LOANS AND ADVANCES
This is designed for the economically active poor to support micro business. The target customers are market men/women, artisans, technicians etc. It is available to groups and individuals. Micro credit ranges from N50, 000 to N499, 999.
This credit facility is designed for cottage industries/businesses, agro allied, farmers, transporters and cooperative societies. This is also available to groups and individuals. This facility also provide for LPO financing. The amount ranges from N500, 000 and above.
Current account holder may be allowed (on reasonable terms) to overdraw its account to the tune of an agreed limit.
It is always in form of finance lease. Equipments are purchased in the bank’s name and packaged for the lessee on an agreed reasonable terms. Adequate insurance cover is made thereon.
This type of loan is for a duration: 21 days of soft loan @ 7.5% with a minimum amount of 10,000 and maximum amount of 150,000. The form fee is for 1000 naira.
Specific Loans
| S/N | MICRO-CREDITS | SME-CREDITS | OVER DRAFTS | EQUIPMENT LEASING | ESUSU |
|---|---|---|---|---|---|
| Amount | MIN-50,000 MAX- 500,000 | 500,000 ABOVE | VARIES | VARIES | 10,000 minimum, 150,000 maxmium |
| Pricing | PROCESSING FEE- 1% MANAGEMENT FEE- 1% LOAN FORM-1000 (if less than 100,000) LOAN FORM -2,500 (if more than 100,000) INTEREST: COMPETITIVE | PROCESSING FEE- 1% MANAGEMENT FEE- 1% LOAN FORM -2,500 INTEREST: COMPETITIVE | PROCESSING FEE- 1% MANAGEMENT FEE- 1% LOAN FORM -2,500 INTEREST: COMPETITIVE | PROCESSING FEE- 1% MANAGEMENT FEE- 1% LOAN FORM -2,500 INTEREST: COMPETITIVE | Form fee: 1000 |
| Tenor: | MIN- 1 MONTH MAX- 6 MONTHS | MIN- 1 MONTH MAX – 6 MONTHS (Exceptional cases 1 year) | MIN – 1 DAY MAX – 30 DAYS | MIN- 1 MONTH MAX- 6 MONTHS (can be rolled over) | 21 days soft loan @ 7.5% |
| Repayment | WEEKLY/MONTHLY REPAYMENT OF PRINCIPAL & INTEREST | WEEKLY/MONTHLY REPAYMENT OF PRINCIPAL & INTEREST | DAILY/WEEKLY REPAYMENT | WEEKLY/MONTHLY REPAYMENT OF PRINCIPAL & INTEREST | |
| Security | PERSONAL GUARANTEE | PERSONAL GUARANTEE POST DATED CHEQUE LEGAL MORTGAGE FINANCED OR ALTERNATIVE PROPERTY | PERSONAL GUARANTEE | EQUIPMENT AS GUARANTEE |
OPEN AN ACCOUNT WITH US TODAY
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