Loan product
Salary Loan
A short-tenor loan for confirmed salaried employees, with repayments scheduled around your pay date. Loan limits are set as a multiple of your verified net monthly salary.
Key terms
- Loan amount
- ₦50,000 – ₦2,000,000
- Repayment period
- 1 – 12 months
- Interest rate
- from 15% per annum
- Processing fee
- 1% of principal
- Repayment options
- Weekly, bi-weekly or monthly
- Default interest
- 30% above agreed rate
Repayment example
₦500,000 over 6 months at 15% per annum, repaid monthly.
- Principal
- ₦500,000
- Interest
- ₦37,500
- Processing fee (1%)
- ₦5,000
- Total repayment
- ₦537,500
- Monthly repayment
- ₦89,583
Illustration only. Late payment attracts default interest of 30% above your agreed rate, as set out in your loan agreement.
Who can apply
- Confirmed employees with at least 6 months at their current employer
- Employees paid through a Nigerian bank account
- Applicants whose salary can be verified from bank statements
Eligibility requirements
- Minimum 6 months continuous employment
- Net monthly salary of at least ₦100,000
- Salary credited to a Nigerian bank account
- Valid means of identification
Required documents
- Valid ID
- Most recent payslip (or three most recent)
- 6 months salary bank statement
- Employment confirmation or staff ID
Calculator
Estimate your salary loan repayment
Loan details
Adjust the inputs to see your estimated repayment update instantly.
₦50,000 – ₦2,000,000
Rate set by Vicade Global for this product.
Estimated monthly repayment
₦89,583
6 payments · first payment 23 September 2026
- Principal
- ₦500,000
- Interest
- ₦37,500
- Processing fee (1%)
- ₦5,000
- Total repayment
- ₦537,500
Repayment schedule
| # | Due date | Amount | Balance |
|---|---|---|---|
| 1 | 23/09/2026 | ₦89,583 | ₦447,917 |
| 2 | 23/10/2026 | ₦89,583 | ₦358,333 |
| 3 | 23/11/2026 | ₦89,583 | ₦268,750 |
| 4 | 23/12/2026 | ₦89,583 | ₦179,167 |
| 5 | 23/01/2027 | ₦89,583 | ₦89,583 |
| 6 | 23/02/2027 | ₦89,583 | ₦0 |
Calculator results are estimates and do not constitute a loan offer. Final loan terms are subject to approval.
FAQs
Salary Loan questions
Apply for a salary loan
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