How to get a loan from Stanbic IBTC bank

Sep 17th, 2021

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Stanbic IBTC Bank offers a wide range of loan options that cater to both individuals, large-scale businesses, and SMEs looking to grow. However, depending on the sort of loan, you must meet a variety of features, benefits, and eligibility conditions. Therefore, we would discuss this and every other thing you need to know about Stanbic IBTC bank loans in this article.

How to get a loan from Stanbic IBTC bank
How to get a loan from Stanbic IBTC bank

What are the loan products of Stanbic IBTC Bank?

Just as most banks have various loan products. Stanbic IBTC Bank’s case is not different. They offer some loan products to their customers. These loan products include:

  1. Home loan

Our experts will guide you with insights, solutions, and support so you can make your next big move with confidence – whether you’re a first-time buyer, home builder, or homeowner.

The features of Stanbic IBTC home loan are:

  1. Apply for a home equity loan or an outright purchase.
  2. They offer home loans in Lagos, Ibadan, Port Harcourt, Ogun, Abuja, Kano, Kaduna, and Benin, among other places.
  3. Their home loan offers flexible principal repayment options. Here, you can pay monthly, quarterly or once or twice a year.
  4. The maximum repayment period is seven years if you are self-employed.
  5. You repay your loan in 20 years if you earn a salary.
  6. It has a minimum loan amount of ₦3 million.
  7. A minimum property value for providing an equity release loan is ₦5 million.

What are the requirements for getting a home loan from Stanbic IBTC bank?

There are some requirements you must meet to get a loan from Stanbic Bank. They include:

  1. They must confirm that you are an employee at your current workplace.
  2. At the end of the loan term, you must be at least 21 years old and no older than 60 years old (65 years for judges and lecturers).
  3. Earn a minimum net monthly income of ₦200,000 for an outright purchase, and ₦140,000 for an equity release loan.
  4. Have an excellent credit history and have had none returned checks in the last six months.
  5. Stanbic IBTC Bank is where you should keep your salary account (current account).

2. Salary Advance

Apply for a Salary Advance and enjoy our revolving loan to help you get through the tough times. What is a Revolving Loan? A revolving loan allows you to borrow money whenever you need it without having to reapply for credit. All you have to do is pay back 15% of your loan.

What are the requirements for Stanbic IBTC bank’s Salary Advance?

  1. They must have the account that they pay your salary into.
  2. You must earn at least ₦40,000 per month and must have 
  3. Minimum loan amount is ₦20,000.
  4. You must have worked for your current employer for a minimum of six months.
  5. You must be at least 21 years old (but not older than 60 years when the facility would end).
  6. An approved organization must employ you and have acceptable contract terms if you are a contract worker.

What are the features of Stanbic IBTC bank’s Salary Advance?

  1. A minimum loan amount of ₦20,000
  2. You can choose to re-use the repaid portion of your loan by revolving it.
  3. After a certain length of time has passed, you can renew your revolving wage loan.

How can I get a Salary Advance from Stanbic IBTC bank?

You can get a Salary Advance from Stanbic IBTC bank by:

  1. Visiting your nearest Stanbic IBTC Branch
  2. Calling 01 422 2222
  3. Emailing: CustomerCareNigeria@stanbicibtc.com

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3. Vehicle and Asset Finance

They have your dream car covered! It is simple and quick to apply for a vehicle loan. They designed this medium-term loan (Vehicle and Asset Finance program) for salaried and non-salaried customers. This will help these customers to buy mobile and immovable assets like cars and generators.

More details on the Vehicle Asset Finance

Customers on a salary have a maximum tenor of 60 months, whereas bankers have a maximum tenor of 48 months. Used automobile tenors are subject to further consideration. You can visit their nearest branch for details.

  1. Salaried Client–Salary Domiciled–60 months with a minimum initial commitment of 10% of asset cost.
  2. Bankers with non-domiciled salaries must contribute a minimum of 40% of the asset cost over 48 months (for Bankers only).
  3. It has a maximum 10 years old by exit of finance (i.e. they must pay in full for facility by the tenth anniversary of manufacture) Vehicles that they have used limited to Toyota, Mercedes Benz, BMW, Audi, Land Rover, Nissan, Honda, Mitsubishi, Ford, Volkswagen, Chevrolet, Dodge, Infiniti Jeep, Lexus, and Acura brands with a 70,000km limit and a minimum warranty of 3–6 months on the engine and transmission. And minimum contribution of 20% Note:- other brands are 8years.

What are the requirements for Stanbic IBTC bank Vehicle and Asset Finance?

  1. Completed application form
  2. Proof of income/evidence of salary 
  3. You must provide a proforma invoice for the vehicle or asset you choose. They will prefer it to be a Stanbic IBTC partner dealer.

What are the features of Stanbic IBTC bank Vehicle and Asset Finance?

Stanbic IBTC bank Vehicle and Asset Finance has some features which include:

  1. It has a flexible payment terms with up to 4 years tenure for repayment
  2. Access to competitive interest rates
  3. To assist you in finding your car, you will have access to our extensive dealer/partner network.

They have a new product called PAAS- Personal Assets Acquisition Scheme. Only for clients who are salaried and pre-approved employers.

