Public Sector Staff Loans

Public Sector Staff Loans

These loans are targeted at employees from verifiable government ministries, departments and associations under the Integrated Payroll and Personnel Information System (IPPIS) platform.

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).

Conditions

  1. Interest Rate
      1. 1 – 3 month: 8% per month
      2. 6 months & above: 6% per month
  2. Tenor: Minimum 30 days, Maximum 180 days
  3. Obligor Limit: Not more than N500,000 per obligor
  4. Minimum Loan Amount N10,000
  5. Processing Fees: 2%

Requirements

  1. Must be an employee in the public sector and on the IPPIS platform
  2. Must be eligible for a direct debit mandate through Remita
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