• Gives you instant access to funds for repayment over a long period

• Competitive interest rates

• Convenient repayment plan

• You need not provide reason for applying for the loan; the loan can be used for any purpose of your choice

• Confirmed employees in public and private sector

• Individuals in paid employment

• For employees with verifiable, regular earnings below N5 million per annum

1. Download the Consumer Loan application form

2. Or you may choose to visit any Oceanic Bank Branch to pick up the application form and talk to the designated relationship manager for further details.

For more information:

• Call: 01-2718016
• Email: consumerlendingteam@oceanicbank.com

Q. What is the lowest amount that I may request for?
A. The minimum that you may request for is =N=50,000.00.00

Q. What is the maximum amount that I may request for?
A .The maximum that you may request for is N1.5 million. The maximum amount which we may lend to you is also determined by your cash flow e.g. If you have taken other loans, we will factor this into our decision making process.

Q. What is the tenor on this facility?
A. A maximum of 24 months

Q. Do I need to provide any collateral?
A. We simply request that:

1. Your salary account and terminal benefits (where it exists) be domiciled with us
2. Your employer states that they will continue to pay your salary into your Oceanic Bank salary current account until the loan is paid up.

This would also allow us to extend our other life enhancing products and services to you. Note that your Pension is not included in your terminal benefits

Q. Will you give me this loan to invest in a commercial enterprise?
A. What you do with this loan is entirely up to you. We need not be informed of the use to which it is going to be put. We however have other loans which are tailored to assist you in achieving your dreams such as owning a home, land, or car.

Q. How do I repay?
A. Monthly deductions are made from the current account that you have with us.

Q. May I use my savings account?
A. Loans can only be granted on current accounts

Q. May I repay with post-dated cheques?
A. No. This loan is only available to customers who domicile their salaries with Oceanic Bank

Q. May I make a one off payment instead of paying in installments each month?
A. Principal and interest repayment must be paid every 30 days. Instances where customers request for quarterly repayment of principal will be reviewed on a case by case basis.

Q. Am I penalized if I pay off the loan before the end of the agreed term?
A. This is the beauty of our consumer loans; there is no penalty for early repayment or part payments. But you may not miss any scheduled payments.

Q. Do I have to take out an insurance policy on the loan?
A. We will charge you a considerate one-off fee for a Credit Life Insurance policy

Q. What is credit life insurance?
A. This is an insurance policy that protects the customer against loss of job, permanent disability and death. In the event that any of the unforeseen circumstances occur, the insurance company will pay the bank any outstanding balance on the loan.

Q. How much of my income can I use to service my loans?
A. You are allowed to use up to 33.3% of your monthly income to service loans. i.e. if you earn N50,000 a month, you can use up to N16,500 to service all loan.