Staff Loans/Salary Advance

Staff Loan/Salary Advance

These loans are targeted at employees of verifiable organizations with annual income of up to N5 million.

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: 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. 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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