Are you banking with Suntrust bank and wish to get a loan? If so, you’ve come to the right place. In this blog post, we’ll walk you through the necessary steps on How to get a loan from SunTrust Bank in 2023.
What is Suntrust Bank?
SunTrust Bank Nigeria Limited is a leading commercial bank in Nigeria providing customers with retail, commercial and corporate banking services. The bank has been operating in Nigeria since 2009 and is committed to helping its customers achieve their financial goals.
SunTrust Bank offers various services such as deposit accounts, loans, investments, insurance, mortgages, and other corporate banking services.
Types of loans Suntrust offers
Here are some of the loans offered by Suntrust they include:
Personal Loans: These are unsecured loans that are used to finance a variety of personal expenses. The loan can be used for wedding expenses, vacation costs, home improvement projects and more.
Business Loans: These loans are specifically designed to help small businesses grow. They can be used for a variety of business purposes such as purchasing equipment, expanding operations, funding payroll, and more.
Home Improvement Loans: These are loans that are used to finance various home improvement projects such as installing a new roof, adding a swimming pool, remodeling a kitchen, or landscaping.
Auto Loans: These loans can be used to purchase or refinance a vehicle. They are available in both secured and unsecured forms.
Student Loans: These are loans that are used to finance college tuition and other related expenses.
Mortgage Loans: These loans are used to purchase a home. They come in both fixed rate and adjustable rate options.
Secured Loans: These are loans that are backed by collateral such as a house or car. The collateral is used to secure the loan in case the borrower defaults on the loan.
Unsecured Loans: These are loans that are not backed by any collateral. They are typically used for short-term financing needs.
What are the requirements for getting a loan from SunTrust Bank in Nigeria?
In other to be eligible to get any type of loan from SunTrust bank, an individual must meet up with the following criteria. They include:
- You must be at least 18 years old and a Nigerian citizen or resident.
- You must provide proof of income, such as a valid pay slip or bank statement.
- You must have a good credit score and a satisfactory credit history.
- You must provide proof of address, such as a valid utility bill or bank statement.
- You must provide valid identification documents, such as your driver’s license or national ID card.
- You must provide the necessary documentation to support your loan application, such as a business plan, financial projections, and other supporting documents.
- You must demonstrate that you have the financial capacity to repay the loan in a timely manner.
- You must be up-to-date with any existing loans or debts you may have with other institutions or lenders.
- You may need to provide collateral, depending on the loan amount and your credit score.
- SunTrust Bank Nigeria Limited may also ask for additional documentation or information before approving the loan.
What are the conditions attached to the loan?
- Applicants must earn a minimum salary of N25,000, and the salary must be domiciled with SunTrust Bank.
- For applicants in paid employment, they must have been working for the current employer for at least six months and must be a confirmed staff.
- A completed Application Form is also required.
How to apply for a loan from SunTrust Bank Nigeria Limited
To apply for a loan from SunTrust bank, kindly follow the steps below.
- Proceed to any of the Suntrust bank branch in your area
- Demand for the loan application form
- Fill in the application form with the documents required
- Submit the form to the bank customer representative.
- Your loan will be processed within some tangible hours if you’re qualified, and the money will be dispensed to your account
Interest Rates and Fees of Suntrust bank
SunTrust Bank offers competitive interest rates for personal and business loans.
Personal loan interest rates range from 12% to 24%, depending on the loan amount and other factors. Business loan interest rates range from 16% to 26%, also depending on the loan amount and other factors.
SunTrust Bank also charges fees for certain services such as processing, late payment, early closure, and more.
How do I borrow money from Suntrust bank?
- Check your eligibility: The first step in borrowing money from Suntrust Bank is to check if you are eligible. Make sure that you meet the bank’s requirements in terms of age, income level, nationality, and other criteria.
- Prepare the required documents: The documents required for a loan vary depending on the type of loan and the purpose for which it is taken. However, some common documents needed include identification proof, salary slips, bank statements, credit reports, etc.
- Submit an application form: Once you have all the documents ready, the next step is to submit an application form to the bank. You can find this form either online or at the bank’s branches.
- Wait for loan approval: After submitting the application form, you will need to wait for the bank to approve your loan request. This process usually takes anywhere from a few days to a few weeks.
- Receive loan funds: Once your loan is approved, the loan amount will be transferred to your account or you can pick up a check at the bank branch.
How long does it take to get a personal loan from SunTrust bank?
Getting a personal loan from Suntrust Bank typically takes less than 12 minutes. But in some special cases, it makes take up to 24 hours.