• Loan Amount: Individuals – N20,000 – N1,000,000 (Individuals) & N20,000 – N5,000,000 (Corporate)
  • Tenor: Maximum of 1 year
  • Pricing: Interest Rate is 1.67% per month
  • Repayment: Equal monthly repayment comprising principal and interest
  • Equity Contribution: 20% of total insurance premium cost
  • Fees: 1% one-off flat fee

What’s in it for you?

  • Instant availability of funds to pay for insurance premium.
  • Opportunity to pay for insurance premium on monthly basis
  • Insurance cover without physically visiting insurance office

Who Can Apply

  • Individual Customers whose salary accounts are domiciled with the Bank;
  • All SME’s and Corporates with accounts domiciled with the Bank and with access to GAPs

How To Apply

1. You can apply for the Vehicle Insurance Premium Financing on Internet Banking or on GAPS

Internet Banking

• Sign On --- Menu--- Insurance Loans ---- Vehicle Insurance 

GAPs/GAPs Lite 

• Sign On – --- Single Transactions----- Collections ----- Insurance Loans----- Vehicle Insurance Leadway

2. Loan is availed immediately 

3. Insurance Service provider processes policy for the customer within 48 hours.

4. A copy of the insurance certificate is sent to the customer’s email address.

5. Customer repays the loan on monthly basis


  • Your salary account must be domiciled with the Bank as an Individual Customer
  • SME’s and Corporates must have accounts domiciled with the Bank;


A time loan that enable individuals and corporate part-finance insurance premiums. 

  • Salary Earners
  • Small medium businesses (SME)
  • Corporate customers
  • Internet Banking
  • GAPS or GAPs Lite

Facility will be disbursed immediately upon successful application.

Yes, a minimum of 20% is required before loan disbursement 

The partner insurance company issues the insurance certificate 

A copy of the insurance certificate will be sent to the customer’s email address.

The policy will be terminated, and facility becomes due.

Terms and Conditions


  1. The Borrower shall repay the principal and interest in a maximum of (12) equal monthly installments.
  2. The Borrower hereby authorizes the Bank to debit [his/her] account for the monthly loan obligations
  3. Reserved interest rate chargeable on the Borrower’s account shall be the Bank’s prime lending rate from time to time.
  4. Interest will be charged on all amounts owed by Borrower.
  5. In the event of restructuring, a facility restructuring fee of 0.5% of the outstanding amount shall be charged.
  6. A late repayment fee of 1% flat per month (approximately 12% p.a.) over the approved lending rate shall be applied on the outstanding unpaid obligation without recourse to the Borrower.
  7. In the event of default by the Borrower in making any repayment on due date, the outstanding principal amount and accrued interest shall be conclusive evidence that a sum is due and owing from the Borrower.
  8. In the event of default by the Borrower under this facility, the Bank reserves the right at its discretion, to transfer the defaulting account to a third-party agency to recover any outstanding debt due to the Bank
  9. The Bank shall advise the Borrower of any change in prime lending rate, charges, fees or any other terms and conditions of the loan by a notice at its branches in Nigeria or by notes in customer statements.
  10. The Borrower authorizes the Bank to instruct the Assurer to cancel the policy where the loan remains unpaid for a period of 30 days or more.
  11. The Borrower hereby covenants, as a condition precedent to the disbursement of the facility herein, to irrevocably and unconditionally authorize the Borrower’s Payroll Payment Service Provider, to remit the Borrower’s emoluments into the Borrower’s account with the Bank. In addition, the Borrower hereby unconditionally covenant to the Payroll Payment Service Provider that while any sum granted to the Borrower here under shall remain unpaid, the Payroll Payment Service Provider shall pay to the Borrower’s account with the Bank, any emoluments due to the Borrower in the event of the Borrower’ exits from the employ of the Employer, provided such sums so payable shall not exceed the total sum outstanding under the facility and other unpaid charges as advised by the Bank.
  12. The Bank may at any time and without notice to the Borrower, combine all or any of the Borrower’s account and liabilities with the Bank in Nigeria (or elsewhere) whether held solely or jointly with any person(s) and set off all or any monies standing to the credit of the Borrower in such accounts, including the Borrower’s deposits with the Bank (whether matured or not) towards satisfaction of any of the Borrower’s liabilities to the Bank, whether as principal or surety, actual or contingent, solely or jointly, primary or collateral with any other person and the Bank may effect any necessary currency conversion at the Bank’s own rate of exchange then prevailing. Exchange risks associated with any collateral, cash or otherwise in satisfaction of outstanding debt shall be borne by the Borrower.
  13. As repayment source for the facility hereby advanced, the Borrower (individual) hereby undertake to authorize [his/her] Payroll Payment Service Provider to pay the Borrower’s repayment amount into the Borrower’s account maintained with the Bank, while the Borrower’s obligations under this loan facility remains undercharged. The business also covenants to domiciles business proceeds in the account with the Bank while the Borrower’s obligations under this loan facility remains undercharged.
  14. All funds to be cleared into the accounts of the Borrower maintained with the Bank shall first be applied towards the discharge of overdue interest and charges/fees. Any balance thereon shall be applied to liquidate the outstanding principal sum under the credit facility herein granted, provided always that the Bank reserves the right to refuse to accept post-dated cheques or other such instruments towards payment or settlement of the credit facility.
  15. The Bank may use any information relating to the Borrower for evaluating the credit application. The Bank may at its sole discretion as it shall consider appropriate give to and receive from credit bureaus and reference agencies whether based locally or abroad, other financial institutions, regulatory and law enforcement agencies and relevant third parties information about the Borrower, including information on the conduct on the Borrower’s account together with details of any non-payment or delayed payments for the purpose of assisting them and/or the Bank in making lending or rating decisions about the Borrower.
  16. The Borrower authorizes the Bank to obtain and retain on the Credit Risk Management System of the Central Bank of Nigeria, all information relating to the Borrower’s Bank Verification Numbers and the status of indebtedness.
  17. The Borrower hereby irrevocably undertakes to fully indemnify the Bank against all cost and expenses (including legal fees, collection commission et cetera), arising in any way in connection with the Borrower’s accounts; in enforcing the terms and conditions herein; or from the recovery of any amounts due to the Bank or incurred by the Bank in any legal proceedings of whatever nature.
  18. The Borrower (individual) hereby irrevocably undertakes to fully liquidate the outstanding balance on the facility herein granted in the event that the Borrower decides to change [his/her] employment or [his/her] employment is terminated, which liquidation shall be effected on or before the effective date of such change or termination of employment.
  19. The terms and conditions contained binds the Borrower and is not assignable.
  20. The Borrower covenants and warrants that, in making any repayment on due date in the event that the loan repayment period or day falls on a weekend or public holiday, the effective loan repayment day shall be the preceding business day.