Accessing 10 Million Naira Loans Without Collateral in Nigeria


If you require a quick 10 million Naira loan, you’re in luck as there are options available with very low-interest rates. In Nigeria, the need for substantial financial assistance can arise for various reasons, whether you’re looking to start a business or address an urgent financial issue.

Obtaining a high loan amount in Nigeria can be challenging, mainly because many lenders offer only small loans, typically less than ₦100,000. This is primarily due to the high rate of loan defaults and the short repayment terms imposed by these lenders.

Fortunately, there are select lending platforms in Nigeria that offer loans of up to ₦10,000,000 and even more to borrowers who meet their requirements, even if it’s their first time borrowing. In this comprehensive guide, we will explore these lenders that provide 10 million Naira loans in Nigeria, helping you find the best financial solution for your needs.

10 Million Naira Loan Offers in Nigeria 2023

1. Standard Chartered Loan

Standard Chartered is one of Nigeria’s renowned banks that extend loan offers of up to 10 million Naira to eligible customers. In fact, their loan options can reach up to 20 million Naira.

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Eligibility: Borrowers must meet specific criteria, provide necessary documentation, and complete an application form. Once approved, the loan amount is disbursed to your bank account within a few days.

Loan Features:

  • Loan Amount: Up to 10 million Naira (or more)
  • Repayment Period: Up to 6 years
  • Low-interest rates
  • Monthly repayment schedule with principal and interest
  • Loan Calculator: Available for estimating interest rates

2. FCMB Loan

First City Monument Bank (FCMB) is a prominent Nigerian bank that offers 10 million Naira loans without requiring collateral.

Eligibility: To apply for this loan, you must have an account with FCMB, maintain a good turnover, and ensure consistent monthly inflow through the account. Eligibility confirmation can be done by contacting your account officer.

Loan Features:

  • Loan Amount: Up to 10 million Naira
  • Low-interest rates (2.5% monthly or 30% per annum)
  • Flexible repayment terms (up to 180 days with 30, 60, and 90-day options)
  • Available through internet banking or branch application


AGSMEIS (Agric, Small, and Medium Enterprise Investment Scheme) loans are specifically designed for SMEs in Nigeria, particularly those in the agriculture industry.

Eligibility: This lender is approved by the Central Bank of Nigeria and backed by the Bankers’ Committee. AGSMEIS offers up to 10 million Naira business loans with a low-interest rate of just 9% annually. The loan is primarily disbursed through NIRSAL Microfinance Bank but can also be obtained through other approved banks.

Loan Features:

  • Loan Amount: Up to 10 million Naira
  • Low-interest rate (9% annually)
  • Accessible through phone application with BVN

Comparing 10 Million Naira Loan Offers in Nigeria

When deciding which loan option to choose for your 10 million Naira loan in Nigeria, it’s essential to compare various factors:

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Loan Amount

Each lender has a maximum loan amount they can provide. Standard Chartered offers up to 10 million Naira, while FCMB extends the same amount. AGSMEIS also provides loans of up to 10 million Naira.

Interest Rates

Interest rates significantly affect the overall cost of borrowing. Standard Chartered, FCMB, and AGSMEIS all offer loans with low-interest rates, making them favorable choices.

Loan Tenure

Consider the duration within which you need to repay the loan. Standard Chartered provides a repayment period of up to 6 years, while FCMB offers flexible terms of up to 180 days. AGSMEIS loans have a low annual interest rate of 9%.

Eligibility Requirements

Each lender has specific eligibility criteria. Make sure you meet these requirements before applying for a loan.

Application Process

Evaluate the ease and speed of the application process. Most lenders offer user-friendly interfaces for a smooth experience.

Important Reminders

Before applying for a loan with any of these lenders, carefully read and understand the terms and conditions, interest rates, and repayment schedules. Failing to repay loans on time can result in additional fees, penalties, and negatively impact your credit score.


In conclusion, online lenders and established banks in Nigeria offer a convenient solution for individuals and businesses seeking quick access to 10 million Naira loans without the burden of collateral. While the lenders mentioned in this guide are popular choices, it’s essential to compare their features and offerings before making a decision. Financial assistance is readily available; all you need to do is choose the right lending platform that suits your requirements. Whether you’re starting a business, addressing an emergency, or pursuing other financial goals, these loan options can provide the necessary support.

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