How to apply for Sterling bank loans

Mar 26th, 2021

Sterling bank is one of the top tier Nigerian banks, with branches all over the nation. Also, in their over 60 years of operation, the bank has grown from originally being a pre-eminent investment bank to a top commercial bank. Throughout its existence, the bank has merged with more than 3 banks, and originally an investment bank, Sterling bank loans are one of their core products.

Specta sterling loan

What are available products under sterling bank loans?

Sterling bank loans offer the following products:

Personal loans: 

Sterling bank designed its personal loan services for individuals looking to take a quick loan without the hassle of paperwork or collaterals. Also, some of the services under this loan are:

  • Specta: 

With specta, you have access to an online lending platform where you can obtain up to 5 million in loan. In addition, the good thing is that it does not require collateral, paperwork, or that you come to their office. Therefore, as long as you meet the criteria as stated on the app, you are cleared for borrowing.

  • Social Lender: 

Just like the name, Social Lender rides on your social media reputation. Therefore, the stronger your social media presence, the higher your chance of them approving your loan. Social lender also allows you access to quick cash, which would be deposited directly to your account in no time.

Business loans: 

Business loans offer helpful resources and finances to enable you to invest and expand your business. Packages under business loans include:

  • Guarantees: 

Guarantees are instruments that work by Sterling bank substituting its client’s creditworthiness with its own at the request of the bank’s client to the beneficiary. Therefore, this means that the bank stands in place for its customer, and compels the customer to carry out the terms of a pre-agreed contract. Also, the bank provides compensation to the beneficiary if anything goes wrong.

  • Import finance: 

Import finance provides loan service finances to importers. However, you are to only use this loan for the specific purpose of importing industrial goods, consumer products and raw materials.

  • Invoice Discount (IDF): 

IDF is a special line of credit that extends your accounts, allowing the continuous need for working capital until you receive payment. Basically, it is the bank allowing you to run and funds your contract until you’re paid.

  • Letter of credit: 

this is basically a letter backed by the guarantee of a bank. Therefore, it allows importers and exporters to exchange goods on credit. Essentially, Sterling bank stands on your behalf as the customer.

  • Project finance: 

Can you cook up the best project proposal? If so, Sterling bank would fund it in form of a long term partnership with you.

How do I apply for a Sterling bank loan?

For quick personal loans, you can simply make use of the specta platform, as it allows customers to borrow without hassle. However, business loans require that you visit any official branch of the bank. This is because you would need to provide documents, as well as discuss the terms of the loan.

What is Sterling bank loan interest rate?

The interest rate for Sterling bank is not fixed. More so, it differs from one type of loan to another. However, what is certain is that you would be informed about the applicable rates for a loan during the application procedure.

Conclusion

Sterling bank loans focus on individuals and businesses, meeting you at your point of need. Basically, it has something for everyone, from quick cash emergencies to millions required to finance megaprojects.

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