Bank loans often serve as a lifeline for individuals and businesses facing financial shortfalls. While numerous banks offer loans, Polaris Bank stands out as a Nigerian bank that guarantees quality service. Polaris Bank loans are designed to be convenient and easily accessible to everyone. In the following paragraphs, we will delve into the details of these loans to provide you with a better understanding.
An Overview of Polaris Bank
Established on September 21, 2018, by the Central Bank of Nigeria (CBN), Polaris Bank is dedicated to providing commercial banking and financial services to all Nigerians. The bank commenced operations on the same day it was founded, acquiring the assets of the previously inactive Skye Bank. With a network of over 350 branches across Nigeria, Polaris Bank has gained a reputation for delivering exceptional services to its customers.
What are the types of Polaris Bank Loans?
Basically, Polaris Bank loans are subdivided into two different categories based on needs. The first category is retail loans, which the bank offers to employed individuals. On the other hand, the second category is SME loans, which the bank offers to small and medium-scale businesses. Here’s a summary of these categories.
1. Retail loans
Polaris retail loans are solely for individuals who are in need. Here are the various types of retail loans Polaris bank has to offer individuals:
a. Auto Loan Scheme
This is one of the types of Polaris Bank loans that customers can obtain to buy a car. Basically, the bank offers you this loan to purchase a car instantly while you spread out repayments conveniently. It is accessible to both Polaris and Non-Polaris Bank customers who may either be salaried it self employed.
What is the loan amount and tenor for a Polaris Bank Auto Loan Scheme?
The maximum loan amount you can obtain for the Polaris Bank Auto Loan Scheme is N40 million. Also, the loan tenor you get for this loan is 48 months.
b. Polaris Salary Advance
The Polaris salary advance package allows customers who have their current salary account domiciled with Polaris Bank to access instant loans. Basically, you can obtain up to 50% of your expected salary in advance.
What are the eligibility requirements to obtain Polaris Salary Advance?
Here are the criteria for obtaining the Polaris Salary Advance:
- You must be employed in any reputable organizations either private or public sectors
- Your salary account has to be domiciled with Polaris Bank
How can I apply for the Polaris Bank Salary Advance Loan?
To apply for the Polaris salary advance loan, follow these steps:
- Dial *833*12# from your mobile phone
- Next, follow the instructions you get after dialling the code to obtain the loan. This should take less than 1 minute
Alternatively, you can visit any Polaris bank close to you to obtain and fill out the Polaris salary account loan application form.
c. Personal Term Loan
The Personal Term Loan helps you to meet your emergency needs, such as school fees and medical bills. Also, you can take out this loan to start a small business or buy any asset and pay it back in instalments.
What are the eligibility requirements to obtain Polaris Personal Term Loan?
Here are the standards you must meet to obtain the Polaris Personal Term Loan:
- You must be employed in any reputable organizations either private or public sectors
- Your salary account has to be domiciled with Polaris Bank
d. Creative Industry Financing Initiative
This is a long-term loan facility that is specially designed to render support to creative businesses like Software Development, Fashion designing, Movie Production, Music, as well as Fine Arts. You pay back this loan at an interest rate of 9% per year.
What is the loan amount and loan tenor for a Polaris Bank Creative Industry Financing Initiative?
Basically, this loan scheme allows you to take out up N500 million in loans for your creative business growth. For this loan, the bank offers you a tenor of 60 months.
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2. SME loans
Polaris SME loans are exclusively for small and medium-sized businesses that are in need. Here are the various types of SME loans Polaris bank has to offer small businesses:
a. Education Loan
The Polaris Education loan is specially designed to cover the tuition fee of Private Schools ( both Primary, Secondary, as well as Tertiary Institutions.
What is the loan amount and loan tenor for a Polaris Education Loan?
For the Polaris education loan, you get a maximum amount of up to N100M based on your school and tuition fees. Also, Polaris bank grants you a loan tenor ranging between 90 days to 36 months.
b. Market Loan
This is one of Polaris bank loans that are specially designed for traders in Fast Moving Consumer goods. Basically, traders can access funds of up to N5 Million Naira with this scheme.
What is the loan amount and loan tenor for a Polaris Market Loan?
For the Polaris market loan, traders get a maximum amount of N5 Million. The loan tenor for this scheme ranges between 30 to 180 days.
What are the eligibility requirements to obtain the Polaris market loan?
All traders must meet these requirements to obtain the Polaris bank market loan:
- Must be committed to the sale of any fast-moving consumer goods.
- Should be a member of the trade or market association
- Must have been active in business for at least 2 years
- You must have been banking with Polaris Bank or other reputable Nigerian banks for a minimum of twelve (12) months. Your evidence of this should be a statement of account from any other bank.
c. Health Sector Loan
The Polaris Health Sector Loan offers short to medium-term funding to specialists in the Health Sector to help them to expand their businesses comfortably. The business eligible for this loan includes Medical Laboratories, Hospitals, Diagnostic Centers, as well as Pharmacies.
What is the loan amount and loan tenor for a Polaris Market Loan?
For the Polaris market loan, health professionals get a maximum amount of N50 million to grow their businesses. The loan tenor for this scheme is 48 months.
d. CBN Health Sector Support Facility
Basically, this is an N100 billion loan support intervention facility from the Central Bank of Nigeria that is exclusive to the health sector. This funding is a part of proactive measures to ease the negative effect of the COVID-19 pandemic on the Nigerian economy. There are two available loan types, which include
- Working capital: This loan is available to offset your short-term recurrent expense to ensure that the business keeps growing. You can access a maximum loan of N500 million with a loan tenor of just 1 year.
- Term Loan: This is a long-term health sector loan with a maximum loan tenor of 10 years. Basically, the maximum amount accessible is N2 billion (Two billion Naira only).
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How can I get a loan from Polaris Bank?
To get any of the Polaris bank loans you listed above, just follow these instructions:
- Visit any Polaris bank branch close to you to get the application form for any loan of your choice
- Next, fill out the form correctly by providing accurate details of yourself
- Lastly, submit the form together with the necessary documents
How can I contact Polaris Bank?
You can contact Polaris Bank through any of the following ways:
Address: 3, Akin Adesola Street, Victoria Island, Lagos.
Phone Number: 0700-POLARIS (0700-7652747), 0806 988 0000, 01 270 5850, 01 448 2100
Email: yescenter@polarisbanklimited.com
Website: www.polarisbanklimited.com
Bottom Line
Polaris bank loans are available and accessible to every Nigerian. However, their retail loan offers are only limited to individuals who have their current salary account domiciled with Polaris bank. Fortunately, this is not the case for business loans. The Polaris SME loans are accessible to all small and medium-sized businesses that meet the eligibility requirements.
