How to Get an IPPIS Loan in Nigeria: A Comprehensive Guide

Getting a loan as a federal government worker in Nigeria is becoming easier than ever before. Many financial institutions like commercial banks, microfinance banks, online lenders, etc., now offer dedicated loans for government workers, and one of these loan products is the IPPIS loan.

If you are on this page, I believe that you either want to get an IPPS loan or want to know more about the loan product. In whichever case, I want to assure you that you are in the right spot! This article has all the information you would love to know about this loan product.

We kindly advise you to read to the end so that you will not miss any important information about the loan product.

About IPPIS Loan

IPPIS Loans are loans designed for individuals whose salaries are paid through the Integrated Payroll and Personnel Information System (IPPIS).

In case you don’t know, IPPIS is a federal government department that takes responsibility for the payment of salaries and wages directly to Government employees’ bank accounts.

This department was conceived in October 2006 by the Federal Government of Nigeria as one of its Reform Programmes, and was fully in operation in April 2007, with seven (7) Pilot Ministries, Departments, and Agencies (MDAs).

In October 2008 during the leadership of President Umaru Musa Yar’Adua, the management of the department was transferred to the Office of the Accountant General of the Federation (OAGF), and since then has experienced rapid development expanding its capacity.

As of June 2020, the IPPIS system encompasses 696 MDAs, managing the processing and disbursement of salaries to over one million (1,139,633) employees across the MDAs.

The main focus of this department is to enhance the effectiveness and efficiency of personnel record storage and monthly payroll administration, thereby boosting confidence in staff emolument costs and budgeting.

Are you an employee of any of these ministries, departments, or agencies looking for an IPPIS loan?

Join us as we closely examine IPPIS loans, giving you a comprehensive guide to getting the loan conveniently!

Also Check: A Must Check: Full List of Loan Apps Approved by CBN & FCCPC

Eligibility Criteria

There are certain criteria you must meet to qualify for IPPIS loans. However, these criteria vary depending on the specific lender and loan type.

Nevertheless, here’s a general overview of the key requirements you’ll typically need to meet:

• You must be a confirmed federal civil servant in Nigeria. Some lenders accept only employees enrolling in IPPIS.
• You must have a good net pay after deductions.
• A good credit history can increase your chances of approval.
• Some lenders require you to have been employed by the government for a minimum period, such as one or two years.
• Some also request your work identity card, a valid ID, a recent pay slip, a recent utility bill, and recent passport photographs.

IPPIS Loan Companies

Below is the list of renowned financial institutions offering IPPIS loans:

1. Mutual Trust Microfinance Bank

Mutual Trust Microfinance Bank is a reputable microfinance bank in Nigeria. It was founded with the name Mark de Rock MFB and was recapitalized and renamed in 2016.

This financial institution is dedicated to offering gold-standard banking services, with a vision to become the leading microfinance bank in Nigeria.

They specialize in providing instant, flexible, and easily accessible loans to both the public and private sectors.

If you ever wonder where to get an IPPIS loan in Nigeria, then the Mutual Trust Microfinance Bank can be a good option for you!

They offer IPPIS loans ranging from N100,000 to N10 Million. The repayment period is between 3 to 24 months. The interest rates range from 3% to 4%, and the APRs range from 35% to 48%. No collateral is needed.

2. YesCash

This is another prominent player when it comes to IPPIS loans!

This financial institution is known for providing excellent financial solutions to help individuals meet their urgent financial needs.

They use cutting-edge technology to offer easy-to-go and automated services, allowing users to access loans with no stress.

With this platform, you can get an IPPIS loan ranging from N5,000 to N100,000.

One good thing about YesCash is that they do not bother borrowers with too many requirements. Once you are receiving your salary through IPPIS, you are eligible to borrow. If your loan is rejected, it’s either you are not a member of IPPIS or you do not meet up with the department’s requirements.

Also, their services are available both online and offline. You can locate them across all the states in Nigeria, and as well, you can reach out to their representative via these numbers: 2349015152938, +2348090633365.

Also Check: Loans For Startup Business in Nigeria: How to Apply & More

3. Prestige Microfinance Bank

With the Prestige Microfinance Bank Express Loan, you can conveniently access your loan as a civil servant, whether you are receiving your salary through IPPIS or not.

This loan offer is designed to support salary earners to fund their respective bills or expenses before their payday.

You can get the loan up to N2 Million with a flexible repayment plan of up to 12 months. The interest rate is 4% monthly and the turn-around time is 6 hours. No collateral is needed.

To be eligible for the Prestige Express Loan, you must provide your work identity card and any valid identity card, a passport photograph, and a recent pay slip.

