Polaris Bank Loans Types & How to Apply

Polaris Bank Loans Types: If you need money for business, and there is no way to arrange money, then you can think of taking a loan. Here we will talk about the Polaris Bank loan.

 

Polaris Bank is able to offer loans to all, which are available in a wide range of loan options. Banks want to grow both large-scale businesses and SMEs.

 

There are several types of Polaris Bank loans that you need to fulfill the eligibility requirements to avail.

 

There are several features, benefits, and eligibility requirements that you need to meet. There are many benefits and features of the loan. Hence, we will discuss Polaris Bank loans in this article.

 

Polaris Bank Loan Types and Services Available

Loans and services included in the loan options under Polaris Bank:

 

Personal Term Loan

Personal term loans help you meet your varied personal needs, whatever it may be. You can use a personal loan for any need, such as:

 

  • Medical Bills
  • Property Acquisition
  • School Fee, and or any Other

 

This loan is specially meant for individuals to meet their needs at their convenience. To apply, you must be a permanent employee of a private organization, and must also have a domicile salary account with Polaris Bank.

 

Polaris Payday Loan

Polaris Payday Loans gives you access to real-time loans in the blink of an eye. Basically, this loan pays you up to 50% of your next salary, hence the name, Payday.

 

In addition, you can access any authorized ATM, PolarisMobile, or Polaris Experience with their USSD code at *833*12#.

 

Polaris Education Loan

 

Polaris Education Loans are launched to meet the financial needs of students in private schools in Nigeria. This includes the following:

 

  • Primary education
  • Secondary Education
  • Tertiary Institution Education

 

This loan allows all those parents to cover the fees and pay them later who are unable to manage their children’s education at the same time.

 

With this Polaris Education Loan you can reach up to N100m depending on the class of the school and the repayment tenure ranges from 90 days to 36 months.

 

Intervention Fund

If you are a businessman and do business and want to increase your business then you can apply to Polaris Bank for Intervention Fund.

 

You may qualify for a loan disbursed by the Government of Nigeria. The Central Bank of Nigeria disburses such loans through a few banks across the country, Polaris Bank is also included in that list. Polaris Intervention Funds Include:

 

  • Micro, Small and Medium Enterprises Development Fund (MSMEDF)
  • Bio MSME Loan
  • Agri-Business Small and Medium Enterprises Investment Scheme (AGSMEIS)

 

Grow Your Business

 

Grow your business is for people who want to grow their business. Therefore Polaris Bank provides the right solution to manage the growth of your business according to your specific needs and offers a lot of resources to choose from. These include:

 

  • Sector-based loans
  • Working capital to boost your business
  • Polaris Bank Merchant Services to accept payments more efficiently
  • Intervention funds at 9%p.a. for businesses in the manufacturing, Education, Agro-allied, and Renewable energy
  • Business Loans to fund long term expansion
  • Payroll Loans provide loans to your employees
  • Asset financing
  • Invoice Discounting

 

How do I get a loan from Polaris Bank?

There are two main ways to apply for a Polaris Bank loan:

 

To avail of the loan, one can visit any of the nearest Polaris Bank offices and talk to the loan agent

Via Polaris USSD code at *833*12#

Finally, via the PolarisMobile or PolarisXperience mobile app

 

What is the interest rate of the Polaris Bank loan?

There is no fixed interest rate applicable for Polaris Bank loans. Hence, the bank assigns each applicable rate during your loan application.

 

Conclusion

The Polaris Bank Loan is the best option for residents across the country for its number one and amazing customer support. Therefore, you will only be able to get a loan by visiting one of their branches or choosing the mobile option at this time.

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