NEW DAWN SMALL BUSINESS LOAN

Features:

  • Loans above N300, 000.00 up to N900,000
  • Equity contribution of 10%
  • Equity contribution of 20% for express loan
  • Collateralized by Third (3rd) Party Guarantee/Guarantor with Evidence of Capacity to repay in the event of default
  • Management fee applies
  • 4% interest rate flat
  • 4.5% for express loans
  • Maximum tenure of 10 months

Requirement:

  • 2 reputable guarantors required (husband cannot guarantee wife and vice versa)
  • Duly Completed Personal Guarantee Form
  • Handwritten application form
  • Customer must give us passport
  • Duly Completed Guarantor’s Form
  • Passport Photograph of the Guarantor
  • Post-dated cheque Covering Principal and Interest from Borrower and Guarantors
  • A Copy of the Guarantors means of acceptable Identification.
  • Utility bill of the Guarantor
  • Duly filled application Form
  • Must be a Customer of the Bank
  • Evidence of Existing Business
  • Must run account for 8 weeks
  • For business premises, shop receipt or evidence of shop ownership required

Target:

All shops owners engaged in buying and selling of goods ranges from auto spare parts, building materials, Fast moving consumable goods, electronics, electrical parts, supermarket, eateries, bar and non-contraband goods.etc. High-end retailers, low-end whole sellers, Supermarkets, small hotels, pharmaceutical stores, spare parts dealers, Eateries

NEW DAWN MICRO LOAN

Features:

  • Loans from N50, 000.00 up to N300, 000
  • Collateralized by Third (3rd) Party Guarantee with evidence of capacity to repay in the event of default
  • Maximum tenure of 10 months
  • Equity contribution of 10%
  • Equity contribution of 20% for express loans
  • Management fee applies
  • 4% interest rate flat
  • 4.5% for express loans
  • Maximum tenure of 10 months

Requirement:

  • Duly Completed Personal Guarantee Form
  • Handwritten application
  • Passport Photograph of the Guarantor
  • Post-dated cheque Covering Principal and Interest from Borrower and Guarantor required
  • A Copy of the Guarantor’s Form of Acceptable Identification.
  • Duly filled application Form
  • Must be a Customer of the Bank
  • Evidence of Existing Business
  • Must run account for 6 weeks

NEW DAWN MEDIUM LOAN

Features:

  • Loans from 1M up to 5M
  • Lien on Cash (Fixed Deposit) where the customer has
  • Third Party Guarantee Backed with Notarized Statement of Personal Net Worth and Post-dated Cheque(s)
  • Management fee applies
  • 4% interest rate flat
  • Equity contribution of 20% for express loans
  • Interest rate for express loan to be determined by Management
  • Equity contribution of 10%

Requirement:

  • Duly Filled Loan Application Form
  • Handwritten application
  • Duly Completed Personal Guarantee Form
  • Duly Completed Guarantor Form
  • Board Resolution for the Loan
  • Duly Filled KYC Form
  • Realizable Collateral Required
  • Must be a Customer of the Bank
  • Evidence of Existing Business
  • Must run account for 6 weeks
  • Post-dated cheque Covering Principal and Interest from Borrower and Guarantor required

NEW DAWN ‘my people’ LOAN (GROUP LOAN)

Features:

  • Loans from N50,000 per member
  • Compulsory weekly savings: Minimum of N200.00 dependent on the loan amount
  • Interest of 4% per annum on the savings
  • Penalty charge of 2% on the unpaid portion of the savings on failure to make weekly savings
  • Term: 3-6 months and renewable upon satisfactory performance.
  • Interest per month: 3.5% flat
  • Management or processing fee applies
  • Repayment mode; weekly (lump sum of savings and loan repayment)
  • CBN Interest draw back scheme applies for Agric groups and the Agric commodity must be insured with NAIC.
  • Savings serve as security in case of loan default

Requirement:

  • Duly Filled Individual and Group Loan Application Forms
  • Handwritten application form
  • Evidence of Cash inflow and savings
  • Third Party Guarantee
  • Members cross guarantee forms
  • Duly Filled Account KYC Form
  • 2 Recent Passport Photographs of all members
  • Photocopy of a Valid Identity Card ; Permanent Voters card, National ID, Driver’s License or International Passport. (Original must be Sighted).
  • Must have the Account for 5 Weeks
  • Members: 5 -10 (should have officials like president, treasurer and secretary)
  • Ages: Adults and as long as you have a means of livelihood

DASUSU LOAN

Features:

  • Designed for DASUSU customers
  • Loan from N30, 000 to N500, 000
  • Collateralized by Third Party Guarantor(s) with evidence of capacity to repay in the event of default.
  • 1 and a half day taken as interest
  • Equity Contribution of 10 days savings
  • Daily repayment
  • Tenor of loan is 1 month cycle
  • Penalty charge of 6% for default
  • Loan can be renewed upon satisfactory performance

