14 July 2008
Lagos — Bank PHB has launched another value adding product tagged Bank PHB Holiday Loan.
A statement released by the bank and signed by the Divisional Director, Retail Banking, Olu Akanmu, says the Bank PHB Holiday Loan is sure to entrench the work-leisure balance, which has for a long time fizzled out of the everyday lives of many Nigerians.
The product is designed to provide Nigerians that work in well structured organisations the convenient means of financing their dream holiday. This enables them to experience other cultures and gives them an opportunity to relax and escape from the hustle and bustle of everyday work life.
"Nigerians who open the account and wish to take advantage of this package would enjoy a packaged holiday in any part of the world including local tourist destinations in Nigeria; customised holiday tailored to individual preferences and locations to be arranged through selected Travel Agency; life and health Insurance to cover the travel period and up to $1,000 Dollars travel Allowance", the statement said.
The package also comes with an automatic MasterCard with pick up services in selected countries.
The product according to the statement, also has three main variants with different options to suit different budgets. The first category offers pre-packaged tours for individuals, families and friends while the second (Universal Tours) is a tailor-made tour to suit the customerís desires. The school tour variant involves summer camps and pre-packaged educational tours.
"A peculiar feature of this product is the special tours and packages. The special tours, which differentiate this product from others is particularly suitable for families because the package is very economical. A special tour package to two or three countries can be as low as two hundred and fifty thousand naira only.
In all cases, beneficiaries have access to return ticket, accommodation cost, feeding and limited shopping/travel allowance during their holiday period. This is subject to an individual maximum limit of N2 million and N20 million for school tours." Bank PHB said it is already working closely with carefully selected travel agents to make this product available. To ensure that the money is not diverted to other purposes, Bank PHB said it pays the travel costs directly to the travel agents and secure significant discounts. The Bank PHB Holiday Loan product is another addition to its long list of innovative products. Only recently the bank launched a UK Education Loan Product which allows Nigerians to send their children to tertiary institutions in the United Kingdom without necessarily having the bulk money for the fees. Bank PHB also recently bagged the Most Innovative Bank Award organised by a national newspaper.
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