Most of the time, you can turn out to be financially down, and be in need of some lifting. If you bank with Fidelity Bank PLC, this is not a problem. You can apply for a Fidelity point of transaction loan that can put you out of your financial misery.
This is not the only loan offer that fidelity offers, as there are others that they front to customers of their banking services. In the course of this article, we would be looking at what a Fidelity POT loan is, and how to apply for one. Without further mouthing, let us delve in.
What is Fidelity POT Loan?
A Fidelity POT loan can be defined as a loan offer that is given to fidelity customers that have failed financial transactions due to low account balance.
A Fidelity POT Loan offer expires till 12 am of whenever the offer was given by the bank. The loan offer includes sums that are loanable from the range of 500 naira to 10,000 naira. The sole purpose of a fidelity POT loan is to help customers to solve their personal needs. The duration of a Fidelity POT Loan is for 14 days max from the day of application.
Fidelity Bank charges a flat fee of 100 naira for any fidelity POT loan offer the is to be processed.
The security collateral of any Fidelity POT loan request is the minimum balance of your fidelity bank account.
Now that we know what a fidelity POT loan offer is, let us move on to understanding what their terms and conditions are.
Terms and Conditions for Applying for a Fidelity POT Loan
Here is a list of the terms and conditions of a Fidelity bank POT loan offer.
- The offer must be digitally acceptable across all the electronic channels of a fidelity bank PLC.
- The terms and conditions must be accepted digitally.
- The application for the Fidelity POT loan must be made via the bank’s digital channels. Some of the digital channels include; the USSD service which can be deployed with *770#. In addition, other digital channels include the bank’s official website and the banking app.
- Anybody that is incurring Fidelity bank POT Loan has to pay in accordance with the terms and conditions of the loan facility, and failure to make any install mental payment would amount to an event default.
- Notwithstanding the above-stated terms and conditions, the loan under normal banking practice can be repaid on demand.
Other Terms and Conditions
- In addition to the fidelity loan applications, all CBN (central bank of Nigeria) regulations must be followed.
- The borrower is obliged to pay any stamp and duty fee that the facility would incur.
- The fidelity bank POT loan borrower will have to reimburse Fidelity bank Plc Nigeria on demand for all expenses.
- All cash flows would flow through fidelity bank PLC.
- Any failure or delay by fidelity bank in exercising a remedy or right hereunder would serve as a waiver for the loan.
- Fidelity bank has the right to cancel the loan peradventure the occurrence of a situation that would affect the ability of the borrower to conform or meet any of the stipulated regulations.
- In a bid to repay the loan on or before maturity, failing to make payment with any outstanding balance would cause an increment in the interest rate thereof.