Last Updated on November 15, 2022 by admin
Fidelity bank personal loan and SME Loans And Advances can be used for almost any reason, from SME Loans And Advances to SMEs And Small Corporate loan and unexpected doctor bills to taking a vacation.
Fidelity bank has unveiled different type of loan to their customers ranging from Personal Loans which comprises of Fidelity Easy Asset Leasing Scheme , Fidelity Personal Loan Scheme, Personal Mortgage, Instant Salary Advance Scheme,Payday Loan and Fidelity Credit Card
The bank also offers SME Loans And Advances for MSMEs: this comprises Commercial Support Short Term Loan,Commercial Support Overdraft,Fidelity EduLoan and (DBN) On-Lending Scheme For SMEs And Small Corporates.
Let me walk you through how fidelity banks different kinds of loan work, requirements and purpose.
1. Fidelity Easy Asset Leasing Scheme
This kind of loan is designed for the acquisition of household appliances, brand new vehicles, generators, inverters, laptops and much more.
Before you get this fidelity asset loan you need Minimum contribution as low as 20% and Choose from a variety of vendors/dealers and manufactures nationwide that is acceptable to the bank.
The loan has a Flexible repayment plan and it can be approved 48hours once you meet up with the requirements
You can also read: How to block Fidelity bank and First bank Atm card account
2. Fidelity Personal Loan Scheme (F-PLS)
This kind of credit facility offers borrowers the access to funds for their personal financial obligations such as; house rent, school fees, hospital bills, travel expenses, etc. The Fidelity Personal Loan Scheme (F-PLS) tenor is up to 60 months with an attractive interest rate with a flexible repayment plan.
3. Fidelity bank Personal Mortgage
Fidelity Personal Mortgage gives you the chance to own your dream home with Repayment up to 10years.Intended borrower must contribute 10% minimum equity to the mortgage.
4. Instant Salary Advance Scheme
With Fidelity bank Instant Salary Advance Scheme, you can access up to 50% of your monthly against your next pay day.This kind of credit facility is designed for salary earner who’s salary domiciled with the bank
The Minimum required documentation requires You to be an employee of a reputable organization or government sector before you can qualify for this loan package. Also your salary must domicile with the bank .
5.Fidelity bank Payday Loan
Fidelity bank Payday Loan is a short-term credit facility designed to meet immediate needs of salary earners whose accounts are domiciled with Fidelity Bank.
The loan is disbursed in less than two (2) minutes and can be accessed through any of the Fidelity Bank digital channels. You can also dial the code *770*999*08# on the phone number tied to your account and follow the prompt. For further clarifications and guidance, please call fidelity bank helpline 014485252. #FidelityCares
Fidelity bank Payday Loan Acceptance Criteria/Eligibility
To qualify for fidelity bank pay day loan you must meet the following requirements
1. Must be a salary earner
2. Salary must be domiciled with Fidelity Bank Plc
3.Must have received a minimum three (3) consecutive months’ salary with Fidelity Bank Plc
4. Must have a clean credit report
Terms & Features of Payday Loan
1.Loan amount – up to 50% of your net salary income with Fidelity Bank Plc
2. Minimum loan amount – ₦10,000.00
3. Maximum loan amount – ₦1,000,000.00
4. Tenor – up to 30 days
5. Interest and fees – 4%. Interest shall accrue on the amount actually
disbursed on a reducing balance basis and is payable at the agreed repayment period
6. Management fee – 1.00% flat
7. Credit Life Insurance – 0.25% flat
How to Apply for Fidelity bank Payday loan
The Fidelity bank payday loans are accessible via digital channels – USSD (*770*08#), Fidelity Bank IVY on WhatsApp (090-3000-0302) and Facebook. You can also download the Fidelity Online Banking App on Google Play or Apple Stores to get started
Read: Fidelity Bank USSD: How to Register/Create, transfer Money and Buy Airtime
Fidelity SME Loans And Advances
7. Fidelity EduLoan
This kind of loan product is designed to provide working capital and asset/expansion finance to standardized and structured private schools registered with relevant state Ministries of Education or the Federal Ministry of Education and, in current account relationship with Fidelity Bank. Such schools must have been in operation for a minimum of three (3) years.
