BY ARCHIBONG EYO, CALABAR – One of Nigeria’s foremost financial institutions, Fidelity Bank Plc is wooing employees of Cross River State government with mouth-watering long terms loans and effective service delivery to the public.
The Bank’s Management said the package aims to offer consumers’ loans to the State workers under friendly terms and conditions covering personal loans, Fidelity Easy Asset Leasing Scheme (FEALS) and Instant Salary Advances.
Other functional innovations and incentives by the bank is the offer to buy over existing loans from other financial institutions for staff that may have collected facility with less than six months’ duration.
Head, Consumer Finance, Fidelity Bank, Mr. Edet Eni said the package is part of innovations in the bank’s products outlook to empower customers, increase their purchasing capacities and make them energetic and durable within their business nets.
Mr Eni, who made a presentation to Directors and Heads of administration of Ministries, Departments and Agencies (MDAs) in the Cross River State Civil/Public Service during their quarterly meeting with the Head of Service in Calabar, explained that under personal loan, an individual can assess up to N10 million depending on his or her net salary and this would be paid back within a five year period.
According to him, the Fidelity Easy Asset Leasing Scheme gives an individual the liberty to access N10 million worth of assets, repayable within a-four-year duration; the Instant Salary Advance offers a staff about 50 per cent of his or her net salary and repayable within 30 days; with the Retail Mortgage on Fidelity Easy Assets Leasing Scheme fixed at only 20 per cent.
He further explained that the scheme aims to empower the government employees and their purchasing power to meet personal financial obligations such as acquisition of vehicles, home appliances and landed property.
Giving insights on repayment schedules for beneficiaries, Mr Eni said deductions would be made from monthly salaries and allowances of employees on agreed terms that include 28 per cent interest rate per annum. He however hinted that management and commitment fees stand at one (1) per cent each, subject to change given Central Bank of Nigeria (CBN) regulations and market conditions.
The bank executive said collateral for the loan package includes letter of introduction from employers confirming employment status, salary, allowances or terminal benefits and irrevocable domiciliation of salary with Fidelity Bank throughout the period of the loan, as well as standing order authorizing the bank to debit the beneficiary’s salary account monthly or annually until full liquidation of the facility.
Eni also said that included in the repayment agreement is an irrevocable letter of undertaking is required from the beneficiary to employer confirming among other things that his or her salary account will continue to be domiciled with Fidelity Bank Plc throughout the duration of the facility and in the event of exit from the employment, terminal benefits should be paid into his or her salary account with Fidelity Bank.
Maintaining that the scheme is back up by Credit Life Insurance Policy brokered by Fidelity Insurance Brokers with Fidelity Bank noted as first loss payee, Eni said additional benefits of the package will see the staff accessing facility to meet urgent financial obligations through internet banking, credit card up to 50 per cent net of their monthly salaries and Automated Teller Machine (ATM) card.
The officer, who said buying over existing loans from other banks for workers is an indicative offer, subject to formal approval by the bank, urged the public to take advantage of the scheme, adding that Fidelity Bank is ready to engage groups and corporate bodies on the functionality of the scheme.
Among attendees at the Bank’s presentation were the Head of Service, Barr Ekpenyong Henshaw, Permanent Secretaries and Directors and heads of administrations in the Cross River State Civil/Public Service as well as staff of Fidelity Bank that included Manager, University of Calabar branch, Mr. Celestine Igwegbe; Deputy branch Manager, Unical, Mr. Chinedum Ukpabia, and Regional Retail Sales Coordinator, Mr. Joshua Uyanga