Minimum opening and operating balance of =N=100,000.00
Maximum tenor of 6 months
Secured by the property to be renovated (for property owners)
Secured by two commercial bankers (for rented apartments)
Salary earners and people in self-employment can access it
Business entities can access this facility
Repayment from salary or business income
Turnaround time of 24 hours, subject to submission of all documents
A signed application letter
A filled application form
Submission of copy of title documents
Satisfactory legal search on title documents(for property owners)
Credit checks on two credit bureaus, i.e. XDS and CRC
Six months bank statement to verify income. Accounts in other banks can suffice for customers whose relationship with RMB is less than six months
Duly accepted offer letter
Perfection of title documents or transfer of property to RMB
Life insurance policy for obligor (for property owners)
Property insurance policy (for property owners)
Job loss insurance policy for two guarantors (for rented apartments)
2 Undated cheques each from guarantors for the total amount and interest (for rented apartments)
Payment of upfront fees
Letter of guarantee from 2 eligible (eligibility will be measured by the amount earned with a loan request and other credibility variables) guarantors. Including employment identity cards, one passport photograph each
Submission of a copy of the tenancy agreement (for rented apartments)
