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Requirements for Heritage Bank Loans

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  • Post last modified:05.02.2023

Heritage Bank loans create the financial buffer you need to keep you afloat at all times.

The range of types of loans Heritage Bank offers helps individuals find a financial solution that fits their needs and capacity. These loans have attractive interest rates, flexible tenors, and more.
 
Heritage Bank loans aid salary earners, non-salary earners, and business owners to get loans that support their different endeavors without worrying.

 

Heritage Bank Loans

Below are the available Heritage Bank loans with their requirements:

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Cowry (Personal) Loan

Limit

₦3 million

Interest/m

2.5%

Tenor

12 months

This loan is one of the borrowing options available from Heritage Bank that can help you sort out your personal needs. In emergencies or when you need to sort out bills, and fees, or make purchases, you can count on this loan to sort it out.

The nature of this loan does not require a specific purpose to be stated so it becomes a flexible option that you can apply for and repay at a steady pace with attractive interest rates.

Salary earners have access to this loan and a maximum of 50% of their salary with N3 million limit and 12-months tenor. The interest rate is 2.5% to be paid with the principal monthly.

 

Requirements for Cowry (Personal) Loan Direct

  • Applicant must be between 22-55 years
  • Salary must be domiciled with Heritage

 

Heritage Bank Cowry (Personal) Loan Channels

You can apply for this Heritage Bank loan through the following:

  • Any Heritage Bank branch


Salary Advance

Limit

₦500,000

Interest/m

5-15%

Tenor

30 days

Sometimes, your needs do not wait until the end of the month, so you should not be stranded when trying to sort them out. This Heritage Bank loan ensures that you have a salary advance before your next payday.

This keeps you afloat till you can pay back with a 30-day tenor or on the next salary day. It avails you up to 50% of your monthly salary with an N500,000 cap.

 

Requirements for Salary Advance Loan

  • Applicant must be between 22-55 years
  • Salary must be domiciled with Heritage
  • At least six months of employment under the current employer
  • A confirmed staff of the organization

 

Heritage Bank Salary Advance Loan Channels

You can apply for this Heritage Bank loan through the following:

  • Any Heritage Bank branch


Auto Loan

Limit

₦10 million

Interest/m

33.3%

Tenor

48 months

Your dream car is now more within reach than ever. This Heritage Bank loan allows you to purchase a car while making payments in affordable bits. This helps to reduce the financial strain of bulking out money for a one-time purchase.

The Heritage Bank Auto loan is available to employees of reputable organizations to purchase new cars from CIG Motors Ltd. This company is responsible for producing all GAC-branded vehicles at a discounted price on the loan offer.

Any car purchased through this loan comes with free tracking installation, vehicle registration, a warranty from the manufacturers, and comprehensive motor insurance from the bank. The loan amount available is 33.3% of net monthly income with a limit of N10 million and 48 months to repay.

This loan is subject to the following interest rates and fees:

  • 10% security deposit
  • 24% p.a interest rate
  • 1% management fee
  • 1% commitment fee
  • 3.5% insurance
  • N4000 CRMS search

There are also penalty-free pre-liquidation and lump-sum repayment terms. This means you can finish your loan payment before the tenor elapses. 

 

Requirements for Auto Loan

  • A security deposit of at least 10% of the finance amount
  • Salary must be domiciled with Heritage
  • At least six months of employment under the current employer
  • A confirmed staff of the organization
  • Irrevocable letter of payment of terminal benefits to the bank

 

Heritage Bank Auto Loan Channels

You can apply for this Heritage Bank loan through the following:

  • Any Heritage Bank branch


Agric Business Loan

Limit

Based on the agric scheme

Interest/m

5-15%

Tenor

Based on the agric scheme

The agricultural sector is one that serves as the backbone of our national heritage and as such, needs stable financial backing to thrive much more. This is where this Heritage Bank loan comes in. It helps to do all the heavy financial lifting by funding different aspects of the Agric sector.

The different funding schemes under this loan are:

  • Anchor Borrower’s Programme
  • Commercial Agric Credit Scheme
  • Maize Aggregation Scheme
  • Micro Small Medium Enterprises Development Fund
  • Paddy Aggregator Scheme
  • Real Sector Support Facility

The application eligibility for this loan is as follows:

  • Individuals in paid employment
  • Micro, Small, Medium, Large scale farmers
  • NGOs
  • Government and government agencies
  • Corporate organizations
  • Exporter/agro-allied entrepreneur

 

Requirements for Agric Business Loan

  • A minimum of six months’ relationship with the bank
  • Feasibility report
  • Board resolution to borrow
  • Letter of authority to conduct a search on collateral
  • Company incorporation documents
  • Company profile
  • Projected cash flow analysis
  • Six months’ statement of accounts
  • Pro-forma invoice
  • Valuation reports
  • Bill of Quantity
  • Letter of irrevocable domiciliation of sales proceeds
  • Relevant permits
  • Verifiable offtake contracts or agreements
  • Project visitation report
  • Collateral documents

 

Heritage Bank Agric Business Loan Channels

You can apply for this Heritage Bank loan through the following:

  • Any Heritage Bank branch


CBN Health Sector Loan

Limit

₦2 billion

Interest/m

5-15%

Tenor

Based on the agric scheme

Since the COVID-19 pandemic, the CBN has created the Health Care Sector loan to fund businesses in the health sector to meet the increased demand for health-related products and services.

