How to get Heritage Bank business loan in Nigeria (Updated)

Qualifying for a Heritage Bank business loan

Heritage Bank can help fund a wide variety of businesses — involved in almost any sector of the economy: Heritage Bank business loan

The key qualifying requirement for a business loan with Heritage Bank — is having a profitable business. If your business is not profitable, or does not generate enough income to justify the loan amount sought — it will be difficult for Heritage Bank to approve financing. Accordingly, your business will need to show a consistent monthly income — through which you will be able to realistically pay back any borrowed money.

Another key requirement is your business’s credit history. Having a good credit history demonstrates that you have been able to meet debt obligations in the past, and as such will probably be able to meet any obligations in the future.

If you need to borrow bigger sums of money — Heritage Bank will likely only be able to provide you with a secured loan. In other words, you will require collateral. When collateral is required for borrowing, credit history typically becomes slightly less important.

Other standard business lending criteria may (but not always) include:

  • Having a registered business or company — with the Corporate Affairs Commission (CAC)
  • Having a business or corporate bank account
  • Been trading for some time (1-3 years minimum)
  • Must have a good Credit Bureau Report — with no unpaid obligations or bad debt
  • Being an active customer of the bank

Business loan products or business financing can only be made available to registered companies. Therefore, if your business has not been registered with the CAC — Heritage Bank will not be able to provide it with funding.

Registered companies with little to no trading history, may also find it difficult to get business financing — particularly on an unsecured basis.

An alternative, for companies that do not directly qualify for a business loan, is to apply for a personal loan product or salary advance. You may be able to use personal loan products for business purposes.

For the purpose of our discussion, we shall take a look at all loan products that is offer by Heritage bank.

Heritage bank SALARY ADVANCE
Heritage bank Personal Loans
Heritage bank AUTO LOAN

1. Heritage Bank business loan: SALARY ADVANCE

This kind of loan is designed for salary earners who require an advance before salary due date to meet urgent needs.

The loan product targeted at staff of private companies, ministries, parastatals and government establishments with salary accounts domiciled with Heritage Bank.

The tenor for this product is 30 days subject to the next pay day.
Repayment: Monthly rental from salary domiciliation
Security: Salary domiciliation


Applicant’s salary must be domiciled with Heritage Bank.
Applicants in paid employment must have been working for the current employer for at least six months and must be a confirmed staff.

2, Heritage bank Personal Loans

The loan product is designed for salary earners who require finance to meet urgent needs and other cash challenges.It’s targeted at staff of private companies, ministries, parastatals and government establishments with salary accounts domiciled with the Bank.

Loan features

Facility Amount: Determined by 33.3% of take home, Subject to N5 million
Tenor: 12-36 months
Repayment: Maximum repayment per month should not exceed 33.3% of net monthly salary (i.e. ‘take-home pay’)

Salary domiciliation, plus terminal benefits/gratuity domiciliation (as applicable)
Personal guarantee with Notarized statement of net worth

Also read:

Heritage Bank business loan
Heritage Bank business loan

3.Heritage bank AUTO LOAN

This can of loan facility designed to part- finance the purchase of brand new vehicles for personal use by staff of select organization. The selected employee are specifically targeted at confirmed staff of companies whose salary accounts are domiciled with Heritage Bank.

Security: Vehicle will be registered in the name of the Bank

Free Vehicle Registration
Free first year AA rescue membership
Free Auto tracker for the first year
Free Comprehensive insurance on cost of vehicle
Equity Contribution: 20% equity contribution
Age Limit: Applicants should not be more than 60 years at the point of full liquidation, Maximum application age for Professors 65 years, Judges 70 years.

Facility Amount: Single Obligor Limit of N10M
Tenor: 12-48 months

Monthly Repayment will be from the salary account domiciled with the bank

4. Heritage bank SMART ADVANCE loan

Smart advance is a product designed for individuals who require an advance before salary due date to meet urgent needs.

