In 2025, accessing personal loans in Nigeria has become more convenient and affordable than ever. Whether you need funds for business, education, medical emergencies, or personal projects, there are numerous options available. However, with so many lenders offering personal loans, it’s essential to find the best low-interest options to save on repayment costs.
This article explores the best low-interest personal loans in Nigeria in 2025, comparing traditional banks and fintech options to help you make an informed decision.
What Are Personal Loans?
Personal loans are unsecured loans provided by financial institutions to individuals for various purposes. Unlike secured loans, personal loans do not require collateral, making them accessible to a wider audience. The interest rates, repayment terms, and loan amounts vary depending on the lender and the borrower’s creditworthiness.
Factors to Consider When Choosing a Personal Loan
- Interest Rates: Look for lenders offering the lowest interest rates to minimize repayment costs.
- Repayment Tenure: Choose a loan with a flexible repayment period that suits your financial situation.
- Loan Amount: Ensure the lender offers the amount you need.
- Processing Fees: Check for hidden charges or high processing fees.
- Eligibility Requirements: Verify the lender’s requirements to ensure you qualify.
- Customer Reviews: Read reviews to gauge the lender’s reliability and customer service.
Traditional Banks Offering Low-Interest Personal Loans
GTBank (Guaranty Trust Bank)
- Interest Rate: Starts at 1.33% monthly
- Loan Amount: Up to ₦10,000,000
- Repayment Period: Up to 24 months
- Why Choose GTBank?: GTBank offers competitive rates and flexible repayment terms.
Access Bank
- Interest Rate: Starts at 1.5% monthly
- Loan Amount: Up to ₦20,000,000
- Repayment Period: Up to 36 months
- Why Choose Access Bank?: Access Bank provides high loan amounts and long repayment periods.
Zenith Bank
- Interest Rate: Starts at 1.75% monthly
- Loan Amount: Up to ₦15,000,000
- Repayment Period: Up to 24 months
- Why Choose Zenith Bank?: Zenith Bank is known for its quick loan processing and excellent customer service.
First Bank of Nigeria
- Interest Rate: Starts at 1.8% monthly
- Loan Amount: Up to ₦10,000,000
- Repayment Period: Up to 36 months
- Why Choose First Bank?: First Bank offers low-interest loans with flexible repayment options.
Stanbic IBTC Bank
- Interest Rate: Starts at 1.6% monthly
- Loan Amount: Up to ₦20,000,000
- Repayment Period: Up to 48 months
- Why Choose Stanbic IBTC?: Stanbic IBTC provides long repayment tenures and competitive rates.
Fintech Companies Offering Low-Interest Personal Loans
Carbon (formerly Paylater)
- Interest Rate: Starts at 5% monthly
- Loan Amount: Up to ₦1,000,000
- Repayment Period: Up to 12 months
- Why Choose Carbon?: Carbon offers quick loan disbursement and a user-friendly app.
FairMoney
- Interest Rate: Starts at 10% monthly
- Loan Amount: Up to ₦500,000
- Repayment Period: 1-3 months
- Why Choose FairMoney?: FairMoney provides instant loans with minimal requirements.
Branch
- Interest Rate: Starts at 15% annually
- Loan Amount: Up to ₦500,000
- Repayment Period: 4-40 weeks
- Why Choose Branch?: Branch offers flexible repayment options and low-interest rates.
Renmoney
- Interest Rate: Starts at 2.8% monthly
- Loan Amount: Up to ₦6,000,000
- Repayment Period: Up to 24 months
- Why Choose Renmoney?: Renmoney provides larger loan amounts and competitive rates.
Aella Credit
- Interest Rate: Starts at 4% monthly
- Loan Amount: Up to ₦1,500,000
- Repayment Period: Up to 3 months
- Why Choose Aella Credit?: Aella Credit offers quick loans with low-interest rates.
Banks vs. Fintech: Which Is Better for Personal Loans?
Advantages of Banks
- Lower interest rates compared to fintech companies.
- Higher loan amounts and longer repayment periods.
- Established reputation and reliability.
Advantages of Fintech Companies
- Faster loan processing and disbursement.
- Minimal documentation and eligibility requirements.
- User-friendly apps and digital platforms.
Which Should You Choose?
- Choose Banks if you need a larger loan amount, longer repayment tenure, and lower interest rates.
- Choose Fintech Companies if you need quick access to smaller loan amounts with minimal paperwork.
Tips for Securing Low-Interest Personal Loans
- Maintain a Good Credit Score: A high credit score increases your chances of qualifying for low-interest loans.
- Compare Lenders: Research multiple lenders to find the best rates and terms.
- Negotiate Terms: Some lenders may offer better rates if you negotiate.
- Read the Fine Print: Understand all terms and conditions before signing the loan agreement.
Conclusion
In 2025, Nigerians have access to a wide range of low-interest personal loans from both traditional banks and fintech companies. Whether you prefer the reliability of banks or the convenience of fintech platforms, there’s an option to suit your needs.
By comparing interest rates, repayment terms, and eligibility requirements, you can find the best personal loan to achieve your financial goals. Start your application today and take advantage of the best low-interest personal loans in Nigeria!
