to eligible borrowers.

Here are some of the factors that can affect the speed of loan disbursement at VFD Microfinance Bank:

The type of loan you are applying for. Some loans, such as working capital loans, may be processed more quickly than others, such as housing loans.
The amount of the loan you are applying for. Larger loans may take longer to process than smaller loans.
The completeness of your loan application. If your application is incomplete, it will take longer to process.
The availability of funds. If there are not enough funds available, your loan may be delayed.

If you are applying for a loan from VFD Microfinance Bank, you can speed up the process by:

Completing your loan application in full and accurately.
Providing all of the required documentation.
Having a good credit history.
Being able to provide collateral.

In Conclusion:

the speed at which your loan application is processed and approved depends on various factors. The completeness and accuracy of your application are crucial, as any missing or incorrect information can cause delays. Additionally, the availability of funds plays a significant role in the timing of your loan approval. If there is a shortage of funds, it may take longer for your loan to be processed. However, if you are applying for a loan from VFD Microfinance Bank, there are certain steps you can take to expedite the process.