Loan Eligibility Calculator Nigeria — How Much Can You Borrow?

Nigerian banks typically use the Debt-to-Income (DTI) ratio. Most limit total debt repayments (including the new loan) to 30–40% of monthly income. Some banks also consider credit history, employment status, collateral, and the purpose of the loan when making eligibility decisions.

Personal loan rates in Nigeria typically range from 18% to 36% per annum, with many consumer lenders charging 24–30%. Microfinance banks and fintechs like Carbon, FairMoney, and Renmoney may charge higher rates. Commercial bank staff loans can be as low as 10–15% p.a.

Common requirements include: valid government ID (NIN, passport or driver's licence), BVN (Bank Verification Number), last 3–6 months bank statements, salary slips or business income evidence, employment letter (for salaried workers), and utility bills for address verification.

Yes. Many banks and fintechs offer unsecured personal loans based on salary or cash flow. Salaried workers with regular payments into their account qualify most easily. Business loans without collateral are harder but some SME financing schemes (BOI, Development Bank of Nigeria) offer options.

Personal loans typically have tenures of 12–60 months. Mortgage loans can extend to 15–25 years. Business loans vary by lender and purpose — equipment financing might be 3–5 years, working capital loans 6–12 months. Longer tenures reduce monthly payments but increase total interest paid.