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May 27, 2019

UNITY BANK NIGERIA

 

SALARY ADVANCE

A key thrust of their retail lending services is the provision of structured financial options to individuals with reliable and regular stream of cash inflows. Thus, individuals in salaried employment can access a variety of retail lending services that will allow them optimize their finances through bridging the occasional gap between financial obligations and the next payday or various other options that allow qualifying customers take advantage of their steady inflows to access facilities that will be repaid over time.

SALARY BACKED LOANS

As against Salary Advance which is relatively short term in nature (ranging from one week to three months), Salary-backed loans allow qualifying customers to borrow amounts that they will otherwise have to save for up to a maximum of two years.

ASSET ACQUISITION FINANCE

Unity Bank customers can rely on their retail lending platforms to finance the acquisition of personal and consumer assets ranging from personal electronics to automobiles. While this tailored primarily for salaried individuals, the Bank is also open to assessing acceptable situations for individuals who are not necessarily in regular paid employment

BUSINESS BANKING

OVERDRAFT

This division concentrates on the needs and aspirations of their clients and potential customers whose focus is on the retail and consumer aspect of the economy. It is responsible for providing a wide range of services through their existing generic and specialized product lines for example the Overdraft.

Features and Benefits

  • Allows a customer to overdraw his/her account up to a certain limit for a specific period.
  • Availability is strictly at the discretion of the Bank.
  • Provided to augment customers’ working capital Payable on demand.
  • Classified as Temporary Overdraft for a tenor of not more than 30 days.
  • Standard Overdraft is granted for more than 30 days but not more than a year.
  • Excess Over Limits is granted for customer with an existing overdraft that is satisfactorily utilized for a maximum 30 days

INVENTORY FINANCING

This division concentrates on the needs and aspirations of their clients and potential customers whose focus is on the retail and consumer aspect of the economy. It is responsible for providing a wide range of services through their existing generic and specialized product lines for example the Inventory Financing.

Features and Benefits

  • Inventory Financing involves financing of mainly finished manufactured goods, raw materials [exceptionally] and general goods with high secondary market value.
  • Commonly extended to rapidly growing companies whose growth typically requires constant cash outlay. This type of facility requires regular monitoring for compliance with loan covenants.
  • The borrower draws against the line as new inventories are created and repayments are from collection of the account receivable on a continuous basis.

UNITY FARMERS CO-OPERATIVE LEASING SCHEME

Features

  • Targeted at farmers’ cooperative societies/ farmers groups to meet their financing needs
  • Product covers Farm machineries acquisition (Irrigation equipment, sprayers, pumps, tractors, implements etc.)
  • Maintenance of 20% in savings account to serve as collateral support
  • Counter guarantee of members of the Cooperative Societies (Joint and several liability of members).
  • Cooperatives must be at least 6 months of being registered with Registrar of Cooperatives.
  • Lien or bills of purchase on the equipment being financed.
  • Up to 60% CBN/NIRSAL Credit Risk Guarantee on net amount in default.
  • NAIC Insurance cover on the approved amount.
  • Eligible only on current account.

Benefits

  • Customer can benefit up to five times the amount saved as cash collateral.
  • Facility tenor ranges between 12 and 24 months.
  • Professional advice to customers.
  • CBN guarantee upon payment of 3% annual Risk Guarantee fee attract up to 60% Guarantee and 35% interest rebate for good performance

UNITY FARMERS CO-OPERATIVE FINANCE SCHEME

Features

  • Targeted at farmers’ cooperative societies/ farmers groups to meet their financial needs in agribusiness.
  • Product covers production, processing and marketing of Agricultural commodities (crops, fisheries, livestock etc.)
  • Maintenance of 20% in savings account to serve as collateral support.
  • Counter guarantee of members of the Cooperative Societies (Joint and several liability of members)
  • Cooperatives must be at least 6 months old with Registrar of Cooperatives.
  • Enjoy CBN Credit Risk Guarantee
  • NAIC Insurance cover on the approved amount.
  • Eligible only on current account.

Benefits

  • Customer can benefit up to five times the amount saved as cash collateral.
  • Facility tenor ranges between 12 and 24 months.
  • Customers enjoy Professional advice.
  • CBN guarantee of up to 75% upon payment of 3% Credit Risk Guarantee with up to 50% interest rebate as reward to good performance

UNITY INDUSTRIAL INPUT FARMERS SCHEME

Features

  • Targeted at Commercial farmers on large scale production or marketing commodities/animal bye-products to serve as raw materials for industries.
  • To maintain adequate collateral maximum of 20% cash collateral required
  • Payment of annual credit risk guarantee fees & domiciliation of sales proceeds to the bank.
  • Forward contract may be required.

Benefits

  • Facility limit depends on capacity of customer.
  • Maximum of 12 months tenor (renewable thereafter)
  • Professional advice and support.
  • Flexible repayment method.

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