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