Last Updated on December 8, 2023 by admin
Do you want to grow your business and you are searching for working capital to achieve your business goals? Polaris bank has unveiled SME Loans that will enable you to meet your funding demand Gap.
This kind of Polaris bank SME loan, comprises Education Loan. Market Loan, Health Sector Loan,CBN Health Sector Support Facility,loan Product for Hajj Operators and Other SME loans
This loan package will help your business to have Freedom, flexibility and opportunity and the repayment plan is tailor made and based on customer’s cash flow.Let take a look at each SME loan offered by Polaris bank.
1. Polaris Bank Education Loan
This kind of credit facility is known as School Advantage loan, it’s meant for Private Schools owners to improve their facility. i.e Primary, Secondary and Tertiary Institutions. Teachers and Parents can also enjoy personal loans for payment of school fees and other needs
The Polaris bank education loan has Tenor from 90 days to 36 months duration before maturity date for repayment. You can get Loan amount up to N100M depending on the class of the school.
The education loan has a friendly interest rate and Repayments is from domiciliation of school fee proceeds.
1a} Overdraft Facility
The Polaris bank overdraft has a Maximum loan amount of N100m valid for 90 days designed to augment the short term funding need of schools (Nursery, Primary, Secondary schools and Tertiary Institutions) specifically for salary payment and other urgent needs during term end/ school holiday periods.
1b. Asset Financing Facility
ThePolaris bank Asset Financing Facility is designed to finance school buses, official vehicles and generators (only) with repayment period of up to 36 months. You can get up to N100 million maximum loan.
1c. Short Term Loan
The Polaris bank Short Term Loan is for the purchase of laboratory equipment, furniture, books for library, school expansion (land acquisition and construction) etc. You can get a loan amount up to N100 million. Term loan with maximum tenor of up to 12 months to finance rent
2. Polaris bank Market Loan
The Polaris bank Market Loan is designed for sale of fast moving consumer goods. You can get up to N5 Million Naira with the Market Loan Scheme.You can also Access short term overdraft up to 180 days with 30 days clean up cycle.
The polaris bank market loan is also designed for stock purchase and replenishment
Who is Eligible for Polaris bank Market Loan?
The following customers or applicants qualify for this kind credit facility:
1. You must have been in a banking relationship with Polaris Bank or any other reputable bank for at least twelve (12) months evidenced by statements of account from other banks.
2.You must be engaged in the sale of fast moving consumer goods.
3.Applicant must have been in line of business for a minimum of 2 years
4. You must be a member of a trade/market association in the market
How do I apply for Polaris bank Market Loan?
To apply for Polaris bank Market Loan, please visit any of our branches closest to you to complete a loan application form
3. Polaris bank Health Sector Loan
The Polaris Health Sector Loan is designed to facilitate short to medium term finance to professionals in the Health Sector to assist them grow their business which include Hospitals, Medical Laboratories and Diagnostic Centers and Pharmacies.
With Health sector loan, you can get finance up to N50 million for business growth with Loan tenure of up to 48months. The credit facility can be administered as overdraft or term loan depending on purpose. Asset finance is also available.
Who is Eligible for Polaris Bank Health Sector Loan?
Prospect/Applicant must be a practicing healthcare professional with a relevant license issued by a recognized healthcare regulatory body or association.
How to Apply for
To apply for Polaris bank Health Sector Loan, kindly visit any of our branches closest to you to complete a loan application form.
4. Loan Product for Hajj Operators
This product is specially designed for Private Tour Operators (Travel Agents) involved in the seasonal Hajj operations.
5.Other SME Loans
This kind of loan is available for Working Capital, Asset Financing, LPO financing and Invoice discounting to business owner who want to expand their business.
Features and Benefits
This kind of loan has the following benefits and features:
1.Flexible loan tenor depending on facility type
2.SME friendly interest rate
3.Repayment from domiciliation of business proceeds to the bank
4.Loan amount of up to N20 Million available. Loan amounts above the specified maximum limits can still be accessed subject to our minimum risk acceptance criteria.
6. CBN Health Sector Support Facility
The CBN Health sector loan is designed to facilitate Working capital: This is available to meet your short-term recurrent expenditure to keep the business growing. With a maximum tenure of 1 year, beneficiaries can access up to N500million (Five hundred million Naira only).
Term Loan: This is a long term loan with maximum tenor of up to 10 years and access to loan amounts of up to N2billion (Two billion Naira only).