A leading financial institution in Nigeria and beyond the shores, Fidelity Bank Plc    has again introduced to the market great innovations and products aimed at empowering its customers and increasing their purchasing capacities to keep them more active for longer time within their business net.
Delivering a seminar to present those products to all Directors and Heads of administration of Ministries, Departments and Agencies in the Cross River State Civil/Public Service during their quarterly meeting with the Head of Service, held at Lamoni Munche, new secretariat, Calabar, the Head, Consumer Finance of the Bank, Mr. Edet Eni, said the Management of Fidelity Bank Plc is pleased to offer consumers loans to employees of Cross River State under the following terms and conditions. Personals loan, Fidelity Easy Asset Leasing Scheme (FEALS) and Instant Salary Advance.
Under Personal loan Mr. Ene said, an individual can assess up to N10m depending on his or her net salary and to pay back within five years. While Fidelity Easy Asset Leasing Scheme an individual can still pick up assets worth N10m and pay up within a good duration of 4years while under the Instant Salary Advance, a staff can get 50% of his or her net salary and pay back within 30 days, adding that Retail Mortgage on Fidelity Easy Assets Leasing Scheme is put at only 20%.
According to him, the aim of the scheme is to enable employees acquire properties, meet personal financial obligations, purchase vehicles and home appliances. On repayment schedules, Mr. Eni says the expected source of repayment would be from monthly salaries and allowances of employees, while the interest is 28% per annum. That management and commitment fees stood at 1% each but subject to change due to Central Bank of Nigeria regulations and market conditions.
Speaking further, Mr. Eni says collateral will include letter of introduction from employer confirming employment status, salary, allowances or terminal benefits and irrevocable domiciliation of salary with Fidelity Bank throughout the period of the loan. Standing order authorizing the bank to debit his or her salary account for monthly or annually repayment until full liquidation of the facility.
An irrevocable letter of undertaking by the beneficiary to employer confirming among other things that his or her salary account will continue to be domiciled with Fidelity Bank Plc throughout the duration of the facility and in the event of exits from the employment, terminal benefits should be paid into his or her salary account with Fidelity Bank. Adding that, the scheme is back up by Credit Life Insurance Policy brokered by Fidelity Insurance Brokers with Fidelity Bank noted as first loss payee.
Speaking on additional benefits to staff, Mr. Eni said staff will have access to additional facility that would enable them meet up with urgent financial obligations like internet banking, credit card up to 50% net of their monthly salaries and automated teller machine card.

Friday Nwagbara, Calabar