Nigerian-based Providus Bank Limited is a provider of financial services. The entity has a regional banking license and functions as a commercial bank.
At 54 Adetokunbo Ademola Street in Victoria Island, Lagos, the bank’s headquarters are located. There are other additional bank branches located around Lagos State, as well as in Abuja and Akure.
In both retail and commercial banking, Providus uses cutting-edge technology to provide best-in-class customer satisfaction.
The bank focuses on industries other than the oil industry. Agriculture, the arts, e-commerce, entertainment, hospitality, mining, and more are among the focus industries. Providus provides services to large corporations, SMEs, and governmental organizations within various sectors.
Want to ask a question, send a request, or get your complaint taken care of? Our Business Concierge team is available around-the-clock and would be happy to help you. Contact us at 070077684387.
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Funding and types of business loans available through ProvidusBank
Providus can assist businesses of all sizes, no matter how big or little, with their finance needs. The bank provides specialized business goods and solutions that will support your company’s everyday operations and growth.
ProvidusBank offers a variety of financial products, such as normal term loans, commercial overdrafts, foreign currency, and more. There are also numerous corporate finance options accessible.
Business consulting, portfolio management, and relationship management are just a few other available financial services.
Qualifying for a ProvidusBank business loan
You must fulfill a set of minimal funding conditions put forth by ProvidusBank in order to be eligible for a business loan. There are additional special lending criteria that are related to the particular credit facility in addition to these broad standards.
Providus will only be able to lend to companies that can afford to pay back the money they borrow. Having a business that consistently produces positive cash flow demonstrates the ability to repay. Your business’s ability to create cash, or turnover, is what Providus Bank will primarily use to determine how much money to lend you.
Another standard financing condition is that your company has a solid credit history. A key predictor of future performance is past conduct. Therefore, having a history of defaulting on debt obligations will probably make it more difficult for you to secure a loan from most Nigerian banks, including Providus. This is particularly valid when it comes to unsecured loans.
Despite having a bad credit history, secured loans may still be available because the real collateral (security) pledged is more significant.
Additional standard company lending requirements may include:
maintaining corporate registration with the Corporate Affairs Commission (CAC) for a business or company
having a corporate or company bank account
Trading for at least one to three years.
Must have a good credit report from a credit bureau with no delinquent bills or bad debt.
being a regular client of the bank
Only businesses with CAC registrations are eligible for funding from Providus. Additionally, the bank frequently only provides funding to companies with Providus corporate bank accounts.
Those without corporate bank accounts or registered businesses might wish to think about taking out a personal loan. Such consumer loans are also available through Providus.
Another choice is to submit a funding request through SukFin. You can get different financing options through SukFin.
Providus Bank Loan Types
Like all the other commercial banks I’ve written about, Providus Bank is a commercial bank in Nigeria that provides its clients with a range of credit products.
These are the several loan types:
A personal loan from Providus Bank is a kind of loan made to help people with their financial problems.
The loan can be easily applied for any purpose, including paying for a wedding, vacation, paying for college tuition for students, and many other things.
The Providus Bank business loan is expressly intended to be used for business purposes, whether for a start-up or the purchase of tools and equipment for growing and expanding activities.
This loan can only be used for business-related expenses; it cannot be used for personal expenses.
Mortgage loans are available from Providus Bank to assist people in buying assets like homes. The bank provides flexible repayment terms and reasonable interest rates.
Another sort of provisional loan called an auto loan is specifically made for buying automobiles, whether for personal or private usage or for other purposes.
Salary Advance Loans
Salary advance loans are a type of short-term loan created to assist workers with their immediate financial needs. Usually, the loan is repaid in 30 days.
Assets Acquisition Loans
This loan is intended to be used to purchase assets, such as automobiles, machinery, tools, and equipment.
Providus Bank Loan About
Providus Bank is a company that was founded to offer consumers a wonderful, distinctive experience. This is done in an effort to aid them in achieving their goals and, as a result, win their business.
Services provided by Providus Bank Nigeria include:
- Portfolio management
- Relationship management
- Business advisory
- Personalized relationship management
- Fast-tracked service delivery
- Service solution
The bank primarily focuses on developing a system of financial support for organizations, agencies, HNIs, and SMEs. Additionally, as part of their business model, they work with other companies to develop Nigeria’s non-oil sector. Thus, a few of these industries are farming, hospitality, business, mining, art, and entertainment.
How do I get in touch with Providus bank customer service?
You can reach the bank’s customer service representatives at any time by calling their hotline at (070077684387) or sending an email to [email protected].
How to apply for a ProvidusBank business loan
Do your homework before applying for a Providus business loan. Since every company is different, it’s critical to figure out how Providus can genuinely assist you. Start by learning about the various financing alternatives offered by the bank and then choosing the best options. You can get in touch with the bank by phone, email, mobile app, or social media channels if you want to ask about finance.
Filling out an application form is a standard step in the loan application process. You will provide various firm information and the loan’s purpose in this form. This application form and any pertinent supporting materials are used by Providus to make a financing decision.
The lending policies of Providus Bank shall be considered in making all loan decisions.
You will receive an offer letter once your loan application has been approved. Any loan-related terms and conditions will be indicated in this offer letter. Also specified will be the actions you must complete before money can be advanced.
Among the essential documents that are typically asked for are:
- Completed application form
- Company profile
- Business plan
- Cash flow budget
- Bank statements (12 months)
- Audited financial accounts
- Certificate of Incorporation
- Valid means of identification (driving license, passport, voters card)
- Proof of address
- Details of collateral offered (if any)
What is the interest rate charged on a Providus Bank loan?
Interest rates on Providus vary. The finance product requested and your company’s trading history both affect the actual borrowing rates.
Does Providus Bank require collateral?
While there can be instances when collateral is not required, Providus will generally demand some sort of collateral.
The bank may take items like as security or collateral
Federal Government of Nigeria obligations, including Treasury Bills, Eurobonds, and FGN Bonds.
State governments’ or federal government of Nigeria’s agencies’ obligations
Additional instruments of non-government debt
Physical assets, such as real estate
Guarantees from third parties or collateral
How long will it take before receiving funds from Providus Bank?
The credit facility requested is the main variable that affects how long it takes for cash to be approved and disbursed. Financing options that are more complicated take longer to process.
How much can I borrow from Providus Bank?
Your business’s ability to make payments determines how much you can borrow. Generally speaking, Providus will be more ready to offer you money the bigger your business is.
How long do I have to pay back a Providus Bank loan?
Funding is mostly adapted to your company’s requirements. Money may therefore be advanced for months or even years.