It also covers any need to improve current healthcare facilities and make services easily accessible to all. The limit and tenors for this loan are divided into two:

Working capital: 20% of the company’s average 3 years turnover with a tenor of not more than 3 years

Term loan: Maximum of N2 billion with a maximum of 10 year

Requirements for CBN Health Sector Loan

  • Healthcare product manufacturers (pharmaceuticals and medical equipment)
  • Healthcare service providers/medical facilities (hospitals, diagnostic laboratories)
  • Pharmaceutical/medical products distribution
  • Manufacturing of pharmaceutical drugs and medical equipment
  • Establishment/expansion/upgrade of basic healthcare facilities
  • Medical/pharmaceutical research and development

 

Heritage Bank CBN Health Sector Loan Channels

You can apply for this Heritage Bank loan through the following:

  • Any Heritage Bank branch

Heritage Bank Loan Calculator

If you are feeling lucky, take some minutes to calculate how much you will pay back before applying for any using the below Heritage Bank loan calculator:


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Heritage Bank Loan FAQs
 

How do I check if I am eligible for a Heritage bank loan?

To find out your eligibility for any of the available Heritage Bank loans, you can go through the stated requirements for each loan in this article. It gives a breakdown of what you need to qualify for each loan type.

What is the maximum amount I can get for a loan?

The maximum amount available for each loan differs. The maximum amount for each Heritage Bank loan is as follows:

  • The Cowry loan is capped at N3 million or 50% of your salary
  • The Salary Advance loan limit is N500,000 or 50% of your salary
  • The Auto loan maximum, limit is N10 million or 33.3% of your net monthly income
  • The Agric Business loan is dependent on the scheme you choose (Anchor Borrower’s Programme, Commercial Agric Credit Scheme, Maize Aggregation Scheme, Micro Small Medium Enterprises Development Fun, Paddy Aggregator Scheme, Real Sector Support Facility)
  • CBN Health sector loan (working capital) – 20% of the company’s average 3 years; Term loan – N2 billion

Can I repay my loan before the tenor ends?

You can complete your loan payments before the tenor is up. Contact the bank to request an early payment when you want. 

How long will it take to get a loan?

The loan processing and disbursement fees vary from loan to loan. Some loans may take a few minutes to hours while some require days to be fully processed. Loans with fewer requirements (eg Salary Advance) will take less time to be approved and disbursed than loans with more requirements (e.g. CBN Health sector loan).

How does Heritage Bank loan repayment work?

Loan repayment with Heritage Bank generally requires a tenor (the amount of time afforded for repayment) in which the principal and interest are split equally over the duration of the tenor. 

How do I know if I am eligible for a Heritage Bank loan?

The requirements for a Heritage Bank loan let you know what the eligibility marks are. In this article, we have listed most of the requirements for the available Heritage Bank loans for individuals and businesses.  The general requirements are:

  • Be above 18 years
  • Have a relationship with the bank for not less than 3-6 months
  • Have an active account with the bank
  • Liquidate all existing loans with the bank as well as other financial institutions 

What happens if I miss a repayment?

To ensure that you stay atop your payments, Heritage Bank sends out reminders before and on the due dates for the repayment of a loan. If however, payment is missed, it may attract penalties depending on the type of loan. Such a penalty may present as an extra fee or rate to pay. 

How does Heritage Bank loan repayment work?

Loan repayment with Heritage Bank generally requires a tenor (the amount of time afforded for repayment) in which the principal and interest are split equally over the duration of the tenor. 

How do I get more information on these loans??

You can find out more and contact their customer service from their loan listing page.

There are different types of loans that Heritage Bank offers. These loans are crafted to meet various requirements by businesses and individuals. These loans make it possible to access quick financing when in a pinch or to make sure that you grow your business, complete a project, or pay for the things that matter to you. 

Asides from Heritage bank loans, other lending platforms exist. You can check this list for loans from other providers

Lois Samari
You are the first in our research hence, we rallies around doing rigorous checks, testing and analysis to help you make a good decision on products and services. Meanwhile, items providers' final views are superior to ours.
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