You can get a short term loan (working capital finance) – N30m and Term loan (asset/expansion/lease finance) – N150m.
Tenor:
Short term loan – 6 months
Term loan – 36 months
Security:
Term Loan
1. Irrevocable Domiciliation of School Fees
2. Personal Guarantee of Proprietor/Prime Promoter
3. Proprietor/Prime Promoter Statement of Networth
4. Undated Other bank cheque IFO Fidelity covering 120% of loan amount
Working Capital
1. Irrevocable Domiciliation
2. Personal Guarantee of the proprietor/prime promoter
3. Undated Other bank cheque IFO Fidelity covering 120% of loan amount
4. Lien on leased Assets
5. Legal Mortgage on landed property belonging to Prime Promoter/Proprietor
6. Comprehensive insurance cover on all property for 110% of the value with Fidelity noted as the first loss payee
Documentation Requirement:
1. Customer request Letter on letter head
2. Valid ID Card for directors
3. Statement of A/C
4. Domiciliation letter
5. Invoice for asset and lease finance; Bill of Quantity (BOQ) for expansion finance
6. Any other document required in the cause of processing
For more information on Fidelity Eduloan offerings, call +234 1 271 3484
8. On-Lending Scheme For SMEs And Small Corporates
The fidelity bank on-lending scheme is an alternative funding window that avails loans to eligible MSMEs playing in any sector of the Nigerian economy, at less-than commercial rates
Eligible Customer Class:
SMEs and small corporations playing in any sector of the Nigerian economy and whose businesses are structured.
Loan Structure:
Term loan, for working capital and asset/expansion finance support.
Single Obligor Limit:
From N5m to N720m
Tenor:
Up to 60 months
9. Commercial Support Short Term Loan
This fidelity bank short term (90-day) working capital finance/loan product for MSMEs trading in fast moving consumer goods (FMCGs) in identified, well organized market clusters. Such trading MSMEs typically have stable cash flows, have short cash conversion cycles and for the most part, do not have tangible collateral to secure loan facilities to avail them.
Eligible Customer Class:
Only identified trading MSME members of identified trading clusters approved by the bank’s Management Credit Committee (MCC) are eligible for the CSSTL.
Loan Structure:
Short term Loan
Single Obligor Limit:
Single Obligor Limit for CSSTL is N5m
Tenor:
90 Days
Visit any Fidelity Bank branch near you to apply for CSST. For more info:
Telephone: 01-2701937
Email: sme@fidelitybank.ng
10.Traders Support Facility (TSF)
The Fidelity Bank Traders Support Facility (TSF)is a short term (180-day) working capital finance/loan product for MSMEs trading in fast moving consumer goods (FMCGs) in identified, well organized market clusters in and around the FESTAC area of Lagos State.
These clusters include BBA, ASPAMDA, Alaba, Tyre Market, APT Jewelries Market and Orile/Odunade Building and Plumbing Materials Market. Such trading MSMEs typically have stable cash flows, have short cash conversion cycles and for the most part, do not have tangible collateral to secure loan facilities to avail them.
Loan Structure
Term Loan
Overraft
Single Obligor Limit
Term Loan – N10m
Overdraft – N20m
Tenor
80 Days
11. Commercial Support Overdraft (CSO)
The fidelity bank Commercial Support Overdraft (CSO) is a working capital finance facility usually availed as a 30-day overdraft to trading MSMEs to assist them meet their temporary financing needs by relying on their proven track record of account activity with our bank that is directly traceable to the trading business they are engaged in.
Eligible Customers:
Only MSMEs trading in fast moving consumer goods who record daily inflows and have very short cash conversion cycles.
Loan Structure:
Overdraft
Single Obligor Limit:
Single Obligor Limit for CSO is N3m
Tenor:
30 Days
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