A BVN card is one of the most important forms of identification that financial institutions and lenders demand before approving a loan. A BVN card displays the borrower’s financial history and provides lenders with an indication of their repayment potential. A BVN card is required to be presented when applying for a personal loan of ₦500,000 or more.
To find out your credit score, go to the official CRC website. Submit your request for a CRC score by entering the BVN card number. Your BVN card eligibility for a loan is confirmed if you have a score of 700 to 750 or above. In the absence of a BVN card, applicants must submit additional KYC papers as well as their personal information.
If you’ve had a long-standing connection with your lender, you may be eligible for pre-approved loans that don’t require any paperwork. Mini loans can be authorized provided your KYC information is verified, which includes your NIN and BVN card numbers, which are connected to your phone number.
- Read more: How to check BVN online?
To get a rapid personal loan between ₦5,000 and ₦500,000, use the flypay instant loan app. It is a secure online loan platform established by BETTERLENDING , a reputable Nigerian financial institution. The following are the requirements for obtaining a personal loan of ₦500,000 or more:
When it comes to personal loan eligibility, the borrower’s monthly income is crucial. For personal loans, various lenders have different requirements. To apply for a personal loan of ₦500,000, you must meet the following requirements:
- Nigerian citizenship proof
- Evidence of income, a six-month bank statement and a pay slip are required.
- An applicant’s age qualifying conditions range from 21 to 58 years old.
- You must be a salaried or self-employed individual earning at least 15,000 Naira per month.
- You should be employed in or with the private or public sector.
- Your credit history should fulfill the lender’s requirements. Various lenders establish different requirements for credit scores, thus your credit score may vary.
A collection of mandatory papers, as well as the qualifying requirements for a personal loan of ₦500,000 or more, are required:
- BVN card/Smart Card Driver’s License/NIN card are the standard KYC papers.
- Income documents – recent pay stubs for salaried persons and bank statements for self-employed individuals
Besides seeking a personal loan of ₦500,000, a BVN card is a mandatory document in situations like:
- Making an application for a new debit or credit card
- Creating a new bank/deposit account
- A cash deposit or payment of more than ₦500,000 is required.
- Investing in mutual funds, bonds, and other securities.
- Making a fixed deposit of at least ₦500,000
- Making a ₦500,000 or more insurance premium payment
Personal loan lenders may ask for collateral against your loan if your BVN card indicates an unstable financial situation for security reasons and to deter defaulters. Borrowers who have misplaced their BVN card but still wish to apply for a ₦500,000 personal loan can utilize their NIN card.