Polaris Bank has said it has introduced a product called has introduced VULTe to reduce stringent processes of getting loans.
It said in a statement that VULTe is a digital bank by Polaris Bank which offered individuals and SMEs products and features to improve their banking experience.
The bank grouped the loan categories in five places.
It stated that Term loan helps to get up to N20m to expand business and spread payment over up to 24 months; Overdraft provides facility which allows a person overdraw account up to N20m to take care of business emergencies; Auto loan allows a person to purchase a personal car and commute in style and comfort; Polaris Salary Advance enables salary earners to attend to needs that could not wait till payday; and Polaris Lite loans help to take care of personal needs such as medical bills, school fees among others.
The statement said other benefits of using VULTe include no bank visits, enables a person to start and complete banking on VULTe without needing to visit a branch; no collateral needed.
It stated, “You do not need to tender real estate document or any other property as collateral in loan application. Also no paperwork is needed.
“No printing, signing, posting or processing of paper documents in loan application. It is convenient to use on all devices (android, IOS and web) and also, customers can apply for loans with ease on your mobile devices and get approval in minutes.”