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RenMoney Low Interest Personal Loans Application Process

RenMoney offers unsecured low interest personal loans of up to N4 million for a tenor that ranges from 3 to 9 months for new customers and their returning customer enjoys a longer tenor of 12 months. Customers can either be a salary earner or self-employed as long as they can provide a verifiable source of income. RenMoney operates under a microfinance bank (MFB) licence, the closest to a consumer finance banking licence available and the first Micro Finance Bank (MFB) to launch Cloud technology with minimal fixed asset investment in Nigeria.

The financial institution has a functional platform which guarantees and ensures an efficient & scalable operational system. The systems are efficient and technology-driven helping RenMoney keep the brand promise of 24-hour disbursement to customer’s preferred account. The Risk scoring system is sophisticated and effective in optimizing risk.

RenMoney Low Interest Personal Loans Features

Target Savings

This low interest personal loans plan offers a smart way to save towards specific goals such as a wedding, a professional certification, a milestone event or just better financial awareness and management. The Target Savings plan offers a 10% interest rate per annum. If you want a secured, convenient way of saving towards a target/goal and still enjoy an amazing interest rate, then you should wait no longer in talking to RenMoney MFB Limited.

Benefits and How to Start

RenMoney Low Interest Personal Loans

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  • Determine how much you want to save monthly (minimum of N20, 000).
  • Fill application form.
  • Choose the tenor of your savings plan (minimum tenor is 6 months).
  • Issue post-dated cheques or set up a direct debit mandate with your bank.
  • Send a mail to the Investment team on deposit@renmoneyng.com or call 016310723.
  • You can also fill the application form below. Apply Now

Fixed Deposit

The RenMoney fixed deposit is an investment product for customers who desire high returns on their investment. With a minimum of NGN250, 000 investment, the Fixed Deposit product from RenMoney offers competitive interest rates over an agreed tenor. All investments are insured by the NDIC. RenMoney offers premium returns on investments placed with us. Are you ready to go beyond the everyday savings account? With RenMoney Fixed Deposit, higher interest rates are available for higher balances.

Benefits and How to Place your Fixed Deposit

  • Attractive interest rates.
  • Interest rates on deposits above NGN 50,000,000 can be negotiated.
  • Determine how much you want to place in your deposit plan (minimum of N200, 000).
  • Fill an account opening form.
  • Choose the tenor of your investment plan (60 days, 90 days, 180 days or 365 days). RenMoney now accepts a 30 days tenor for deposits from NGN 1 million.

  • Make an online transfer or write a cheque in favour of RenMoney MFB Limited.

  • You can make your deposits into any of the following banks below.
  • Send a mail to the Investment team on deposit@renmoneyng.com or call 016310723, 0908 7090 750
  • You can also fill the application form below. Apply Now for Individual Application and Corporate Application

School Fees Low Interest Personal Loans

With RenMoney school fees low interest personal loans, both adults and kids can have their education financed by RenMoney. School Fees loan disbursement is made directly to the educational institution on behalf of the applicant while applicant repays to RenMoney in convenient monthly.

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Financing education can be financially stressful with payments for school shopping, school fees and all that goes into preparing for school and that is why RenMoney School Fees Loan provides a buffer for you. Financing you or your children’s desired future by providing the best education should not be difficult. With the access of up to NGN4, 000, 000 School Fees Loan, no collateral, and 24 hours cash disbursement after loan approval, RenMoney will make paying school fees much easier.

