How To Get A Loan From Heritage Bank Nigeria Limited With Or Without Collateral in 2023
Heritage Bank Nigeria Limited is a Nigeria financial institution that has been gaining ground since established in the year 1989 as (Societe Generale Bank) before it was rebranded to its popular name today “Heritage Bank ”. With this financial institution, you can get a loan at a competitive interest rate as well as flexible repayment. This article is basically written to walk you through how to get a loan from Heritage Bank Nigeria limited with or without collateral including the requirements, interest rates, repayment period and frequently asked questions but I’ll need to start from the history of the bank to the frequently asked questions.
History of Heritage Bank Nigeria Limited
Heritage Bank Limited is a financial institution in Nigeria that was established in the year 1989 as Societe Generale Bank of Nigeria and was later rebranded as Heritage Bank in the year 2013 after a merger with two other banks.
The bank provides a range of financial products and services to individuals, small businesses, and corporate clients.
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Some of its products and services include savings and current accounts, loans and overdrafts, credit cards, online and mobile banking, treasury services, and foreign exchange transactions just like other commercial banks or financial institutions.
Heritage Bank currently has over 250 branches and 400 ATMs spread across the country.
The bank is not limited to Nigeria alone, it also has a growing presence in other African countries such as Gambia, Liberia, and Sierra Leone etc.
Heritage Bank aimed at promoting financial inclusion in Nigeria by providing access to financial services to the unbanked and underbanked populations.
The bank has also received several awards and recognitions for its innovative products and services, and its contributions to the development of the Nigerian economy.
Heritage Bank Nigeria Limited Loan Types, requirements, how much you can borrow, interest rates as well as the loan repayment period.
Heritage Bank Nigeria Limited offers different types of loans to meet the financial needs of its customers.
However, here is an overview of the loan types, requirements, borrowable amounts, interest rates, and repayment terms:
Personal Loan
This loan is specifically designed to meet the financial needs of individuals.
The loan can be used for any personal purpose, this includes and not limited to medical expenses, home renovations, travel expenses, etc.
Requirements, Borrowable Amounts, Interest Rates & Repayment Period.
Let me take that one after the other.
Requirements
- Completed application form
- Valid means of identification
- Proof of income
- 2 passport photographs
Borrowable Amount
You can get a loan up to the sum of N50,000,000 Only.
Interest Rates
Note that the interest rate is not always static, the competition is subject to change based on market conditions.
The very best way to know the current interest statute is to make an inquiry from any heritage bank near you.
Heritage Bank Nigeria Limited Personal Loan Repayment
The loan repayment terms may vary depending on the type and amount of the loan but typically range from 12 months to 48 months.
SME Loans
This loan is aimed at meeting the financial needs of small and medium-sized businesses in Nigeria.
The loan can be used for business expansion, working capital, equipment purchases, etc.
Requirements
- Completed application form
- Business registration certificate
- Proof of income
- Bank statements
Borrowable amounts are up to the sum of N500,000,000.
Interest Rate
To get an accurate result on the heritage bank interest rate, it is best to visit the bank because the interest rate is subject to change based on market conditions.
Loan Repayment
The loan repayment terms for SMEs or businesses is usually longer than the personal loan type as it usually ranges from 6 months to 60 months.
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Mortgage Loans
This is a loan type meant to help borrowers purchase or construct their dream home or buy home properties.
Heritage Bank Mortgage Loan Requirements
- You’ll need to completed an application form
- Proof of income
- Property valuation report
- Title documents etc.
The borrowable amount is up to the sum of ₦500,000,000 only.
Mortgage Loan Interest Rates
It’s recommended you get in touch with the bank to know the current interest rate because it is subject to change at any point in time.
Heritage Bank Mortgage Loan Repayment
The loan repayment terms vary depending on the type and amount of the loan but typically range from 5 years to a maximum of 20 years.
Agriculture Loan
This Heritage Bank Nigeria Limited loan type is primarily designed to support the agricultural sector by providing funds for agricultural projects, equipment purchases, farm expansion, etc.
Loan Eligibility Requirements
- Visit the bank to obtain Agric loan application form
- Farmer’s Proof of income
- Business registration certificate
- Bank statements
Borrowable Amount
The borrowable amount for Agriculture can go as high as N500,000,000.
Interest Rates
The Interest Rates for Agricultural loans are also subject to change, however, the best step that can be taken is to visit the bank or get in touch with the customer to know the current interest rates.
Loan Repayment
The loan repayment terms also vary depending on the amount of the loan but typically range from 6 months to 60 months.
How To Get A Loan From Heritage Bank Nigeria Limited With Or Without Collateral
The steps on how to get a loan from heritage bank Nigeria limited with or without collateral been simply listed below:
- Identify the type of loan you need
- Check if you’re eligible for the loan
- Ensure you meet all requirements
- Complete the loan application form
- Wait for your loan to be review
- Wait for your loan to be approved
- If successfully approved, receive the loan
- Make the loan repayment at the right time.
Frequently Asked Questions On How To Get A Loan From Heritage Bank Nigeria Limited
Everything you need to know about how to get a loan from heritage bank Nigeria limited is being fully analyzed below, however, you may still take a look at the related questions below.
What services does Heritage Bank Nigeria Limited offer?
Heritage Bank Nigeria Limited is a financial institution that offers a wide range of financial services, including deposit accounts, loans, investment banking, forex trading, mobile banking, and other related services.
How do I open an account with Heritage Bank Nigeria Limited?
To open an account with Heritage Bank Nigeria Limited, kindly visit any of their branches with a valid means of identification and other required documents.
How do I contact Heritage Bank Nigeria Limited?
You can always get in touch with Heritage Bank Nigeria Limited through their customer care center, which is available 24/7.
