Please I have heard of some employees who obtain loans from banks and get debited at the end of the month over a period of time. I would like bankers in the House to kindly educate me more as I intend to apply.

Thanks for your anticipated useful response.

Fesco: Please I have heard of some employees who obtain loans from banks and get debited at the end of the month over a period of time. I would like bankers in the House to kindly educate me more as I intend to apply.

Thanks for your anticipated useful response.

It depends where you are working cos banks have list of companies they do that for their staff.

gboso:

It depends where you are working cos banks have list of companies they do that for their staff.

Thanks for your response Gboso> If I may ask, I have a salary account which has been in operation for like 10yrs now with constant monthly inflow from my firm (though we are a small outfit), cant I approach them for the said loan? Because I don't think my firm is listed by the bank.

Fesco:
Thanks for your response Gboso> If I may ask, I have a salary account which has been in operation for like 10yrs now with constant monthly inflow from my firm (though we are a small outfit), cant I approach them for the said loan? Because I don't think my firm is listed by the bank.

Bankers, please advise me further on the above.

from experience bros, banks are not interested in customers from small companies. if you are working in Govt office like ministries, big companies with over 50 workers like nigeria breweries, nigeria bottling co, Nestle plc etc. even the small finance house wants to see you earn above 100k montly. just try God by prayer n faith, that works better though it might take time but its sure its working for me. nigeria is so hard to survive even with my C of O, its hard to secure funding.

Fesco:
Thanks for your response Gboso> If I may ask, I have a salary account which has been in operation for like 10yrs now with constant monthly inflow from my firm (though we are a small outfit), cant I approach them for the said loan? Because I don't think my firm is listed by the bank.

I really dont understand why people do not know that they have more power than the banks. They need your money and you have to make the call.

If your coy is a small one that you have better chance of organisng your self and giving your salary account to only a abnk that is ready to give you guys a small loan when needed.. just carry the Human resources dept along as most bank would want to make sure that even if you resign , your entitlements would be enough to pay off the loans..

i run a small buz and i made sure that our bankers agreed to give my staff small loans as may be required before the salary account was opened for them.. BTW these are staff that earn as little as 50 - 70k.

Who do you bank with ?

No bank will give you salary loan without moving your salary account to them. You can print your statement of account over the past months and walk to another bank to make this enquiry.

A lot of banks will be glad to have you. Just walk in confidently and request to talk to their Head of operations as all those small fries (tellers and co) will discourage you with their attitude.

Fesco:
Thanks for your response Gboso> If I may ask, I have a salary account which has been in operation for like 10yrs now with constant monthly inflow from my firm (though we are a small outfit), cant I approach them for the said loan? Because I don't think my firm is listed by the bank.

Walk into your bank, ask for the BM. Present your case for loan.........Enterprise or Consumer loan.

Just make sure you have a current account with the bank that your salary is been pay into and approach the bank dat you need a loan through your salary account, they will tell you the process cause your employer will play a vital role in the facility by writing a guarantee letter stating that u r der staff, ur salary will always be paid through d bank & in case of dem disengaging ur terminal benefit will paid through the bank

First Bank Use to have a product called U-first.. i dnt knw if dey still have it..
since u have bin using d acct 4 upto 10 yrs den u are good 4 d loan...
dey will see hw constant ur salary comes in...
dey will come to ur office and ask if u have collected in house loans..
dey will ask for ur pay slip..
dey will calculate d ammount u can get..
depending on ur salary/wats on ur pay slip..

it all depends on ur bank...

Good Luck!!!

Fesco: Please I have heard of some employees who obtain loans from banks and get debited at the end of the month over a period of time. I would like bankers in the House to kindly educate me more as I intend to apply.

Thanks for your anticipated useful response.

Hi OP,

Kindly approach the bank where your salary is domiciled for the loan. Banks have list of employers they give salary advance/max advance....though the process can start from you to get your company on their list.

Note: you can move your salary to any bank that can give you what you deserve!

Try GTBank Plc.

I dunno

gboso:

It depends where you are working cos banks have list of companies they do that for their staff.

