Accounts & Deposits

Ijara Service

Education Financing

Spontaneous Finance

• Access up to 100% of School/Tuition fees
• Tenor: Up to 24 months
• Mark-up: Affordable and competitive pricing
• Fee: Zero Facility and Processing Fees
• Account Maintenance Fee: Zero

Eligibility

• Evidence of enrollment in a school
• School Fees Invoice
• Confirmed payment source
• Salary Account Holder
• Statement of Account from other Banks
• Payslip (3 months minimum)
• Payment to be made directly to the school.

Murabaha/Bai Muajjal

Home Appliance Financing

Benefits

• Access up to 33% of Salary
• Tenor: Up to 24 months
• Mark-up: Affordable and competitive pricing
• Fee: Zero Facility and Processing Fees
• Account Maintenance Fee: Zero
• Partnership with recognised Home Appliance/Gadget sellers

Eligibility

• Salary Account Holder
• Confirmed payment source
• Select Employers/Organizations
• Direct Debit/Post-dated Cheque from select Banks
• Employment Letter
• Statement of Account from other Banks
• Payslip (3 months minimum)
• Asset purchased will be used as security

Salam, Murabaha, Ijara wa Iqtina or any other appropriate contract

Agric Finance

• Land Purchase/Acquisition
• Equipment Purchase
• Development cost (land clearing, road & terrain etc.)
• Working capital
• Expansion of existing business
• Business Advisory/Consultation
• Value chain support
• Cheap and competitive pricing
• Zero Account Maintenance fee, processing fee, management fee

Eligibility

• Business registered in Nigeria
• Business establishment/Management experience of at least 1 year
• Detailed and verified Workplan/schedule
• Subject to satisfactory appraisal of request

Murabaha, Bai Muajjal Ijara wa Iqtina.

LOTUS Rides - New

• Access up to 33% of Salary
• To finance quick and convenience acquisition of a vehicles.
• Competitive and affordable monthly payment
• Can only be used to finance new cars
• Pricing Benchmark : Affordable and competitive pricing
• Tenor: 5 years
• Bank to establish partnership with Vehicle Dealers
• LOTUS Bank will finance up to 80% of the value of the car
• Low takaful/insurance rates
• Free vehicle servicing for 6 months

Eligibility

• Salary Account Holder
• Confirmed payment source
• Select Employers/Organizations
• Direct Debit/Post-dated Cheque from select Banks
• Employment Letter
• Statement of Account from other Banks
• Payslip (3 months minimum)
• Asset purchased will be used as additional security

Murabaha, Bai Muajjal Ijara wa Iqtina.

LOTUS Rides - Old

Benefits

• Access up to 33% of Salary
• To finance quick and convenience acquisition of a vehicles
• Competitive and affordable monthly payment
• Used Cars (up of 10 years old vehicle from verified dealers)
• Local or Foreign Used
• Pricing Benchmark : Affordable and competitive pricing
• Tenor: 4 years
• Bank to establish partnership with Vehicle Dealers
• LOTUS Bank will finance up to 80% of the value of the car
• Low takaful/insurance rates

Eligibility

• Salary Account Holder
• Confirmed payment source
• Select Employers/Organizations
• Direct Debit/Post-dated Cheque from select Banks
• Employment Letter
• Statement of Account from other Banks
• Payslip (3 months minimum)
• Asset purchased will be used as additional security

Ijara wa iqtina

LOTUS Homes

• Quick and convenient home ownership scheme
• Home Purchase/Construction
• Tenured up to 10 years and subject to customer's age till retirement
• Pricing Benchmark: Affordable and competitive pricing
• LOTUS Bank will finance up to 80% of the value of the property
• Low takaful/insurance rates

Eligibility

• Age Eligibility: 24 - 49 years
• Salary Account Holder
• Self Employed - 8 years' experience in business
• 6 months payslip
• Other Bank statement where applicable (12 months)
• Asset as Security
• Minimum Equity contribution of 20%
• Asset purchased will be used as additional security

Murabaha

Lotus Lifestyle

• Used to finance the personal needs of businesses and individuals.
• The Bank appoints the customer as its agents to source for the goods/assets the customer wishes to purchase.
• Access up to 33% of Salary.
• Tenor: Up to 36 months
• Mark-up: Affordable and competitive pricing
• Fee: Zero Facility and Processing Fees
• Account Maintenance Fee: Zero
• Partnership with recognised utility

Eligibility

• Age Eligibility: 18 - 50 years
• Salary Account Holder
• Self Employed - 8 years' experience in business
• 6 months payslip
• Other Bank statement where applicable (12 months)
• Asset as Security
• Minimum Equity contribution of 20%
• Asset purchased will be used as additional security
• Additional Security may apply

Murabaha and Ijara wa iqtina

SME Finance

Benefits

• To finance working capital of an eligible business, or purchase of fixed assets to be used in the business.
• Number of Years in Business: 1 year minimum
• Good Credit History
• Only Profitable organisation will be financed
• Tenor: Murabaha – 1 year with 90 days cycle
  Ijara – up to 48 months
• Mark-up: Affordable and competitive pricing
• Fee: Zero Facility and Processing Fees
• Account Maintenance Fee: Zero
• Partnership with recognised utility

Eligibility

• Business Account
• Business establishment/Management experience of at least 3 years
• Flexible security arrangement

Murabaha

Traders Coins

To finance the purchase of tangible and eligible goods. The Bank buys the goods and sell to the customer at a markup for onward sales to their customers. Sales proceeds are then used to settle the Trust Finance.

• This will be financed using the Murabaha contract.
• Local or foreign purchases
• Mark-up computed and negotiated based on risk profiling
• Cheap and competitive source of funding
• Flexible repayment based on business
• Zero Account Maintenance fee, processing fee, management fee

Eligibility

• Lien on the goods purchased
• Time facility
• Evidence of viable business/trade
• Member of a market association for at least 6 months
• Business establishment/Management experience of at least 12 months