How to Get Loan from Polaris Bank

Are you looking to get a loan from Polaris Bank? You’ve come to the right page.

Polaris bank loans are one of the most common types of financial services in Nigeria. If you need a loan for any reason, this is where you should go.

In this day and age, more people are seeking loans online. Polaris is a trusted financial institution that will provide quick solutions to your debt problems without the usual hassle of going into a bank or credit union for an application process.

We all know that knowing about the bank we’re doing business with is essential to our peace of mind. The following are some details you might want to consider in order for your banking experience to be as smooth and easy-going as possible: Polaris Bank’s history, their mobile app, transfer code & customer service number; also information on internet banking services provided by this financial institution.

Polaris bank became Skye bank in September 2018 and is one of Nigeria’s biggest banks today.

You can get different amounts to suit your needs and they don’t have as many requirements as other banks do. Check out these steps on how to apply for a loan from Polaris Bank!

How to Apply for Polaris/Skye Bank Salary advance Loan

As of September 21, 2018, Polaris Bank was established by the CBN to provide commercial banking services to Nigerian citizens after acquiring Skye Bank.

The bank offers a variety of loans to its depositors, including:

• Polaris Salary Advance
• Digital Loans Terms & Conditions
• Personal Term Loan, and
• Market Loan.

Lrt’s see some of the terms and requirements of each of these loan types offered by Polaris Bank

1. Polaris Salary Advance Loan

Polaris bank is now offering a new way to access your salary in advance. With the Polaris payday loan, depositors whose salaries are domiciled with the bank can have up to 50% of their next paycheck available and ready for use as soon as they need it!

The funds will be released within minutes if you submit an application through USSD code on any phone at any time during banking hours or 24/7 via ATM card or mobile app using our USSD service – PolarisMobile Xperience, which also includes features like real-time balance inquiries and instant transfers.

Benefits of Salary advance loan

Quick access to funds for bridging the short-term funding gap.

• No need to run credit checks
• Fast and easy access to funds
• Apply within 24 hours
• Access 70% of monthly net income

Requirements

To get a loan from Polaris Bank, you must be employed with an established company in both the private and public sectors.

You must have an active account with Polaris Bank in order to qualify for any loan services.

How to Apply for salary in advance Loan?

Method 1

In order to apply for a loan with Polaris Bank, you will need to dial *833*12# from your registered mobile phone and follow the instructions that are provided. This process should take less than a minute

Method 2

To apply for a loan, visit one of our branches closest to you and fill out the application form. You should also submit the required documents as well.

Method 3

To get a loan from Polaris Bank, you can also contact the bank 0700-7652747, 08069880000, 01-4482100 or 01-2705850.

2. Personal Term Loan

Polaris Bank offers different types of loans to assist with depositors’ financial needs, including medical bills and school fees or for those who need funds to set up their business.

Benefits of Personal Term Loan

• Access up to N10 million without collateral
• No need for an additional third-party guarantor or security deed over the property.
• Interest Rate is competitive and flexible
• Repay your loan from a salary you are being paid by the bank itself

Requirements

To qualify for a loan, you must be an employee of an established company in either the private or public sector.

You must have a salary account with Polaris Bank to efficiently take care of your monthly obligations.

How to get a personal term loan through Polaris Bank

To submit a loan application form and any required documents, please visit the nearest branch of Polaris Bank.

Getting a loan from Polaris Bank is processed within 24 o 48 hours after submitting all requirements.

OR

Call YES CENTER on 0700-POLARISBANK (070075932265), 08069880000, 01-4482100 or 01-2705850.

3. Polaris Bank Digital Loans

These loans are available to customers who satisfy the conditions laid out under these terms and conditions.

The interest rate for the loan is fixed at 2.5% and this is subject to change, in line with general trends in the money markets. The loan has a 30 days tenor period or next salary date (whichever comes first).

The loan interest rate is 1.0% flat with life insurance 0.5%.

How to Repay loans

Deducted will be made on your account domiciled with Polaris bank ot other accounts linked to your BVN.

When does your loan commence?

This loan will commence on the date of disbursement and be repayable by your next payday, or by 30 days (whichever comes first).

Loan Security

The loan shall be secured with the following:

Irrevocable domiciliation of salary with the bank

Credit life insurance is created to cover the risk of death/disability, and loss of job for a borrower.

The bank will be able to track the repayments and can see how much is owed, necessary deductions will be made from salaries or linked bank accouts.