Refuge Finance for Professionals (REF-P) is a risk asset product designed for individual professionals. It is meant to create a strong bond between the clients and the bank through support and financing.

Basic features:

• Minimum opening and operating balance of =N=100,000.00
• Account is open to everyone in paid employment
• Account can be used to access facility for land purchase, renovation and rent payment
• Facility to be secured by employer’s guarantee or in the absence of this, it should be secured by two guarantors from a commercial bank
• Life insurance on the obligor for the duration of the facility
• Job loss insurance on the obligor for the tenor of the facility. The premium will be paid by the obligor
• Maximum tenor of 6 months
• Obligors in banks and other financial institutions must be of assistant manager grade and above
• Facility to be disbursed directly to landlord in the case of rent payment
• Maximum of =N=10,000,000.00
• Facility to be disbursed directly to landlord
• Repayment tied only to salary
• Repayments must be through cheques or irrevocable standing mandates
• Maximum turnaround time of 24 hours subject to submission of all necessary documents

Pre-approval requirement

• A signed application letter
• A filled application form
• Verification of request
• Credit checks on 2 credit bureaus i.e. XDS and CRC
• Letter of introduction and guarantee from employer where required
• Six months bank statement of salary account
• Proof of employment i.e. offer letter, confirmation letter, e.t.c.

Post-approval requirement

• Duly accepted offer letter
• Letter of guarantee from 2 eligible (eligibility will be measured by the amount earned in relation to loan request and other credibility variables) guarantors where required. Including employment identity cards, 1 passport photograph each
• Undated cheques from obligor for tenor of the facility or verifiable evidence of irrevocable standing mandate
• Payment of upfront fees
• 2 Undated cheques each from guarantors for full amount and interest
• Life and job loss insurance policy for obligor