Health Sector Loan

The Polaris Health Loan offers working capital for purchase of fast moving pharmaceutical stock, bulk purchase of fast moving  pharmaceutical products for both local and international purchase (Via establishment of Letters of Credit). Also supports renovation and expansion, including payment of rent of new or existing outlet, acquisition of new outlet, remodelling/renovation/expansion of existing and new outlet, asset acquisition i.e. Operational, Vehicles, Generator, Air Conditioners atc

Feautures & Benefits

Overdraft

  • N20,000,000 (Twenty Million Naira only) subject to a maximum of 50% of the customer’s average monthly credit turnover for 6 months preceding the loan application date
  • Tenor: 180 days with renewal option subject to turnover covenant of 200% of credit limit.

Term Loan / Asset Financing

  • N30,000,000 (Thirty Million Naira only) this shall be subject to 20% of annual turnover for a 12 month facility and 40% of annual turnover for facility of 24 months and above tenor.
  • Tenor: Up to 48 months depending on cost of asset/equipment
Am I Eligible?

For Pharmacies:

  1. Pharmacy must be duly registered with PCN (Pharmaceutical Council of Nigeria) and State chapter of ACPN (Association of Community Pharmacists of Nigeria)
  2. Pharmacy owner must be a qualified Pharmacist
  3. Letter of introduction from State chapter of Association of Community Pharmacists of Nigeria (ACPN) recommending their member for the loan.
  4. Facility for the purpose of rent: Facility tenor must not exceed the lease tenor.
  5. Applicant must have been in line of business for a minimum of 2 years and established a banking relation with the Bank or any other bank for a minimum of 12 months.
  6. Positive CBN CRMS and two positive credit bureau checks
  7. Obligor must have Audited Financials OR Management account for the year preceding the loan application. At the minimum, management account to be made available.

For Private Hospitals, including Dental and Optometry Clinics/Diagnostic Laboratory:

  1. Applicant must have obtained necessary professional certification (Professional license to practice by Nigeria Medical and Dental Council and practicing license by HEFAMAA (Health Facility Monitoring and Accreditation Agency) for Lagos State, Ministry of Health and/or relevant licensing bodies as applicable to each state. This practicing license is renewable yearly.
  2. Applicant must have registered with the States’ Health Management Board and obtained other requisite regulatory certification required to operate health services.
  3. Registration with pre-approved HMO will increase eligibility amount and comfort.
  4. Applicant must have been in line of business for a minimum of 2 years and established a banking relation with the Bank or any other bank for a minimum of 12 months.
  5. Positive CBN CRMS and two positive credit bureau checks
  6. Obligor must have Audited Financials OR Management account for the year preceding the loan application. At the minimum, management account to be made available.

 

How do I apply?
  • Visit any of our branches closest to you to complete a loan application form
  • Submit duly completed loan forms with all relevant loan documentation.