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/NMICRO-CREDITSSME-CREDITSOVER DRAFTSEQUIPMENT LEASINGESUSU
AmountMIN-50,000
MAX- 500,000
500,000 ABOVE VARIESVARIES10,000 minimum, 150,000 maxmium
PricingPROCESSING 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%
RepaymentWEEKLY/MONTHLY REPAYMENT OF PRINCIPAL &

INTEREST
WEEKLY/MONTHLY REPAYMENT OF
PRINCIPAL & INTEREST
DAILY/WEEKLY
REPAYMENT
WEEKLY/MONTHLY
REPAYMENT OF
PRINCIPAL & INTEREST
SecurityPERSONAL GUARANTEEPERSONAL GUARANTEE
POST DATED CHEQUE
LEGAL MORTGAGE
FINANCED OR ALTERNATIVE
PROPERTY
PERSONAL
GUARANTEE
EQUIPMENT AS
GUARANTEE

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