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Job Description And Average Salary Of Loan Officers In Nigeria

Salary Of Loan Officer In Nigeria

In Nigeria, microfinance banks and loan apps have been springing up at a very fast pace. Also, commercial banks are now giving very low-interest loans to small-scale business owners and individuals who need money urgently. However, most of these loans are non-secured loans as they are issued without collateral. This has opened up more employment opportunities for loan officers. In this post, we will be taking a look at the job description and average salary of loan officers in Nigeria. 

Who Is A Loan Officer?

An employee of a bank, credit union, or other financial institution who helps borrowers with the application process is known as a loan officer. However, the majority of loan officers offer a wide range of secured and unsecured loans to customers and small business owners. A loan officer must be fully knowledgeable about lending options, banking sector policies, and the paperwork needed to apply for a loan.

Primary duties of a loan officer include:

  • Evaluating credit worthiness by processing loan applications and documentation within specified limits
  • Interviewing applicants to determine financial eligibility and feasibility of granting loans
  • Determining all applicable ratios and metrics and setting up debt payment plans

They go through each application individually, looking at what type/amounts an individual or corporation may afford based on specified standards. Another key function of a Loan Officer is to stay current with lending legislation, the economy, and market rates.

A competent loan officer is open and honest with clients, unobtrusive, and skilled in communication. Since loan officers have access to sensitive material, it is crucial to demonstrate active listening, empathy, and objectivity.

A loan officer’s direct brief determines who they work with within an organization but typically, loan officers collaborate with bank tellers, auditors, branch managers, and data processing officers.

Job Brief Of A Loan Officer

Loan officers are being hired by financial institutions to assess, approve, or reject loan applications from individuals or businesses. As a loan officer, you will serve as a point of contact for clients with your financial institution and aid qualified borrowers in quickly obtaining loans.

The majority of borrowers seeking a loan from a financial institution deal directly with the loan officer. Although these days the entire procedure can be done online, most customers probably still prefer to deal with an informed person on the other end of what is, after all, an expensive and complicated transaction. The requirement to put loan employees in contact with potential borrowers is one of the reasons banks still maintain such a large number of branch locations.

Job Description Of A Loan Officer In Nigeria

  • Evaluate credit worthiness by processing loan applications and documentation within specified limits
  • Interview applicants to determine financial eligibility and feasibility of granting loans
  • Determine all applicable ratios and metrics and set up debt payment plans
  • Communicate with clients either to request or to provide information
  • Justify decisions (approvals/rejections) and report on them
  • Complete loan contracts and counsel clients on policies and restrictions
  • Update job knowledge on types of loans and other financial services
  • Maintain and update account records
  • Assess customer needs, explore all options and introduce different types of loans
  • Develop referral networks, suggest alternate channels and cross-sell products and services to accomplish quotas
  • Go the “extra mile” to build trust relationships, customer loyalty, and satisfaction throughout the underwriting process
  • Οperate in compliance with laws and regulations and adhere to lending compliance guidelines

Requirements And Skills Needed For A Loan Officer Job

  • Proven working experience as a Loan Officer
  • Familiarity with computers and banking applications/software
  • Solid understanding of direct/indirect lending products and practices
  • Excellent communication and interpersonal skills
  • Customer satisfaction orientation and sales competencies
  • Ability to work in a goal-oriented environment
  • BS degree in finance, economics, or a related field

Average Salary Of A Loan Officer In Nigeria

Based on salary estimates from 28 loan officers in Nigeria, the average monthly salary for Loan Officer in Nigeria is 87,000 Naira. 

In Nigeria, an entry-level loan officer earns around 74,000 Naira while a mid-level loan officer earns around 95,000 Naira. However, a senior-level loan officer earns up to 115,000 Naira depending on years of experience. 

How To Get Loan Officer Jobs In Nigeria

If you are interested in loan officer jobs, you must be asking this question “how do I find loan officer jobs near me?”. We are glad to inform you that getting a loan officer job in Nigeria is easy. All you need to do is log on to today, and start applying for published loan officer jobs near you Click here Hubforjobs

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