Polaris Bank loans are financial solutions that help you meet the needs you have without worrying about being low on funds.
With the need of customers as the focal point of what drives the core of its services, Polaris bank has put in place several loan structures for unique purposes and categories of individuals so no one is excluded from Polaris Bank’s loans
These structures come with flexible repayment plans and easy application processes so you can get quick and secure loans.
Polaris Bank Loans
Below are the available Polaris Bank loans with their requirements:
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Polaris Personal Term Loans
Limit
₦70 million
Interest
5-15%
Tenor
60 months
Personal term loans are designed to help individuals take care of their needs which may range from medical bills to school fees and other expenses.
With Polaris Bank’s Personal Term loans, you can have access to up to 70 million. The tenor is 60 months (5 years) and this makes payment flexible and more convenient for individuals.
With decent interest rates and no collateral required, this unsecured loan is suitable for many individuals with urgent and personal financial needs. Funds agreed on from the loan are disbursed within 48 hours.
Requirements for Polaris Bank Personal Term Loan
- Active salary account lodged with Polaris Bank
- Work with a reputable private and public organization
- Completed loan application form
Polaris Bank Personal Term Loan Application Channels
You can apply for this Polaris Bank loan through the following:
- Any Polaris Bank branch
- Call 0700 POLARIS BANK
Polaris Salary Advance Loan
Limit
50% of salary
Interest
5-15%
Tenor
Next payday
This is a loan facility that enables you to have access to funds worth up to 50% of your next salary.
With it, you can pay bills and sort out what you need before your next salary arrives. It also comes in handy for delayed salary payments. Once you apply for it, you can continue with your projects and goals without a hitch
This Polaris Bank loan facility allows for quick access making short-term funding very possible and easy. This is possible through its minimal documentation, competitive interest rate, no collateral involved, and instant disbursement of funds (disbursed within as little as a minute of loan processing).
Requirements for Polaris Bank Salary Advance Loan
- Active salary account lodged with Polaris Bank
- Work with a reputable private and public organization
- Completed loan application form
Polaris Bank Salary Advance Loan Application Channels
You can apply for this Polaris Bank loan through the following:
- Any Polaris Bank branch
-
Use the USSD code *833*12# and follow the prompts
- Use the VULTe app to access its loan section
Polaris Digital Loans
Limit
50% of salary
Interest
2.5%
Tenor
30 days
Polaris Bank digital loans are accessible to its customers via various platforms that are easy and quick to access. These loans are designed to make sure you never run out of cash at any time of the day or season.
The application process for these Polaris Bank loans is simple requiring little to no documentation and disbursements are fast once the approval is given. The tenor on these loans is 30 days or the next salary date with an interest rate of 2.5%.
Requirements for Polaris Bank Digital Loans
- Active salary account lodged with Polaris Bank
- Positive credit report
- Active current/savings account
- Payment of all fees and insurance premium
Polaris Bank Digital Loan Application Channels
You can apply for this Polaris Bank loan through the following:
- Use the USSD code *833*12# and follow the prompts
- Use the VULTe app to access its loan section
Polaris Bank SME Loan
Funding is one of the biggest problems for businesses. Polaris understands this hurdle that many of its clients face so they offer a loan solution for small and medium enterprises (SMEs).
These loans are designed to help businesses with working capital, asset financing, Local Purchase Order (LPO) financing, and invoice discounting.
Polaris Bank SME loans offer up to N20 million in funds. However, more than N20 million can be accessed but this is subject to Polaris Bank’s minimum risk acceptance criteria. This involves background checks with further information about clients to determine creditworthiness.
The Polaris Bank loan tenors for SMEs are flexible and it is dependent on the specific SME loan facility. Interest rates are SME-friendly.
Polaris Education Loan
Limit
₦100 million
Interest
5-10%
Tenor
90 days – 36 months
Also known as the School Advantage Loan, this Polaris Bank loan is designed to take care of the needs of primary, secondary, and tertiary institutions, particularly private institutions. This loan helps school proprietors smoothly run all activities during a school session.
The loan amount available is dependent on the class of school (primary, secondary, or tertiary)
With this loan, a school can purchase necessary materials, fund staff payments, renovate structures, and buy assets.
The loan tenor is between 90 days (3 months) to 36 months (3 years).
You can apply an overdraft of 90 days maximum to augment quick funding needed for school fees.
School loans are not just for quick financing for school fees but also for schools to finance their operations and acquire assets. Short-term education loans offer a maximum of N100 million in funds with a tenor of 12 months (a year). This allows schools to purchase educational equipment, and expand in the form of construction and land acquisition.
