HERITAGE BANK PLC NIGERIA

PERSONAL LOAN

This is designed for salary earners who require finance to meet urgent needs and other cash challenges.

Features

• Facility Amount: Determined by 33.3% of take home, Subject to N5million
• Tenor: 12-36 months
• Repayment: Maximum repayment per month should not exceed–33.3% of net monthly salary (i.e. ‘take-home pay’)
• Security: Salary domiciliation, plus terminal benefits/gratuity domiciliation( as applicable)
• Personal guarantee with Notarized statement of net worth

Target Market

The product is specifically targeted at staff of private companies, ministries, parastatals and government establishments with salary accounts domiciled with the Bank.

PERSONAL LOAN TOP UP

This is designed to allow salary earners with existing loans avail the amount already paid down to meet personal exigencies and other cash challenges.

Features

• Facility Amount: Subject to the existing retail loan
• Tenor: 12-36months
• Repayment: Maximum repayment per month should not exceed–33.3% of net monthly salary (i.e. ‘take-home pay’)
• Security: Salary domiciliation, plus terminal benefits/gratuity domiciliation

Requirements

• Applicant must have paid up to 50% of his/her running facility
• Applicant must have been consistent in meeting his/her monthly obligations
• Applicant must have been servicing the existing loan facility for a minimum of period of 6months with
• The top-up amount is applicable to the same amount repaid by customer

Target Market

The product is specifically targeted at staff of private companies, ministries, parastatals and government establishments with salary accounts domiciled with the Bank.

SALARY ADVANCE

This is designed for salary earners who require an advance before salary due date to meet urgent needs. It allows salary earners address cash challenges within the month easily and conveniently.

Features

• Facility: Salary Advance
• Facility Amount: 50% of net monthly salary and single obligor limit of N500,000
• Tenor: The tenor for this product is 30 days subject to the next pay day
• Repayment: Monthly rental from salary domiciliation
• Security: Salary domiciliation

Eligibility

• Applicant’s salary must be domiciled with Heritage Bank.
• Applicants in paid employment must have been working for the current   employer for at least six months and must be a confirmed staff.

Target Market

The product is specifically targeted at staff of private companies, ministries, parastatals and government establishments with salary accounts domiciled with the Bank.

TERTIALLY CLUSTER STAFF LOAN

This product is designed for staff of federal government tertiary institutions, enlisted state government tertiary institutions and private tertiary institutions in need of loan facilities to bridge financial gap.

Features

• Facility Amount: Minimum of ₦250,000.00 and Maximum of ₦5,000,000.00
• Tenor: 12-36 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.

• ISPO should be from central pay office, Bursar, Financial debt of employer; it should be signed by authorized signatory and confirmed by ICU.
• OR, Postdated cheques from salary account
• Age Limit: Non-Academic Staff  – 60 years, Academic Staff –  65 years, Professors – 70 years
• Security:

1. Repayment will be from the salary account domiciled with the bank  OR
2. Irrevocable standing payment order guaranteeing deduction of repayment from source
3. Monthly payment (Maximum repayment per month should not exceed–33.3% of net monthly salary (i.e. ‘take-home pay’).

Eligibility: Federal Government owned tertiary institutions with or without domiciled salary and enlisted State Government/private institutions

Target Market                                  

Regular staff of federal tertiary institutions, enlisted state and private tertiary institutions.