4. CreditWise Employee Loans

CreditWise Financials Limited is another licensed technology-enabled financial services provider that offers this type of loan in Nigeria.

This lending company was founded in 2020 by Bola Oduyale. Their main target centers on poverty alleviation, women empowerment, and MSMEs.

They offer different types of loans including employee loans, payday loans, working capital, LPO financing, and a women’s empowerment loan (SheBiz).

The CreditWise Employee Loan is designed for salary earners who are either employed in the public or private sectors, making it a good option for anyone looking for an IPPIS loan in Nigeria.

With the loan offer, you can borrow from N50,000 to N5 Million. The repayment term is monthly, and between between 1 to 12 months. The interest rate is fixed.

One good thing about CreditWise is that they offer hassle-free application processes and quick approval times. No waiting periods.

5. LAPO Public Sector Personal Loan

LAPO Microfinance Bank has been a big player in the lending system for a long time now.

They offer different loan products, including Public Sector Personal Loan (PSPL), which happens to be a good loan offer for civil servants at the state and federal levels, including IPPIS salary earners.

With this loan offer, you can borrow from N20,000 to N3 Million with an interest rate of 2.95% flat monthly. The methodology is individual and the duration is 1 to 12 months. No collateral and no personal guarantor.

Civil servants willing to apply for this loan must have at least two years left in public service. They are also required to provide 2 recent passport-size photographs, the last three months’ pay slip, and a valid means of identification.

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6. Access Bank Personal Loan

Just like the LAPO Micro Finance Bank, Access Bank also offers a Personal Loan product.

This banking institution believes that employees are the backbone of every organization, and by so doing, designed this loan product to empower their financial needs.

If you are a borrower with a terminal benefit, you can get this loan up to 75% of your net annual salary. Meanwhile, if you are a borrower without a terminal benefit, you can get only 50% of your net annual salary. The loan tenure is up to 36 months.

Applicants are required to complete the application form, complete the employee status inquiry/employer’s confirmation form, and provide evidence of confirmation, be it a letter of confirmation or last promotion letter, among others.

Also, they must provide their Bank Verification Number, (BVN), copy of employment ID and valid means of identification, and a letter of lien/set-off, to access this loan.

7. First Bank Salary Loans

This is another good loan option for you if you have a salary account with the First Bank of Nigeria!

The loan is designed to support employees (having a salary account domiciled with FirstBank) to cover their pressing financial obligations before payday arrives.

They offer this loan in three categories; Personal Loan Against Salary, FirstAdvance, and Agent Credit.

Here, the minimum amount you can borrow is N20,000 and the maximum is N1 Million. The interest rate is up to 3% flat collected upfront.

8. UBA Personal Loans

With the UBA Personal Loans, all salary earners (including IPPIS beneficiaries) can access loans ranging from N200,000 to N30 Million.

This loan offer comes with an attractive interest rate and a one-off management fee of 1%. The repayment term is up to 60 months. You can also access up to 60% of your debt service ratio(DSR).

To access the loan, you must have a functional savings or current salary account, a valid means of Identification, and a copy of the obligor’s staff ID. They also request borrowers to provide a duly accepted offer letter or employee inquiry form.

Also check: Education Loan in Nigeria: How to Apply & All You Need to Know

How to Apply For an IPPIS Loan in Nigeria

Now that we have discussed some of the top IPPIS loan companies, how are you going to apply for the loan?

well, I would love to let you know that applying for IPPIS Loans in Nigeria is hassle-free and straightforward. All the financial institutions or lending platforms we mentioned above provide a convenient and easy-to-go application process.

Simply visit your preferred platform to apply for the loan if you meet up with the eligibility criteria. You can apply for these loans either via their online platform, mobile apps, or by physically visiting any of their branches.

IPPIS Loan Codes

Currently, there is no general IPPIS Loan Code available. To apply for an IPPIS loan, visit any of the providers, either via their platforms or branches to apply for your loan.

IPPIS Loan For Federal Workers

You can apply for an IPPIS loan as a federal government worker by selecting any of the IPPIS loan providers and following the processes or steps we discussed above.

Final Thought

Thank you for following this article to the end! I believe that you have now understood everything you need to know about this loan product and can now navigate and borrow with no stress.

I would love to let you know that borrowing money to attend to a financial challenge is no doubt a proactive and helpful decision. However, it is always advisable to borrow responsibly. Always make sure your reason for borrowing is worthy enough before deciding.

To serve you with up-to-date information, we will be updating this page in response to any changes concerning this topic. So, don’t forget to bookmark it for easy access in the future.

If you have an opinion or any question concerning this, use the comment section below. We will be glad to hear from you!

Source: Instantmoni.com.