Heritage Bank has played a key role in widening the finance options available to MSMEs through ensuring availability of finance for these businesses through value added products. The bank provides different types of loan packages which include Auto Loan , Salary advance, Cowry loan, NYSC Business loan in partnership with bank of industry and federal Government.
The financial institution ensure that whatever the need or dream, you have the power to keep making progress.The Loan products available are
NYSC Business loan
1. Auto Loan
This credit facility is for employees of reputable organizations for the purchase of new vehicles from CIG Motors Limited (manufacturers of GAC branded vehicle).The Loan Amount is 33.3% of net monthly income subject to N10 million single Obligor Limit
The Interest rate is 24% p.a. (subject to change in market realities). The collateral for this kind of loan is minimum of 10% of financed amount with Credit life insurance of 0.5% of financed amount and Insurance of 3.5% of asset cost payable annually.
Borrower salary accounts must be domiciled with a heritage bank with minimum of 3 months relationship with the bank and Maximum tenor of 48 months of loan duration. The Manufacturer’s warranty must be (provided by CIG)
Heritage bank auto loan has a great Discounted vehicle pricing and Free tracking as well free vehicle registration with Management fee of 1% flat and Commitment fee of 1% flat. you need to pay CRMS search of (N4,000) during the loan process.
Heritage bank salary advance afford you low interest, low risk funding as an employee with
credit Facility Amount of 50% of net monthly salary and single obligor limit of N500,000
The loan tenor for this product is 30 days subject to the next pay day. before you can qualify for this type of loan via heritage bank you must be a salary earner with either private or government sector.
1.Applicant’s salary must be domiciled with Heritage Bank.
2. Applicants in paid employment must have been working for the current employer for at least six months and must be a confirmed staff.
COWRY (PERSONAL) LOAN
The heritage bank Cowry personal loan is designed for customers of the bank who are confirmed staff at their place of work. The loan package is available to age 22 – 55 years and Determined by 50% of monthly take home, subject to N3 million limit.
The loan facility has a Maximum tenor of 12 months with equal monthly repayment of principal and interest and Applicable interest rate: 2.5 % monthly with Late repayment fee of 1% flat per month (over the approved lending rate) applicable on outstanding unpaid obligation without recourse to Borrower
To qualify for Heritage bank personal loan, Borrower’s must be employee and salary must domiciled with Heritage Bank and gratuity/severance/terminal benefits paid to the bank in event of default
Heritage bank nysc loan
Heritage Bank has been adopted by the Central Bank of Nigeria (CBN) In recognition of the bank commitment to SME and Youth development.
The Graduate Entrepreneurship Fund (GEF) is a special N2 billion empowerment programme for serving members of the National Youth Service Corps (NYSC) which was launched on October 5, 2015. This GEF scheme which is a joint initiative of the Bank of Industry (BOI) and the National Youth Service Corps (NYSC),
The programme is aimed at harnessing the latent entrepreneurial spirit among the teeming youths by providing timely and affordable loans to implement their business ideas. This further provides a sustainable mechanism to stimulate employment, contribute to the Nation’s non-oil GDP, and address the challenge of youth restiveness.
The following categories of youth (aged 18 – 35) are eligible under this scheme:
1. Serving youth corps members
2. Non-NYSC (not more than 5 years post NYSC)
Qualified Business Sectors as stated below.
1. Agro – Allied
2. Food Processing / Preservation
3. Arts & Crafts
4. Manufacturing / Cottage Industry
5. Information & Communication Technology (ICT)
6. Construction Support
7. Power & Energy
8. Education & Financial Inclusion
9. Film & Photography
The details below are relevant for all eligible youth:
1. Eligible youth can apply for the loan through this portal http://www.yiedp-hbng.com/ using his/her NYSC State Code.
2. Applications can be made as an Individual or as a group (of 3-5 applicants with similar business interest)
3. A single applicant can access up to a facility limit of N3m while group projects jointly owned by 3-5 qualified beneficiaries can access up to a facility limit of N10m.
4. Applicants can also track application status via the same portal.
5. Security: Graduate entrepreneurs will Heritage Bank use their tertiary institution(s) certificate(s) and their NYSC discharge certificate. Serving Corp members will pledge their NYSC discharge certificate and their tertiary institution(s) certificates(s). Also, legal ownership of assets financed by the Bank and 3rd party guarantors will be requested as additional collateral from all entrepreneurs.
How to apply for Heritage bank Loan
To apply for heritage bank loan package , kindly visit any business office of the bank and request for your credit facility base on your interest.