Naira Bus loan NGN: Range, Interest Rates, and Eligibility

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UpdatesMay 14, 2023
CategoryLoan app Nigeria
Naira Bus loan apk
Naira Bus loan NGN: Range, Interest Rates, and Eligibility
About Naira Bus loan app Legit or Scam!

Are you in need of quick financial assistance to cover an emergency expense or to bridge a gap before your next payday? Naira Bus loan app offers short-term loans with a simple application process and quick disbursement of funds.

In this article, we’ll cover everything you need to know about Naira Bus loans, including the loan range, interest rates, eligibility criteria, and how to apply.

Naira Bus Loan app Range and Interest Rates

Naira Bus loan app range from NGN 10,000 to NGN 100,000, with repayment terms from 91 to 180 days. The interest rate for the loan ranges from 1% to 9%, with a maximum Annual Percentage Rate (APR) of 20% to 60%. It is important to note that the loan interest rate may vary based on the user’s risk profile.

Let’s look at an example to understand how Naira Bus calculates the loan amount and interest rate. For instance, if you borrow a 10,000NGN personal loan for 90 days, with an interest rate of 0.05% per day, you will pay an interest of:

  • Interest = 10000 * 0.05% * 90 = 450NGN
  • Total amount to be repaid = 10,000 + 450 = 10,450NGN

It is important to keep in mind that the interest rate will be higher if you borrow a higher loan amount or for a longer repayment term.

Eligibility Criteria in Naira Bus loan app

To be eligible for a Naira Bus loan, you must be a Nigerian resident between the ages of 20 and 55 years old. Additionally, you must have a verifiable source of income and an active bank account to receive the loan amount.

How to Apply for a Naira Bus Loan

The process to apply for a Naira Bus loan is straightforward and hassle-free. Follow these simple steps to apply:

  1. Download the Naira Bus app on your smartphone
  2. Register with your details and verify your phone number.
  3. Check your eligibility by entering the required information, such as your monthly income, employment details, and bank account information.
  4. Once your eligibility is confirmed, select the loan amount and repayment term.
  5. Finally, withdraw the loan amount to your bank account.


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