Finance

Heritage Bank Loans: How To Apply And Borrow Loan From Heritage Bank

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The emergence of fintech companies has changed the landscape of how lenders offered loans in Nigeria when compare to time past that required a lot of paper work.

About Heritage Bank Loan

In a bid to compete with the financial technology companies, heritage bank has key in into the program, they provide salary advance loan as well with other financial product.

Their salary advance Facility Amount: 50% of net monthly salary and single obligatory limit of N500,000

This kind of Loans are usually a small amount of money lent at an agreed interest rate, and repayment is expected when the borrower receives his next salary.

Heritage Bank Loan Products

For the purpose of our discussion, we shall take a look at all loan products that is offer by Heritage bank.

  • Heritage bank SALARY ADVANCE
  • Heritage bank Personal Loans
  • Heritage bank AUTO LOAN
  • Heritage bank TERTIARY CLUSTER STAFF LOAN
  • HOME APPLIANCES LOAN
  • NIGERIAN ARMED FORCES PERSONAL LOAN
  • SMART ADVANCE loan

1. Heritage bank SALARY ADVANCE

This kind of loan is designed for salary earners who require an advance before salary due date to meet urgent needs.

The loan product targeted at staff of private companies, ministries, parastatals and government establishments with salary accounts domiciled with Heritage Bank.

The tenor for this product is 30 days subject to the next pay day.
Repayment: Monthly rental from salary domiciliation
Security: Salary domiciliation

Eligibility:
  • Applicant’s salary must be domiciled with Heritage Bank.
  • Applicants in paid employment must have been working for the current employer for at least six months and must be a confirmed staff.

2, Heritage bank Personal Loans

The loan product is designed for salary earners who require finance to meet urgent needs and other cash challenges.It’s targeted at staff of private companies, ministries, parastatals and government establishments with salary accounts domiciled with the Bank.

Loan features
  • Facility Amount: Determined by 33.3% of take home, Subject to N5 million
  • Tenor: 12-36 months
  • Repayment: Maximum repayment per month should not exceed 33.3% of net monthly salary (i.e. ‘take-home pay’)
Security:
  1. Salary domiciliation, plus terminal benefits/gratuity domiciliation (as applicable)
  2. Personal guarantee with Notarized statement of net worth

3. Heritage bank AUTO LOAN

This can of loan facility designed to part- finance the purchase of brand new vehicles for personal use by staff of select organization. The selected employee are specifically targeted at confirmed staff of companies whose salary accounts are domiciled with Heritage Bank.

Security:
  1. Vehicle will be registered in the name of the Bank
Benefits:
  • Free Vehicle Registration
  • Free first year AA rescue membership
  • Free Auto tracker for the first year
  • Free Comprehensive insurance on cost of vehicle

Equity Contribution: 20% equity contribution
Age Limit: Applicants should not be more than 60 years at the point of full liquidation, Maximum application age for Professors 65 years, Judges 70 years.

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Facility Amount: Single Obligor Limit of N10M
Tenor: 12-48 months

Repayment:
  1. Monthly Repayment will be from the salary account domiciled with the bank

4. Heritage bank SMART ADVANCE loan

Smart advance is a product designed for individuals who require an advance before salary due date to meet urgent needs.

Facility Amount: 50% of net monthly salary and Single obligor limit of N500,000
Tenor: The tenor for this product is 90 days
Repayment: The monthly repayment in addition to existing repayment obligation(if any) shall be subjected to DSR of 33.3% of the net monthly pay

Eligibility:
  • Domiciliation of salary with Heritage Bank customer must be a confirmed staff of the organization
  • 3 month’s salary domiciliation
  • Documentation: Loan application and employer undertaking form

5. NIGERIAN ARMED FORCES PERSONAL LOAN

This kind of Heritage bank loan is designed for all rank and file officers of the following:

  • Nigerian Army
  • Nigerian Navy
  • Nigerian Police Force
  • Nigerian Security and Civil Defence Corps
  • Nigerian Air force

The loan is to enable them access funds to meet urgent needs and other cash challenges

Facility Amount: Subject to 33.3% of monthly salary maximum of N3,500,000 (Three Million Five Hundred Thousand Naira)
Tenor: 12-36 months

Repayment:

Repayment will be from the salary account domiciled with the bank
Age Limit: Non-Academic Staff – 60 years, Academic Staff – 65 years, Professors – 70 years
Security: Domiciliation of Salary; Credit Life Insurance and Third Party Guarantee
Repayment: Repayment will be from the salary account domiciled with the bank

6. Heritage bank HOME APPLIANCES LOAN

This kind of facility is designed to facilitate acquisition of home appliances for customers whose salaries are domiciled with Heritage Bank

Facility Amount: Single Obligor limit of N1million
Tenor: 6-18 months

Repayment:
  1. Maximum repayment per month should not exceed 33.3% of net monthly salary (i.e. ‘take-home pay’).
  2. Monthly repayment shall not exceed 33.3 of self-employed individuals income
  3. Monthly interest repayment should not exceed 33.3% of net monthly pay
  4. Ownership of Asset financed

How to apply for Heritage bank Loan

Visit the nearest Heritage Bank experience centre
Call our 24/7 contact centre on 01-2369000 OR send an eMail to info@hbng.com

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Alamu Tosin

The writer is Alamu Tosin. I have three strong passions in life — football, blogging and movies — in that order. I love spending time with friends talking about the important things in life and hate nothing more than ‘authority’ and hypocrisy. My personal believe in life is that once an individual sets his/her mind to achieve something, it is totally possible. And oh!, I am a strong Lannister, because I always pay my debt. For writing or fixing gigs, contact tosinalamu@gmail.com.

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