Polaris bank cannot stop surprising us with numerous financial packages, they are at it again. Polaris Bank has now introduced the bank loan which enables individuals and businesses to get loans from the bank.
Before looking at some of the loans Polaris bank offers, let’s take a look at a brief history of the bank.
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Brief History Of Polaris Bank
Polaris Bank was established by the Central Bank of Nigeria (CBN) on September 21, 2018, to offer commercial banking services to the Nigerian public. The bank commenced services on the same day, having purchased the assets, and assumed certain of the liabilities, of the defunct Skye Bank.
With a footprint of over 350 branches in every corner of the country, Polaris Bank prides itself in delivering exceptional customer experience, leveraging best in class/state-of-the-art Information Communication Technology (ICT). By focusing on ICT solutions across multiple service delivery channels (mobile banking, ATMs, POS, and online platforms). Polaris Bank maintains a pivotal role in the Nigerian banking industry, providing customers with simple, convenient, and secured banking services.
Are you in need of money to fund a project or do you need money to boost your business? Worry less because Polaris Bank got you covered.
In this article, we are going to be discussing the various types of loans they give out, the requirements, and also how to apply for the loans. Trust me you are going to be interested because Polaris Bank has different packages for you.
Different Types of Loans Offered By Polaris Bank
Polaris Bank has different categories of loan offers available, here are some of the types of loan packages available.
Salary Advance
This package allows you to get up to 70% of your salary for the month. This helps to relieve the burden of people stuck midway through the month. This is very helpful because we find so many people running out of money in the middle of the month. This offer can help sort out emergencies even when you are out of cash.
Here are some of the requirements needed to access this loan;
- You need little documentation.
- No collateral.
- It takes 24 hours to get your loan.
- You must be employed in either a private or public company.
- You need to have a salary account with Polaris Bank.
- You must meet up with the requirements.
Personal Loans
This is another type of loan different from the salary loan. This type of loan is given to individuals with personal projects they want to pursue.
Requirements needed to access a personal loan
For an individual to access this type of loan, they are certain requirements to meet, here are some of them;
- You have the maximum loan amount of N5 million.
- The repayment date is thirty-six months.
- No collateral is needed.
- The repayment of the loan would be from your salary account.
- You have to meet the requirements of the bank.
SME Loan
This type is for small and medium scale enterprises, if you run a small business and you are thinking of an expansion, here is an opportunity for you to bring your ideas to reality. Polaris bank helps small businesses grow and help entrepreneurs to increase their productivity by granting them this type of loan.
Requirements for SME loans
- You must come up with a business plan.
- You must be a business person.
- Loan amount up to N20 million available.
- No collateral is required.
Market Loans
this type of loan is given to traders who trade fast consumable goods. This market loan scheme is powered by Polaris bank.
Requirements for market loan
- Applicants must be engaged in the sales of fast-moving consumable goods.
- Applicants must be a member of the market association in the market.
- The trader must be in that line of business for a minimum of two years.
- Applicants must have a banking relationship with Polaris bank or any other reputable bank for the past twelve months. This should reflect in your statement of account.
Creative Industry Financing Initiative
The Creative Industry Financing Initiative is a long-term facility designed to support creative endeavors such as Software Development, Movie Production, Fashion designing, Music, and Fine Arts.
Features of the creative financing initiative
- Access up to N500 million in loans for your business growth.
- Single-digit interest rate(9% per annum)
- Zero fees.
- 60 months repayment tenure.
How To Apply For A Polaris Bank Loan
For those of you thinking about how you can apply for the Polaris Bank loan, just follow the simple steps below;
- Go to any Polaris bank branch close to you.
- Get a form.
- Fill out and submit the form.
- The loan processing time is 48hours, so you have to be a little bit patient.
- If you don’t want to go through this process, there is a way out for you. All you have to do is contact your account manager or customer service via phone call to gain access.
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Basic Required Documents
- Completed Application Form.
- Company profile.
- Bank Statement.
- Proof of Address.
- Means of valid identification I.e voters card, driver’s license.
- Business plan.
- Details of collateral if any.
- Audited financial account.
- Bank Statement for the past twelve months.
- Certificate of incorporation.
- Cash flow budget.
Frequent Questions People Ask About The Bank As Regards Loans
I know a lot of people have questions regarding the Polaris Bank loan, worry less because your questions will be answered.
How Long Do I Have To Pay a Polaris Loan?
Based on the agreement, Polaris can lend you both on a short-term and long-term basis. Also, repayment plans are structured according to your needs.
How Much Can I Borrow From Polaris Bank?
Polaris lends to both SMEs and large organizations alike, what you can borrow depend on your busy capacity to pay. You are only limited by your business capacity.
What Is The Interest Rate Charged On a Polaris Bank Loan?
Polaris Bank has a competitive interest rate. With some products, the applicable interest rates are single digits.
Does Polaris Bank Require Collateral?
Polaris may be able to lend you a loan online on an unsecured basis if your business does not require large capital (that is without collateral) but if your business requires large capital, the bank will lend you on a secured basis that is with collateral.
How Do I Get a Polaris Bank Loan?
Obtaining a loan from Polaris bank is quite easy, visit the nearest Polaris bank close to you. There you will meet with the loan adviser, you will be given an application form where you will fill in your business details and other requirements.
How Can I contact Polaris Bank?
You can contact the bank by visiting the nearest branch to you. You can also contact them through the following means;
Phone: (0700-7652747), 0806 988 0000, 01 448 2100, 01 270 5850
Email: [email protected]