Enterprise Bank Unveils Loan Scheme for Army Personnel

Enterprise Bank has introduced a loan scheme to specially cater for armed forces personnel in line with the bank’s desire to sustain innovative product ideas.

The product, named “The Nigerian Armed Forces Special Personal Loan Scheme,” was designed to avail personnel of the Nigerian armed forces loans that will enable them bridge financial gaps at discounted interest rates.

Created for officers currently serving in the Army, Air Force and Navy, from the rank of Second Lieutenant, Pilot Officer and Midshipman respectively, upwards, Enterprise Bank, in a statement, signed by Igwe Igwe, head of Corporate Communications,  said that subscribers to the loan will access various sums, which are available with repayment tenures of 12 to 36 months.

According to the statement, “the Nigerian Armed Forces Special Personal Loan is availed against the security of Credit Life Insurance, domiciliation of salary and a third party guarantee. As a way of making it easy for the gentlemen officers, the statement said that the loan repayment will come from the beneficiary’s salary account domiciled with the bank.”

Recently, the financial institution introduced “Tertiary Cluster Loan” for staff of all tertiary institutions in Nigeria (including polytechnics, universities and colleges of education).

The loan scheme was designed to avail their staff (both academic and non-academic staff) personal loans that would enable them bridge financial gaps at discounted interest rates.

In that loan category, subscribers stand a chance of accessing funds from a minimum of N250, 000 to maximum of N5 million, with a repayment period of up to three years.
 
Besides, the product also allows lecturers, especially, professors to access the loan even at the age of 65 years.

“The introduction of these products is a further justification of the promise of the financial institution to constantly seek new ways of improving the standard of lives and lifestyle of the Nigerians and remain the bank of choice for value addition,” the statement added.