Mintyn Digital Bank is changing the scope of banking in Nigeria through unique products that create value for customers banking with them. One of such products is the Mintyn Digital Bank Loan.
Many individuals and business owners find themselves in situations that require them to meet obligations financially but are unable to due to their respective reasons. Loans help individuals and entrepreneurs resolve urgent financial difficulties that they face.
Due to the inability of lenders to offer a form of collateral that serves as security for traditional banks to ensure loan repayments, most are unable to secure the loans they need. Given the understanding that not all potential lenders can offer any form of collateral to secure the loans they need, many are left out and unable to solve the financial issues they face.
Fortunately, the Mintyn Digital Bank loan is a great opportunity for individuals needing loans to secure one without any collaterals. Are you a salary earner looking for a loan opportunity to help you solve personal or business issues related to finance, Mintyn Digital Bank Loan is the right product for you.
Unique Features of Mintyn Online Bank Loan
- Quick Loan Disbursement after successful Application
- Flexible loan tenor and terms
- No Paperwork Required
- No Collateral.
- Flexible repayment options
Loan Requirements
Unlike loan opportunities offered by traditional banks in Nigeria, securing Mintyn Bank Loans does not require collateral or heavy paperwork and documentation which makes the process drawn out. However, there are requirements that individuals need to fulfil before they are eligible to be granted loans from Mintyn Digital Bank.
Eligibility Requirements for Mintyn Digital Bank loan are as follows
- Be a salary earner.
- Have an active Mintyn account.
- Registered Mintyn as your salary account with your organization.
- Have received at least a 2-month salary in your Mintyn account.
- Be ready to pay back the loan at the next salary payday.
- Be ready to provide accurate employer information.
- Be ready to provide the offer letter from their current employer.
- Have a Tier 3 account.
To upgrade your account to Tier-3, Mintyn Digital Bank customers need to complete all verification processes by updating complete details about themselves. These details include uploading a National Identity Card, National Identification Number (NIN), and Bank Verification Number (BVN).
How to Apply
Having fulfilled the eligibility requirements listed above, customers can proceed to apply for a loan by following the steps listed below:
- Visit MyMintynApp
- Click on the Loan Option.
- Input the Loan Amount
- Input Loan Tenor (Usually within a month of loan receipt)
- Apply for a Loan.
Loan Disbursement
After a successful loan application, it will be subject to verification which does not exceed 24 hours. After the application is verified, the loan is then disbursed within an hour of verification. Customers should keep in mind that Mintyn Digital Bank reserves the right to decline a loan application that does not meet verification requirements or according to the institution’s discretion.
Loan Repayment
Lenders are required to repay loans acquired from Mintyn Bank. There are three ways through which loans acquired from Mintyn Bank App can be repaid. Each repayment method has features that make it unique, as it allows customers the flexibility to choose the most comfortable option for them.
First Repayment Method
In this method, customers need to have the full loan amount in their account before repayment is due. Once the agreed repayment date is due, the full loan amount will be deducted from the user’s account. After successful deduction, the loan status will be marked “Completed”.
Second Repayment Method
This repayment method is suitable for customers who do not have the full loan amount in their account on the due date. In this case:
- The available amount is deducted from the customer’s current account and credited to Mintyn’s loan recovery bank account.
- A lien is placed on the customer’s account for the loan amount that is pending.
- The status of the loan will be tagged as “Pending”.
- The expected loan amount and the amount received will be recorded.
Third Repayment Method
This method is suitable for customers who intend to repay loans in instalments. This way, customers can repay loans before the repayment due date. In this case:
- The customer’s account will be deducted from the loan amount initiated by the customer.
- The status of the loan is tagged “Pending”.
- The expected loan amount and the amount received are recorded
