Polaris bank is one of the oldest banks in Nigeria that offers Personal and Business loans to existing and non-customers of the bank.
Therefore, whether you are an individual or business client looking for the best loan to tackle surprise needs, reconcile debt or improve your business, Polaris bank quick loans are available to help you with your request.
Most of these loans come without collateral and at a very low-interest rate, however, if it is a risky loan, then the bank may need to protect its own interest and thereby requesting some form of collateral.
If you are applying for a personal loan, it can be used to meet emergency needs like school fees, upkeeps, house rent, etc while small and medium enterprises will be able to access business loans to improve the well-being of their enterprises.
In this article, we will reveal loans you can access as a retail or business account holder. Do note that they will be listed together. Whether you are a salary income earner or self-employed, you will find something that could give a worthwhile temporary cover.
LOANS OFFERED BY POLARIS BANK
1. Polaris Payday Loan
Are you looking for quick access to funds for bridging short-term funding gap? Now you can with Polaris Payday Loan.
Polaris Payday Loan ensures you get up to 50% of your monthly salary. To get a payday loan from Polaris Bank, you must be a salary income earner from any of the reputable organizations in both the private and public sectors. You must also have your salary account with the bank and with no other debt obligations in Polaris bank or other banks.
The loan is very fast to obtain from Polaris bank. After applying for the loan, you should get your loan within 24 hours. There is no collateral required to get the loan, but you will need to complete minimal documentation.
However, if you are applying for a quick loan through Polaris USSD code, it is as good as saying no documentation needed when applying for a loan.
Disbursed funds can be accessed 24/7 via the ATM, Polaris Bank USSD, PolarisMobile, and PolarisXperience.
How To Apply For Polaris Payday Loan
There are quite a several ways you can request for a Payday Loan from Polaris Bank, they are:
- Customers can apply for Payday Loan by dialing *833*12# from the Phone Number linked to their Polaris’ Salary Account. Follow the online prompts to complete the application. It should not take more than a few to successfully applied.
- Another way to request for Polaris Bank Payday Loan is by contacting the Polaris Bank Customer Care through their official online channels.
- Customers can also visit the bank to apply for a loan. They will be required to complete minimal documentation to obtain a loan.
- Alternatively, call your relationship officer to request for a loan. He or she should be able to help out as regards Polaris Bank Loan.
2. Personal Term Loan
It can become very frustrating when an emergency needs suddenly crop up and you think there is no way out of it.
With Polaris Personal Term Loan, you can get a term loan from the bank with no collateral. The Personal Term Loan is to help salary income earners to meet up with needs such as medical bills, school fees, house rent, home improvement, asset acquisition, or setting up that small scale business. Customers can access up to N10 million on Personal Term Loan.
Successful applicants can enjoy flexible and convenient monthly repayment plan over a maximum period of 48 months and with a good competitive interest rate. The tenure is good enough to pay back your loan. Customers must have their salary account domiciled with the bank to enjoy all the benefits that come with Polaris bank personal term loan.
How To Apply For Polaris Bank Personal Term Loan
- To apply for Polaris bank personal term loan, visit any Polaris Bank branch closest to you to complete a loan application form.
- Complete the loan application form and submit with all relevant loan documents.
- Alternatively, you can also Call YES CENTER on 0700-POLARISBANK (070075932265), 08069880000, 01-4482100, or 01-2705850 to get Polaris Bank Loan.
3. Polaris Market Loan
If you are in the business of fast-moving consumer goods which also qualified you as self-employed or business owner, you can get the Polaris Market Loan. However, it comes with some conditions that must be met.
Applicant must have been managing the business for a minimum of two years and also a member of a trade/market association in the market.
Another major requirement is that applicant must operate an account with the bank or any other bank in Nigeria for at least (12) months. If you are using another bank, then you will need to provide a statement of account from other banks.
During the application, you will be required to fill in some documentation. Thereafter, you will able to get finance up to N5 Million Naira with the Market Loan Scheme powered by Polaris Bank and up to 180 days with 30 days clean-up cycle.
To apply for Polaris Market Loan, visit the customer care section at ant Polaris Bank Branch and request for the loan application form.
4. Polaris Health Sector Loan
The bank understands how difficult for practicing healthcare professionals to obtain loans and thereby granting them loans to grow their businesses.
If you are a healthcare provider, you can get finance up to N50million for business growth, and with the tenure of the loan up to 48months. The loan can be administered as an overdraft or term loan depending on the purpose. Asset finance also available.
Meanwhile, only Hospitals, Medical Laboratories, and Diagnostic Centers, and Pharmacies are considered healthcare units.
To apply for Polaris Health Sector Loan, visit docs.google.com/forms/d/e/1FAIpQLScHRBzlheTa6hZTA3xHBBSBf3Z85-jUw1EAVC0fBxXWGCNYCw/viewform and complete the online loan application.
Alternatively, visit any of Polaris bank’s branches closest to you to complete a loan application form.
5. Creative Industry Financing Initiative
The Creative Industry Financing Initiative is a long-term loan given to Creative Professionals to support and improve their creative endeavours such as Movie Production, Fashion designing, Software Development, Music, and Fine Arts.
The lender, which is Polaris Bank can give up to N500million in loans for your business growth, and for their troubles, they charge 9% per annum. The tenure of the loan is 60 months and no additional fee.
Creative Industry Financing Initiative requires documentation since it is a risky loan for the bank. To request or access the loan, visit any Polaris Bank around you.
6. EDUCATION LOAN
Polaris Education Loan is a product designed to cater to the financial needs of Educational institutions.
Beneficiaries of this offering include private Primary, Secondary, and Tertiary institutions. It is available to both new bank and existing customers and the loan amount is up to N100M depending on class of school and with tenor from 90 days to 36 months.
If you are the school owner, you will need to complete documentation and provide collateral. The collateral will be from the school fees proceed. Therefore, the school or individual must have accounts with the bank.
Teachers and Parents can also enjoy personal loans for payment of school fees and other needs.
To apply for Education (student) Loan, go to any Polaris bank branch and request for the loan.
7. CBN Health Sector Support Facility
CBN Health Sector Support Facility is a facility provided by the Central Bank Of Nigeria as part of proactive measures to cushion the impact of the Coronavirus (COVID-19) pandemic in the economy.
The N100 billion credit support intervention fund is for the health sector such as Manufacturers of Healthcare products, Healthcare service providers/Medical facilities, Pharmaceutical/Medical product distribution and logistics services, and other human healthcare service providers.
The CBN Health Sector Support Facility is of two types, working capital, and term loan.
The working capital is to enable you to meet up with short term expenses and comes with one year repayment period. Successful applicants will be able to get up to N500 million from the bank which should be enough for any recurrent expenditure.
Term Loan, as the name implies is a long-term loan with a maximum tenor of up to 10 years and a N2billion amount in loan for beneficiaries.
To get this special loan from Polaris Bank, visit any of their branches spread across Nigeria. Do note that this type of loan product requires documentation and collateral.
8. Other SME Loans
Polaris bank is not only concerned about helping out the salary income earners but also have some loan products for small and medium enterprises (SMEs).
Other SME loans is a product developed on a fast-track platform to meet the needs of the SME business. The loan is available for Working Capital, Asset Financing, LPO financing, and Invoice discounting.
Each successful applicant can get up to N20 million in loan amount with SME friendly interest rate.
The tenor of the loan will depend on the facility type. To know your repayment period, you will need to chat with the bank.
To apply for SME loan, simply go to any Polaris Bank nearest to you and apply for the loan.