BANKING

How to get Polaris Bank Loan

Published

1 year ago

How to get Polaris Bank Loan

In the ever-changing world of personal and business finance, getting a loan many times is the catalyst to change the fortunes of your business or transform your aspirations into physically appreciable achievements. Polaris Bank is one of the main commercial banks in Nigeria and is here to help you achieve your personal and business financial goals and dreams, by providing you with the best-suited loans for your financial needs: “How to get Polaris Bank Loan.”

In this guide, we will walk you through the rudiments of Polaris Bank loans and everything you need to know about how to apply for a Polaris Bank loan. In this guide, we’ll show you the types of loans offered by Polaris Bank, Polaris loan interest rates, and the benefits of Polaris Bank loans. So read on to know how to go about applying for that your Polaris Bank loan!

About Polaris Bank

Polaris Bank is a renowned and well-established financial institution in Nigeria. The bank is committed to providing the best banking services in Nigeria through all its offered services and products including lending of money to customers in the form of loans. The bank in its short existence has continued to expand and grow in great customer satisfaction.

Polaris Bank was established in the year 2018 on September 21st by the Central Bank of Nigeria (CBN). Polaris Bank was formed after the failure of the defunct Skye Bank which it also bought over the assets and some liabilities of the defunct Skye Bank.

How to get Polaris Bank Loan

Does Polaris Bank Give Loans

Yes, Polaris Bank provides loans to its customers across different areas of endeavour. Polaris Bank offers six different types of loans that cut across personal loans to business loans for business entities, to help such businesses grow and thrive among counterparts in their industry.

Types of Loans Offered By Polaris Bank

Polaris Bank offers several types of loans to its millions of customers. The different types of loans provided by Polaris Bank are designed to meet different types of financial needs of the loan applicants. The types of loans provided by Polaris Bank include:

Polaris Salary Advance: The Polaris salary advance is a loan product designed and targeted at salary earners with their salary accounts domiciled with Polaris Bank. This loan is meant to help salary earners when they run out of funds before the next salary payday, with this loan you can get up to 50% of your net salary as a loan.
Personal Term Loan: The Polaris Bank personal loan is designed to help the Bank’s customers attend to personal needs such as medical bills, school fees, asset acquisition or setting up a small-scale business. This loan is designed to ensure customers do not have to worry about funds to meet their financial needs. With the Polaris personal term loan, you can also get a USSD Personal Term Loan within minutes by dialling *833*4*4# and following the prompt on your students.
Auto Loan Scheme: This loan product makes it easy for Polaris Bank customers to own vehicles of their choice, this loan offers Polaris Bank customers the opportunity to purchase brand new cars of their liking. This loan is designed with a repayment plan that is flexible and convenient for the customers not to have problems repaying the loan on time
Health Sector Loan: This is a loan product that is specially designed to provide short to medium term finance to professionals who operate in the health sector to expand and grow their business. The bank provides these health sector loans to ensure that health professionals face their health work and do not worry about funds and financing.
Market Loan: This loan is designed specifically for market traders who deal on fast moving consumer goods (FMCGs) to help them with financing options to grow their businesses. This loan is to provide up to 5 million Naira in loans to this class of traders.
Creative Industry Financing Initiative: This is a loan that is targeted at the creative industry to help support their craft, the loan is a long term financing initiative provided to creatives in sectors such as Software Development, Movie Production, Fashion designing, Music and Fine Arts.

Education Loan

This is a loan targeted at private schools, the loan is designed to help these schools’ primary, secondary, and tertiary institutions grow and expand in the education they provide to their students and wards.

Polaris Bank Loan Interest Rate

Polaris Bank offers loans at affordable interest rates in line with the prevailing lending market rates. The loan interest rates offered on the loan products available at Polaris Bank range from 2.5% to up to 25% per annum or more in certain circumstances.

Polaris Bank Loan Eligibility

To be eligible for any of the Polaris Bank loans you need to meet the eligibility requirements set out for the specific type of loan. The eligibility requirements for the different types of loans offered by Polaris Bank are listed below:

Polaris Salary Advance

You must be employed by reputable organizations in both the private and public sectors
Your salary account must be domiciled with Polaris Bank
You must accept the terms and conditions of the loan

Personal Term Loan

You must be a bonafide and confirmed staff of a reputable private or public organization
Your salary account must be domiciled with Polaris Bank
You must agree to the terms and conditions of the personal term loan

Auto Loan Scheme

You need to be a Polaris Bank customer
You have to make equity contributions depending on the brand of vehicle you wish to purchase, the equity contributions range between 0% to 10% maximum
You must be a salaried worker or a self employed customer with a verifiable source of income

Health Sector Loan

You must be a licensed and active healthcare professional
You must have an account with Polaris Bank

Market Loan

You must be a dealer and seller of fast moving consumer goods
You must be a registered member of a trade/market association in the market
You must have been in the FMCG line of business for a minimum of 2 years
You must have been in a banking relationship with Polaris Bank or any other reputable bank for at least twelve (12) months evidenced by a statement of account from other banks.

