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How to Apply for Mutual Trust Loan Application form 2021

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How to Apply for Mutual Trust Loan Application form 2021

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Mutual Trust Loan Application form 2021 – Mutual Trust Micro finance Bank is one of the micro-finance banks in Nigeria that provides low-interest loans to individuals, corporate bodies, and organizations.

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MTMFB is a financial brand rejuvenated from the old Mark de Rock Mfb Ltd in April 2016, with a change in name and management as a deliberate move to make our mark on the sands of the financial times in our part of the world and to serve the lower echelons of the economic pyramid specifically, by affecting households.

There are some financial needs that are worrisome, frustrating, and sleep-depriving. This is why we Mutual Trust Loan always deliver on their promises for fast, easy, and flexible loans.

Mutual Trust Microfinance Bank Loan is in three categories which are stated below:

10 Hours Prompt Cash Loans

The perfect fit for all Federal Civil Servants to enjoy easy access to our 10 hours prompt cash loans.

Mutual Plus Loans

This is for Categorized Private Sector Salary Earners. Take advantage of our excellent loan packages just for you.

SME Loans

Regardless of your business size, we have loans suitable to help you save, boost, or expand your business.

Who is Eligible to Apply for Mutual Trust Loan Application form 2021

Federal Civil Servant

You must be a confirmed federal civil servant in Nigeria with an active status of duty.

Enrolled with IPPIS

You must be active on the Federal Government of Nigeria’s payroll. Your monthly salary is paid through the IPPIS platform.

What is Mutual Trust Loan Interest Rate?

Your monthly net pay after deductions must be good enough to qualify you for a loan from us. You can enjoy easy access to loans in Nigeria ranging from N70,000 to N3,000,000. You don’t need collateral.

12 Months Repayment Periods

Loan repayment periods range from 3 (90 days), 6 (180 days), 12 (360 days), and 18 months.

4% Interest Rates

Mutual Trust Loan Requirements

  • Your ID card or employment Letter
  • Pay Slip
  • A recent passport photograph.
  • Bank Verification Number

How long Does Mutual Trust Loan Deliver?

Getting a fast loan after analysis and approval takes only 10 Hours.

How to Apply for Mutual Trust Microfinance Bank Loan Application

To apply for a Mutual Trust Microfinance Bank loan, kindly follow the guidelines below

Click HERE to calculate the loan interest.

Kindly read the terms and condition that is needed to sign before getting approval below

Mutual Trust Microfinance Bank Limited (hereinafter referred to as “THE BANK” agrees to make available to the Borrower the loan amount shown overleaf on the terms and conditions set out in this agreement.

  1. The details of the loan are as shown on the schedule over leaf.
  2. The Loan amount shall be made available by cash for collection at this office and/or direct payment into borrower’s account with the BANK.

Interest:

The Bank will charge interest on the loan amount at the rate of 4% per month for any amount and interest rate will be fixed for the period of the loan. If the borrower fails to pay any amount which he owes, The Bank in terms of this agreement on the due date of such repayment, shall be entitled to charge interest on the amount the Borrower failed to pay at the same rate as sold in this clause.

Payment:

  1. The Borrower must repay the loan as shown overleaf.
  2. The Borrower agrees that the BANK shall have the rights to deduct the monthly installments in full as set out in the overleaf directly from the borrower’s salary as a deduction from his or her employers payroll.
  3. The Borrower hereby gives the BANK the right to deduct monies owing to it from any unpaid wages or any other remuneration credits payable to the borrower if the Borrower leaves the service of his/her employer for any reason before the total amount repayable under this agreement has been paid.
  4. The BANK can use the money paid by the Borrower to pay first legal and other costs, the interest and then the actual loan amount.
  5. Penal Charges may be applied on pre-liquidated loan: 5% Flat on amount to be liquidated or enhanced plus the accrued interest for the period irrespective of the loan tenor.
  6. Any request for extension of the loan (top-up request) shall be granted at the discretion of the Bank and shall be subject to additional renewal fee of as may become applicable for the newly approved tenor.
  7. The charges created in favor of the Bank are all enforceable, and the Borrower shall not take any step to restrain, restrict, or delay the Bank from taking proper steps to realize the security, in the event of default.
  8. The Bank will send notifications and reminders to the Borrower via SMS for repayments and recovery at the cost of N5 per SMS which shall be borne by you.
  9. Without prejudice to the foregoing, the Bank reserves the right at its discretion to vary, alter, or amend any of the terms and conditions of the loan whenever the need arises.
  10. In the event of the Borrower’s death or permanent disability, the guarantor shall be liable for the repayment of any outstanding amount.

