Procedures and Requirements for Getting Polaris Bank Loan

Requirements and Procedures for Getting Polaris Bank Loan – Polaris Bank is one of the leading commercial banks in Nigeria that offers various loan products to individuals, small businesses, and corporations. From personal loans, school fees financing, and salary overdrafts to business loans, Polaris Bank has a variety of lending solutions to meet diverse financial needs.

 Procedures and Requirements for Getting Polaris Bank Loan

This piece entails the details, steps, documents, and requirements for applying for a loan at Polaris Bank. This article will guide you through the loan application process and provide helpful advice for a successful application whether you are an existing or new customer of Polaris Bank.

  • Salary overdraft – This allows employees to overdraw from their salary account to meet urgent needs. Overdraft limit is always calculated according to the employee’s monthly wages.
  • Personal loan – An unguaranteed loan starting from N50,000 to N5 million repayable in six (6) months to three (3) years. collateral may be required.
  • SME loans – Business loans offered to small and medium enterprises for business expansion or working capital.  collateral is required for loans of N10 million.
  • School fees loan – Education loan to pay children’s school fees. Repayable in 6 months to 2 years.
  • Mortgage loan – Long-term loan for home purchase with property used as collateral. Up to N50 million repayable in 15 years.
  • Vehicle and asset finance – Financing to purchase vehicles, equipment and other assets. Collateral required.

Polaris Bank offers competitive interest rates starting from 7% per annum with flexible repayment plans. Customers can apply for loans by walking into any branch nationwide or starting the application online.

Requirements For Applying For Polaris Bank Loans 

To be eligible to apply for a loan from Polaris Bank, there are some basic requirements that must be fulfilled. The requirements needed depend on the loan product and they typically include:

SME Loans

  • Business registration documents (CAC forms, license etc)
  • Business plan/proposal
  • Two years of financial statements and tax returns
  • Evidence of experience and technical competence
  • Completed loan application form
  • Collateral (for loans above N10 million)

Mortgage Loans

  • Equity contribution of at least 30% of the property value
  • Collateral (valid title documents of the property)
  • Proof of regular income
  • Tax returns
  • Completed loan application forms

 Personal Loans

  • Minimum age of 18 years
  • Valid means of identification (national ID card, voters card, driver’s licence or international passport)
  • Proof of residence (utility bills, rent agreement etc)
  • Completed loan application form
  • Recent passport photograph
  • Bank statements for the last 6 months
  • Payslips for the last 3 months (for salary earners)

Meeting this basic requirement will make your loan application successful at Polaris Bank.

Procedures For Applying For A Loan In Polaris Bank 

Loan in Polaris involves a simple step-by-step process from completing the application which also includes providing the necessary required documents to receiving the loan amount. This is a breakdown of the procedures involved:

Select Desired Loan Product

The first step is to decide the suitable loan product that meets your needs from Polaris Bank’s variety of loan offerings. Determine if you need a personal, SME or mortgage loan and the required amount.

Visit Any Polaris Bank Branch

After selecting the appropriate loan product, visit any Polaris Bank branch closest to you to pick up or fill out a loan application form. Required documents for the loan type can also be submitted at this stage.

Complete the Loan Application Form

The loan application form requires your personal details, employment information, reason for the loan, proposed business plan/feasibility study (for SME loans), collateral details etc. All sections should be completed accurately and comprehensively.

Submit Completed Form With Supporting Documents

Submit your completed loan application form along with the necessary supporting documents to the bank. Typical documents required are means of ID, residence permit, business registration papers, financial statements, payslips, tax returns etc. based on the loan type.

Credit Appraisal And Verification

The bank will review your application and conduct credit checks and verification of all information provided. This may involve contacting your employer, visiting your business premises, and valuing collateral among others. Ensure all details provided are valid.

Approval In Principle

If satisfactory, the bank will issue an approval in principle indicating the loan amount, interest rate, repayment period and other terms and conditions. Accepting this implies your application has been approved.

Perfection of Collateral

Where required, collateral must be perfected by signing legal documents, transferring titles, lien marking assets etc. This legal process secures the collateral.

Final Approval

After completing documentation and collateral perfection, the bank issues a final loan offer detailing disbursement procedures and timeline. You will be required to acknowledge acceptance of the offer formally.

Disbursement Of Funds

This is the final stage where the approved loan amount is credited into the borrower’s account. Disbursement procedures may apply depending on loan type and amount. Congratulations, you can now access the loan!

Tips For A Successful Loan Application

To ensure your loan application sails through smoothly when applying to Polaris Bank, here are useful tips that can help:

  • Provide accurate supporting documents. False information leads to automatic rejection.
  • Disclose all existing debts/loans during application to avoid problems getting the new loan approved.
  • Ensure your preferred collateral meets Polaris Bank’s requirements if needed for your loan type.
  • Apply for a realistic loan amount you can comfortably repay within the chosen tenor based on your income.
  • For business/SME loans have a viable business plan and feasible projections.
  • State the purpose of the loan clearly. Avoid vague purposes like ‘business expansion’.
  • Build a good credit history by maintaining good account conduct. This improves your chances.
  • Make timely repayments on existing loans to demonstrate creditworthiness
  • Provide all required documents at once to prevent delays. Follow up politely if needed.


In summary, Applying for a loan with Polaris Bank requires meeting basic eligibility requirements, completing stipulated procedures and providing valid documentation as demanded for each loan product. By knowing the loan options available, requirements, application process and tips for success, the process of accessing loans from Polaris Bank becomes seamless. Therefore, to contract accessible facilities that will fund your pressing needs or business growth ideas, Polaris Bank presents a reputable choice to consider for financing.

By Admin

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