5 Best Business Loans in Nigeria with Low Interest Rates (2025)

Are you searching for the best business loans in Nigeria with low interest rates? Whether you are starting a new business or need funds to expand, access to affordable business loans is crucial for growth. In Nigeria today, several banks and financial institutions now offer low-interest business loans with flexible repayment options. The best part? Some of these loans don’t require heavy collateral, and the approval process is now faster than ever. In this post, we’ll show you the top 5 business loans in Nigeria for 2025 that can help you secure funding at reasonable rates.

Join Our WhatsApp Group

5 Best Business Loans in Nigeria with Low Interest Rates (2025)

1. NIRSAL Microfinance Bank (NMFB) Business Loan

The NIRSAL Microfinance Bank loan, supported by the Central Bank of Nigeria (CBN), is one of the most popular small and medium business loan options in Nigeria.
Key Features:

Interest Rate: 5% to 9% per annum
Loan Amount: Up to ₦10 million
Repayment Period: 1 to 5 years
Requirements: CAC registration, business plan, valid ID

Why It’s Great:
Low interest rate, government-backed, and long repayment period.

2. Bank of Industry (BOI) SME Loan

The Bank of Industry offers one of the lowest interest loans for businesses in Nigeria, especially for startups and manufacturers.
Key Features:

Interest Rate: 7% to 10% per annum
Loan Amount: Up to ₦50 million or more
Repayment Period: Up to 5 years
Requirements: CAC documents, business proposal, collateral

Why It’s Great:
Perfect for long-term business growth with affordable interest.

3. Access Bank Business Loan (SME Support Loan)

Access Bank is one of Nigeria’s leading banks offering quick business loans with flexible conditions.
Key Features:

Interest Rate: Starts from 9% per annum
Loan Amount: Up to ₦5 million
Repayment Period: 6 months to 3 years
Requirements: Valid business documents, CAC certificate

Why It’s Great:
Fast processing, suitable for small and medium-sized businesses.

4. First Bank SME Loan

First Bank offers affordable SME loans with competitive interest rates and quick access to funds.
Key Features:

Interest Rate: From 9% per annum
Loan Amount: Up to ₦10 million
Repayment Period: Up to 36 months
Requirements: Business registration, account history

Why It’s Great:
Good for businesses that already have an account with First Bank.

5. LAPO Microfinance Bank SME Loan

LAPO offers small business loans with very fast approval and less paperwork.
Key Features:

Interest Rate: From 5% to 12% per annum
Loan Amount: Up to ₦5 million
Repayment Period: Up to 2 years
Requirements: Valid ID, proof of business location

Why It’s Great:
Fast disbursement and easy approval, especially for small businesses.

Advantages of Business Loans in Nigeria

✅ Access to quick funding
✅ Low-interest rates compared to personal loans
✅ Flexible repayment options
✅ Some options available without collateral

How to Qualify for Business Loans in Nigeria

Have a registered business with CAC
Maintain a healthy bank account with regular transactions
Prepare a simple business plan or cash flow statement
Have a good loan repayment history (if applicable)

Related Financial Resources

Final Thoughts

Securing a low-interest business loan in Nigeria has become easier, thanks to options provided by NIRSAL, BOI, Access Bank, First Bank, and LAPO Microfinance Bank. These lenders offer affordable repayment terms and quick loan processing, making it possible for entrepreneurs to grow their businesses without financial stress. Remember to borrow wisely and always compare interest rates before taking any loan.

For more business loan tips, finance updates, and high-paying job opportunities, stay connected to our blog.

Discover more from JOBMXR

Subscribe to get the latest posts sent to your email.

5 Best Business Loans in Nigeria with Low Interest Rates (2025)