The needs of human are limitless. As a result, whatever an individual earns as income at the end of every month, as a civil servant, or federal government employee, as the case may be, the income might not be adequate to take care of the needs on ground. And when on comes to this point, the next think he thinks about is taking a loan to compliment the income. The loan provide an opportunity for an individual to have enough fund to offset the immediate needs and then pay back at a later time.
This piece, therefore, provides sufficient information needed to successfully access a loan as a federal employee.
How do I get a loan as a Federal Worker in Nigeria?
There are private and public organizations that provide loan services to federal government workers. And the good thing is, one can comfortably inquire about these loan organizations through physical and technological means.
Meanwhile, you can access suitable loan options from online lenders, government institutions and, notably, banks.
What is the maximum or minimum amount you can borrow?
The amount an individual can get from the loan companies depends on some factors. And it include the kind of loan that one is applying for: personal, auto mortgage and the loan duration, whether it be long or short term loan.
For instance, loans for federal government workers in Nigeria are often between N50,000 to N6, 000, 000.
Interest rates
While the rates of interest vary, depending on some factors, interest rates for federal workers are always designed to be affordable and convenient.
What are the minimum requirements for taking up a loan as a federal worker?
The requirements for loan are always determined by the terms and agreements. However, these are some primary requirements that might apply to majority lenders:
Personal details- full name, residential address, email address, phone number etc
You must have a bank account, either Current or Savings, with a commercial bank in Nigeria.
Your Staff Identification card is also an important requirement as well as your Pension statement.
You must be a salary earner under the federal government with a verifiable monthly income.
In addition, some lenders may require your general employment information and documentation, which may include your Letter of Employment, Confirmation, Promotion, Redeployment, and Salary Increase.
Some may also require an Introduction Letter from your Employer’s HR.
Furthermore, some lenders might require that, to qualify for a loan, you should be between the age of 22 and 58 years old.
Where can I get loans as a federal employee?
The following are financial institutions a federal worker you can get loans:
- FCMB – Fast Cash.
- Startscredit – Creditville.
- ArvoFinance Web – This is powered by Arvo finance to cater for the needs of Federal government workers in Nigeria.
- Nextpayday loan – They offer loans to validly employed workers in Nigeria.
- Fast Credit Nigeria Limited.
- Petty Cash.
- Provest Limited – Public Sector loan.
- Primera MFB – Easy Money federal.
How fast are funds released?
The method for the distribution of loan funds varies from lender to lender. Although, on many occassions, once your loan application is approved, the money is sent to your registered account.
Repayment terms
For federal government workers, the repayment terms are always very easy and convenient. Although it can be subject to your agreement with a prospective lender. In most cases, a percentage of your salary is deducted monthly, or weekly, for a period till the loan amount is fully repaid.
Now that you have this crucial information about taking a loan as a federal worker, take a step into action and get the project you have dreamt a long time happen, by taking a loan to execute it.