Credits and Loans
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- Credits and Loans
We offer a variety of lending options from personal loans to credit card services with a gamut of features made possible by modern technology.
Personal Loans
The Keystone Bank Personal Loan is a short to medium term
Features
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- Access up to N10million subject to employee’s monthly income
- Pay back within a period of 36 months
- Competitive interest rate
- Credit life insurance required
Requirements
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- Duly filled and completed application form
- Domiciliation of Salary and Allowances
- Evidence of last pay slips
- Duly filled Employer’s Letter of Undertaking
- Duly signed Letter of Set-Off/Lien
- Positive Credit Checks
- No history of returned cheques
- Valid means of identification (Inclusive of Employee’s ID)
- BVN
- Passport photograph
Auto loan
This is a long term loan for individuals who desire to
Features
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- Access up to N15million (subject to employee’s monthly income)
- Pay back within a period of 48 months
- Minimum equity contribution of 20%
- Competitive interest rate
- Credit life insurance
Requirements
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- Duly filled and completed application form
- Domiciliation of Salary and Allowances
- Evidence of last pay slips
- Duly filled Employer’s Letter of Undertaking
- Duly signed Letter of Set-Off/Lien
- Positive Credit Checks
- No history of returned cheques
- Valid means of identification (Inclusive of Employee’s ID)
- BVN
- Passport photograph
Details of Salary Instanta and Home Acquisition Remains the same but should feature last.
Asset Financing Facility
The facility offers Salary Earners an opportunity to
Features
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- Access up to N5million (subject to employee’s monthly income)
- Pay back within a period of 18 months
- Minimum equity contribution of 20%
- Competitive interest rate
- Credit life insurance required
Requirements
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- Duly filled and completed application form
- Domiciliation of Salary and Allowances
- Evidence of last pay slips
- Duly filled Employer’s Letter of Undertaking
- Duly signed Letter of Set-Off/Lien
- Positive Credit Checks
- No history of returned cheques
- Valid means of identification (Inclusive of Employee’s ID)
- BVN
- Passport photograph
Device Financing Facility
This facility offers salary earners the opportunity to own
Features
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- Access up to N500,000 (subject to employee’s monthly income)
- Pay back within a period of 12 months
- Minimum equity contribution of 20%
- Competitive interest rate
- Credit life insurance
Requirements
▼
- Duly filled and completed application form
- Domiciliation of Salary and Allowances
- Evidence of last pay slips
- Duly filled Employer’s Letter of Undertaking
- Duly signed Letter of Set-Off/Lien
- Positive Credit Checks
- No history of returned cheques
- Valid means of identification (Inclusive of Employee’s ID)
- BVN
- Passport photograph
EduFinance
EduFinance product offers affordable financing to salaried
Features
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| TARGET MARKET | Students and parents of students enrolled in Primary/Secondary schools and Tertiary Institutions that are duly approved and registered by the Ministry of Education. | ||
| TENOR | Up to12 months | ||
| SINGLE OBLIGOR LIMIT | Maximum of N5,000,000 | ||
| GLOBALOBLIGOR LIMIT | N1,000,000,000 Note: Salary earners whose salaries are domiciled in other banks shall utilize 20% of the global obligor limit | ||
| VARIANTS | Education Category | Salary earners that have salaries domiciled in Keystone Bank | Salary earners that have salaries domiciled in other banks |
|
Early Education | |||
| (Creche, | |||
| OBLIGORAMOUNT BREAKDOWN | Nursery and primary | N1,000,000 | N500,000 |
| education) | |||
| Secondary | |||
| education | N2,000,000 | N1,000,000 | |
| Tertiary | N2,000,000 | ||
| education | N2,500,000 | ||
| Professional | |||
| certifications | N5,000,000 | N2,500,000 | |
| OBLIGORSEQUITY CONTRIBUTION | Minimum of 20% | ||
| REPAYMENT SOURCES | Salaries and Allowances of salary earners Domiciled in the bank or other banks. | ||
| MODE OF REPAYMENT | Monthly (principal+ interest). | ||
| PRICING | MPR+9.5% and 1% Management fee | ||
| AGE LIMIT | Age Limit of 60 years | ||
Requirements
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REQUIRED DOCUMENTS
- Duly completed and signed application form
- School fees bill / tuition advice
- School Admission letter
- Proof of identity (Valid Driver’s license, National ID/NIMC Slip, International Passport, Permanent Voters Card)
- Recent bank statement of salary account (minimum of 6 months)
- Duly accepted offer letter
- Guarantor (This is needed for Salary earners that have salaries domiciled in other banks). Guarantor shall be a salary earner or a business owner.
