Leadership (Abuja)
Amaka Ifeakandu
11 February 2008
Barely few months the BankPHB unveiled a product that enables Nigerians to own brand new Peugeot cars without any initial payment, the bank has introduced another consumer product that will improve the financial well being of its customers.
The product tagged SALAD INSTANTA (Instant Salary Overdraft) will enable customers to easily source for funds in times of emergency.
The new financial product, according to the bank, is available to all salary account holders of BankPHB.
With the product, the bank said all salary account holders would be allowed an instant, hassle free overdraft facility up to 50 per cent of their net monthly salary in any month they run into financial challenges or need extra cash to take advantage of new opportunities.
Speaking at the official unveiling of the product, the divisional director, Retail Banking, Olu Akanmu, said to access this facility by account holders is very simple and straight forward.
He said "all you need to do when opening an account is to indicate on the account opening forms that you want this financial option in operating your account. It will immediately entitle you to operate this facility. When you want to take advantage of the facility, you do not need to fill any forms. Just walk into the nearest branch of Bank PHB and write your cheque of up to 50 per cent of your net monthly salary"
The beauty of the product according to the observers in the nation's banking industry is that it has completely eliminated the documentation process which usually discourages most hard working Nigerians from accessing bank loans. They stated that innovative product has simplified the process so much that almost working Nigerian will not have to complain of being cash strapped in any case of emergency or opportunity. "It is as easy as withdrawing money from your bank account," observers added
Akanmu, however, said that the instant loan is payable from the customers next salary and is available as a revolving loan facility over a 12 month period. Interest rates are also applied at the current commercial rate.
While unveiling the product, the Nigeria Labour Congress president, Comrade Abdulwaheed Ibrahim Omar, said that the bank's initiative of fashioning out such a workers-friendly product has come at a more auspicious time for the Nigerian workers.
With the SALAD, customers can borrow up to 250 per cent of their basic salary and repay back over a period of three to six months. SALAD INSTANTA is only a variation of the original product and does not cancel the former. The introduction of these products has greatly reduced the financial pressure on families during periods of financial emergency.
Bank PHB also has a variety of finance products that will allow customers to buy different consumer items ranging from household goods to investment products like shares in quoted companies. With consumer loans from BankPHB customers can buy household items or invest in quoted companies and make repayments over a period of time depending on the income stream.
Bank PHB is one of Nigeria 's fastest growing banks with total assets in excess of N480 billion and profit before tax in excess of N10 billion.
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