How to Borrow Money from POLARIS Bank

Borrowing money from Polaris Bank in Nigeria can be a straightforward process if you meet their requirements. Polaris Bank offers various types of loans tailored to different needs. Here’s how you can apply for a loan:

Types of Loans Offered by Polaris Bank

1. Polaris Term Loan: Ideal for covering personal financial needs like medical bills, school fees, house rent, etc. It requires you to be an employee of a reputable organization.
2. Polaris Payday Loan: Designed for salary earners, allowing you to borrow up to 50% of your monthly salary.
3. Polaris Education Loan: Suitable for parents or guardians needing to cover educational expenses.
4. Intervention Funds: Aimed at small, medium, or large businesses for various purposes.

Loan Requirements

• Be a salary earner with a verifiable income.
• Have a steady source of income and provide evidence, such as payslips or bank statements.
• Maintain a good credit history and satisfactory credit score.
• Possess valid identification (National ID, International Passport, or Driver’s License).
• Provide two recent passport photographs.

Applying for a Polaris Bank Loan

Online Application:

1. Fill in the Application Form: Complete the online form with your personal, contact, employment details, and the loan amount you wish to apply for.
2. Upload Required Documents: Include documents for proof of identity, address, and income.
3. Submit the Application: Review your application for accuracy and submit it.
4. Wait for Approval: The bank will review your application and if everything is in order, you will receive an approval.

In-Person Application:

1. Visit a Polaris Bank Branch: Discuss your financial needs and available loan options with a loan specialist.
2. Complete a Loan Application Form: Fill out the form accurately and attach necessary documents.
3. Submit the Application: Hand over the form and documents to the bank staff for processing.
4. Wait for Approval: The bank will verify your application and make a decision.

Applying Using USSD Code

1. Dial the USSD Code: *833# from your registered mobile phone.
2. Choose Loan Application: Follow the prompts to apply for the loan.
3. Enter Loan Amount and Tenure: Specify how much you need and the repayment period.
4. Provide Required Information: Complete all necessary details.
5. Agree to Terms and Conditions: Review and accept the loan terms.
6. Wait for Approval: The bank will process your application and notify you of the decision.

Loan Interest Rates and Repayment Terms

Interest rates and repayment terms vary depending on the loan type. Discuss these details with a Polaris Bank representative to understand the specific rates and terms for the loan you are considering.

ALSO SEE: How to Borrow Money from ACCESS Bank

Remember, it’s crucial to read and understand the loan agreement thoroughly before signing and ensure you meet the eligibility requirements to increase your chances of approval. For more detailed information or to apply, you can visit Polaris Bank’s website or contact their customer service

FAQS

General Questions about Polaris Bank Loans

1. What types of loans does Polaris Bank offer?
   • Polaris Bank offers various loans, including term loans, payday loans, education loans, and intervention funds for businesses​​.
2. Can I get a Polaris Bank loan without collateral?
   • Yes, most Polaris Bank loans do not require collateral​​.
3. How can I apply for a loan from Polaris Bank?
   • You can apply for a Polaris Bank loan by visiting a branch, filling out an online application form, or using a USSD code​​​​​​.
4. Is it possible to apply for a Polaris Bank loan online?
   • Yes, you can apply online by filling out an application form on the Polaris Bank website​​.
5. Who is eligible for Polaris Bank loans?
   • Eligibility varies based on the loan type but generally includes being a salary earner with a verifiable income, having a good credit score, and providing valid identification​​​​.

Applying for Loans

6. What is the USSD code for Polaris Bank loans?
   • The USSD code for Polaris Bank loans is *833#​​.
7. How do I use the USSD code to get a loan?
   • Dial *833#, choose the “Loan” option, enter the loan amount and tenure, and follow the on-screen instructions​​.
8. What are the requirements for a Polaris Payday Loan?
   • You must be a salary earner with a steady income source and a good credit history​​.
9. Can I apply for a Polaris Bank loan through their mobile app?
   • As of the information available, Polaris Bank does not offer loan applications via a mobile app.
10. What information do I need to apply for a Polaris Bank loan?
    • Personal information, employment details, proof of income, and a valid means of identification.

Loan Amounts and Terms

11. How much can I borrow from Polaris Bank?
    • Loan amounts vary based on the loan type and your eligibility.
12. What is the interest rate for Polaris Bank loans?
    • Interest rates vary depending on the loan type, amount borrowed, and repayment terms​​.
13. What is the repayment period for Polaris Bank loans?
    • The repayment period can be up to 36 months, depending on the loan type​​.
14. Can I choose a different loan amount than what is offered?
    • Loan amounts are based on your eligibility and the specific loan product’s terms.
15. Are there long-term loans available at Polaris Bank?
    • Yes, Polaris Bank offers various loans with longer repayment terms.

Interest Rates and Repayment

16. How is loan interest calculated at Polaris Bank?
    • Interest is calculated based on the loan amount, tenure, and your credit profile.
17. Can I repay my loan early?
    • Polaris Bank’s policy on early loan repayment may vary, so it’s best to inquire directly with the bank.
18. What happens if I can’t repay the loan on time?
    • Late repayment can incur additional charges and affect your credit score.
19. How does loan repayment work?
    • Repayment typically occurs through monthly installments, as agreed upon in the loan terms.
20. Is there a penalty for late loan repayment?
    • Late repayment penalties vary depending on the loan agreement.

Eligibility and Application Process

21. Who is eligible for Polaris Bank loans?
    • Eligibility depends on the loan type but generally includes having a steady source of income and a good credit history.
22. What documents do I need to apply for a loan?
    • Requirements may include proof of income, employment ID, BVN, and sometimes collateral.
23. How long does it take to get a loan approved by Polaris Bank?
    • The approval time can vary, but Polaris Bank aims for a quick processing time.
24. Can I get a loan if I don’t have a salary account with Polaris Bank?
    • Having a salary account with Polaris Bank is a requirement for some loans.
25. Do I need a good credit score to get a loan from Polaris Bank?
    • A good credit score is typically necessary to improve your chances of loan approval.