BANKING

How To Get Fidelity Bank Loan

Published

2 years ago

How To Get Fidelity Bank Loan

In the chase to make our financial dreams become reality, having access to flexible and convenient loan options has proven to be a game-changer, in the quest to achieving personal and business financial goals. Fidelity Bank, as a trusted financial institution in Nigeria, offers a variety of loan options to help individuals and businesses achieve their financial goals: “How To Get Fidelity Bank Loan.”

Getting loans from Fidelity is easier than you think in many instances, if you’re planning to obtain a loan from Fidelity Bank, you’re on the right platform to get informed on how to go about getting a Fidelity Bank loan to achieve your financial goals.

In this guide we will discuss and walk you through the requirements and eligibility criteria for getting a Fidelity Bank loan, the types of loans offered by Fidelity Bank, interest rates of the different types of Fidelity Bank loans, the benefits of Fidelity Bank loans, and the cons of Fidelity Bank loans if any. Read on to learn more!

About Fidelity Bank

Fidelity Bank is a prominent commercial bank in Nigeria, the bank was founded in the year 1988 as a merchant bank and was converted to a commercial bank in the year 1999. The bank was established as Fidelity Union Merchant Bank Limited and then converted to a commercial bank in the year 1999 and became a universal bank in the year 2001. Fidelity Bank has over 7.2 million customers managed and serviced across its 250 service offices and several digital banking platforms.

How To Get Fidelity Bank Loan

Fidelity Bank is highly focused on a select niche corporate banking as well as serving Micro Small and Medium Enterprises (MSMEs). Fidelity Bank has continued to rapidly implement a digital-based retail banking strategy which has resulted in exponential growth in savings deposits for the bank over the last 12 years. This has led to over 57 per cent customer enrollment on Fidelity Bank’s flagship mobile/internet banking products.

Does Fidelity Bank Give Loan

Yes, Fidelity Bank gives loans to its eligible customers who meet and agree to the terms and conditions with which the Fidelity Bank loans are provided and offered. Fidelity Bank offers a wide range of loan products according to the needs of the loan applicants.

Types of Loans Offered By Fidelity Bank

Fidelity Bank offers several different types of loans to its millions of customers across all the regions where the bank operates. The main types of loans available on offer at Fidelity Bank include:

Payday Loan: This loan is designed and targeted at staff of public and private organizations whose staff salary accounts are domiciled with Fidelity Bank. This loan is given at a flat interest rate of 4.5% and has a tenor of 30 days. The minimum loan amount for this loan is ₦1,000 and you can apply for up to 50% of your net income up to a maximum of ₦500,000 as loan with the payday loan.
Personal Loan: This loan is designed for and targeted at individuals in private and public organisations with their salaries domiciled with Fidelity Bank. This loan is very suited for individuals that it doesn’t have any document requirements. This loan is designed with an interest rate of 2% per month or 24% per annum and has a maximum possible loan amount of ₦5,000,000 individuals can apply for.
Fidelity Point of Transaction (POT) Loan: This is a loan that is designed to be a short-term loan meant to provide a bridging finance to customers of Fidelity Bank, with this loan you can complete your immediate financial transactions initiated on the automated teller machine (ATM), Web, or point of sales (POS) due to insufficient balance concerns.
Fidelity NYSC Loan: This loan is designed and targeted at serving members of the National Youth Service Corps (NYSC). This loan is meant to help serving corp members get instant loans which will be disbursed into the corp members’ account to help the corp members with their financial needs. The Fidelity NYSC loan is categorised into the payday loan and the personal loan.
Fidelity Loan On Account Turnover (FLOAT): This is an instant loan type designed for active account holders with Fidelity Bank with a banking relationship with Fidelity Bank. This loan is designed with a flat loan interest rate of 4.5% per annum. To restructure this loan at any time you need to pay a 0.5% restructuring fee to Fidelity Bank to have your loan restructured.

SME Loans And Advances

These are the loans offered by Fidelity Bank to several MSMEs to help in powering and growing the Nigerian economy. This loan is specifically created for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. It has been customized to address the challenges faced by MSMEs in accessing finance. Fidelity Bank aims to become the preferred bank for funding and providing support to MSMEs, as they play a crucial role in driving the growth and development of the Nigerian economy.

