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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BANKING

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

Published

2 weeks ago

Christopher

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

Leila Mokaddem, Director General for Southern Africa at the African Development Bank, highlighted the broader impact: “This collaboration marks a significant milestone in our long-standing partnership and is a testament to our shared commitment to supporting SMMEs’ growth and enhancing trade finance across Africa. Expanding financial inclusion and trade opportunities empowers businesses to drive economic transformation and regional integration. The Standard Bank Group remains a strategic partner in our shared vision for economic development on the continent.”

This initiative aligns with the African Development Bank’s Ten-Year Strategy (2024–2033), which prioritises industrialisation, regional integration, and improving the quality of life in Africa. It also supports Standard Bank’s Sustainable Finance Framework, reinforcing both institutions’ commitment to fostering green and inclusive growth.

“We are proud of this transaction, demonstrating our shared commitment to sustainable financing. By supporting businesses, we create long-term economic opportunities and financial resilience,” stated Ahmed Attout, Director of the Financial Sector Development Department at the African Development Bank.

Kenny Fihla reaffirmed the significance of the collaboration:

“By providing much-needed capital, we are helping enterprises overcome challenges and thrive. This partnership illustrates the power of collaboration in driving meaningful economic and social change in Africa.”

BANKING

The International Islamic Trade Finance Corporation (ITFC) Maintains Leadership in Global Ranking of Islamic Syndications for 4 Consecutive Years

Published

2 weeks ago

Christopher

The International Islamic Trade Finance Corporation (ITFC) Maintains Leadership in Global Ranking of Islamic Syndications for 4 Consecutive Years

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB), has reinforced its position as a key player in the Islamic syndications market, achieving prominent rankings in the 2024 Bloomberg and Refinitiv League tables.

The International Islamic Trade Finance Corporation (ITFC) Maintains Leadership in Global Ranking of Islamic Syndications for 4 Consecutive Years

For the fourth consecutive year, the ITFC top-tier performance reflects a strategic focus on delivering impactful trade finance solutions. For 2024, Refinitiv ranked ITFC as Globally # 1 Bookrunner and Mandated Lead Arranger (MLA) in their Islamic Syndications League table. Additionally, and Bloomberg also ranked ITFC among the top Bookrunners and MLA in the Islamic Syndications League table. These rankings are a testament to the ITFC ability to consistently deliver value-driven results and maintain a strong position among leading international and regional financial institutions.

The recognition from Refinitiv and Bloomberg confirms that ITFC is a key player in facilitating trade among OIC member countries. This not only reaffirms the ITFC status as the pre-eminent provider of trade solutions but also underscores its remarkable ability to draw investments from a wide spectrum of global investors and financial institutions.

Additionally, it emphasizes the positive impact on the lives and livelihood of people inherent in the ITFC business operating model, demonstrating its effectiveness in meeting the unique financial needs of OIC member countries.

The Refinitiv and Bloomberg League tables rank banks and financial institutions based on their performance in loan syndications, bonds, and mergers and acquisitions (M&A) transactions. The rankings, including arrangers, bookrunners, administrative agents, and advisors, are published quarterly and annually.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$83 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.

BANKING

Afreximbank and Kenyan government ink milestone agreements to promote industralisation

Published

2 weeks ago

Christopher

Afreximbank and Kenyan government ink milestone agreements to promote industralisation

Afreximbank will finance the development and operationalisation of industrial parks (IPs) and special economic zones (SEZs) to bolster the country’s industrialisation and export manufacturing

African Export-Import Bank (Afreximbank) (www.Afreximbank.com), Africa’s foremost trade development Bank, today in Mombasa, Kenya, ratified a series of initiatives designed to support Kenya’s industrialisation and export-led development agenda. Under the terms of the initiatives, formalised at a signing ceremony with the Kenyan authorities, Afreximbank will finance the development and operationalisation of industrial parks (IPs) and special economic zones (SEZs) to bolster the country’s industrialisation and export manufacturing.

Afreximbank and Kenyan government ink milestone agreements to promote industralisation

The proposed industrial parks, to be developed by Afreximbank through its affiliate company, Arise Integrated Industrial Platforms (Arise IIP), will create and sustain an environment in which export-oriented industries can thrive, by leveraging economies of scale, shared infrastructure and access to global markets.

