How to Borrow Money From Ecobank

How to Borrow Money From Ecobank

Are you in need of financial assistance and considering borrowing money from Ecobank? Understanding the process and requirements is crucial for a smooth borrowing experience. In this article, we will guide you through the steps on how to borrow money from Ecobank. From the necessary documentation to the various loan options available, we aim to equip you with the essential knowledge to make informed decisions. Whether for personal or business needs, let us help you navigate the borrowing process easily and confidently.

Requirements To Borrow Money From Ecobank

  • Maintain an existing banking relationship with Ecobank for at least six months.
  • Provide valid identification, such as a National ID card, international passport, or driving license.
  • Present a utility bill as proof of residence.
  • Hold an active account with Ecobank.
  • Have a valid Bank Verification Number (BVN).
  • Complete the loan application form.
  • Undergo a credit check for assessment.

What Is Ecobank Interest Rate

Ecobank offers competitive interest rates for its loan products, providing borrowers the flexibility and affordability they need to achieve their financial goals. The interest rates for Ecobank loans typically range from 16.74% to 29.49% per annum. This rate variance allows the bank to cater to a diverse clientele and accommodate various financial needs and credit profiles.

Types Of Ecobank Loans

The Ecobank Advance Facility Loan

Life is unpredictable, and unforeseen financial needs can emerge when least expected. In such situations, the Ecobank Advance Facility Loan proves to be a true savior. This unique loan facility allows you to borrow up to 50% of your net monthly pay in days, providing you with the much-needed breathing space to address urgent financial matters easily and confidently.

The Ecobank Cash-Backed Loan

At Ecobank, they believe in making the most of your existing assets while ensuring you have access to the liquidity you require. The Cash Backed Loan is a pre-approved, low-interest loan that enables you to access cash without depleting your assets, provided you have an existing deposit or investments with the bank. It’s a win-win situation, allowing you to maintain financial flexibility while fulfilling your immediate needs.

The Ecobank Auto Loan

Owning a new vehicle or generator is now an attainable dream, thanks to Ecobank’s Auto Loan or Asset Acquisition program. This specialized loan has been meticulously designed to provide the necessary financial support to make your automotive or generator aspirations a reality. By financing up to 90% of the total cost of the asset, Ecobank empowers you to take the wheel and embrace a new level of convenience and productivity.

The Ecobank Travel Loan

Everyone deserves a well-deserved break, and Ecobank makes it easier to embark on your dream vacation with the Travel Loan. Ecobank ensures you can budget for your holiday without worries by providing exclusive discounts on airline tickets and hotel accommodations. Say goodbye to financial constraints and hello to unforgettable travel experiences.

The Ecobank Personal Loan

Life is full of possibilities; sometimes, we need a financial boost to make the most of them. The Ecobank Personal Loan is a versatile financial tool that caters to a wide range of needs. Offering various repayment options and the ability to access additional cash once the loan is repaid, this multi-purpose loan is an ideal choice for diverse purposes, including funding education expenses and other personal endeavors.

The Ecobank Salary Advance Loan

Emergencies can strike anytime, and quick access to funds is crucial during such moments. The Ecobank Salary Advance Loan is one of the most sought-after financial solutions, enabling approved company employees to obtain up to 40% of their net monthly salary. With a 30-day overdraft loan feature, this loan provides swift relief and financial support during unexpected situations.

The Ecobank Mortgage Loan

The dream of homeownership can now be transformed into a tangible reality with the Ecobank Mortgage Loan. Whether you’re looking to purchase a new house, renovate an existing one, or refinance your current property, Ecobank’s Mortgage Loan offers an ideal starting point. With flexible terms and attractive interest rates, this loan ensures you embark on your homeownership journey with confidence and peace of mind.

How To Borrow Money From Ecobank

To initiate your application for an Ecobank loan, follow these simple and convenient steps to pave your way towards achieving your financial aspirations:

  • Visit the Ecobank website at to access the loan application platform.
  • On the website, explore the range of loan options available and carefully select the specific loan that suits your needs and requirements.

