By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Nigeria’s nationalised lender Enterprise Bank Limited on Friday announced the introduction of a low interest rate loan scheme for members of the armed forces “The Nigerian Armed Forces Special Personal Loan Scheme,”
This is contained in statement dated September 04 by Igwe Igwe, head, corporate communications of the bank and made available to InvestAdvocate.
The bank said the product is designed to avail personnel of the Nigerian armed forces personal loans that will enable them bridge financial gaps at discounted interest rates.
The lender said the loan scheme is created for officers currently serving in the Army, Air Force and Navy, from the rank of Second Lieutenant, Pilot Officer or Midshipman respectively, and upwards.
However, a source at Enterprise Bank (name withheld) because he is not authorised to speak with the press said that subscribers to the loan will access from a minimum of N200,000 to N3.5 million, which are available with repayment tenures of 12 to 36 months and at an interest rate below the prevailing market rate.
The lender affirmed that the Nigerian Armed Forces Special Personal Loan is availed against the security of Credit Life Insurance, domiciliation of salary and a third party guarantee. ‘’As a way of making it easy for the gentlemen officers, the loan repayment will come from the beneficiary’s salary account domiciled with the bank,’’ the statement said
Enterprise Bank recently introduced “Tertiary Cluster Loan” for staff of all tertiary institutions in Nigeria (including Polytechnics, Universities and Colleges of Education).”
The bank said the loan is designed for both academic and non academic staff to enable them bridge financial gaps at also discounted interest rates.
For the Tertiary Cluster Loan, subscribers stand a chance of accessing funds of between a minimum of N250, 000 and a maximum of N5 million, with a repayment period of up to three (3) years. ‘’Aside from that, the product also allows lecturers, especially, professors to access the loan even at the age of 65 years,’’ the bank said.