Two projects to be undertaken by Afreximbank, with the support of the Government of Kenya and other strategic collaborators, are the development of the Dongo Kundu Integrated Industrial Park and the Naivasha Special Economic Zone II (Naivasha II), for which, having secured leases of the relevant land, Afreximbank intends to leverage the expertise and experience of Arise IIP, a special economic zone developer with experience in the development of integrated industrial parks in Africa.

Both the Dongo Kundu Integrated Industrial Park and the Naivasha Special Economic Zone II are included in the Fourth Medium Term Plan (2023-2027) of the Kenyan government’s Vision 2030, entitled “Bottom-Up Economic Transformation Agenda for Inclusive Growth”, reflecting the high priority which state institutions are giving to measures that strengthen, expand and accelerate Kenya’s capacity to export value-added goods within Africa and globally.

Speaking on the signing, the President of the Republic of Kenya, H.E. Dr. William S. Ruto said; “We have a responsibility to steer the country in the right direction, harnessing the immense potential of manufacturing, industrialization, agro-processing, and value addition within Special Economic Zones. The signing of these agreements today marks a significant milestone in Kenya’s development, expanding opportunities to enhance our manufacturing sector and create a more conducive environment for investment. We convene here today to sign an investment – and not a loan – undertaken by people whose faith in this country and its possibilities motivates their decision. This is our country, let’s continue to do whatever it takes to make it an attractive destination for those who want to invest.”

In his own comments, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said:

“Africa has been heralded as a land of opportunity, blessed with resources that power the world. Yet, we have struggled to translate this wealth into lasting prosperity for our people. For decades, we have watched as others reap the rewards of our natural resources, leaving us tethered to a cycle of dependency—exchanging our riches for aid and loans that kept us on the fringes of the global breadbasket.

“Those days are behind us. Today, Kenya takes a bold step to reshape this story in a profound and impactful manner. These Parks are an integral part of the Government’s plan to boost the country’s economic growth under the Vision 2030 development blueprint.

Today’s signatures are more than ink on paper—they are a promise to the people of Kenya, a pledge that the country will rise as a beacon of industrial might and self-reliance.”

Mrs. Oluranti Doherty, Managing Director of Export Development at Afreximbank, and Captain William K. Ruto, Managing Director of the Kenya Ports Authority, signed the Dongo Kundu Special Economic Zone agreement. Dr. Kenneth Chelule, Chief Executive Officer of the Special Economic Zones Authority, and Mrs. Doherty signed the Naivasha Special Economic Zone agreement, with H.E. Dr. William Ruto, President of the Republic of Kenya, and Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, witnessing the signing of both agreements for the State and for the Bank, respectively.

The Dongo Kundu Industrial Park within the Mombasa SEZ is expected, upon completion, to boost the area with a state-of-the-art industrial park that will contribute significantly to economic growth and industrialisation efforts in Mombasa County and in Kenya as a whole.

The Naivasha II Special Economic Zone – Naivasha II project is located at Mai Mahiu and will include a free trade zone, an industrial park, a logistics zone and a public utility area with a supporting road network. The project will occupy an area of approximately 5000 acres.

The Naivasha II project will also derive value from its strategic geographic position as it sits on the gateway to East and Central Africa through the Northern Corridor Transport System, which comprises both a standard gauge railway and a major highway. Moreover, the SEZ will be close to the Naivasha Inland Container Depot, which serves the East African hinterland countries of Burundi, the Democratic Republic of Congo, Kenya, Rwanda, South Sudan and Uganda.

Other dignitaries in attendance included Mrs Oluranti Doherty, Managing Director, Export Development, Afreximbank; Hon. Davis Chirchir E.G.H, Roads and Transport Cabinet Secretary; Hon. Hassan Ali Joho, Cabinet Secretary for Mining, Blue Economy and Maritime Affairs; Hon. Salim Mvurya, Cabinet Secretary for Youth Affairs, Creative Economy and Sports of Kenya and Honourable Lee Kinyanjui, Cabinet Secretary, Ministry of Investment, Trade and Industry. Additionally, Captain William K. Ruto, Managing Director, Kenya Ports Authority; Dr. Kenneth Chelule, Chief Executive Officer, Special Economic Zones Authority; His Excellency Abdulswamad Shariff Nassir, Governor of Mombasa County; the Honourable Benjamin Tayari, Chairman, Kenya Ports Authority, and Mr. Fredrick Muteti, EBS, Chairperson, Special Economic Zones Authority attended the event.

Distributed by APO Group on behalf of Afreximbank.

About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industralisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2023, Afreximbank’s total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.