How to Borrow Money from Ecobank in Nigeria | A Step-by-Step Guide

Loans, loans, loans.

We all need them at some point, don’t we? 

It’s hard for salaries to keep up with the rising bills. 

Sometimes, you just have to take a loan to meet some quick needs. 

We understand. And that’s why we’re here to guide you through the process. 

Today, we will discuss how to borrow money from Ecobank in Nigeria. 

About Ecobank Plc

Ecobank is an innovative bank founded by Chief Philip Asiodu. 

Ecobank has a presence in 30+ African countries, including Nigeria. They also have offices in London, Dubai and Beijing. 

Ecobank serves 20M+ customers, providing investment and banking services to individuals, SMEs, government and multinationals. 

Ecobank also runs a Foundation focused on financial empowerment, education and health.

Similarly, Ecobank Academy develops the leadership skills of professionals in the African banking sector.

Ecobank is truly shaping the African banking space with innovations and excellence. 

And today, we will look at one of its financial services—loans. 

Also read: Ecobank USSD Code for Airtime, Transfer, & Mobile Banking

Features of Eco Bank Loans

Ecobank loans are designed to service customers of Ecobank. 

Some common features that make Ecobank loans are: 

• Quick review and approval time
• Affordable interest rates
• Long repayment tenors
• Diverse loan options
• Flexible loan terms.

Comprehensive List of Eco Bank Loan Types 

Ecobank boasts of unique loan options for customers.

Each loan type is designed to meet specific financial needs. 

Below are the loan options available to Eco Bank  customers: 

Loan Type	Advantages
Travel Loan	You can get discounts on your ticket and hotel bookings inclusive of this loan
Personal Loan	You do not need to disclose the purpose of a loan
Auto Loan or Asset Acquisition	Up to 90% of the cost of the asset is disbursed
Salary Advance	Available to new Ecobank customers
Cash Backed Loan	Available to new Ecobank customers
Advance Facility	Available to new Ecobank customers
Mortgage Loan	Up to 10 years repayment term

How to Borrow Money From Ecobank in Nigeria

This section will explore how to borrow money from Ecobank in Nigeria. 

Eco Bank has no digital loan application options in Nigeria. You need to visit a bank branch to tender your loan application. 

Follow the steps below to borrow money from Ecobank in Nigeria: 

1. Visit the Eco Bank loans page
2. Choose the loan most suitable for your financial needs.
3. Click “Talk to Us Today”.
4. You will be redirected to an online locator. Insert your address to get the closest Ecobank branch to you.
5. Visit the Ecobank branch to collect and fill out the loan application form.
6. For better chances of securing your loan, liaise with your account manager.
7. Submit relevant documents. 
8. Wait for the loan review and approval.
9. Sign the loan agreement.
10. Enjoy your loan!

But that’s not all. 

Wouldn’t you like to present the best possible loan application? This will boost your chances of securing the loan. 

So keep reading. The next section will cover how to borrow money from Ecobank with a strong loan application.

Also read: Ecobank Shareholders Approve $600 Million Capital Increase

The Guaranteed Process—How to Borrow Money From Ecobank

Taking a loan goes beyond filling out the application form—it is important to understand the entire process. 

Preparing well and understanding how to respond to the application questions will greatly boost your chances of securing the loan. 

In the previous section, we revealed how to borrow money from Ecobank in Nigeria. Those were just the simple steps. 

Now, let’s discuss the main step-by-step guide. We will fully explore how to borrow money from Ecobank—from preparation to submission.

We will dive into the nitty-gritty details that make a solid loan application. Ready? 

Step #1: Choose the Most Suitable Loan Option 

The first step is to understand your financial need and the best loan service to meet that need. 

It is better to apply for a loan targeted to your needs, than gambling with different loan types. 

Click here to see the available Ecobank loans. Read about them thoroughly to determine how to frame a strong application.

Also read: Stanbic USSD Code for Airtime, Transfer, & Mobile Banking

Step #2: Check Your Eligibility 

It is important to check your eligibility before you begin the loan application process. 

The eligibility for Ecobank loans depends on the loan type. 

However, the general Ecobank loan requirements include: 

• You must be a citizen of Nigeria or a resident.
• You must have a valid means of identification.
• You must be a salary earner from a reputable organisation. 
• Your salary account must be domiciled with Ecobank.
• You must have an active phone number linked to your Ecobank account.
• You must have a Bank Verification Number (BVN).
• You must be at least 18 years of age.

Step #3: Collate Necessary Documents to Borrow Money From Ecobank 

Paperwork is essential for Ecobank loans. From your ID to your bank statement, etc., you may be asked to submit some documents. 

The paperwork for Ecobank loans also depends on the loan type. 

