Frequently Asked Questions
What types of loans does CIL offer?
CIL offers four main loan products: Buyer Loans for property purchases, Improvement Loans for renovations, Landlord Loans for investment properties, and Tenant Rent Loans to help tenants pay annual rent in monthly installments.
What are the interest rates?
Interest rates vary by loan type: Buyer Loans: 12% per annum, Improvement Loans: 12% per annum, Landlord Loans: 10-12% per annum, Tenant Rent Loans: 10% per annum. Rates are fixed for the loan term.
How long does loan approval take?
Initial approval typically takes 24-48 hours after complete document submission. Full disbursement takes 3-5 business days after approval and property verification.
What documents are required?
Required documents include: Valid government ID (Passport, Driver's License, or National ID), Proof of income (3 months payslips or bank statements), BVN, NIN, and property details/documentation for purchase or improvement loans.
Can I apply if I'm not a CIL tenant or landlord?
Yes! Our loans are available to all Nigerians, regardless of whether you're a CIL customer. However, existing CIL tenants and landlords may qualify for faster processing and preferential rates.
What is the minimum and maximum loan amount?
Loan amounts vary by product: Buyer Loans: ₦1M - ₦100M, Improvement Loans: ₦100k - ₦10M, Landlord Loans: ₦5M - ₦100M, Tenant Rent Loans: ₦50k - ₦2M (based on annual rent).
How do I check my loan application status?
You can check your application status using the reference number provided after submission. Visit our
Loan Status Check page and enter your reference number.
What happens if I miss a payment?
Late payments incur a 5% penalty fee. If you anticipate difficulty making a payment, please contact us immediately to discuss alternative arrangements. Consistent late payments may affect your credit standing.
Can I repay my loan early?
Yes, early repayment is allowed with no penalty. You can pay off your loan in full or make additional payments to reduce your principal and total interest paid.
Is my information secure?
Absolutely. CIL uses bank-level encryption to protect your personal and financial information. We never share your data with third parties without your consent.