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POLARIS BANK BUSINESS LOAN

POLARIS-BANK-BUSINESS-LOAN
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POLARIS BANK BUSINESS LOAN

POLARIS-BANK-BUSINESS-LOAN
POLARIS-BANK-BUSINESS-LOAN

Polaris Bank Limited is a commercial bank that is based in Nigeria. It is authorized through the Central Bank of Nigeria, the nation’s banking regulator. 

In this article, we will be sharing information about getting a business loan at Polaris bank in Nigeria; let get in the article.

Polaris Bank is a large financial services company that operates across West Africa and Central Africa. 

Its headquarters are located in Nigeria. The bank also has branches with branches in Sierra Leone, the Gambia, and The Republic of Guinea, Liberia, Angola, and Equatorial Guinea.

 In September of 2010, the bank’s total assets exceeded US$3.9 billion (NGN:611.5 billion), With shareholders’ equity around $630 million (NGN:98.4 billion).

HISTORY OF POLARIS BANK 

The bank’s history dates to 1989, in the year 1989 when Prudent Bank Plc. was formed into a limited-liability corporation. In 1990, the institution was granted a license as a Merchant Bank. 

The same year, it changed its name to become Prudent Merchant Bank Limited

The year 2006 saw Prudent Merchant Bank Limited join with four other banks to create Skye Bank plc.

  • Bond Bank Limited
  • EIB International Bank Plc.
  • Reliance Bank Limited
  • Co-operative Bank Plc.

The bank launched the Nigerian-based MasterCard debit card named “MasterCard Verve”, the first of its kind in Nigeria. 

The bank also provides Internet banking and the option of mobile banks. It was in 2014 that the bank purchased Mainstreet Bank Limited.

The bank’s headquarters are at Victoria Island, Lagos state. It has more than 350 branches of banks spread across the country.

Polaris Bank offers numerous different financing products and services that are suitable for large and small businesses.

TYPE OF POLARIS BANK BUSINESS LOAN

Time Loan

Time loans are loans with a shorter term with tenors less than one year. Structures for repayment can be tailored to meet your requirements.

Term Loan

They are loans with durations that range between 36 and 12 months. 

The requirements of your business determine the exact term of any approved loan. The repayment plans are flexible.

Polaris bank loans can be used for a range of applications, such as executing capital projects or financing the purchase of fixed assets.

Project Finance

With its Project financing options, Polaris Bank can cater to the requirements of large businesses which require capital to construct industrial or infrastructure projects.

Structure Finance

Polaris Bank offers structured finance solutions — which are ideal for companies with unique financial requirements.

Overdraft Facility

Establish for business with an insurance policy to manage any fluctuation in cash flow or help in times of emergency, such as the possibility of a commercial overdraft. 

In this instance, Polaris Bank extends credit that lets you overdraw your account, subject to an approved overdraft limit. 

This option is usually granted for a 365-day term, and interest is charged to any borrowed money.

Long Term Finance

It is intended to aid in the financing requirements for the long term, such as an expansion of business capacity. 

The facility could be constructed in the form of a financing lease, where Polaris Bank acquires an asset on behalf of you, and you pay regular lease repayments.

Bonds & Guarantees

Polaris Bank’s bond and assurance products can enhance your reputation and attract more customers as a company and trading counterpart.

For instance, a guarantee by a bank will confirm your creditworthiness or prove your capability to fulfil any contractual obligations.

Trade Finance

Polaris provides a variety of various trade finance options. They are particularly beneficial for exporters, importers, and trading companies. They offer finance for imports, invoice discounting, bills for collection, letters of credit and much more.

Value Chain Banking

Polaris Bank offers a range of credit facilities with its value chain bank products. 

The products offered are supplier finance, distribution finance and receivables finance.

SME Loans

Polaris has a range of products targeted at small and medium-sized businesses (SMEs). These products are health sector, market, or school-based advantage loans.

