Business Owner

Business Owner

These loans are targeted at employees of verifiable organizations with annual income of up to N5 million and run a business as another means of livelihood.

Eligibility Criteria

  1. Salary: The applicant’s request must not be more than 33% of monthly income. A verified payslip/employment letter, 3 months bank statement.
  2. Employment: The applicant must be 1 year in employment before applying for a staff loan.
  3. KYC: The applicant must have a verifiable work and residential address. All applicants must provide staff ID, National ID, Utility bill of residential address.
  4. Credit Checks: The applicant must submit credit check as obtained from the CRC credit bureau. It is expected that applicant must have a clean credit record and account behaviour.
  5. BVN: The applicant must have a valid Bank Verification Number (BVN).
    1. Entrepreneurial Loan Purpose
    2. Asset Finance: for the purchase of equipment & motor vehicle.
    3. Working Capital: Short term loans to cover purchase of goods & inventory.

Conditions

  1. Interest Rate: 5% per month or 60% per annum
  2. Tenor: Minimum 30 days, Maximum 90 days (exception)
  3. Obligor Limit: Not more than N5 million per Obligor
  4. Minimum Loan Amount N500,000
  5. Sale-Buy-Back (SBB) agreement (Asset finance)
  6. Equity Contribution: 30% per borrower (Asset finance)
  7. Processing Fees: 1%

Requirements

  1. One (1) guarantor in the sum loaned plus interest (Guarantor must demonstrate source of livelihood (Employee or Business owner) and a valid BVN).
  2. Right of set off on the applicant’s other accounts in any financial institution.
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