Facility Amount: 50% of net monthly salary and Single obligor limit of N500,000
Tenor: The tenor for this product is 90 days
Repayment: The monthly repayment in addition to existing repayment obligation(if any) shall be subjected to DSR of 33.3% of the net monthly pay


Domiciliation of salary with Heritage Bank customer must be a confirmed staff of the organization
3 month’s salary domiciliation
Documentation: Loan application and employer undertaking form


This kind of Heritage bank loan is designed for all rank and file officers of the following:

Nigerian Army
Nigerian Navy
Nigerian Police Force
Nigerian Security and Civil Defence Corps
Nigerian Air force

The loan is to enable them access funds to meet urgent needs and other cash challenges

Facility Amount: Subject to 33.3% of monthly salary maximum of N3,500,000 (Three Million Five Hundred Thousand Naira)
Tenor: 12-36 months
Repayment: Repayment will be from the salary account domiciled with the bank
Age Limit: Non-Academic Staff – 60 years, Academic Staff – 65 years, Professors – 70 years
Security: Domiciliation of Salary; Credit Life Insurance and Third Party Guarantee
Repayment: Repayment will be from the salary account domiciled with the bank


This kind of facility is designed to facilitate acquisition of home appliances for customers whose salaries are domiciled with Heritage Bank

Facility Amount: Single Obligor limit of N1million
Tenor: 6-18 months

Maximum repayment per month should not exceed 33.3% of net monthly salary (i.e. ‘take-home pay’).
Monthly repayment shall not exceed 33.3 of self-employed individuals income
Monthly interest repayment should not exceed 33.3% of net monthly pay
Ownership of Asset financed

How to apply for Heritage bank Loan

To apply for a Heritage Bank business loan, you have the options of — visiting a bank branch, calling their 24/7 contact center or sending them an email.

If you already know what particular finance product you are interested in, you can inquire about that and directly make an application. If you are not sure of the exact credit facility you need, one of Heritage Bank’s customer service staff — should be able to advise you appropriately.

Regardless of the finance product applied for, all applications will be evaluated against Heritage Bank lending guidelines. Your business’s trading history, its financial standing and the purpose of the loan — will all be taken into account before a lending decision is reached.

Being approved for funding will result in you being given an offer letter. This offer letter will detail any terms and condition you are required to meet — before funds can be disbursed.

A checklist of important documentation, commonly asked for includes:

  • Completed application form
  • Company profile
  • Business plan
  • Cash flow budget
  • Bank statements (12 months)
  • Audited financial accounts
  • Certificate of Incorporation
  • Valid means of identification (driving license, passport, voters card)
  • Proof of address
  • Details of collateral offered (if any)

Note. Each finance product will have its own set of criteria. Therefore, Heritage Bank can ask you for more or less than the above.

Visit the nearest Heritage Bank experience centre
Call our 24/7 contact centre on 01-2369000 OR send an eMail to [email protected]

Frequently asked questions (FAQs)

How long will it take before receiving funds from Heritage Bank?

Before funds are disbursed, Heritage Bank will need to go through an internal evaluation process. Although processes are somewhat similar for all products — each individual credit facility will have its own unique process. Hence, approval times vary. Ordinarily, smaller loan requests tend to be approved much faster.

How long do I have to pay back a Heritage Bank business loan?

Heritage Bank loan repayment periods differ. Both short and long-term funding can be provided.

How much can I borrow from Heritage Bank?

Heritage Bank Mobile App
Heritage Bank Mobile App

Heritage Bank can meet the funding requirements of both big and large companies. The amount that you can borrow is mostly limited by the size of your business.

What is the interest rate charged on a Heritage Bank business loan?

Applicable interest rates vary. Single digit interest rate products are offered, as well as more expensive products.

Does Heritage Bank require collateral?

Heritage Bank does require some form of collateral — for most of its loan products. Where collateral is not required, a personal guarantor will usually be needed.

Acceptable forms of collateral can include:

  • Obligations of the Federal Government of Nigeria (FGN Bonds, FGN Eurobonds, FGN Treasury Bills etc.)
  • Obligations of state governments or agencies of the Federal Government of Nigeria
  • Other non-government debt instruments
  • Physical assets e.g. real property
  • Third party guarantors (or collateral)

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