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May 27, 2019

Heritage Bank NIGERIA

 

SMART ADVANCE

Smart advance is a product designed for individuals who require an advance before salary due date to meet urgent needs.

Features and Terms

  • Facility Amount: 50% of net monthly salary and Single obligor limit of N500,000
  • Tenor: The tenor for this product is 90 days
  • Repayment: The monthly repayment in addition to existing repayment obligation(if any) shall be subjected to DSR of 33.3% of the net monthly pay

Eligibility

  1. Domiciliation of salary with Heritage Bank customer must be a confirmed staff of the organization
  2. 3 months’ salary domiciliation

Documentation: Loan application and employer undertaking form

Target Market

Individuals in paid employment whose salaries, allowances and other benefits are domiciled with Heritage Bank.

NIGERIAN ARMED FORCES PERSONAL LOAN

The product is designed for all rank and file officers of the following:

  • Nigerian Army
  • Nigerian Navy
  • Nigerian Police Force
  • Nigerian Security and Civil Defense Corps
  • Nigerian Air force

This is to enable them access funds to meet urgent needs and other cash challenges.

Target Market

This product is targeted towards staff of the above listed institutions whose salaries are domiciled in the bank.

Features

  • Facility Amount: Subject to 33.3% of monthly salary maximum of N3,500,000 (Three Million Five Hundred Thousand Naira)
  • Tenor: 12-36 months
  • Repayment: Repayment will be from the salary account domiciled with the bank
  • Age Limit: Non-Academic Staff – 60 years, Academic Staff – 65 years, Professors – 70 years
  • Security: Domiciliation of Salary; Credit Life Insurance and Third Party Guarantee

HOME APPLIANCES LOAN

The product is designed to facilitate acquisition of home appliances for customers whose salaries are domiciled with Heritage Bank

Target Market

This product is targeted towards staff of the above listed institutions whose salaries are domiciled in the bank.

Features

  • Facility Amount: Single Obligor limit of N1million
  • Tenor: 6-18 months
  • Repayment:
  1. Maximum repayment per month should not exceed–33.3% of net monthly salary (i.e. ‘take-home pay’).
  2. Monthly repayment shall not exceed 33.3 of self-employed individuals income
  3. Monthly interest repayment should not exceed 33.3% of net monthly pay
  • Ownership of Asset financed

AUTO LOAN

This is a loan facility designed to part- finance the purchase of brand new vehicles for personal use by staff of select organization

Target Market

The product is specifically targeted at confirmed staff of companies whose salary accounts are domiciled with Heritage Bank.

Features

  • Facility Amount: Single Obligor Limit of N10M
  • Tenor: 12-48 months
  • Repayment:
  1. Monthly Repayment will be from the salary account domiciled with the bank
  2. Irrevocable standing payment order authorizing deduction of repayment from salary account confirmed by customer’s employer and also pledging terminal benefits.
  3. ISPO should be from central pay office, Bursar, Financial debt of employer, it should be signed by authorized signatory and confirmed by ICU
  4. OR, Postdated cheques from salary account
  • Security: Vehicle will be registered in the name of the Bank

Benefits

  • Free Vehicle Registration
  • Free first year AA rescue membership
  • Free Auto tracker for the first year
  • Free Comprehensive insurance on cost of vehicle

Equity Contribution: 20% equity contribution
Age Limit: Applicants should not be more than 60 years at the point of full liquidation, Maximum application age for Professors 65 years, Judges 70 years

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