You must be in a paid employment
Your age should be between 18 and 58 years
You must have an active salary account
You must have a clean Credit Bureau Report
1 Recent Passport Photograph
A valid means of Identification - International Passport, Drivers Licence or National ID card
Employee ID Card
NUBAN Cheques and Direct Debit Mandate
Salary bank statement for the last 6 months OR 12 months bank statement for SME loans.
Proof of business and residential address - SME loans only
Our minimum loan amount is N100,000 and the upper limit for a new customer is N2,500,000. Both depends on borrowers capacity to repay based on verifiable income level and other selection criteria.
You cannot have more than one loan at a time, but you can apply for a top up loan after three repayments on your existing loan.
Yes, your application is subject to a credit check before approval.
No, your application can also be made online through our website. After the application has been made,our customer care representative or sales officer will contact you.
Yes, you must be a salary earner or a registered business owner
You receive a status text or email.
You can make repayments via our different channels depending on which is convenient.
NUBAN Cheques: Your cheques serve as a fall back plan for repayment and will be presented only in cases where we are unable to claim your repayment via DDM.
Online Payments: You can make transfers to our bank accounts which is readily available.
On your salary pay day.
Yes, you can pay down/liquidate your existing facility at any time.
We will hold your cheque from being presented for 24 hours, during which we would implore you to keep us posted on the status of your account.
Yes, your repayment date can be changed. To facilitate this change, please send this request via mail to email@example.com with evidence of the change of employment.
Please send us an email at firstname.lastname@example.org or call our Customer Contact Centre on 09019999920 and we will refund the second debit after due confirmation.
You can visit our office to retrieve your cheques at least 24 hrs after request, once loan has been fully liquidated.
There are no hidden charges.
The liquidation amount consists of your outstanding principal, outstanding management fee and interest accrued to date of liquidation. Please note that the amount is valid daily because of running interest.
You can reapply any time after your loan has been settled.
No, you cannot make part payment as your loan repayment date are agreed before loan disbursement,however a change in repayment date is possible depending on your cash flow.Charges will apply in case you change your repayment date.
Yes you can pre-liquidate your loan, however there is a pre-liquidation fee of 5% of loan value.
If you do not want your cheques presented you can make payment in our account details as follows and contact us via email at email@example.com
Our account details are :
Essential Finance Limited- XXXXBank – AC number XXXXXXXXX
The default penalty is 0.5% on installment amount for each day of default. If the default passes 30 days, more stringent measures may be applied which may include
Reporting defaulter to his/her employer
Reporting defaulter to Credit Bureau
Yes you can pick up your cheques after liquidation within 24 hours
The minimum amount is N500,000
The minimum tenor is 60 days
Yes, however, there is a 20% pre-liquidation charge on the accrued interest.
Interest payments can be paid into your account of monthly, quarterly, annually or upon maturity
You can get your interest upfront with funds placed for a minimum tenor of 180 days.
No. However, there is a 10% withholding tax to be charged on the accrued interest.
For any additional information,please call 09019999920, visit our website or walk into our office.