Creative Industry Financing Initiative

You need to be a player in the creative industry by showing evidence of your work to be eligible for this loan
You need to have an active account with Polaris Bank

Education Loan

An interested school must have their collection account domiciled with Polaris Bank
For teachers who collect this loan, their salary account must be domiciled with Polaris Bank
Repayments from domiciliation of school fee proceeds

Polaris Bank Loan Application Process

Applying for any of the Polaris Bank loans involves a simple process that allows you to seamlessly request the loan type of your choice. The steps to applying for a Polaris Bank loan are listed below:

Polaris Salary Advance

To apply for the Polaris salary advance loan you can dial *833*12# on your mobile phone and follow the instructions to access the Payday loan/Salary Advance.
You can also visit any Polaris Bank branch nearest to you to complete a loan application form and submit same with other required documents
You can also apply for the Polaris salary advance loan by calling Polaris Yes Center on either 0700-7652747, 08069880000, 01-4482100 or 01-2705850.

Personal Term Loan

There are several ways to apply for the Polaris Bank personal term loan they include:

Visit any Polaris Bank branch closest to you, then fill out and complete a loan application form
Submit your duly filled loan form with all the relevant loan documents
Then wait for your loan application to be processed and disbursed to your account within 48 hours
You can also Call YES CENTER on 0700-POLARISBANK (070075932265), 08069880000, 01-4482100 or 01-2705850 to make your loan request, or Call your relationship officer, or Apply on VULTe

Auto Loan Scheme

To apply for the Polaris Bank Auto loan, visit the Polaris Bank Auto loan website to fill out and submit the Polaris Bank Auto loan application portal form and wait for your loan to be approved.

Health Sector Loan

You can apply by dialling *833*12# and then follow the instructions
You can also apply for the health sector loan by visiting any Polaris Bank closest to you to complete a loan application form and submit same with other required documents
You can also apply by calling Polaris Yes centre on 0700-7652747, 08069880000, 01-4482100 or 01-2705850.
You can also apply on VULTe

Market Loan

Visit any Polaris Bank bank branch nearest to you to make enquiries, then fill and submit the form and wait for your application to be processed

Creative Industry Financing Initiative

Visit any Polaris Bank bank branch nearest to you to make enquiries, then fill and submit the form and wait for your application to be processed

Education Loan

Visit any of Polaris Bank bank branch nearest to you to make enquiries, then fill and submit the form and wait for your application to be processed

Benefits of Polaris Bank Loan

There are several benefits that Polaris Bank loan beneficiaries get for requesting any of the Polaris Bank loans. The benefits of Polaris Bank loans are:

Polaris Salary Advance

With this loan, you get quick access to funds to help you meet short-term financial needs
You do not require collateral to receive this loan
You do not need heavy documentation for this loan
The pricing of this loan is competitive

Personal Term Loan

You can get access to up to 70 million Naira maximum
The loan has a flexible and convenient monthly repayment over a term stretched over a period of 60 months
You make repayment from your domiciliated salary account or business proceeds profit
You are not required to present any collateral for this loan approval
The personal term loan can be accessed through the bank’s VULTE

Auto Loan Scheme

This loan is open to both Polaris and Non-Polaris Bank Salaried & Self – employed customers
You get a loan amount up to 40million Naira
The loan tenure is up to 48 months
The maximum equity contribution is very low at 10% which is favourable to potential customers

Health Sector Loan

This loan can avail you access to up to 50 million Naira for the expansion and growth of your business
The loan tenure is long up to 48months
You have the option for this loan to be administered as an overdraft to you, you can also have this loan administered as a long term loan

Market Loan

You can use this loan to replenish your stock or purchase new stock
This loan provides you access to a short term overdraft with up to 180 days repayment plan and 30 day clean up cycle

Creative Industry Financing Initiative

You have access to up to a million in loans for your business growth
The loan is set at a single digit interest rate of 9% per annum
This loan has no fees attached No fees
The loan has a long tenure of up to 60 months which makes the repayment of the loan very flexible

Education Loan

This loan provides up to a maximum of 100 million Naira the loan amount that will be alloted depends on the class of the school
The interest rate of this loan is friendly

Cons of Polaris Bank Loan

Polaris Bank loans have several benefits enjoyed by the loan beneficiaries, but the bank’s loans have a few downsides to them. Some of the cons of Polaris Bank loans are:

There are limited categories of loans available on offer at Polaris Bank compared to the bank’s competitors in the commercial bank lending market
The overdraft term of the market loan can be increased for better overdraft provision efficiency

Conclusion

Polaris Bank has a wide range of loan options that are there to satisfy the financial needs of their customers. Polaris Bank has continued to provide top notch banking services including the provision of loans to its customers that apply for the loans and meet the eligibility requirements. The Polaris Bank loans are designed with a lot of benefits that have made the loans desirable to its customers. Worry no more Polaris Bank will make your dreams a reality by helping you finance the cost with the right loan for you. Why not apply today for a Polaris Bank loan? See

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Distributed by APO Group on behalf of Afreximbank.

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International Islamic Trade Finance Corporation (ITFC) and the Central Bank of Nigeria Successfully

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