Hi NairaLanders,

I've read through threads on salary structures for Federal/state Government workers and truth be told, it is manageable on the average. Please I want to know (and I'm sure others too want to) what kind of loans are federal/state Government workers accessible to and how to go about it. Please keep the contributions coming. Thanks

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Thanks

Well, I can mostly give suggestions regarding federal workers.


U are accessible to personal loans (determined by the bank you operate with), u hav access to union loans, co-operative loans i.e if ur MDA has one functioning, and there is also the housing scheme i.e 'mortgage' *though it's not appliicable* throughout the Nation for federal workers.


The terms and interest rates are determined by tthe conditions you agree to varying from the kind of loan one accesses.

Must have guarantors, evidence of appointment, three months pay evidence etc (though mostly used in bank loans).


And interest rates on bank loans fluctuate depending on market conditions. For others mentioned, they are usually given at a fixed rate.

*most important advice ito workers is always leave within your means, not above*


Hope I've helped, cheers.

You are entitled to access bank loans using your salary as collateral for a 3 years tenure. You are entitled to one third of your annual salary. Sum up your salary, divide it by 3, that is your entitled loan per year with your bank. Firstbank is very good in a relatively fair interest rate.

obicentlis:
You are entitled to access bank loans using your salary as collateral for a 3 years tenure. You are entitled to one third of your annual salary. Sum up your salary, divide it by 3, that is your entitled loan per year with your bank. Firstbank is very good in a relatively fair interest rate.

That's cool, is it accessible even if ur salary account is with another bank?

brytandre:



That's cool, is it accessible even if ur salary account is with another bank?

Firstbank has a process where you can assess the loan while operating with another bank but I advise you check your bank instead than that process cos we will be charged for transfers every month.

I am servicing loan obtained from Access Bank currently. You are sure of getting the loan if you are not repaying any other loan. As obicentlis said, you have 3years to repay. But interest is not that fair. With 300k loan, they deduct 8k as pre-loan admin charges paying me 292k then about 11.5k monthly as repayment.

tundesto:
I am servicing loan obtained from Access Bank currently. You are sure of getting the loan if you are not repaying any other loan. As obicentlis said, you have 3years to repay. But interest is not that fair. With 300k loan, they deduct 8k as pre-loan admin charges paying me 292k then about 11.5k monthly as repayment.

what is the interest being charged on the loan? and how much will be the total repayment amount for the 3years?

Somebody got a loan of 1m naira, and 47k its being deducted from his salary every month for repayment for 3years.

They gave me one terms and conditions that I accepted and it was collected back from me. The loan interest is there I can't really remember cos it was many % added together like about 20% or 25% not sure, 2%, 1%, 0.5% etc. I regretted not doing photocopy. However you can use my monthly repayment to calculate the interest. I paid 5.7k as interest repayment while 5.9k is principal repayment totalling about 11.6k on 300k loan tenable for 3years.

tundesto:
They gave me one terms and conditions that I accepted and it was collected back from me. The loan interest is there I can't really remember cos it was many % added together like about 20% or 25% not sure, 2%, 1%, 0.5% etc. I regretted not doing photocopy. However you can use my monthly repayment to calculate the interest. I paid 5.7k as interest repayment while 5.9k is principal repayment totalling about 11.6k on 300k loan tenable for 3years.

The loan given to u by access bank, is it based on your salary as suggested above?

in a case when Salary is owed by Government, will the bank wait till it is paid to make deductions or u'll have to pay somehow? Or in case they do it any other way. Please kindly state

This is a great thread.

Keep it coming

brytandre:
in a case when Salary is owed by Government, will the bank wait till it is paid to make deductions or u'll have to pay somehow? Or in case they do it any other way. Please kindly state

That's what you sought out personally with your bank. Cos if you don't pay up after the mercy time, you will start paying penalties.

brytandre:


The loan given to u by access bank, is it based on your salary as suggested above?

Yes based on salary.

brytandre:
in a case when Salary is owed by Government, will the bank wait till it is paid to make deductions or u'll have to pay somehow? Or in case they do it any other way. Please kindly state

As soon as the salary entered your account, it will be deducted.

@Casket

Congrates on your wife securing a job with the feds. Feel free to read through and comment