Costs and Charge:


The Borrower agrees that, if the BANK has to use lawyers, Debt Recovery Agents, and/or other consultants because the borrower has not carried out any part of this agreement, the Borrower will pay to the BANK all the cost incurred by the BANK.

Breach for Mutual Trust Loan Application form 2021:

  1. In the event of any failure by the Borrower to pay any amount which is owing of this agreement in full and on the date he or she has to, or any other breach by the borrower of the terms of this agreement; then the full balance due under this agreement, together with any penalty interest and all other charges and expenses owing to the BANK by the borrower shall become immediately due and payable to the BANK ho shall be entitled to terminate this agreement and claim and/or recover from the Borrower any damages/losses it may have suffered as a consequence.
  2. In the event of any missed monthly repayment occasioned, a default fee of 7% of outstanding principal loss sum shall apply.
  3. The amount owing by the borrower to the BANK at any time may be shown by a certificate in which the BANK officer has worked out and stated that amount owing. An officer of the BANK must sign the certificate in which has been worked and the certificate can be used in any legal proceedings and will be accepted by the Court on its own as correct unless the Borrower proves that it is wrong. In the event of default by the customer, the Bank shall in addition to all forms of legally applicable recovery options, reserve the right (and the customer hereby consents) to access the social contacts of the defaulting customer towards facilitating recovery of any sum, interest or charges that may be outstanding to the Bank.

Other Obligations for Mutual Trust Loan Application form 2021:

I undertake that should I require any form of clarification on my loan obligation to the Bank, my first recourse shall be sole to the Bank or any of its authorized representatives. I shall not have recourse to any other person or means until the Bank might have exhausted all means for such clarification.

I hereby undertake that in the event of missed or non-deduction of monthly repayment albeit occasioned by an error of omission or commission, I shall within a maximum of 12hours or the next business day (whichever is earlier), pay the said missed monthly repayment sum into the UBA Plc bank account as specified below or into any nominated bank account of Mutual Trust Microfinance Bank Limited.

Account details: UBA Plc – 1019407400 – Mutual Trust Microfinance Bank Limited

I further undertake that the Bank reserves the right of set-off at any time without notice or demand to combine or consolidate all or any existing accounts belonging or traceable to you in other to liquidate any or all of your obligation regarding this facility.

I hereby declare that I do not have a pending loan obligation to any other financial institution; and undertake that, under no condition shall I obtain any payroll deductible loan without the written consent of the BANK for the duration of this loan.

I declare/affirm that I have not charged, hypothecated, or pledged either partly or in full, the net amount/salary as indicated on my monthly Payslips dated ……………….,…………….. and ……………….. in favor of any bank or financial institution towards satisfying any loan obligation whatsoever to such bank or financial institution and further affirm that the said net amount/salary is free from any charge(s) and Lis Pendens whatsoever.

I therefore agree and undertake to be held liable in contempt if found to have acted contrarily to this affirmation and undertaking which I make under Oath and in good faith in accordance with the Oath and Affirmation Law of Nigeria.

General instruction for Mutual Trust Loan Application form 2021:

  1. This agreement is the whole agreement between the BANK and the borrower. It cannot be changed unless the change is put into writing and signed by both the BANK and the Borrower.
  2. The borrower agrees that for the period of this agreement, he or she will not close his or her specified bank account.
  3. The BANK will give to any borrower requesting a statement setting out all deductions from his/her salary, the outstanding balance and any amount payable in arrears.
  4. The Borrower authorizes the BANK to access any information available to his or her application, and also gives the BANK permission to register details of the conduct of the borrower’s account with any credit bureau, and the Borrower waives any claims he or she may have against the BANK in respect of each disclosures.
  5. Disbursement is subject to the availability of fund as well as CBN Regulations

After successful submission, kindly wait for a response from Mutual Trust Loan Application Department. If you still need further assistance, please do not hesitate to write to us via our official email address at searchngr24@gmail.com


Bernard Bassey is a graduate of Software Engineering from AfriHUB University, Abuja. He is an expert in field journalism, his interest in socio-politics activities is keen.

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