Which offers:

  1. Vehicles both new and used but with a maximum loan limit of ₦15m and tenor of 48 months
  2. Inverter and Solar Solution Maximum loan limit of ₦5M and tenure is 18 months.
  3. Generator maximum loan limit of ₦7m and tenor is 36 months.

The PAAS- Personal Assets Acquisition Scheme features are:

  1. Vehicles both new and used but with a maximum loan limit of ₦15m and tenor of 48 months
  2. Inverter and Solar Solution Maximum loan limit of ₦5M and tenure is 18 months.
  3. Generator maximum loan limit of ₦7m and tenor is 36 months.
  1. General Combo financing.
  2. Management fee
  3. Insurance cover for the entire duration of the loan.
  4. For asset insurance cover, life insurance covers job loss, permanent disability, and death only in the event of an accident or damage to the assets financed.
  5. No initial contribution
  6. 100% financing.
  7. It will take you a maximum TAT of 24hrs from submission of complete documentation.

How can I get Stanbic IBTC bank Vehicle and Asset Finance?

In order to get the Vehicle and Asset Finance, you can also:

  1. Visit their nearest branch
  2. Call 01 422 2222
  3. Email CustomerCareNigeria@stanbicibtc.com

4. Smart Loan

Apply for an overdraft immediately for unforeseen circumstances, or simply boost your existing limit by applying for a Smart Loan online.

What are the requirements for Stanbic IBTC bank Smart Loan?

Existing and new to Bank customers with minimum SIAML Fund of ₦50,000 will provide;

  1. For Term loans, they will require customers to show proof of source of repayment which will be most recent 3months payslip from their employer or other proof of regular source of income as acceptable to the Bank.
  2. Accommodate customers who do not have a regular source of income but have bank statements that support cash flow.
  3. Customers invested funds in respective SIAML Funds
  4. You must be a Nigerian citizen with a permanent address in the country.
  5. They must deposit your salary into a Stanbic IBTC Bank current account.
  6. They must have the account that they pay your salary into.
  7. No minimum net monthly income
  8. Must be 21 years or older.
  9. Your credit bureau report must be satisfactory.

What are the features of Stanbic IBTC bank Smart Loan?

  1. Convenient way to manage cash flow in the event of shortfalls
  2. You can access up to 80% of your investments as a loan whenever you need it without terminating your investment.
  3. The loan offers a maximum tenure of 48 months for Term Loans
  4. You can access their 24 hours business support helpline
  5. They also offer internet, mobile and USSD banking as full e-banking options.

5. Secured term loans

To fit your lifestyle, get a personal short-term loan with a set monthly payback amount. These needs could include medical, house rent, car maintenance, school fee, wedding. Thereafter, you can pay it off at a time that is convenient for you.

What are the requirements for Stanbic IBTC Secured term loans?

There are some requirements you need to meet in order to get a secured loan. They include:

  1. You must have worked for your present job (current employer) for at least six months. 
  2. Must be permanently employed or be a contract worker at a recognized company with valid contract terms.
  3. Be a Nigerian citizen with permanent residency.
  4. You should earn a minimum net monthly income of ₦100,000.
  5. Must be at least 21 years old (but not older than 60 years when the facility would end).
  6. Your credit report has to be sufficient for you to apply.

What are the features of the Secure term loans?

The Secure term loans have the following features:

  1. This is a personal loan that offers similar interest rate and repayments throughout the loan term.
  2. Monthly electronic statements
  3. Once they approve it, they will pay the funds directly into your salary account.

6. Unsecured Loans

Their unsecured personal loan is a medium to long-term loan that allows you to access funds for personal necessities. These necessities could be; domestic equipment, educational fees, car maintenance, and house rent at any time, with a flexible payment schedule.

What are the requirements for Stanbic IBTC bank Unsecured loans?

There are some requirements you must meet to get the Unsecured loan from Stanbic IBTC bank. They include:

  1. You must have worked for your present job (current employer) for at least six months.
  2. They must have the account that they pay your salary into.
  3. Must be permanently employed or be a contract worker at a recognized company with valid contract terms.
  4. Be a Nigerian citizen with permanent residency.
  5. You should earn a minimum net monthly income of ₦20 000.
  6. Must be at least 21 years old (but not older than 60 years when the facility would end).
  7. Your credit report has to be sufficient for you to apply.

What are the features of Stanbic IBTC bank Unsecured loans?

This loan product has its own features, just like the others above. These features include:

  1. A personal loan with the option to revolve your loan when you have repaid 15% of the full amount.
  2. Monthly electronic statements
  3. Once they approve it, they will pay the funds directly into your salary account.

Other loan products of Stanbic IBTC bank

Stanbic IBTC Bank has several loan products. Besides the loan products seen above, other loan products they offer are:

  1. SME Loan
  2. AgriBusiness Finance
  3. Distributor Finance
  4. Invoice Discounting
  5. Purchase Order Discounting
  6. Trade Finance
  7. Overdraft

You can read more on how to apply for Stanbic IBTC EZ cash loans here.

Conclusion

Stanbic IBTC bank loans remain a top choice for citizens all around the nation because of their variety and excellent customer service. You can easily get a loan from any Stanbic IBTC bank today by visiting any of their branches or opting for the mobile option.

Need a loan? Kindly check out this platform that allows you to compare loans from several lenders in minutes. This would help you make the best decision for you

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