PolarIs Bank was formally known as Skye Bank and it was established by Central Bank of Nigeria (CBN) on September 21, 2018 to offer commercial banking services to the Nigerian public after acquisition from the formal owner.
The bank offer different kind of loan to it’s depositors they include,Polaris Salary Advance,Digital Loans Terms & Conditions and personal term loan,Market Loan and Money Transfer
We shall be discussing on requirement,term and conditions and how to apply for polaris bank salary advance loan
You can also read: How to check Polaris [Skye] bank Account Balance and Bank statement of Account
1. Polaris Salary Advance Loan:
With Polaris bank pay day loan, depositors who’s salary is domicile with the bank can now access up to 50% of their next salary in advance.
The Loan is processed and disbursed in less than 1 minute using our USSD code . Disbursed funds can be accessed 24/7 via the ATM or your mobile device using our USSD, PolarisMobile and PolarisXperience.
What is the Features & Benefits of Salary advance loan?
Quick access to funds for bridging short-term funding gap.
Competitive pricing
Access 70% of monthly net income upfront
24 hours loan processing time
No collateral required
Minimal Documentation
Also read: Polaris Bank (Skye Bank) transfer code:How to Buy Airtime,Transfer Money and Check Account Balance
Requirements
You must be employed by reputable organizations in both private and public sectors
Your salary account must be domiciled with Polaris Bank
How to Apply for salary in advance Loan?
Option 1
You can apply via ussd code all you need is to Dial *833*12# from your registered mobile phone and follow the instructions to access the Salary Advance. It takes less than a minute
Option 2.
Visit any of our branches closest to you to complete a loan application form and submit same with other required documents
Option 3
Call Polaris Yes Center on 0700-7652747, 08069880000, 01-4482100 or 01-2705850.
Call your relationship officer.
2. Personal Term Loan:
This kind of loan help depositor’s to carry out their financial needs on medical bills, school fees, asset acquisition or setting up that small scale business.
What is the Features & Benefits
depositors can access up to N10 million
Flexible and convenient monthly repayment plan over a maximum period of 48 months
Repayment from salary domiciled with the bank
Competitive Interest Rate
No collateral required
Requirements
You must be a confirmed staff of a reputable organization in private or public sector
Domiciliation of Salary with Polaris Bank
How to Apply for Polaris bank personal term loan
Visit any Polaris Bank branch closest to you to complete a loan application form
Submit duly completed loan form with all relevant loan documents.
Loan is processed and disbursed within 48 hours
You can also:
Call YES CENTER on 0700-POLARISBANK (070075932265), 08069880000, 01-4482100 or 01-2705850.
Call your relationship officer.
You may like: How to Apply for Zenith bank and FCMB Bank salary advance loans
3. Polaris Bank Digital Loans
This kind of loan is eligible and interested customers under the following terms and conditions to bridge cash flow gap.
It has 30 days tenor or next salary date (whichever comes first).The interest rate for the facility is 2.5% flat, which shall be subject to review from time to time in line with the prevailing money market condition.
The loan interest rate is 1% flat with life insurance 0.5% flat.
REPAYMENT SOURCE:
Proceeds of monthly salary payment domiciled to the Lender or any BVN linked accounts in any Bank payable via Remita from source.
COMMENCEMENT DATE:
This loan shall commence on the date of disbursement. This loan is repayable on the next Pay Day or 30days after (whichever comes first).
SECURITY/SUPPORT:
The loan shall be secured with the following:
Irrevocable Domiciliation of Salary
Credit life insurance covering the risk of death/disability, and loss of job of the Borrower.
Undertaking to deduct repayments at salary source and subsequently remit to the Bank.
