Fidelity Bank is one of the best multinational banks and financial services companies in Nigeria with estimated millions of active customers. The bank provides outstanding SME Banking, Corporate Banking, Personal Banking, Private Banking as well as loan services. However, out of the listed above, I’ve chosen to share with you what one of their services which are loan services actually entails. You will learn how to get a loan from Fidelity Bank in Nigeria with or without collateral, Fidelity Bank loan requirements, history, types, borrowable amounts, interest rates as well as some related questions to the topic.
Brief History of Fidelity Bank
Fidelity Bank is a commercial financial institution located in Nigeria, founded on June 19, 1988, as Fidelity Union Merchant Bank Limited. It bank began operations in July of the same year and was initially licensed as a merchant bank by the central bank of Nigeria (CBN).
In 1990, the bank obtained a commercial banking license, allowing it to offer a wider range of banking services to its amiable customers. In 1999, Fidelity Bank became a universal bank after acquiring Fidelity Savings and Loans Limited, and when it got to the year 2001, it merged with Manny Bank Plc.
Over the years, Fidelity Bank has expanded its operations to cover all 36 states in Nigeria and the Federal Capital Territory and currently has over 250 branches and more than 7 million customers.
Fidelity bank has also received several awards and recognitions for its innovative banking products and services, including Best SME Friendly Bank, Best Digital Bank in Nigeria, and Best Bank in Mobile Banking.
Fidelity Bank has also been at the forefront of promoting financial inclusion in Nigeria, with initiatives such as the Fidelity Youth Empowerment Academy and the Fidelity Save4Shelter scheme, which enables customers to save for their own homes.
In a nutshell, Fidelity Bank has a rich history dating back to 1988 and has grown to become not just one of the outstanding but included among the leading banks in Nigeria, with a focus on innovation, customer service, and financial inclusion.
Fidelity Bank Loan Types & Loan Requirements
Fidelity financial institution offers a wide range of loan products, However, some Requirements Included are to be met before you can successfully assess the loan.
Below are the different types of Fidelity bank loan types, requirements, amounts, and repayment tenure for each loan type.
Fidelity Bank Personal Loan
Fidelity Bank personal loan is the kind of loan meant for individual borrowers to meet their personal financial needs, it enables us to quickly meet some financial needs in these areas; education fees, naming ceremony expenses, settling medical bills, and any other kind of financial needs.
The loan amount ranges from as little as N10,000 to N10,000,000, and the loan repayment as to be made within a period of 48 months maximum.
The interest rate for this loan ranges from 15% to 22%, and the repayment period is up to 48 months.
Fidelity Payroll- Based Loan
This is a loan meant for employees working in recognized organizations, which can either be a public or private organizations.
To assess this kind of loan, you must have a payroll account with Fidelity Bank.
The borrowable amount ranges from N10,000 to N1,000,000, and the repayment period is up to 24 months.
Fidelity Payroll-Based Loan: The interest rate for this loan is 9%, and the repayment period is up to 24 months.
As the name implies, it’s a kind of loan anyone can easily assess, this loan product is meant to meet the urgent needs of individuals.
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However, unlike other loan types, the maximum amount you can borrow is N200,000 which is very low when compared to the other types of loans.
Also, the amount of money borrowed is to be repaid within a maximum of 4 months.
Fidelity FastLoans: The interest rate for this loan is 2.95% per month, and the repayment period is up to 4 months.
Fidelity Bank Loan Requirements
The general loan requirements for the types of loan stated above are as follow:
- You must be at least 18 years of age
- You must have a Fidelity Bank account.
- You must have a verifiable source of income.
- You must have a good credit history.
- You need to provide a valid means of identification, such as a National Identity Card, Driver’s License, or International Passport.
- You must provide proof of income, such as pay slips, bank statements, or tax returns etc.
How To Get A Loan From Fidelity Bank With Or Without Collateral In 2023
The following steps will teach and or walk you through “How to get a loan from Fidelity bank with or without collateral easily.
- Decide on the type of loan you want
- Gather all required documents ( things mentioned in the Fidelity bank loan requirements)
- Visit any Fidelity bank around you
- Obtain a loan form from the bank officer and fill in all required details.
- Agree with the loan terms and conditions and submit
- Wait for review and approval
- Wait for the bank’s assessment and approval of your loan application. This process may take a few days to weeks, depending on the loan type and amount
- Once your loan application is approved, the bank will disburse the loan amount to your designated account.
Fidelity bank frequently Asked Questions On How To Get A Loan From Fidelity Bank In Nigeria With Or Without Collateral
Here are some frequently asked questions related to how to get a loan from Fidelity Bank in Nigeria today:
Where is Fidelity Bank located?
Fidelity Bank has branches across Nigeria, as well as subsidiaries and representative offices in other countries.
What are the requirements to open a Fidelity Bank account?
If you’re just about to open a Fidelity bank account, you will need to provide a valid identification document, such as a National ID, driver’s license, or international passport, as well as proof of address, such as a utility bill or tenancy agreement.
Additionally, you may need to provide other documentation, depending on the account type and customer category.
How can I access Fidelity Bank’s digital banking services?
Fidelity Bank offers various digital banking channels, such as mobile banking, internet banking, USSD banking, and social media banking, to enable customers to access banking services conveniently from their mobile devices.
To access these services, you will need to register for the service and download the bank’s mobile app or visit the Fidelity Bank’s Website.
How do I contact Fidelity Bank customer care?
You can contact Fidelity Bank customer care via phone, email, or social media channels.