School Fees Advance

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Summary
Target Market
Features
Benefits
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School Fees Advance is a short term financing package designed to meet the financial needs of parents/guardian when their school fees obligation fall due. It is a revolving loan facility and repayment will be dependent on salary/business proceeds for the requesting parent/guardian.

 

  • Parents/guardians of Royal Kiddies/Purple Account customers
  • Permanently employed individuals with or without salaries domiciled with the bank
  • Self Employed with proven capacity and character to repay
  • Minimum Facility Amount of N50,000.00
  • Maximum Facility Amount of N3,000,000
  • Maximum tenor of 3 months (For Nursery/Primary/Secondary schools) and Maximum tenor of 9 months (For tertiary institutions) per request
  • Parents of Purple Account Holders and Sponsors of Royal Kiddies Account enjoys lesser interest rate
  • School/Tuition fees will be paid directly to the child/ward’s school
  • Repayment:
    • Equal monthly repayments or bullet repayment comprising of principal and interest
    • Shall not exceed 60% of parent/guardian net monthly salary 
  • Maximum number of children is four subject to DSR restriction
  • Supports the parent/guardian’s desire to give their child quality education.
  • Access to funds for early payment of child/ward’s school fees.
  • Borrowers employer does not have to be listed with the Bank
  • No collateral needed
  • Easy renewal of loan
  • Flexible repayment terms
  • Cheaper interest rate on loan based on operation of Royal kiddies/Purple account
  • Completed Academic Loan application form
  • Letter of introduction: This is to determine the employment status of the parent/guardian
  • Irrevocable letter of domiciliation from the employer: This is to ensure that the parent/guardians salary will remain with Wema Bank until the advance is liquidated
  • Invoice of School/tuition fees
  • Proof of identity (Driver’s license, National ID, International Passport or Voters card). Employment ID is not sufficient
  • Proof of address i.e. utility bill
  • Last three month’s pay slip
  • Six months’ salary/business statement of account (for customers whose salary/business accounts cannot be or are not domiciled with Wema Bank)
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February 24, 2017
SHARE PRICE N 0.6200 Up
VOLUME TRADED 10,515,199 Up