Loans

This is designed for salary earners who require an advance before salary due date to meet urgent needs. It allows salary earners address cash challenges within the month easily and conveniently.

The product is specifically targeted at staff of private companies, ministries, parastatals and government establishments with salary accounts domiciled with the Bank.

Facility: Salary Advance
Facility Amount: 50% of net monthly salary and single obligor limit of N500,000
Tenor: The tenor for this product is 30 days subject to the next pay day
Repayment: Monthly rental from salary domiciliation
Security: Salary domiciliation
Eligibility:

• Applicant’s salary 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 a confirmed staff.

This is a loan facility designed to part- finance the purchase of brand new vehicles for personal use by staff of select organization

The product is specifically targeted at confirmed staff of companies whose salary accounts are domiciled with Heritage Bank.

Facility Amount: Single Obligor Limit of N10M
Tenor: 12-48 months
Repayment:

• Monthly Repayment will be from the salary account domiciled with the bank

• Irrevocable standing payment order authorizing deduction of repayment from salary account confirmed by customer’s employer and also pledging terminal benefits.
• ISPO should be from central pay office, Bursar, Financial dept of employer, it should be signed by authorized signatory and confirmed by ICU
• OR, Postdated cheques from salary account

Security: Vehicle will be registered in the name of the Bank
Benefits:

• Free Vehicle Registration
• Free first year AA rescue membership
• Free Auto tracker for the first year
• Free Comprehensive insurance on cost of vehicle

Equity Contribution: 20% equity contribution
Age Limit: Applicants should not be more than 60 years at the point of full liquidation, Maximum application age for Professors 65 years, Judges 70 years

This is designed for salary earners who require finance to meet urgent needs and other cash challenges

The product is specifically targeted at staff of private companies, ministries, parastatals and government establishments with salary accounts domiciled with the Bank.

Facility Amount: Determined by 33.3% of take home, Subject to N5 million
Tenor: 12-36 months
Repayment: Maximum repayment per month should not exceed 33.3% of net monthly salary (i.e. ‘take-home pay’)
Security:

• Salary domiciliation, plus terminal benefits/gratuity domiciliation (as applicable)
• Personal guarantee with Notarised statement of net worth

This is designed to allow salary earners with existing loans avail the amount already paid down to meet personal exigencies and other cash challenges.

The product is specifically targeted at staff of private companies, ministries, parastatals and government establishments with salary accounts domiciled with the Bank.

Facility Amount: Subject to the existing retail loan
Tenor: 12-36 months
Repayment: Maximum repayment per month should not exceed 33.3% of net monthly salary (i.e. ‘take-home pay’)
Security: Salary domiciliation, plus terminal benefits/gratuity domiciliation
RAAC:

• Applicant must have paid up to 50% of his/her running facility
• Applicant must have been consistent in meeting his/her monthly obligations
• Applicant must have been servicing the existing loan facility for a minimum of period of 6 months with
• The top-up amount is applicable to the same amount repaid by customer

This product is designed for staff of federal government tertiary institutions, enlisted state government tertiary institutions and private tertiary institutions in need of loan facilities to bridge financial gap.

Regular staff of federal tertiary institutions, enlisted state and private tertiary institutions.

Facility Amount: Minimum of 250,000.00 and Maximum of 5,000,000.00
Tenor: 12-36 months
Repayment:

• Monthly Repayment will be from the salary account domiciled with the bank,

• Irrevocable standing payment order authorizing deduction of repayment from salary account confirmed by customer’s employer and also pledging terminal benefits.
• ISPO should be from central pay office, Bursar, Financial dept of employer, it should be signed by authorized signatory and confirmed by ICU.
• OR, Postdated cheques from salary account

Age Limit: Non-Academic Staff  – 60 years, Academic Staff –  65 years, Professors 70 years
Security:

• Repayment will be from the salary account domiciled with the bank  OR

• Irrevocable standing payment order guaranteeing deduction of repayment from source
• Monthly payment (Maximum repayment per month should not exceed 33.3% of net monthly salary (i.e. ‘take-home pay’).

Repayment:

• Repayment will be from the salary account domiciled with the bank  OR
• Irrevocable standing payment order guaranteeing deduction of repayment from source
• Monthly payment (Maximum repayment per month should not exceed 33.3% of net monthly salary (i.e. ‘take-home pay’).

Eligibility: Federal Government owned tertiary institutions with or without domiciled salary and enlisted State Government/private institutions

Smart advance is a product designed for individuals who require an advance before salary due date to meet urgent needs.

Individuals in paid employment whose salaries, allowances and other benefits are domiciled with Heritage Bank.

Facility Amount: 50% of net monthly salary and Single obligor limit of N500,000
Tenor: The tenor for this product is 90 days
Repayment: The monthly repayment in addition to existing repayment obligation(if any) shall be subjected to DSR of 33.3% of the net monthly pay
Eligibility:

• Domiciliation of salary with Heritage Bank customer must be a confirmed staff of the organization
• 3 month’s salary domiciliation

Documentation: Loan application and employer undertaking form

The product is designed to facilitate acquisition of home appliances for customers whose salaries are domiciled with Heritage Bank

This product is targeted towards staff of the above listed institutions whose salaries are domiciled in the bank.

Facility Amount: Single Obligor limit of N1million
Tenor: 6-18 months
Repayment:

• Maximum repayment per month should not exceed 33.3% of net monthly salary (i.e. ‘take-home pay’).
• Monthly repayment shall not exceed 33.3 of self-employed individuals income
• Monthly interest repayment should not exceed 33.3% of net monthly pay
• Ownership of Asset financed

The product is designed for all rank and file officers of the following:

1. Nigerian Army
2. Nigerian Navy
3. Nigerian Police Force
4. Nigerian Security and Civil Defence Corps
5. Nigerian Air force

This is to enable them access funds to meet urgent needs and other cash challenges.

This product is targeted towards staff of the above listed institutions whose salaries are domiciled in the bank.

Facility Amount: Subject to 33.3% of monthly salary maximum of N3,500,000 (Three Million Five Hundred Thousand Naira)
Tenor: 12-36 months
Repayment: Repayment will be from the salary account domiciled with the bank
Age Limit: Non-Academic Staff – 60 years, Academic Staff – 65 years, Professors – 70 years
Security: Domiciliation of Salary; Credit Life Insurance and Third Party Guarantee
Repayment: Repayment will be from the salary account domiciled with the bank