Less than 24 hours ago, a friend shared a loan payment evidence he received from one of the Nigerian financial institutions for his small data service company.
In this post, we will share with you all you need to do to benefit from the Fidelity Bank loan and the category of credit facility available for the bank.
Fidelity Bank needs no introduction, it’s one of the banks that have been able to scale through the hurdle during the consolidation period a few years ago. It is licensed as a commercial bank with international authorization by Nigeria’s apex bank or CBN.
What kind of credit facility can I get from Fidelity Bank?
The bank has close to 10 categories of loans you can get if you carefully follow this guide and abide by the requirements.
Here are the available loans for the personal use for your business:
- Payday loan
- Education loan
- SMEs Loans
- Personal loans
- Mortgage
- Point of transaction (POT)
- Easy asset leasing
- Fidelity NYSC Loan
- Instant Salary advance
- Fidelity Loan on Account Turnover (FLOAT)
- Migo
- Fidelity Easy Asset Leasing Scheme (FEALS)
Personal Loan
Do you have some personal needs to meet? Just like other financial institutions, this bank has what it calls Fidelity Personal Loan Scheme or F-PLS.
Some of the reason you might want to apply for Fidelity personal loan include house rent, school fees, hospital bills, and travel expenses among others.
Payday loan
The payday credit facility is designed for salary earners who have some financial obligations to meet before the payday. This is also known as salary advance.
The amount you would be granted depends largely on your monthly salary just be sure that you have the financial capability to payback.
Under the Instant Salary Advance Scheme, you can access up to 50% of your monthly against your next pay day for a maximum period of 3 months.
Approval time: 12 hour approval time
Application process:
- Bank Verification Number (BVN)
- Credit checks
- Completed Application Form
- Evidence of Confirmation (Letter of Confirmation, Last promotion letter etc.)
- Copy of Employment ID and valid means of identification
- Letter of Lien/Set off
- Bank account with the lender
- Completed Employee Status Inquiry/Employer’s Confirmation Form
Education loan
Under this credit facility, parents and guardians are granted short–term financing to cover tuition fees for their children.
This is designed to cover expenses for undergraduate study, postgraduate study and professional examinations.
Requirements:
You must have an active Fidelity bank account to enjoy this benefit.
Mortgage
With Fidelity Mortgage Facility, you can own the property of your dream. It is designed to support your acquisition for a completed property or property under construction.
How to qualify for a mortgage:
- You must be a salary earner or business entrepreneur
- Must have a property in Lagos, Abuja, and Port Harcourt.
- There is minimum of 10% equity contribution for up to 10 years tenor.
- Completed Mortgage Application Form
- Employee Status Inquiry/Employer’s Confirmation Form
- Title document of the property
- Search report
- Credit checks
- Letter of offer from the property seller
- Valuation report from any of the Bank’s approved estate valuer
Fidelity Easy Asset Leasing Scheme (FEALS)
This credit facility is called FEALS for short, it is designed for those who want to acquire asset like household appliances, brand new vehicles, generators, inverters, laptops, washing machine among others.
Under this scheme, you can also apply for car loan, which gives you the privilege to acquire new vehicles in a financially convenient manner.
To benefit from the vehicle loan, here are the requirements:
- Completed Vehicle Lease Application Form
- Pro forma invoice from any of the Bank’s approved vendors
- Credit Checks
- Blank transfer of ownership Form
Requirements for FEALS
You must be a salary earner whose salary account is domiciled in Fidelity bank
If you are a business owner, your business account must be domiciled in the bank
Tenor is up to 48 months.
Fidelity Bank SMEs Loans
As earlier said in the intro how a colleague applied and got N700,000 credit facility from Access Bank for his Data Service business, you can also enjoy this at Fidelity Bank under the SME loan.
SMEs need soft credit facilities (with low-interest rate not more than 5%) to expand their businesses. Here is an opportunity to get one.
Requirements for Fidelity SME Loan:
- You must have an active business
- Your business must be registered with CAC
- You must have a business account with Fidelity bank
- You must have a good credit score
- BVN
- Your business must have a physical address
Ready to apply? Visit any of the branches of the bank to begin your application today.