Sterling Bank Wednesday unveiled its Rent-A-Month Scheme designed to assist Lagos tenants pay their house rents with ease.
Speaking at the launch of the product in Lagos, the Bank’s Chief Finance Officer, Abubakar Suleiman said many tenants earn their salaries on monthly basis, making it difficult for them to pay their rents annually or every two years.
According to Suleiman, by subscribing for the Rent-A-Month Scheme, the Bank will step in at the due date and provide the needed fund for such expenditure at a reduced rate.
He said the scheme creates an opportunity for prospective and existing tenants in well-structured paid employment and self-employed professionals to access rent finance and pay on a monthly basis over a maximum period of two years.
He said: “Rent in Lagos is always paid in advance, either for one year (in the case of sitting tenants) or two years (for new tenants). For some tenants, it is difficult to raise the rent amount when it falls due.
“The Rent-A-Month scheme enables eligible individuals solve their rent problem by taking a facility for the tenor of the rent, which they can then repay on a monthly basis, thus making payment of house rents convenient and affordable.”
He further stated that the bank will provide 80 per cent of the rent amount, while the borrower provides the balance of 20 per cent.