How To Apply For Heritage Bank Salary Advance Loan

Before the emergence of fintech companies in Nigeria, loan seekers required a lot of rigorous paperwork to secure a loan. However, Fintech companies have now changed that narrative as it is easier to secure loans, especially loans required for urgent needs. Heritage Bank just like other Nigerian banks has also tapped into this by rolling out a series of loan programs for its customers. 

Heritage Bank now offers salary advance loans along with other financial products to compete favorably with Nigeria’s fast financial technology startups as a financial institution since most of the fintech companies are bankrolled by commercial banks.

For the purpose of our discussion, we shall take a look at some loan products offered by Heritage bank which are most suitable for salary earners. Asides from loans specifically designed for salary earners, the bank also has other loan programs which are

• Agric Business Loans
• CBN health sector loans
• Heritage Bank Intervention Loan

Heritage Bank Salary Advance

This type of loan is intended for wage earners who need an advance before their next paycheck is due to take care of an urgent necessity.

The loan program is intended for employees of private businesses, ministries, parastatals, and governmental organizations that have payroll accounts with Heritage Bank.

Loan Eligibility

• The applicant’s salary account 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 confirmed staff.

Heritage Bank Personal Loan (Cowry Loan)

This loan is designed for salaried individuals who need money for emergency expenses and other cash-related issues. It is intended for employees of private businesses, ministries, parastatals, and governmental institutions that have salary accounts registered with the Bank.

Features

• Available to ages 22 – 55 years
• Determined by 50% of monthly take home, subject to a 3 million Naira limit
• Maximum tenor of 12 months with an equal monthly repayment of principal and interest
• Applicable interest rate: 2.5 % monthly
• Late repayment fee of 1% flat per month (over the approved lending rate) applicable on outstanding unpaid obligations without recourse to the borrower
• Domiciliation of salary with Heritage Bank
• Undertaking by Borrower’s employer to keep salary domiciled with Heritage Bank and gratuity/severance/terminal benefits paid to the bank in event of default

To apply for this loan, Download, CLICK HERE to download the application form

Heritage Bank Auto Loan

This loan is intended to help employees of specific organizations partially finance the purchase of brand-new cars for their personal usage. Targeted specifically are confirmed employees of businesses whose salary accounts are housed at Heritage Bank.

Security: The vehicle will be registered in the name of the Bank.

Benefits:

1. Free Vehicle Registration

2. Free first-year AA rescue membership

3. Free Auto tracker for the first year

4. Free Comprehensive insurance on the cost of the vehicle

5. Equity Contribution: 20% equity contribution

6. Age Limit: Applicants should not be more than 60 years at the point of a full liquidation, Maximum application age for Professors is 65 years, Judges 70 years.

7. Facility Amount: Single Obligor Limit of N10M

8. Tenor: 12-48 months

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