Q. What is the lowest amount that I may request for?
A. The minimum that you may request for is N100,000.00
Q. What is the maximum amount that I may request for?
A .The maximum that you may request depends on the type of asset you want to acquire. The maximum amount which we may lend to you is also determined by your cash flow or Debt Service Ratio (DSR) e.g. If you have taken other loans, we will factor this into our decision making process.
Q. What is the tenor on this facility?
A. For brand new cars, maximum tenor is 48 months; for fairly used cars, maximum tenor is 24 months but for other assets, maximum tenor is 12 months. The minimum tenor for all assets is 3 months.
Q. Do I need to provide any collateral?
A. We simply request that:
- Your salary account and terminal benefits (where it exists) be domiciled with us
- Your employer states that they will continue to pay your salary into your Oceanic Bank salary current account until the loan is paid up. This would also allow us to extend our other life enhancing products and services to you. Note that your Pension is not included in your terminal benefits
- You insure the vehicle if you are purchasing a vehicle
- Install tracker in the purchased vehicle
- The assets will be purchased in your name and the name of the bank.
Q. Will you give me this loan to invest in a commercial enterprise?
A. No. The loan is strictly for the purchase of assets as stated above.
Q. How do I repay?
A. Monthly deductions are made from the current account that you have with us.
Q. May I use my savings account?
A. Loans can only be granted on current accounts
Q. May I repay with post-dated cheques?
A. No. This loan is only available to customers who domicile their salaries or business proceeds with Oceanic Bank
Q. May I make a one off payment instead of paying in installments each month?
A. Principal and interest repayment must be paid every 30 days. Instances where customers request for quarterly repayment of principal will be reviewed on a case by case basis.
Q. Am I penalized if I pay off the loan before the end of the agreed term?
A. This is the beauty of our consumer loans; there is no penalty for early repayment or part payments. But you may not miss any scheduled payments.
Q. Do I have to take out an insurance policy on the loan?
A. We will charge you a considerate one-off fee for a Credit Life Insurance policy and you will insure the vehicle and name the bank as a first loss payee.
Q. What is credit life insurance?
A. This is an insurance policy that protects the customer against loss of job, permanent disability and death. In the event that any of the unforeseen circumstances occur, the
insurance company will pay the bank any outstanding balance on the loan
Quality Life Scheme 