However, the general Ecobank loan requirements for documentation are: 

• Proof of Nigerian citizenship or residency (Valid ID)
• Bank Verification Number 
• Proof of monthly income 
• Proof of employment.

Make at least two (2) copies of these and take them to the bank. 

Submit them with your loan application form as required. Take the original copies along too, as they may be required for validation. 

You should also have an active phone number and email address, both linked to your Ecobank account. 

Step #4: Visit an Ecobank Branch to Borrow Money From Ecobank 

Next, visit an Ecobank branch close to you, and:

• Request to speak with your relationship manager, or
• Request for the Ecobank loan application form.

Complete the loan application, filling in each detail confidently. State the details of what you need the loan for. 

If you speak with your relationship manager, he/she will adequately put you through on how to borrow money from Ecobank.

Submit the loan application form and wait for your loan to be reviewed. This should take a few working days.

If your loan is approved, you will need to sign the offer letter from Ecobank containing the terms and obligations of the loan.

The money will then be transferred to your account. However, if the loan is for a specific purpose such as education or asset acquisition, the loan amount will be transferred to the third party. 

If you encounter challenges during your loan application, call Ecobank on +234 700 500 0000, or +234 1 270 1323.

Also read: Latest List of Federal Government Loans and Grants in Nigeria 2024

Advantages of Eco Bank Loans 

It’s usually difficult to make the final decision to take a loan.

Maybe that’s where you are right now. Maybe you’re still not convinced about taking the loan. 

Well, it may interest you to know some advantages of the Ecobank loan. These include: 

• Ecobank loans come with affordable interest rates. 
• The Ecobank loan terms and repayment plans are flexible, and tailored to each customer’s request. 
• Ecobank has different loan options. From home loans to salary advances, mortgages and school fees loans, Ecobank loans meet customers’ diverse financial needs. 
• No serious collateral is required for Ecobank personal loans.
• Quick review and approval time.

If you prefer the kind of loan that does not require visiting a bank, you can consider these loan apps with low interest rate in Nigeria.

Common Issues and Solutions on How to Borrow Money From Ecobank

While the Ecobank loan process is pretty smooth, you may still face some minor challenges. 

Here are solutions to some challenges that Nigerians usually face while trying to borrow money from Ecobank.

How Can I Borrow Money From Ecobank Through Mobile App?

Customers often ask how to borrow money from Ecobank through the Ecobank mobile app. 

Currently, Ecobank does not offer loans through its mobile app. 

The Ecobank mobile app can be used for other transactions—transfers, airtime and data top-ups, bill payments, and more. 

The mobile app is available on Android and IOS AppStore. 

To borrow money from Ecobank, you need to visit an Ecobank branch. 

How to Borrow Money From Ecobank Through Phone 

If you are still asking the question, “how to borrow money from Ecobank app,” we have stated that Ecobank does not offer loans through its mobile app. 

You may be wondering if Ecobank loans are, however, accessible through other mobile channels like USSD or online. You’ve often searched on Google; “What is the code to borrow money on Ecobank?” 

Ecobank loans are inaccessible through USSD, the Ecobank mobile app or the Ecobank website. 

That’s not to say Ecobank is not a digital bank. The bank provides other internet and mobile banking services. We sure hope they integrate loans soon, too. 

In the meantime, you can apply for an Ecobank loan at any Ecobank branch close to you.

Also read: UBA Loan Code for Salary Earners in Nigeria

How Do I Borrow Money From Ecobank Without a Salary Account? 

There are currently no Ecobank loans accessible to non-salary holders.

You must have an Ecobank salary account to access Ecobank loans. 

With an Ecobank salary account, you can access several loan options, such as: 

• Asset Acquisition Loan
• Cash Backed Loan 
• Advance Facility
• Salary Advance 
• Mortgage Loan
• Personal Loan 
• Travel Loan 

You can open an Ecobank salary account here. 

Ecobank Customer Service Centre

You can contact Ecobank’s customer service if you encounter any challenges during your loan application process. 

The Ecobank customer service number is +234 700 500 0000, or +234 1 270 1323. You can also send them an email at assist@ecobank.com. 

Ecobank’s customer care centre is quick to respond and easy to reach. 

Frequently Asked Questions

Conclusion: Be Financially Secure 

So loans may be inevitable.

But a stressful loan application process is evitable. 

We sure hope this guide eliminates the stress of your loan application at Ecobank. 

By now, you will fully understand how to borrow money from Ecobank. 

And soon, we hope, there will be a legit code to borrow money from Ecobank. 

For now, stay financially secure with our financial guides. Follow us on X or Twitter, @SiliconAfriTech for more updates.

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Reference 

https://ecobank.com/personal-banking/products-services/loans

https://www.ecobank.com/group/about-us/who-we-are