Exactly and if you are working with FG, it will be easy. Go to your bank if it is not Microfinance where your salary is domicilled and apply for salary advance or temporal overdraft (TOD). Make sure your salary is domicilled there and make arrangement from the finance or accounting department of your place of work for your pay slip( six months)

Bankers, please advice further regarding the topic, i;m interested.

Please, let here from you.

Walk into any stanbic ibtc bank.as long as you can move your salary to them, you loan is sure.

If u are a civil servant or u work with one of the bllue chip companies, u can approach Union Bank cos i know they give up to a million naira loan to people who fall into such category. all they require is: 1. u should operate an account with them
2. ur application letter
3. ur salary statement of account for 3 months
4. letter of introduction/undertaking from ur employer

Fesco:
Thanks for your response Gboso> If I may ask, I have a salary account which has been in operation for like 10yrs now with constant monthly inflow from my firm (though we are a small outfit), cant I approach them for the said loan? Because I don't think my firm is listed by the bank.

Just apply for an OD (Over Draft) and they will give you a credit line of up to 50% (depending on your rapport with your bank/account officer) There shouldn't be much of a protocol to this.

israel007:

Why can't this guy be banned! I'll personally report you

Simply click report to block it.

Fidelity Bank has a product for employees called FIDELITY SALARY ADVANCE SCHEME. Employees can obtain loans of up to 5 Million Naira with payment spread across 36 months. Obtaining this facility takes 24 - 48 hours max. However, only employees in the civil service and duly registered companies can access these loans with an introduction letter from their HR. Some of my pals are already funding projects with this facility. Visit any Fidelity bank branch for more info.

You must be working in either a listed blue chips that the bank believes has good corporate governance or a government establishment.
The bank may not give such loans to employees of small companies for reasons such as: Key man risk; bad corporate governance that may exist and so on.
But you can try some micro finance bank, some sure do help.

@ OP, if ur salary account is a current account and u can provide 2 guarantors givin us chqs and 6 month statement of their account,we could work out sumtin for u


if ur company is not a blue chip company then we expect ur guarantors to eida b bankers,wrk in a govt establishment.

@Steffans,they no more doin U-first

PS: our loan durations are 8 months tops,if that's cool with u

I want to thank everyone for your useful contributions to my enquiry. I have been with my firm for like 12yrs now. My office bank with Skye Bank and that compelled them to open staff salary account with them for easy funds transfer.
I can't be using a particular bank for 12yrs and not benefiting from them hence my decision to seek for advice here. |With what you guys have told me, it appears I have a greater chance of getting the loan. I will approach them God willing next month and will inform this Forum of the outcome.

Regards.

integrityfood: from experience bros, banks are not interested in customers from small companies. if you are working in Govt office like ministries, big companies with over 50 workers like nigeria breweries, nigeria bottling co, Nestle plc etc. even the small finance house wants to see you earn above 100k montly. just try God by prayer n faith, that works better though it might take time but its sure its working for me. nigeria is so hard to survive even with my C of O, its hard to secure funding.

Where is the property located? If your property is located in a good area and you have C of O to the property, you should be a able to get a loan.

If you have shares in blue chip companies, the shares will act as a very good collateral.

here is no how or why? talk to your bankers-if they turn u down, try another bank. there are hungry bankers who need that your salary paid into their bank

.

I will advice you not to do this....


Here is my reason.

By April 2013 it will be exactly two years which my dad obtained a loan of 150,000k to pay for my tuition fee at NIIT, he got the loan through his current salary account with union bank. his salary was less than 30k

N9,300 is been deducted from his salary account Since April 2011 to April 2013 (N223,200K)

You must not default else you will be arrested and jailed. no mercy....

onigbese

o fe fi gbese se big boy

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life_style: I will advice you not to do this....


Here is my reason.

By April 2013 it will be exactly two years which my dad obtained a loan of 150,000k to pay for my tuition fee at NIIT, he got the loan through his current salary account with union bank. his salary was less than 30k

N9,300 is been deducted from his salary account Since April 2011 to April 2013 (N223,200K)

You must not default else you will be arrested and jailed. no mercy....

And i hope the NIIT trainings are yielding results?