The SME loans and advances offered by Fidelity Bank include SME Quick loans, Commercial Support Short Term Loan, Commercial Support Overdrafts, Traders Support Facility (TSF), Specialized MSME Loans, Fidelity EduLoan, Fidelity Private Medical Support Scheme, Fidelity Pharmacy Support Facility (FPSF), Development Finance Loan, and Development Finance and Intervention Funds.

Fidelity Bank Loan Interest Rate

Fidelity Bank offers loan products to applicants who qualify for its loans at affordable and competitive interest rates. The interest rates of loans offered by Fidelity Bank range from 2% per month to as high as 24% per annum or more depending on the type of loan.

Fidelity Bank Loan Eligibility

There are several loan eligibility requirements for getting any of the loan products offered by Fidelity Bank. The eligibility requirements for the various loan types available at Fidelity Bank are listed below:

Payday Loan

No documentation required
Your Salary Account and GSI must be domiciled with Fidelity Bank and be active for at least three (3) months
The customer must have a credit balance
You need to have a good credit rating

Personal Loan

You do not need documentation for your loan application
Your Salary Account must be domiciled with Fidelity Bank and be active for at least three (6) months
The customer must have enough credit balance
You need to have a sound credit rating

Fidelity Point of Transaction (POT) Loan

You must be a Fidelity Bank account holder to be eligible for this loan
You must have a minimum balance of above N500, meaning your account must be in credit balance
You need to be free from any outstanding POT loan obligations
Your total transaction value must not exceed the ledger balance

Fidelity NYSC Loan

You need to be a serving corp member
You need to have your allowance account domiciled in Fidelity Bank
A credit check will be conducted on the applying corp member
You must accept the T&Cs

Fidelity Bank NYSC Loan Terms and Conditions

The loan tenor is up to 10 months
You have to pay a management fee of 1% which is charged upfront
You have to pay for insurance fee of 1% chargeable upfront
The interest rate for this loan is between 1.95% – 2% p.m.
This loan has credit life insurance at 0.25% flat

Fidelity Loan On Account Turnover (FLOAT)

This loan is very easy to obtain, the loan does not have a guarantor requirement, and no collateral for application
There is no requirement for a loan guarantor and collateral to be able to apply for this loan
There are no hidden charges to this loan

Fidelity Bank Loan Application Process

Each type of loan is available at Fidelity Bank, with each having its specific application processes albeit with small differences in the required documents for application. The application process for the different types of loans offered by Fidelity Bank includes:

Payday Loan

To apply for the payday loan you need to fill out and complete the payday loan application form on the bank’s loan website
You can also apply for the payday loan by dialling the USSD *770*08# and then following the prompts

Personal Loan

To apply for the personal loan you need to fill out the personal loan application form on the bank’s loan website
You can also apply for the personal loan by dialling the USSD *770*08# and following up on the prompts

Fidelity Point of Transaction (POT) Loan

To apply for the POT loan you need to fill out the POT loan application form on the bank’s loan website
You can also apply for the POT loan by dialling the USSD *770*08# and then following the prompts thereafter

Fidelity NYSC Loan

To apply for the Fidelity NYSC loan you need to fill out the Fidelity NYSC loan application form on the Fidelity Bank’s loan website
You can also apply for the Fidelity NYSC Loans by dialling the USSD *770*08# and following the prompts thereafter

Fidelity Loan On Account Turnover (FLOAT)

To apply for Fidelity Loan On Account Turnover (FLOAT) you are required to fill out the Fidelity Loan On Account Turnover (FLOAT) application form on Fidelity Bank’s website
You can also apply for Fidelity Loan On Account Turnover (FLOAT) by dialling the USSD *770*08# and then following the prompts afterwards

Benefits of Fidelity Bank Loan

Fidelity Bank loans provide several benefits to customers who apply for this loan and get their loan application approved. The benefits of the different types of loans offered by Fidelity Bank include:

Payday Loan

You do not require any documents or collateral to apply for this loan
You have access to borrow up to 50% of your net salary income
You can pre-liquidate your loan without incurring any penalties

