He is a new federal worker and just received first salary last month.

Can he use his salary account to obtain loan?

Make he calm down and take bus for a year

Aframs:
He is a new federal worker and just received first salary last month.

Can he use his salary account to obtain loan?

Tell him he is not planning his life by thinking this way.


He should slow down in thinking. Let him work for 6 month to a year first before thinking of getting a car

Aframs:
He is a new federal worker and just received first salary last month.

Can he use his salary account to obtain loan?

Federal worker or not I don't think there is any bank that will give a car loan to a person who is just 1 month on the job

Obierika:


Federal worker or not I don't think there is any bank that will give a car loan to a person who is just 1 month on the job

Are you sure?

If yes

How many months he need to wait to get the loan ?

Nigerian Banks don't use salary as collateral to give big loans.. except for very senior directors that earn big pay.

The best you can get as a starter is Salary Advance Loan.. which is only like 70% of your salary and you would pay back like additional 25-30% of the collected amount as interest just within one month when your next salary would be paid.. e.g if your salary is 100k.. they can agree to loan you 70k.. you would automatically be owing them 91k which would be automatically deducted from your next alert.
(Remember this information was for before now like 3years ago when Interest rate was still a bit normal before this regime.. find out what it is now).

Only a few of them give Auto loans.. and your salary is not the collateral.. you would get verified landed properties ready as collateral.

Loan collection in Nigerian Banks is not for the faint hearted.