1. Obtain proforma invoice from vendor via email from sales@powerbug.com.ng
  2. Staff completes the borrower’s status form, specifying FEALS as current loan request; then submits to HR Payroll Unit for completion and sign off.
  3. After HR verification, the signed document is forwarded back to the loan beneficiary/Staff.
  4. The loan beneficiary forwards the borrower’s status form along with application form and proforma invoice to the product champion/Relationship Manager.
  5. Equity contribution of 20% must be available in loan beneficiary’s salary account in the bank along with insurance premium due.
  6. Relationship Officer processes request by following through the approval process (BL, RBH to RCO/TSD Head) using the Staff application form.
  7. Booking/disbursement of Staff requests of up to N2m is at branch level (loan amount representing cost of asset less contribution). RCO & TSDH to set up and disburse.
  8. Draft is issued in favor of vendor in the absence of an account with the bank or direct transfer to vendor’s account with the bank.
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