What to know about how to get Ondo State Government Loan and interest level

LOAN FACILITY: TERMS, CONDITIONS AND APPLICATION GUIDELINES

The Ondo State Micro-Credit Agency through its Chairman, Olori Adebankeba Oyinkansola Aroloye  during a session with loan seekers this morning, has provided the following guidelines for interested applicants seeking to access its loan facility provided for by the Governor of Ondo State; Hon. Lucky Orimisan Aiyedatiwa

1. Loan Duration

The loan facility has a repayment period of 12 months (one year).

2. Loan Assessment and Disbursement

Credit officers will assess applicants’ businesses, evaluate their financial needs and determine the appropriate loan amount based on the actual requirements of each business.

3. Loan Limit

The amount approved for each applicant will depend on the nature, scale and financial needs of the business.

4. Interest Rate and Charges

* 9% interest payable to the Ondo State Micro-Credit Agency.
* 1% charge payable to the Ondo State Internal Revenue Service (ODIRS).

The applicable charges will be deducted from the approved loan amount before disbursement.

5. Repayment Structure

Repayment will be spread proportionately across the 12-month facility period, with monthly repayments.

6. Eligibility

Applicants must be either:

* Indigenes of Ondo State; or
* Residents of Ondo State.

Online businesses are also eligible, subject to verification and assessment by the Agency.

7. Application Fee

The application form costs ₦1,000 (One Thousand Naira Only).

Please note: Cash payments are not accepted. Applicants should obtain official payment instructions from the Agency.

8. Required Documents

All applicants must provide:

1. Two (2) passport photographs.
2. Bank Verification Number (BVN).
3. National Identification Number (NIN).
4. A guarantor who must belong to one of the following categories:
* Teacher.
* Local Government staff.
* Civil servant.

Important: All guarantors must be employees of the Ondo State Government or Ondo State public service, as applicable to the listed categories.

IMPORTANT NOTICE

Applicants are advised to provide accurate information and ensure that all required documents are available for verification. Loan approval and disbursement are subject to the Agency’s assessment and established procedures.