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Credit Products

 

Maritime Day by day Contribution Account

 

This is a unique micro loan product designed mainly for micro customers of the bank who are engaged in daily income generating activities.

This loan product is design to inspire micro customers of the bank to save first from their business activities and advance a credit line between N5, 000 – N50, 000 repayable over a loan tenor of 40 working days with a continuation of the daily savings till the final loan liquidation.

The product helps in increasing the working capital of the customer thereby improving the financial well-being of the customer after the full repayment of the first loan.

Features & Benefits

  1. Customer opens a savings account with Maritime MFB with a minimum of N1, 000.
  2. Minimum daily savings of N200.
  3. Customer saves for 5 working days.
  4. Loan size is based on the daily savings.
  5. Maximum loan amount is N50, 000.
  6. Daily savings continues during the loan repayment tenor.
  7. Daily savings is cash back security for loan facility.
  8. Loan repayment commence on the 6th day of loan disbursal.
  9. Loan tenor is 40 working days.
  10. Immediate application for fresh loan is allowed subject to full repayment of current loan.
  11. 1 Loan guarantor required.
  12. Guaranteed increase in working capital after full loan repayment.
  13. No additional charges on loan.
 

Maritime Easy Life Account

 

This is a unique micro loan product designed mainly for micro customers of the bank who are engaged in daily income generating activities.

This loan product is design to inspire micro customers of the bank to save first from their business activities and advance a credit line between N55, 000 – N100, 000 repayable over a loan tenor of 60 working days with a continuation of the daily savings till the final loan liquidation.

The product helps in increasing the working capital of the customer thereby improving the financial well-being of the customer after the full liquidation of the first loan.

Features & Benefits

  • Customer opens a savings account with Maritime MFB with a minimum of N1,000.
  • Minimum daily savings of N1,000.
  • Customer saves for 10 working days.
  • Loan size is based on the daily savings.
  • Maximum loan amount is N100, 000.
  • Daily savings continues during the loan repayment tenor.
  • Daily savings is cash back security for loan facility.
  • Loan repayment commence on the 11th day of loan disbursal.
  • Loan tenor is 60 working days.
  • Immediate application for fresh loan is allowed subject to full repayment of current loan.
  • 2 Loan guarantors required.
  • Guaranteed increase in working capital.
  • No additional charges on loan.
 

Maritime Group Loan

 

This product is designed mainly for micro customers engaged in daily income generating activities whose businesses are located in approved markets in Lagos State.

Features & Benefits

    • The Group opens their Group account.
    • Group members open Individual savings accounts each.
    • Group members save weekly through their individual accounts 20% of the intended loan sum.
    • Group members must operate their account for 30 days before loan request is presented.
    • Loan tenor is 12 – 24 weeks.
    • Loan repayment is weekly to be collected at the group weekly meetings.
    • Compulsory weekly savings of 1% of loan amount by each group member.
    • 20% Equity contribution is part collateral for the facility.
    • Group members provides cross guarantees for each other.
    • 1 external loan guarantor to be provided by each group member.
 

Maritime Term Loan Account

 

This product is designed for other micro customers of the bank whose loan requirement is in the excess of N100, 000 but not more than N300, 000. This product has a more flexible loan repayment terms with longer loan tenor.

Features & Benefits

  • Simple account opening process.
  • Operates account for more than 14 days.
  • Minimum loan equity contribution is 10%.
  • Loan tenor is 12 – 24 weeks.
  • Loan repayment is weekly or monthly subject to the cash flow of customer’s business.
  • Competitive loan interest.
  • 2 loan guarantors to be provided who must issue their postdated cheques along with 6 months bank account statement.
 

Maritime SME Loan

 

This product is designed for other customers of the bank whose loan requirement is above
N500, 000. This loan product has a longer loan tenor
  
Features & Benefits

    • Simple account opening process.
    • Operates account for more than 14 days.
    • Minimum loan equity contribution is 20%.
    • Loan tenor is 3 – 6 months.
    • Loan repayment is monthly.
    • Competitive loan interest.
    • 2 loan guarantors to be provided who must issue their postdated cheques along with 6 months bank account statement.
 

Maritime Asset & Equipment Acquisition Account

 

This product is designed mainly for customers who operate salary accounts with the bank and elects to purchase home appliances.

Features & Benefits

  • Simple account opening process.
  • Operates account for more than 3 months.
  • Customer saves up to 20% cost of purchase of selected asset.
  • Loan tenor is 3 – 12 months.
  • Loan repayment is monthly deductions from salary.
  • Monthly loan repayment amount must not be greater than 33% of salary.
  • Assets to be purchased in the name of the bank with ownership conferred on the customer after loan has been fully repaid.
 

Maritime Anchor Account

 

This product is designed for customers who operate a salary account with the bank. This is a special product that helps customer’s to bridge the financial gap between the next salary payment in meeting his/her financial obligations like payment of children’s school fees, emergency medical expense, accommodation etc.

Features & Benefits

  • Simple account opening process.
  • Domiciliation of salary account with Maritime MFB
  • Maximum loan tenor is 6 months.
  • Loan repayment is direct monthly deductions from salary.
  • Flexible loan repayment.
 

Maritime LPO Financing Account

 

This product is designed for customers who require finance for their Local purchase order (LPO).
The LPO must not have more than 90 days payment tenor.Features & Benefits

  1. Simple account opening process.
  2. Maximum Loan tenor is 90 days.
  3. Loan repayment is balloon payment of Loan principal and Interest at maturity.