Requirements:

  • Duly Filled Loan Application Form
  • Duly Completed Personal Guarantee Form
  • Duly Completed Guarantee form for the guarantor with post-dated cheque
  • Passport Photograph of the Guarantor and borrower
  • A Copy of the Guarantors’ Acceptable Identification.
  • Evidence of Existing Business or sustainable means of income
  • Shop Rent Receipt

OVERDRAFT FACILITY

Requirements:

  • Customer must have operated a current account for a minimum of 2 months
  • For express overdraft from 7% (on a reducing balance)
  • The account must have an acceptable amount of turnover on transactions
  • Customer must present a minimum of 2 reputable guarantors
  • Acceptable guarantors required
  • Customer might be expected to present collateral, which may vary from company shares, landed property etc. This is dependent on the overdraft amount and terms of repayment
  • For Salary workers a maximum of 40% of their Monthly Salary; subject to management discretion
  • For Salary Workers, Letter of Introduction from Employer and Domiciliation of Salary.
  • For Salary Workers, Letter of undertaking that the salary account will not be moved from the bank while the facility has not been repaid.
  • Where salary account is domiciled with the bank, guarantor’s cheques will be required
  • Where salary account is not domiciled with the bank, salary account holder’s cheques and guarantor’s cheques and standing order will be required
  • Admin fee applies for staff with domiciled salaries with the bank interest is 6% (on a reducing balance)
  • For staff whose salaries are not domiciled with the bank the interest will be 7% (on a reducing balance)
  • Maximum duration of 90 days

Benefits:

  • It covers short term financing requirements
  • Interest is paid only on the amount overdrawn
  • It allows for flexible usage of funds

PERSONAL LOANS

Salary Earners

Features

  • Loans from N50,000.00 to N1,000,000.00
  • Collateralized by Third Party Guarantee with evidence of capacity to repay in the event of default
  • Management fee applies
  • 4% rate interest

Back to School Educational Empowerment

Features:

  • Loans from N50,000.00 to N1,000,000.00 for the payment of school fees
  • Loans only for civil servants and the loan amount will be dependent on their salaries
  • Repayment Mode: Termly repayment (3 months)
  • Collateralized by Third Party Guarantee with evidence of capacity to repay in the event of default
  • Management fee applies
  • 4% rate interest
  • Money to be paid directly to the school

Requirement:

  • Duly Filled Loan Application Form
  • Handwritten application form
  • Duly Completed Personal Guarantee Form
  • Duly Completed Guarantee form for the guarantor
  • Passport Photograph of the Guarantor
  • Post-dated cheque covering principal and interest from guarantor
  • A Copy of the Guarantors Acceptable Identification.
  • Evidence of Cash flow or source of repayment
  • Must be a Customer of the Bank
  • Must run account for 6 weeks i.e. for business people
  • Salary or contract payment domiciliation with the bank

NEW DAWN ‘Helping Hands’ LOAN

Features:

  • Designed for high net worth guarantors who want to empower people
  • Interest rates and management fees negotiable

Requirements:

  • Guarantors and borrowers must open account with the bank
  • MOU between the bank and the Guarantor concerning the empowerment scheme
  • Borrowers must be introduced by the guarantor
  • Duly Filled Guarantor Form
  • Duly filled loan application forms by borrowers
  • Hand written application

NEW DAWN ‘WOMAN’

Features:

  • Designed for economically active poor women in our communities
  • Loan from N10, 000 to N50, 000
  • Collateralized by Third Party Guarantee with evidence of capacity to repay in the event of default
  • Management fee applies
  • 3.5% rate interest
  • 3 to 6 months weekly repayment
  • Liaise with reputable NGO organisations as guarantors.

Requirements:

  • In the case of a widow evidence of demise of the spouse
  • Letter of introduction from village head or community leader / programme of death ceremony.
  • Duly Filled Loan Application Form
  • Duly Completed Personal Guarantee Form
  • Letter of Guarantee from Guarantor
  • Duly Completed Guarantee form for the guarantor
  • Passport Photograph of the Guarantor
  • A Copy of the Guarantors Acceptable Identification.
  • Must be a Customer of the Bank
  • Evidence of Existing Business
  • Must run account for 6 weeks

NEW DAWN AGRIBUSINESS LOAN

Features:

  • We offer structured agricultural loans taking into consideration, the seasonal peculiarities of agric business.
  • This will be done in partnership with the CBN Credit Agricultural Guarantee Scheme
  • Borrower must enrol with the Nigerian Agricultural Insurance Scheme.

For further details, customers are advised to contact us