Business
How to Apply for Access Bank LATO Mart Loan 2021
Access Bank LATO Mart Loan (Lending Against Turnover for Supermarkets) is an instant digital loan product that is targeted at Access Bank customers who run supermarkets with their corporate accounts.
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What is the LATO Mart Loan?
It is an instant digital loan product that is targeted at Access Bank customers who run supermarkets with their corporate accounts and who meet the Bank’s Risk Acceptance Criteria (RAC). A minimum turnover of N500,000 in the past 6-12months is required.
What Corporate accounts are allowed?
DBA Basic, Growing, Established, MSME Current and Corporate current account.
How do I request for a LATO Mart Loan 2021?
You can request for a loan by dialling the USSD code 90111#.
Does my account have to be in Access Bank before I can apply for a LATO Mart Loan?
Yes, your account needs to be in Access Bank.
What is the Collateral required/accepted?
No collateral is required for this loan.
Are all accounts eligible for LATO Mart Loan?
No. Only corporate accounts are eligible for this Loan
What is the tenor for the LATO Mart Loan?
The loan tenor is 30 days.
What is the pricing of the LATO Mart Loan?
The pricing varies with the loan tenor as follows:
| Fees | |
| Management Fee | 1% |
| Credit Life Insurance | 0.15% |
| Interest | 4% flat |
| Penal Charge | 1% per month, upon default |
What would it take for a corporate account running a supermarket to access this loan?
He/she would need to be profiled for the loan and it must be confirmed that he/she owns a Supermarket and is Credible.
How much can I access from LATO Mart Loan?
20% of trim mean average monthly turnover between 6 months to 1-year subject to a maximum of ₦5,000,000. (Trim mean to eliminate 25% of the months with the highest turnover and 25% of the months with lowest turnover)
What is the minimum amount I can access from this Loan?
The minimum amount you can access is N100,000.
What can affect my eligibility?
Your eligibility can be affected by any of the following:
1. If you have any outstanding loan(s) in Access Bank or other Banks.
2. If you apply using a phone number that is not linked to your BVN.
How long does it take to get a loan?
Once your loan request is successful, your Access Bank account is credited instantly
How many times can I request for a loan?
As many times as you may like, as long as you have not exceeded your eligible amount. It is however subject to a maximum of three disbursals per day.
When is the LATO Mart Loan due for repayment?
Your LATO Mart Loan will be due for repayment in 30 days from the date the loan was disbursed into your account.
Can I pre-liquidate my LATO Mart Loan?
Customers are at liberty to pay off their loans at their convenience. Interested customers should send an e-mail to contactcenter@accessbankplc.com to liquidate their loans.
What happens if my account is not funded for repayment on the due date?
The LATO Mart Loan amount will be recovered from any inflow into the customer’s account after the repayment is due.
Visit the official website to apply via https://www.accessbankplc.com/Business/Emerging-Businesses/LATO-Mart-Loan.aspx
