How To Get A Loan From Polaris Bank In Nigeria With or Without Collateral in 2023
Here comes again another financial institution that helps you get a long and short-term loan in Nigeria, you might have come across some of my previous posts that show how to get a loan from some financial institutions in Nigeria e.g. Gtbank, Access bank, Zenith bank etc. All these banks allow customers to quickly get a loan to sort out their needs. You can also check how to get a loan from other banks mentioned above in this article by clicking here.
Polaris bank loans are available across a wide range of options that cater to both individuals, large-scale businesses, and SMEs looking to grow.
However, there are several features, benefits, and eligibility requirements you need to meet, depending on the type of loan in question. Therefore, we would be discussing this and every other thing you need to know about Polaris bank loans in this article.
Polaris Bank Loan Types
Polaris bank is a commercial bank that offers various types of loans. Here I’ll list the types of Polaris Bank loans for you to see.
List of Polaris Bank loans
- Polaris term loan
- Polaris payday loan
- Polaris intervention funds
- Polaris education loan
That is the list of all Polaris bank loan types you should know.
Polaris Term Loan- This is a loan designed to help people meet their personal financial needs at any point in time. It’s a finance that covers medical bills, school fees, house rent payments and domestic needs. But for anyone who’s interested in this loan, you must be an employee of a reputable company or organization, this could be in the private or public sector.
Polaris Payday Loan- Polaris Payday loan is yet another loan type designed by the company to allow customers to get at least 50% of their salary and repay at the month’s end.
This loan type is available to only salary workers. If you’re collecting N200,000 as your monthly salary and want to get a payday loan, the total and maximum amount you can borrow is N100,000 which is 50% of the N200,000 salary.
Polaris Education Loan- Parents or guardians who need money to pay for their children’s school fees may opt in for this type of loan.
It’s a loan specialized for covering financial needs in education.
The Polaris Education loan usually takes a maximum of 36 months for total repayment, although it depends on the amount of money borrowed.
Intervention Funds- An intervention fund is a loan meant for small or medium size businesses. Even large businesses can benefit from this loan offer.
Polaris Bank Loan Requirements
As you already know Polaris Bank offers various types of loans to customers each with its own set of requirements.
However, here are some of the requirements for some of the common types of loans offered by Polaris Bank:
- Must be a salary earner with a verifiable income.
- Must have a steady source of income and be able to provide evidence of income, such as payslips or bank statements.
- Must have a good credit history and a satisfactory credit score.
- Must have a valid means of identification, such as a National ID card, International Passport, or Driver’s License.
- Must provide two recent passport photographs.
Polaris Bank Loan Interest Rate
Polaris bank has different types of loans and the same applies to the interest rate. Interest rates offered by Polaris Bank in Nigeria can vary depending on the type of loan you choose, the amount of money you borrow, and the repayment date.
Note: The longer the repayment date is set, the higher the interest rate.
How To Get A Loan From Polaris Bank In Nigeria In 2023
This 2023, getting a loan from Polaris bank has made it easier for anyone to get a loan. Most Polaris bank loans do not require collateral. However, you should understand that despite the fact that collateral is not required for most loans you still need to meet the bank requirements before your loan request can be granted.
As the title of this article implies- how to get a loan from Polaris Bank, I’ll show you tips and steps forward to get your loan from the bank.
Related: How To Get A Loan From UBA Bank In Nigeria
To apply for a Polaris loan, visiting the bank is the best idea.
- Obtain a loan form for the type of loan you want, following what was explained above.
- Provide the necessary documents e.g NEPA Bill, National ID card, photo passport, active phone number, home address, etc.
- Fill out the form and ask questions when there’s confusion
- Submit the form for review
- Lastly, if approved, the money will be disbursed to your bank account.
Frequently Asked Questions (FAQs) On How To Get A Loan From Polaris Bank
Before ending this article about how to get a loan from Polaris bank in Nigeria today, I’d like you to take a look at the related questions below:
How do I contact Polaris customer care?
These are the bank contact details to quickly get in touch with them ;Phone: (0700-7652747), 0806 988 0000, 01 448 2100, 01 270 5850.
How do I contact Polaris bank via email?
You can always get in touch with the bank through their customer service email address provided here Email: yescenter@polarisbanklimited.com
For how long can I borrow money from Polaris?
If your loan is huge, it may take as long as 36 months for total repayment.
Conclusion On How To Get A Loan From Polaris Bank
I’ve provided you details on how to get a loan from Polaris bank in Nigeria including the requirements and types.
If may also check other banks on this website to see their loan offer and apply if it is suitable for you.
