If you can genuinely qualify for a bank personal loan, 20% per annum for ₦800,000 over 24 months is within the range some Nigerian banks offer to salary earners and customers with good credit records, although approval depends on income, credit history, and existing debts.
Assuming:
Loan amount: ₦800,000
Interest rate: 20% per annum
Tenor: 24 months
Repayment: Equal monthly installments (principal + interest)
Your monthly repayment would be approximately ₦40,700 – ₦41,000 per month.
Total repayment over 24 months would be roughly ₦976,000 – ₦984,000, meaning total interest paid would be about ₦176,000 – ₦184,000.
Possible sources to check include:
firstbanknigeria.com
ubagroup.com
gtbank.com
accessbankplc.com
fidelitybank.ng
Many banks offer their best rates to:
Salary earners whose salaries are domiciled with them.
Customers with a good credit history.
Borrowers whose monthly repayment will not exceed an acceptable percentage of their income.
If you tell me:
Whether you are a salary earner, self-employed, or business owner,
Your average monthly income,
Whether you can provide collateral or not,
I can suggest the most realistic lenders and estimate your chances of obtaining the ₦800,000 loan.