In a country where most people earn salaries on a monthly basis, landlords and property owners expect prospective tenants to pay 1-2 years rent upfront. With this product, we are offering you the opportunity to spread your rent payment up to a period of 12 months.
It takes 48-72 hours for the cash to be disbursed so long you meet the eligibility requirements and submit all required documents.
(See Frequently asked questions below…)
Frequently Asked Questions
- What is the minimum and maximum rental loan amount I can apply for?
The minimum rental loan is N100, 000 naira and a maximum rental loan of up to N4,000,000 naira
- Who is a salary earner?
A person who works with a registered and reputable organization, operates a salary account and receives a regular and consistent payment every month.
- Do you give business owners rental loans?
- Why do you deal with only salary earners?
Collateral is not needed from applicants, therefore the cheque of the clients or their guarantors stand as a guarantee to the rental loans.
- Is there a universal interest rate for all applicants?
Different applicants have different risk levels which is determined by a number of factors. Therefore, all applicants cannot be placed on the same interest rates because the higher the risk level the higher the interest rate.
- What are the factors that affect interest rate?
- Credit history (if the client is currently servicing a rental loan or has defaulted in a previous rental loan)
- Tenor or rental loan duration
- Provision of guarantor
- What is the interest rate?
The interest rates are between 3.5% – 4.5%
- What are the required documents necessary to support my rental loan application?
Requirements – Applicants
- Duly filled application form
- 2 passport photographs
- 2 forms of identification (work and government)
- 6 months bank statement (stamped)
- Copy of employment offer letter from company’s HR
- Utility bill of recent 3 months
- Post dated cheques (for current account holders)
- Duly filled guarantor form and guarantor cheques (for savings account holders)
NOTE: Clients who do not have a current salary account would be expected to provide a guarantor with a current salary account as the guarantors cheques would stand as a guarantee
Requirements – Guarantor
|DULY COMPLETED FORM||GUARANTOR MUST PROVIDE ALL INFORMATION BY FILLING ALL SPACE IN THE FORM|
|1 PASSPORT PHOTOGRAPH||GUARANTOR TO WRITE HIS NAME AT THE BACK OF THE PASSPORT|
|4||EMPLOYER’S IDENTITY CARD||MUST BE IDENTITY CARD OF PLACE OF WORK|
|5||ONE MONTH BANK STATEMENT(STAMPED)||STATE YOUR BVN NUMBER|
|7||OFFICIAL E-MAIL ADDRESS||PROVIDE OFFICIAL E-MAIL ADDRESS|
- What is the documentation process like?
When applying for a rental loan, the applicant is expected to send in the complete documents not some, before the client would be said to have brought in their documents.
- How long does it take for the money to be disbursed?
It takes 48-72 hours for the money to be disbursed so long as the client’s documents are all complete. Note that a transaction cannot move forward until all the documents are COMPLETE.
- How about when what I need is more than what I can get?
Rental loans for applicants are approved based on what their salary can accommodate. When an applicant needs a rental loan amount that is more than what his/her salary can accommodate, the loan will only be disbursed considering the amount that the clients’ salary can accommodate.
- What happens when I lose my job or can no longer afford to pay?
The key here is communication. When a client loses his/her job or cannot afford to pay back, the client is expected to inform Rosabon Financial Services before the due date for the next payment. We have a team dedicated to advising on and restructuring of rental loan payment.