How To Obtain Heritage Bank Salary Advance Loan

Before Nigeria’s FinTech industry took off, obtaining a loan needed extensive, onerous paperwork. FinTech businesses, however, have altered that narrative as it is now simpler to obtain loans, particularly loans needed for urgent requirements. Similar to other Nigerian banks, Heritage Bank has taken advantage of this by offering a number of lending packages to its clients.

Since the majority of FinTech businesses are funded by commercial banks, Heritage Bank now provides salary advance loans along with other financial products to compete advantageously with Nigeria’s fast-growing financial technology startups.

For the sake of our discussion, we’ll look at a few loan programs that Heritage Bank offers and which are most suited for people who make a living through salaries. In addition to loans targeted exclusively for wage workers, the bank also offers various lending programs that are:

  • Agric Business Loans
  • CBN health sector loans
  • Heritage Bank Intervention Loan

Heritage Bank Salary Advance

This kind of loan is designed for wage earners who require an advance before their upcoming payday in order to meet an urgent demand.

Employees of commercial companies, ministries, parastatals, and governmental entities with payroll accounts at Heritage Bank are eligible for the loan program.

Heritage Bank Salary Advance Loan Eligibility

  • The applicant’s salary account 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 confirmed staff.

Heritage Bank Personal Loan (Cowry Loan)

This loan is intended for wage earners who require cash for unanticipated costs and other cash-related problems. It is designed for personnel working for private companies, government agencies, parastatals, and ministries who have salary accounts registered with the Bank.

Heritage Bank Salary Advance Loan Features

  • Available to ages 22 – 55 years
  • Determined by 50% of monthly take home, subject to a 3 million Naira limit
  • Maximum tenor of 12 months with an equal monthly repayment of principal and interest
  • Applicable interest rate: 2.5 % monthly
  • Late repayment fee of 1% flat per month (over the approved lending rate) applicable on outstanding unpaid obligations without recourse to the borrower
  • Domiciliation of salary with Heritage Bank
  • Undertaking by Borrower’s employer to keep salary domiciled with Heritage Bank and gratuity/severance/terminal benefits paid to the bank in event of default

If you are interested in obtaining this loan, please download the application form and apply.

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