Are you interested in taking out a loan from Sterling Bank Nigeria, but don’t know where to start? Don’t worry! Getting a loan from Sterling Bank Nigeria can be easy and straightforward with the right information. Keep reading to learn how to get a loan from Sterling Bank Nigeria in no time!
What is Sterling bank?
Sterling Bank is one of the leading commercial banks in Nigeria.
It was established on 25 November, 1960 as Nigeria’s first merchant bank and has grown to become a major player in the Nigerian banking sector, offering a range of financial services including retail banking, corporate banking, investment banking and wealth management.
Types of loans offered by Sterling bank
- Personal Loans: Personal loans from Sterling Bank provide funds for a variety of uses, including home improvements, debt consolidation, medical expenses, weddings and other special occasions.
- Vehicle Loans: Vehicle loans are available to help you finance the purchase of a new or used car, motorcycle, truck or SUV.
- Home Loans: Home loans from Sterling Bank can be used to finance a new home purchase, remodel your existing home, refinance an existing mortgage or consolidate high-interest debt.
- Small Business Loans: Sterling Bank offers a range of loan options for small businesses, including lines of credit, equipment financing and commercial mortgages.
- Student Loans: Student loans are available to help students pay for college tuition and other educational expenses.
- Agriculture Loans: Agriculture loans are designed to help farmers and agricultural businesses finance the purchase of land, machinery and other necessary items.
- Merchant Loans: Merchant loans are available to help small businesses expand their services and make necessary investments in technology.
What are the requirements for that obtaining a loan sterling bank
- A valid form of identification: you will need to provide a valid ID such as a driver’s license, passport or national ID card.
- Bank statements: you will need to provide bank statements for the last 3 months or more to prove your financial stability and ability to pay back the loan.
- Employment status: depending on the type of loan, you may need to provide proof of your current employment status and salary information.
- Credit history: good credit score is necessary for some types of loan applications. Sterling Bank will take into account any outstanding debts and loans before making a decision.
- Collateral: in some cases, you may be asked to provide collateral to back up the loan. This could be something such as a car or property.
- Utility bills: if you are applying for a loan to cover household expenses, you may need to provide utility bills to prove your residence.
What is the Sterling bank interest rate for a Loan?
The interest rate of a loan from Sterling Bank Nigeria is 1.25% per annum (p.a.). This means that for every Naira borrowed, you will pay an additional 1.25 Naira as interest. The actual interest rate varies depending on the amount of the loan and the length of the repayment period, so it is best to check with the bank before applying.
What are Sterling bank repayment terms for a Loan?
Generally, the loan is repaid in monthly installments over the duration of the loan period. The terms of the loan will include the length of the loan, the total amount to be repaid and the interest rate.
Repayment periods can vary from one month to as long as five years, depending on the size of the loan and the borrower’s creditworthiness. Interest rates range from 5% to 24%, with lower rates generally offered for larger loans and those with better credit scores.
What other conditions must be met?
- You must be a Nigerian citizen with a valid form of identification.
- You must be of legal age and have a valid permanent address in Nigeria.
- You must have an account in good standing with Sterling Bank Nigeria.
- You must provide proof of a steady source of income or other evidence of financial stability.
- You must provide collateral such as property or another asset of equivalent value to secure the loan.
- You must be up-to-date on any payments that are due for other loans or credit facilities held by you with Sterling Bank Nigeria.
- Your credit history must be clean and free from defaults or any other blemishes.
- You must have the ability to repay the loan according to the terms agreed upon.
How to apply for a Sterling Bank Loan
The first step is to determine which type of loan you need and if it meets the requirements of Sterling Bank. After doing this, follow the steps below.
- Visit your nearest Sterling Bank branch to collect an application form or download an application form from their website.
- Complete the form as accurately as possible and include all necessary documents as required.
- Submit your completed form and any other documents at the bank’s nearest branch.
- If applicable, provide a guarantor who will act as security for the loan.
- Once your application has been accepted, the bank will contact you to discuss the details of the loan, such as interest rates, repayment terms and any additional fees or charges.
- You will then be required to sign the loan agreement and make a down payment if necessary.
- Finally, you will receive the approved funds and can begin to use them as agreed upon in the loan agreement.
Frequently Asked Questions
What is the name of Sterling Bank loan app?
The name of the Sterling Bank loan app is one bank. One bank is the mobile banking application from Sterling Bank Nigeria that allows you to easily and securely manage your finances.
It is available for download on both the App Store and Google Play. With one bank, you can apply for loans, monitor loan payments, make transfers, pay bills, view account history, and more.
How much can I borrow from Starling bank?
At Starling Bank, you can apply for a business loan of between £25,001 and £250,000.
The rate offered will depend on the individual circumstances of your business. In addition, Starling Bank currently offers business overdrafts of £1,000 up to £50,000. For more information on their business overdrafts, please visit the business overdrafts page on their website.
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