 The loan can be as much as N100 million could be borrowed based on the particular product. Interest rates can be just 5 per cent.

Intervention Funds

The Government of Nigeria, through several related organizations, including the Bank of Industry (BOI) and the Central Bank of Nigeria (CBN), has provided a variety of funds to help the development of SMEs across the country. 

Polaris can assist you with accessing these funds: the Micro, Small and Medium Enterprises Development Fund (MSMEDF), BOI MSME Loan and Agri-Business Small and Medium Enterprises Investment Scheme (AGSMEIS).

HOW TO QUALIFY FOR POLARIS BUSINESS LOAN 

To be eligible to receive a Polaris Bank business loan, specific criteria must be fulfilled.

The lending requirements specific to the various finance products differ.

 However, there are a few rules that apply to all finance products.

Some examples of these general guidelines include running a profitable company and having a solid credit score. If you don’t meet these requirements, it won’t be easy to obtain a loan from Polaris and other banks and any institution in Nigeria.

If you can provide collateral, credit history will be less crucial.

Additional lending criteria can include:

  • A registered business or company in The Corporate Affairs Commission (CAC)
  • A corporate or business bank account
  • Traded for a while (1-3 years at a minimum)
  • It is essential to have a positive Credit Bureau Report — that is free of unpaid obligations or lousy credit
  • Being a regular client of the bank.

Business loans and other types of business finance are reserved for registered businesses. 

Also, if the CAC doesn’t recognize your business or you’re trying to apply as an individual, then business financing is not available.

Polaris offers personal advances, and loans for salary can be a different way of obtaining necessary funds for your business.

How do I apply for a Polaris Bank business loan?

After doing some research about the Polaris offerings, You will then be able to apply for a loan. 

Before submitting your application, you’re always invited to contact or email Polaris directly if you require additional information.

The most common way to apply for loans is by visiting the nearest Polaris Bank branch. 

You will meet with an adviser for loans and then complete the application. 

The application form will require various information about your company and any directors you may have.

Important information that you need to provide includes details about your business’s past trading history, its financial status, and why the money will be used. 

Polaris Bank will use your completed application form in conjunction with any other publicly available information to make an informed loan decision.

A letter of offer is issued if your loan application is successful.

A few of the essential documents that may be requested in any application is:

  • Application form completed
  • Company profile
  • Business plan
  • Budget for cash flow
  • Statements from banks (12 months)
  • Audited financial statements
  • Certificate of Incorporation
  • A valid means of identification (driving license (passport, driver’s license, voters card)
  • Address proof
  • The details of the collateral that is offered (if there’s any)

Note. The credit facility you are seeking -the Polaris Bank may ask you for more (or less) documents.

Most frequently requested questions (FAQs)

What is the time frame before you receive your money at Polaris Bank?

The process for loan application and timelines for disbursement vary. If the loan amount is small and borrowing is made unsecured, money can be lent out quickly.

How long will I need to repay the Polaris Bank loan?

Polaris will lend to you on both a short- and long-term basis. Repayment plans are also designed according to your specific needs.

What is the maximum amount I can get at Polaris Bank?

Polaris Bank lends to both SMEs and more giant corporations. In this way, the amount that can be borrowed is only restricted by your company’s capacity to repay.

What is the rate of interest set on the Polaris Bank loan?

Polaris Bank has competitive interest rates. In certain products, interest rates applicable are one-digit.

Do you require collateral from Polaris Bank? Does Polaris Bank require collateral?

If your company doesn’t require a lot of money, Polaris may be able to lend you money on an unsecured basis. Companies that require large amounts of cash are usually given secured loans, i.e. a loan secured by collateral.

Acceptable collateral and security may include:

  • The Federal Government of Nigeria (FGN Bonds, FGN Eurobonds, FGN Treasury Bills, etc.)
  • Obligations of state governments and organizations from the Federal Government of Nigeria
  • Other non-government debt instruments
  • Physical Assets, e.g. real property
  • Third-party Guarantors (or collateral)

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