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May 27, 2019

POLARIS BANK NIGERIA

 

SME LOANS

Nurturing businesses for growth means bridging identified gaps in your client’s business. One of those gaps is funding gap and as a Bank, they have the following loan solutions for their SME customers;

SBG Fast-track Loans

SKYE School Advantage

  • Maximum loan amount is N10 million per obligor at every given time

Loan Types

  1. Asset Financing

To purchase school buses or generating set not less than 15KVA

  • SME friendly
  • Equity Contribution: 20%
  • Tenor: Max. 36 months

 

  1. Short Term Loan

To purchase laboratory equipment, furniture, books for library, pay rent

  • SME friendly
  • Tenor: Max. 12 months
  • loan amount must not be tied to more than 20% of annual turnover subject to maximum of N10 million

 

  1. Advance

To provide working capital to schools for payment of salaries, purchase of stationery, repairs, etc

  • SME friendly
  • Tenor: Max. 90 days with option of 45 days or 30 days to fee collection
  • loan amount must not be tied to more than 50% of the school collections for a term, subject to maximum of N10 million

Retail Loans for Parents and Teachers

Skye Bank also offers a range of retail loans to address the funding needs of parents to pay school fees and also for teachers to bridge working capital against their salaries. The following are the retail loans and their features:

Personal Term Loan

This can be used by parents, who work in well-structured organizations, to pay school fees.

Features

  • Maximum loan amount of N5million.
  • Maximum facility tenor of 36months.
  • Pricing is highly competitive.
  • Repayment shall be from salary domiciliation.

Salary Advance

This can be used by teachers to bridge personal funding gap against next pay day.

Features

  • Maximum loan amount of 70% of monthly net income.
  • Maximum facility tenor of 30 days.
  • Pricing is highly competitive.
  • Repayment shall be from salary domiciliation.

Salary Overdraft

This can be used by teachers to augment personal cash flow as the need arises.

Features

  • Maximum loan amount of 100% of monthly net income.
  • Maximum facility tenor of 12 months with a 30-day clean up cycle per tranche.
  • Pricing is highly competitive.
  • Repayment shall be from salary domiciliation.

AUTO LOAN FOR BUSINESS OWNERS

Features

  • Maximum loan amount of N10 million
  • Maximum tenor of 36 months
  • Minimum equity contribution of 30%
  • Pricing is SME friendly.
  • Repayment shall be from salary domiciliation.
  • Equal and consecutive monthly instalment
  • Obligor’s business must be domiciled with the Bank

Other loans processed on the SBG Fast-track platform are itemized below;

  1. Short Term Working Capital
  • Amount: N15 million
  • Tenor: Max. 180 days
  • SME friendly
  • Fee: 1% flat
  • Commitment Fee: 1% flat
  1. Asset Financing Facility
  • Amount: N20 million
  • Tenor: Max. 36 months
  • SME friendly
  • Equity Contribution: 30%
  • Types of assets: Motor Vehicles, Buses, Generating Sets (15KVA upwards).
  • Equipment or Machines used for the production process in Manufacturing Companies (subject to approval).
  • Turnover of obligor must be adequate for timely repayment
  1. LPO Financing Facility
  • Amount: N20 million
  • Tenor: Max. 180 days
  • SME friendly
  1. Invoice Discounting
  • Amount: N20 million
  • Tenor: Max. 180 days
  • SME friendly

Please note that all other loan amounts above the specified maximum limits can still be accessed subject to their minimum risk acceptance criteria.

Loan Product for Hajj Operators

This product is specially designed for Private Tour Operators (Travel Agents) involved in the seasonal Hajj operations. Advance and overdraft facilities are availed to the operators to bid for seat allocations and to cater to logistics needs on behalf of Islam pilgrims.

Features

  • Advance of N5million (with an equity contribution of N500,000.00) to bid for seat allocations.
  • Overdraft facility of N15million to cater to logistic needs on behalf of Islam pilgrims.
  • Maximum tenor of 90 days.
  • SME friendly interest rate

Qualifying Criteria

  1. Must be IATA registered.
  2. Must have valid registration with NAHCON (National Hajj Commission) – this would be independently confirmed by the relationship officer.
  3. Must have allocation paper duly confirmed from NAHCON (to access overdraft facility from the bank)
  4. Loan amount above the specified maximum limits can still be accessed subject to our minimum risk acceptance criteria.

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