CIT Emergency Loan

Emergency Loan Account

The objective of this product is to create quick cash flow bridge for SME customers. These are people who urgently require immediate funds to clear containers through Nigeria Ports or require the funds to take care of a need, pending expected receivables.

Features

» Open a Current Account with N5000 minimum
» Minimum loan of N100,000
» Maximum loan of N2,000,000.
» Any amount above this SHALL be subject to Management’s approval.
» Maximum tenure of 60 days.
» 3% upfront charges
» 8% interest rate per month.
» 48 hours turnaround time.
» Must have a guarantor.
» Customer’s cheque and one guarantor’s cheque.
» Security allowed: cash back through investments within the group or a car worth minimum of 200% of the loan amount. This car SHALL be held by the Bank.

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