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Politically Exposed Persons (PEP) Loan

Public Sector

About PEP Loan

Fidelity Bank’s Politically Exposed Persons (PEP) Loan is a tailored financial solution designed exclusively for elected lawmakers at federal, state, and local government levels. Whether you need a term loan or a pre-inauguration overdraft, we offer flexible financing to match your tenure and remuneration.

Features

Competitive Loan Limits

  • Up to N350M for Senators, N250M for Federal House Members, and N70M for State House Members
  • Local Government Chairmen: Up to N30 million
  • Councilors: Up to N5 million

Convenient Repayment Structure

  • Term loan tenure of up to 45 months, expiring 3 months before tenure completion.
  • Overdraft facility with 60-day tenor, extendable upon enhancement to a term loan.

Competitive Interest Rates

  • Term Loan: 34% p.a. (MPR + 6%)
  • Overdraft: 36% p.a.

Security and Risk Mitigation

  • Domiciliation of salaries, allowances, and severance benefits.
  • Enhanced credit life insurance for added security.
  • Global Standing Instruction (GSI) agreement.

Benefits

Frequently Asked Questions

Who is eligible for the PEP Loan?

Elected Senators, House of Representatives Members, State House of Assembly Members, Local Government Chairmen, and Councilors.

How can I apply for the PEP Loan?

Visit the nearest Fidelity Bank branch to begin your application.

What documents are required?
  • Photocopy of INEC’s Certificate of Return (Original must be sighted).
  • Irrevocable domiciliation letter of salary, allowances, and severance benefits to Fidelity Bank.
  • Additional documentation for local government officials signed by the Head of Personnel Management or Treasurer.
What is the repayment plan?

Monthly repayment is structured within a 40% Debt Service Ratio (DSR). Exceptions require executive approval.

What happens if I leave office before my tenure ends?

The loan is protected with credit life insurance, ensuring smooth settlement in unforeseen circumstances.

How to Apply

Applying for the PEP Loan is simple. Visit your nearest Fidelity Bank branch today to start your application and enjoy exclusive financial support tailored to your role in governance.