A loan from Polaris Bank is available for small business enterprises individuals, etc. Polaris Bank has provided different loan options for businesses and customers who are in need of financial assistance.
These are frequent questions people ask, Does Polaris Bank offer Loans? What kind of loan does Polaris Bank give? How do I know if I am eligible for a loan from Polaris Bank? What is the maximum loan amount can I get from Polaris Bank?
All these questions above will be provided answers to in this article. All you have to do is to choose from the list of Polaris Bank Loan and you will get a guide on how to apply and what is required to get a loan from Polaris Bank
Table of Contents
Types of Polaris Bank Loan
Polaris Bank has provided an easy process to get funds for business owners with the following loan package:
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Personal Term loan
This type of Polaris Bank Loan is for female entrepreneurs in the small and medium enterprise
Features:
The loan covers medical bills, school fees, asset acquisition, or setting up that small-scale business.
SME loan
This type of loan include the following:
- Polaris Business Advantage – Starter
- Education Loan
- Polaris Business Advantage – Emerging
- Polaris Business Advantage – Excel
- Polaris Business Current
- Intervention Funds
- Growing your Business
Payday Loan
With our payday loan, you can access up to 50% of your next salary in advance.
Your Payday loan is processed and disbursed in less than 1 minute using our USSD code *833*12#. Disbursed funds can be accessed 24/7 via the ATM or your mobile device using our USSD, PolarisMobile, and PolarisXperience.
Salary advance
The Salary Advance has the following features:
- Up to 70% of your monthly salary in advance
- It helps to relieve the burden of some people who get stuck midway in the month
- No collateral required
- It takes just 24 hours to get your loan
How to Qualify for a Polaris Loan
You are required to have the following:
- A profitable business with a consistent monthly flow of income
- A good credit history
Other may include:
- A business or corporate bank account
- Been in business for a period of 1-3 years
- A good credit Bureau report
- An active customer of Polaris Bank
How to apply for a Polaris Bank Loan
- You can choose from any of the above loans
- You can apply using your phone, email, or visiting the nearest Polaris Bank branch
- Complete and submit the application form
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Documents Required for Polaris Loan
The following documents may be required of you when applying for a loan from Polaris Bank. They are:
- Completed application form
- Business plan
- Bank statements (12 months)
- Audited financial accounts
- Certificate of Incorporation
- Valid means of identification (driving license, passport, voters card)
- Proof of address
- Details of collateral offered (if any)
- Other details will be given at the bank branch
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