On the 26th of March, 2020, Polaris Bank hosted a webinar on "Managing Health Care Business During COVID-19 and Beyond". The FAQs below provides helpful information regarding some of the questions emanating from the Webinar.
- Polaris Bank will provide advisory services.
- Jointly review your business plans and educate on the modalities to ensure a successful application.
- Submit the application to CBN for approval and subsequent disbursement.
Any healthcare provider who wishes to access the Federal Government intervention fund will work with Polaris Bank.
The loan turn around time is within 15 working days subject to receipt of complete documentation from the customer.
Eligible prospects must fall under the categories below:
- Manufactures of Healthcare products i.e. Pharmaceutical drugs and medical equipment.
- Healthcare service providers/Medical facilities i.e. hospitals/clinics, diagnostic centres/laboratories, fitness and wellness.
- Pharmaceutical companies or companies involved in distribution of medical products and logistics services.
Other human healthcare services providers as may be determined by CBN from time to time
- The maximum loan amount is N2billion with a tenure of up to 10 year.
- Interest is 5% per annum (all inclusive) up to 28th February 2021. Rate shall revert to 9% per annum as from 1st March 2021
All intending prospects will present the following to any Polaris Bank branch. Applications can also be submitted via email to firstname.lastname@example.org
- Formal Loan application letter from customer
- Detailed business plan
- Pro-forma invoice of the asset to be financed
- Clean CBN CRMS report and two (2) Credit Bureau reports from 2 credit bureau and CRMS on the company and the promoter(s) of the company.
1 year bank statement from another bank if prospect does not have account with Polaris Bank.
Yes, the Polaris Health Sector Loan : it is a loan product targeted at Private Hospitals, Pharmacies, Medical Laboratories and Diagnostic Centres to support funding needs
- Loans below N10million will be secured with personal guarantee(d) supported with hypothecation of goods or bill of sales and comprehensive insurance
- Loans above N10million will be fully secured in line with Banks accepted collateral requirement
- For asset finance, asset to be financed will suffice as the acceptable collateral.