Once you have identified the ideal loan, you have three options to proceed with your application:

  • Click “Apply”: By clicking the “Apply” button, you will be directed to a new window where you will be prompted to confirm certain essential details. These details may include your nationality (Nigeria), and whether you already own an existing account with Ecobank. This step helps streamline the application process and ensures that you are directed to the appropriate loan application form.
  • Download and Fill the Form: If you prefer a more traditional approach, you can choose to download the loan application form. The form will require you to provide important personal details, such as your full name (surname, first name, and middle name), date of birth, marital status (single, married, divorced, or widowed), Bank Verification Number (BVN), salary/current account details, mobile phone number, personal and work email addresses, and current residential address. Ensure that you accurately state your name as it appears on your government-issued identification to maintain consistency and avoid any discrepancies.
  • Talk to Us: If you seek personalized assistance or have any specific queries related to the loan, you can opt to talk to an Ecobank representative. By choosing this option, Ecobank will guide you to the nearest branch to your location, where you can receive detailed information about the loan and proceed with your application in a face-to-face consultation.

Ecobank Contact Details

Should you need to reach out to Ecobank for inquiries, feedback, or assistance with any matter, the following contact details are available for your convenience:

  • Twitter: You can connect with Ecobank via their official Twitter handle, @groupecobank, where you can send them direct messages or mention them in your tweets.
  • Facebook: If you prefer Facebook as your communication platform, you can visit the Ecobank page and leave comments or send them private messages with your queries or feedback.
  • WhatsApp: Ecobank also provides WhatsApp support for customer inquiries. You can reach them by sending a message to +2348087603717, and their dedicated team will assist you promptly.
  • Email: For formal complaints or detailed queries, you can email engcontactcentre@ecobank.
  • Phone numbers: Ecobank has two contact numbers available for you to call with your concerns or questions: +2347005000000 and +2348003262265.

Frequently Asked Questions

What documents do I need to apply for an Ecobank loan?

The documents required for an Ecobank loan application typically include a valid means of identification (National ID card, international passport, or driving license), a utility bill as proof of residence, your Bank Verification Number (BVN), completed loan application form, and other necessary details about your financial status and personal information.

Can I apply for multiple loans from Ecobank simultaneously?

Yes, you can apply for multiple loans from Ecobank, provided you meet the eligibility criteria for each loan type. However, the approval of each loan application will be subject to your creditworthiness and ability to repay the loans.

Are the loan interest rates fixed or variable?

Ecobank offers fixed and variable interest rate options, depending on the loan type. Fixed interest rates remain constant throughout the loan term, providing repayment stability. Variable interest rates may fluctuate based on prevailing market conditions, potentially affecting your monthly installments.

Can I prepay my loan before the maturity date?

Yes, you can prepay your loan before the maturity date. Ecobank encourages responsible borrowing and allows borrowers to settle their loans ahead of schedule, saving on interest costs. However, it is essential to review the loan terms and conditions for any prepayment penalties or fees that may apply.

How can I check the status of my loan application?

To check the status of your Ecobank loan application, you can contact the bank’s customer service through their website, phone or visit the nearest Ecobank branch. They will update you on your application’s progress and any additional information required.


Borrowing money from Ecobank is straightforward and accessible, with various loan options to suit diverse financial needs. By maintaining an existing banking relationship, providing valid identification, and meeting the necessary documentation requirements, applicants can confidently embark on their borrowing journey. Ecobank’s competitive interest rates further enhance the affordability of their loans, ensuring borrowers can achieve their financial goals without undue burden.

Whether for an unforeseen financial need, a dream vacation, homeownership, or personal endeavors, Ecobank offers a comprehensive selection of loan products to cater to varying aspirations. By following the simple steps and utilizing the available contact options, applicants can navigate the loan application process seamlessly and receive the required financial assistance. Embrace the opportunity to realize your aspirations with Ecobank’s trusted financial solutions.