The Asset Financing Facility of the Education loan is specifically for buying official vehicles and generators only with a tenor of up to 36 months (3 years).
Requirements for Polaris Bank Education Loans
- Active account lodged with Polaris Bank
- Bank account statements
- School fees invoices,
- Cash flow invoices
Polaris Bank Education Loan Application Channels
You can apply for this Polaris Bank loan through the following:
- Any Polaris Bank branch
Polaris Market Loan
Limit
₦5 million
Interest
5-10%
Tenor
180 days
This loan is for small and medium business owners who deal in fast-moving (perishable) consumer goods like groceries. With the market loan Scheme by Polaris bank, business owners have access to up to N5 million Naira in financing.
With this Polaris Bank loan, individuals can access short-term overdrafts with a tenor of 180 days (6 months) with 30 days (1 month) clean-up cycle. With the competitive rates this loan facility offers and its reduced collateral requirements, this loan can be used for stock purchase and replenishment.
Requirements for Polaris Bank Market Loans
- Applicants must be actively engaged in retail and selling fast-moving consumer goods for a minimum of 24 months (2 years).
- Applicants must be a member of a market association in a market area.
- Applicants must have a banking relationship with Polaris Bank or any other reputable bank for at least 12 months (a year) with a statement of account from other banks
-
Completed loan application form.
Polaris Bank Market Loan Application Channels
You can apply for this Polaris Bank loan through the following:
- Any Polaris Bank branch
Polaris Health Sector Loan
Limit
₦50 million
Interest
5-10%
Tenor
48 months
Polaris Health Sector loans provide short to medium-term financing for professionals specifically in the health sector. Institutions such as hospitals, Pharmacies and dispensaries, diagnostic centers, and medical laboratories will benefit from this loan which will assist them and augment their growth and allow them to broaden the scope of their operation.
Financing of up to N50 million for business growth is available through this loan, it can be given as an overdraft or a term loan with a repayment of 48 months (2 years).
Requirements for Polaris Bank Health Sector Loans
- Applicants must be practicing healthcare professional with a relevant license from a recognized regulatory body
Polaris Bank Market Loan Application Channels
You can apply for this Polaris Bank loan through the following:
- Any Polaris Bank branch
- Online application (via website)
Polaris Creative Industry Financing Initiative
Limit
₦500 million
Interest
9% per annum
Tenor
60 months
The Creative Industry Financing Initiative is a long-term finance loan specifically designed to support the creative endeavors of individuals or groups in fields such as Visual Arts, Movie production, Software development, Fashion designing, and so on.
With the Creative Industry Financing Initiative individuals, you can access N500 million as a loan to grow your creative business.
Interests are as low as 9% per annum in single-digit loans. tenor can be as long as 60 months (5 years). No processing fee is involved.
Requirements for Polaris Bank Creative Industry Financing Loans
- Applicants must be in the creative field
- Active account/relationship with Polaris Bank
Polaris Bank Creative Industry Financing Loan Application Channels
You can apply for this Polaris Bank loan through the following:
- Any Polaris Bank branch
- Online application (via website)
Polaris CBN Health Sector Support Facility
Limit
₦100 billion
Interest
5% per annum
Tenor
1- 10 years
The CBN Health sector Support facility is an intervention support scheme created by the Central Bank of Nigeria to buffer the Covid-19 pandemic’s effect on the economy.
This support is aimed at the health sector including manufacturers, healthcare service providers, diagnostic laboratories and the like.
The support is available in two types of loans,
Working capital: which comes with a maximum of N500 million and a one year tenor
Term loan: N2 billion and a 10-year tenor
Requirements for Polaris Bank CBN Health Sector Support Facility
- Applicants must be in the health sector
- Active account/relationship with Polaris Bank
Polaris Bank CBN Health Sector Support Facility Application Channels
You can apply for this Polaris Bank loan through the following:
- Any Polaris Bank branch
- Online application (via website)
Polaris Bank Loan Calculator
If you are feeling lucky, take some minutes to calculate how much you will pay back before applying for any using the below Polaris Bank loan calculator:
Polaris Bank Loan FAQs
With these loan facilities, each with benefits suited for benefactors in specific niches ranging from businesses in the health sector and education sector to individuals looking for a salary advance or trying to start or grow their creative venture Polaris has the loan package just for you.
This Polaris bank loan offers competitive and favorable interest rates combined with the ease of access to these loan facilities.
You can get other funding options such as loans from other providers.
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