RISK ACCEPTANCE CRITERIA
- KYC documentation must be 100% completed before disbursement, no deferral is allowed.
- Obligor (salary earner) shall irrevocably domicile salaries and allowances to the Bank.
- Confirmed School fees bill / tuition advice.
- Monthly repayment shall not exceed 33.3% DSR of salary earner.
- The obligor must not have had a returned cheque drawn on an unfunded account in the last 180 days.
- There must be 3 positive credit check reports for credit bureaus and CBN.
- The Customer must be a confirmed staff of his/her organization and must not be less than 6 months in the establishment.
- Eligible Schools must be included on the bank’s approved counterparty list.
- Execution of Remita mandate on the account.
PRE-DISBURSEMENT CONDITIONS
- Customer must accept the offer letter.
- Execution of GSI recovery mandate
- Irrevocable domiciliation of salaries and allowances of salary earners to the bank must be in Place.
- KYC must be complete.
- A customer’s request letter must be signed and verified.
- Letter of authority to debit account for credit checks must be in place.
- There must be three positive credit bureau reports.
- Other documents may be required by credit support and legal.
- Credit Support would ensure proper documentation and approvals are in place before disbursement.
Sustainable Energy Finance
Sustainable Energy Finance is a specialized financing
Features
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| FEATURES | DESCRIPTION |
| Asset Type |
|
| Eligibility Criteria | Salary earners shall domicile salaries and allowances to the Bank. Salary earners must be confirmed staff of their organizations. |
| Single Obligors Limit | N20M subject to 33.3% DSRfor salary earners |
| ObligorsEquity Contribution | 20% for salary earners
10% for keystone Bank Staff |
| Security | Comprehensive Insurance over asset financed noting the bank as first loss payee Credit LifeInsurance Asset to be financed. |
| Pricing | MPR+9.5% and 1% Management fee |
| Sourcesof repayment | Salaries and Allowances domiciled to the bank |
| Mode of repayment | Monthly (principal+ interest) |
| Disbursement | Shall be directly disbursed to vendor of asset to be purchased |
Requirements
▼
RISK ACCEPTANCE CRITERIA
- KYC documentation must be 100% completed before disbursement, no deferral is allowed.
- Obligor (salary earner) shall irrevocably domicile salaries and allowances to the Bank.
- Proforma Invoice must be obtained from, and asset purchased from a Bank approved vendor.
- Asset purchased shall be registered in the name of the bank and obligor.
- Monthly repayment shall not exceed 33.3% DSR of salary earner.
- The obligor must not have had a returned cheque drawn on an unfunded account in the last 180 days.
- Compulsory insurance over Assets, noting Keystone bank as the first loss payee.
- There must be 3 positive credit check reports for credit bureaus and CBN.
PRE-DISBURSEMENT CONDITIONS
- Customer must accept the offer letter.
- Execution of GSI recovery mandate
- Irrevocable domiciliation of salaries and allowances of salary earners to the bank must be in place.
- Customer equity contribution and insurance premium must be in place.
- KYC must be complete.
- A customer’s request letter must be signed and verified.
- Letter of authority to debit account for credit checks must be in place.
- There must be three positive credit bureau reports.
- Other documents may be required by credit support and legal.
- Credit Support would ensure proper documentation and approvals are in place before disbursement.
Micro Lending
Keystone Bank provides short term loans to small scale
Features
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Eligibility Criteria |
|
Maximum Obligor Limit | N100,000 |
Minimum Obligor Limit | N5,000 |
Tenor | 30 and 60 days |
Repayment Sources | All sources of income |
Pricing | MPR + 9.5% (per annum) Management Fee 1% |
Collateral |
|
Mode of Repayment | Daily, weekly and /or monthly repayment of interest and principal |
CBN CRMS Report | Positive Credit reports from two Credit Bureau firms and CBN |
Access Channels | Mobile, WEB and USSD. |
Age Limit | 18 – 60 years |