This product enables people meet urgent personal financial obligations such as rents, school fees, vector expenses , medical bills as well as insurance loans
Who qualifies for this class of loan?
– Salary farmers whose salary accounts must be domiciled with the bank
– Customer whose salary account are not domiciled in the bank must have their salary accounts moved to us must be confirmed staff
– Salary account must have ran for at least 6 months
What security is required for this loans
– Salary domicilation
– Personal gurantee /employer status inquiry from the current place of work
– Post dated cheques
WHEN DOES THE LOAN TERMINATE
The loan has a mzximum tenor of 12 months repayment shall be mothly and will be into the salary account of the obligor
WHAT ARE THE CHECKLIST FOR SALARY ACCOUNT HOLDERS?
This means that before the loan can be granted, the following must be obtained
Complete tran application from (To be completed by the applicant)
– Duly excuted letter of slary domicilation
– Evidence of annual congrensation package
– Attach 6 months pay slip and six (6) month statement of account
– Excecuted letter of authority to the bank to debit customers account for the loan month repayments
– Duly executed offer letter
What does the branch enjoy
– Multiple income streams float income, fees and conton accounts
– Opportunity to sell other products of the bank
– Account conversion of aspiring customer and increase in customer base
Conditions precedent to drawdown
– Account officer /branch manger must have confirmed applicants place of resident /employment
– Customer has accepted letter of offer
– Ensure that finality has been approved by authorized person(s)
– Ensure that domiciliation of salary is in place /postal dated cheques covering the terror of facility (as applicable )
– Duly executed loan agreement
– Receipt of employer status enquiry form, letter of introduction
– Receipt of dilly executed guarantors from supported with notanzed statement of net worth
WHAT STEPS DO I TAKE IF MY CUSTOMER REQUEST FOR THIS LOAN PRODUCT?
Upon enqury by customer, account officer holds brief (PRELIMARY ) LAN INERVIEW who the customer to ascertain
1. Whether customer is self employed or in paid employment
2. Source and repayment capacity
3. Purpose of the personal loan
4. Customer obtains current account opening package (if not already in account with enterprise bank) and application form
5. Customer submits completed item given in together with 6 months statement of accunt and pay slip (only for new customers under slary funded scheme)_
6. Upon completion of the account opening process for new customers only ) the account officer completes the credit scoring /rating
7. Where the outcome of the credit scoring is goods approval of granted by authorized person under stipulatal condition
8. Upon approval, an offer letter which status conditions precedent as stuted on the approved product paper (including salary domiciliation) is used
9. Account officer /branch manger verifies the customer employment status
10. Customer meets all conditions precedent to drawn down
11. Presult the package again to the authorized signatory for disbursement authorization
12. The bank disburses facility to the customer by crediting his account
13. At end of the month reduce dedication are made and lodged into the facility account the reduce the outstanding until facility is fu
lly liquidated
Conclusion
This report deals mainly on what I do in my student industrial work experience scheme (SIWES) this report is what I could be able to achieve whin my six month stay in the enterprise bank ltd . it also make me to understand the course I am studying and versatility of the course
The program should by recommended to all universities student because his program expose them to what labour market is likely to look after graduation and student should take his programme serious because what they achieve there exposes their ability, knowledge, skills and comportment
This scheme is very interesting and educative thought tedious and stressed but human beings especially student must he stretched and pass many difficulties before they achieve their goals (success) there is one popular adage that say nothing good comes easy , his scheme is practical examples of the adage because enormous problems are encountered during this period
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