Oceanic Bank: Rent Loan


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Products

Rent Loan

Our Rent Loan makes moving into your dream accommodation a simple reality; it is available to confirmed employees of enlisted employers whose salaries are domiciled with Oceanic Bank and also individuals in paid employment.

Minimum obligor limit: N100,000.00
Maximum obligor limit: N2, 000,000.00 (This is subject to maximum Debt Service Ratio of 33%)
Maximum tenor: 18 months for new rental and 12 months for renewal
Equity Contribution: minimum of 20% of rent amount
Credit Life Insurance: 2% of the requested amount paid upfront

Benefits

• Gives you access to funds for repayment over a 12-18 month period.

• Competitive interest rates.

For Whom?

• Confirmed employees in public and private sector

• Individuals in paid employment and self employed individuals

How To Apply

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.

3. Submit application, the pro-forma invoice and supporting documents to the account officer in Oceanic Bank.

For more information:

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

Eligibility

• Must have regular and verifiable source of income with salary domiciled at Oceanic Bank

• Minimum 3 months account relationship

• No history of returned cheques

• No non-performing Loans

• Employer must be enlisted among the acceptable employers by Oceanic Bank (for applicants in paid employment)

• A positive CRMS search report from Credit Risk Management for requests above N1 million

For Self-Employed Applicants:

• Customer must have regular and verifiable source of income domiciled at Oceanic Bank

• Minimum 3 months account relationship

• Business must be registered

• No history of returned cheques

• No non-performing Loans

• Organization must have been in continuous operation for the 3 years preceding the application

• A positive CRMS search report from Credit Risk Management for requests above N1 million

FAQ

Q. What type of accommodation does the loan cover?

A.
It covers any type of accommodation that is built for residential purpose. The customer must also reside at this property when the loan is granted

Q. What is the maximum amount that I may request for?

A.
• The maximum that you may request for is N2m while the minimum is N100,000

Q. What is the tenor on this facility?

A.
• A maximum of 18 months if it’s a new rental that covers a period of 2 years.

• A maximum of 12 months for renewal

Q. Do I need to contribute any money?

A.
• Yes. You will need to make a contribution but not when you apply. This will be at least 20% of the cost of the rent

Q. How long will it take before I receive my loan or a decision?

A. A decision will be conveyed to you within 3 – 5 working days of submitting your application and all the required documents.

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 payment. But you may not miss any scheduled payments.