There is an ocean of space that separates the corporate organizations as you know it and their SME counterpart. A vast majority of this space exists due to a difference in available funds that each company has to work with. To bridge this gap, many commercial banks now offer easy access loan packages to SMEs. Stanbic ibtc ez cash is the special loan package that the institution has designed for businesses in Nigeria. This article contains everything you need to know about their loan.
What are the perks of Stanbic ibtc ez cash loan?
The key points of the Stanbic ibtc ez cash loan are:
- Access to up to 5 million instant loan
- Easy repayment plan spread across 6 to 12 months
- An interest rate of 2.5% per month
How can I apply for the Stanbic ibtc ez cash loan?
Follow the steps below to apply for the loan:
- Firstly, start by dialing *909*44# or log in to your personal Stanbic IBTC mobile application, enterprise online or internet banking and select Request EZ Cash
- Supply all the requested details. Some of these include the amount you intend to borrow and the expected repayment period
- A credit evaluation is then carried out to confirm if you are qualified. If successful, they would present you with an applicable interest based on your present risk score and loan duration.
- Read through the details of the loan, and if okay, click accept. Note that the terms include your consent to have your account debited for repayment if you default on a particular date. Also, you would be required to provide your debit card details.
- On acceptance of the terms, your account would be credited immediately
How do I repay the Stanbic ibtc ez cash loan?
Repayment is very easy and not an active task that you perform. Once the loan term elapses, you would get a message containing your outstanding payment, and then your account would be debited. To pay back, simply ensure that you have the complete amount in your account on the payment day.
However, you can also choose to pay back before the due date. To do this, reach out to your relationship manager or call 07003333333
How do I qualify for the Stanbic ibtc ez cash loan?
To qualify for this loan, you must have an active account with stanbic IBTC which is at least 12 months old. Also, you must be above the age of 18 but below 59 years, and have no history of dud cheques. Ultimately, your credit reports must be satisfactory.
How many times can I borrow from the Stanbic ibtc ez cash?
There is no limit to how much you can borrow. As long as the total amount does not exceed your maximum assigned limit, you can borrow all you need.
What are the factors that determine my loan limit?
The maximum amount of loan you can obtain is essentially determined by your average monthly income. However, if you have obtained a loan before, vital information like how quickly you repaid is also taken into consideration. This also applies if you currently have a pending loan.
Are there any fees charged on Stanbic ibtc ez cash?
Obtaining this loan comes with the following fees:
- An insurance fee of 0.35% on the amount borrowed
- Value added tax (VAT) of 0.05% on the amount borrowed
- Management fee of 1% on the amount borrowed
What happens if I don’t withdraw the money borrowed?
If for some reason, you end up not withdrawing all the money credited to your account as the loan disbursement, interest charges will only apply to the amount you withdrew.
Stanbic ibtc ez cash loan is a beneficial and easy loan to access. It ensures that you are never short of funds required to keep your business afloat or expand for growth. The best part is that you can easily access this loan through your USSD Stanbic IBTC mobile app and the comfort of your phone.