What You Need To Apply

  • Be between ages 22-59 years.
  • Have a steady source of income that is verifiable.
  • Must be confirmed staff in place of present employment.
  • Have a functional current or savings bank account.
  • Have valid means of identification International Passport, Driver’s License or National ID Card.
  • You will enjoy lesser interest rates if your child’s school is in partnership with RenMoney. To introduce your school to us, please send school contact details to marketing@renmoneyng.com

School Fees Low Interest Personal Loans Details

  • Minimum Loan Tenure: 3 months.
  • Maximum Loan Tenure: 12 months.
  • Interest Rate: 3% – 5% monthly.
  • Finance Fee: 3% (One time cost spread over the loan repayment tenure).
  • RenMoney is regulated by the Central Bank of Nigeria (CBN)

How to Apply

  • Apply through your child’s school and enjoy lesser rates. Please note that the school must be in partnership with RenMoney MFB Limited in order for you to take this route. For information on partner schools, please send an email to marketing@renmoneyng.com.
  • If your child’s school is not already in partnership with RenMoney, you can still get a School Fees Loan if you have an invoice from the school. You can apply through one of the following channels:

  • Fill in your details in the School Fees Loan form below and a RenMoney representative will contact you promptly.

  • Call our Contact Center line – 0700RENMONEY (0700 73666639)
  • Visit the closest RenMoney branch to you (see the Contact page for branch details)

Once the application for School Fees Loan is successfully submitted through any of the routes above, you will

  • Receive notification of instant approval (or disapproval).
  • Get required documents across to any of our representatives or offices.
  • Get cash deposited in a designated bank account in 24 hours or less. Apply Now

Smartphone Finance

RenMoney in partnership with select service providers offers smartphone financing; a product that enables interested persons to purchase their favourite phones and payback in convenient instalments of twelve (12) months. You can purchase your favourite smartphone from RenMoney in partnership with selected network providers at lesser rates.

How Does it Work

With just your Debit Card, RenMoney low interest personal loans can help you own the latest smartphone without having to break the bank.

  • Each month, a portion of the monthly bundle paid by the customer is used as repayment for the phone which is financed (paid for or funded) by RenMoney. The rest is a charge for the data, voice and SMS service provided by the network provider.
  • For example, if the monthly bundle costs N1,000 monthly, N600 can go to RenMoney as repayment for the phone while the balance N400 goes to the network provider for the data costs.
  • RenMoney has a proprietary algorithm to determine which customer will be eligible.
  • Over the period of the subscription, RenMoney will collect the monthly bundle fees and remit to the network providers, the portion for the Data, Voice and SMS charge

Required Documents to Apply

Simply provide the documents listed below for smartphone financing at approved locations and walk away with your very own smartphone.

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  • Debit card valid for at least 12 months.
  • The debit card will be registered as the primary instrument for payment of the monthly bundle. In addition, the card will be charged for the first-month bundle payment.
  • 4 cheque leaflets. Customer to sign at least 4 post-dated cheques as a back-up to the registered debit card
  • Valid proof of ID; National ID Card, Permanent voters card, Driver’s license or International Passport
  • Proof of address; Utility bill listing your home address
  • Two (2) months recent bank statement – Account should be the same linked to the debit card and cheque being presented. Learn more 

Cash Loan

RenMoney offers cash loans up to N4,000,000 to help you meet a variety of needs such as rent, school fees, fixing or buying a car, household appliances, etc. Our repayment pattern is flexible and conveniently spread over 9 months for new customers.

Benefits of RenMoney Cash Loan

  • Fast, Simple and Convenient for everyone.
  • No collateral or guarantor needed.
  • Flexible repayment.
  • Competitive rates.

Requirements for Application

  • Be between ages 22 – 59 years.
  • Have a steady source of income that is verifiable.
  • Must be confirmed staff in present employment.
  • Have a functional current or savings bank account.
  • Have valid means of identification.

There are three ways:

  • Click to Apply Now
  • Call our contact centre at 0700RENMONEY (0700 73666639)
  • Visit the closest RenMoney branch to you (see the Contact page)

Once the application form is successfully submitted, you will

  • Receive instant approval (or disapproval).
  • Get the required documents across to any of our offices.
  • Get cash in your preferred bank account in 24 hours or less

A low interest personal loans could help you save thousands. With low interest rates and a fixed monthly payment, you can pay off high-interest credit cards, fund home improvements, or make a major purchase.

The Author

Lawrence

A part-time blogger who blog about Business Technology, Digital Marketing and Educational topics that can be of value to people who visit my blog.
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