Personal Loan

The personal loan is not tied to collateral lending, meaning you can apply for the loan without any documents and collateral
You are allowed to pre-liquidate your loan without any penalties
This loan offers you up to 40% of your annual income up to a maximum of ₦5,000,000

Fidelity Point of Transaction (POT) Loan

This loan is ideal for emergency small spending for individuals on a budget spending

Fidelity NYSC Loan

NYSC serving corp members can have access to emergency financing for their goals and needs during their service year
You can self-liquidate your loan
The loan is characterised by easy documentation
The loan has a quick processing time
The loan is disbursed instantly

Fidelity Loan On Account Turnover (FLOAT)

You can extend the repayment of this loan by another 30 days once on the expiration of the ideal 30 days loan tenor expires and you’re unable to repay the loan
The loan disbursement is instant once your loan application is approved
There are no hidden loan fees

Cons of Fidelity Bank Loan

Fidelity Bank loans provide several benefits to the loan beneficiaries, the bank’s loans Alps have some downsides including:

The payday loan has a very short tenor of just 30 days
The interest rate of the payday loan is taken upfront
The personal loan has extra fees attached to it the management fee is pegged at 1% flat and the insurance fee of the loan is pegged at 1.5% bringing the whole thing extra cost at a 2.5% flat rate.
The tenor of the POT is very short at 14 days

Conclusion

Fidelity Bank loans are very affordable for personal use and business development, this is especially the case for small and medium enterprises that are seeking funds to keep their businesses running. With Fidelity Bank loans millions of businesses have been able to meet their financial goals, and helped keep their businesses growing and operating. If you wish to get the funding to achieve your financial and business goals, Fidelity Bank is the bank to go to and be assured of loan financing, provided you meet the eligibility requirements for the type of loan you apply for. See

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Fincra Granted Payment System License in Tanzania

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Fincra Granted Payment System License in Tanzania

Fincra Receives Payment System Provider License from the Bank of Tanzania, Expands Regulatory Footprint in East Africa

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Fincra Granted Payment System License in Tanzania

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Fincra Secures South African TPPP License

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Fincra Secures South African TPPP License

Fincra, a leading provider of payment infrastructure for local and cross-border payments in Africa, is proud to announce receipt of another Third Party Payments Provider (TPPP) in South Africa.

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Rapid Payments

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Fincra Secures South African TPPP License

This development marks a pivotal advancement in Fincra’s mission to build the rails for an integrated Africa by creating the infrastructure to simplify how African businesses pay and get paid globally.

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— Ayowole Ayodele, CEO and Co-founder, Fincra.

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As Fincra expands across the continent, its growing regulatory footprint and partnerships with Tier-1 banks provide the foundation for scale and innovation.

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Fincra is a leading payment infrastructure provider enabling seamless cross-border transactions across Africa.

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African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises (SMMEs) and Boost Trade

Published

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African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises

The African Development Bank Group (www.AfDB.org) and Standard Bank Group (SBG) on Monday signed a landmark financial agreement to enhance funding for small, medium, and micro enterprises (SMMEs) and expand trade across Africa.

The agreement includes a R3.6 billion investment in a social bond and a $200 million Risk Participation Agreement (RPA) for Standard Bank of South Africa Limited (SBSA). This initiative strengthens Standard Bank’s lending capacity, ensuring greater access to finance for SMMEs, a critical driver of economic growth and job creation in South Africa.

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises

The social bond investment promotes inclusive economic development, particularly for SMMEs with a turnover below R300 million and loan sizes under R40 million. This financing will support up to 4,000 businesses, helping them scale operations, create jobs, and contribute to economic resilience.

Kenny Fihla, Deputy Chief Executive Officer of Standard Bank Group and Chief Executive Officer of SBSA, welcomed the investment, stating: “This landmark partnership strengthens our ability to support SMMEs, the backbone of South Africa’s economy. With approximately 3.2 million SMMEs accounting for 60% of jobs, ensuring access to finance is crucial. This initiative aligns with our Sustainable Finance Framework and our commitment to financial inclusion.”

In addition to the social bond, the $200 million RPA enhances trade finance across Africa, focusing on Low-Income Countries and Transition States. This agreement enables local banks to increase lending by sharing risk, bridging the trade finance gap, and promoting intra-African trade.

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises (SMMEs) and Boost Trade

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