As part of its commitment to support the growth and sustainability of Micro, Small and Medium-scale Enterprises (MSME) in the continent, Pan African financial Institution, Stanbic IBTC bank has been assisting with essential tips to help businesses re-examine their models and strategies and ensure that they stay afloat and remain thriving.
You can get loans to do the things you want to do, when you want to from Stanbic Ibtc bank which include Home loan,Smart loan,Salary advance and many more facilities.
We are going to take a look at all the loan product you can get from Stanbic ibtc bank base on commitment and deep passion for small businesses.
List of stanbic Ibtc loan products
1. Home loan
Stanbic Ibtc home loan is designed to buy your dream home or or upgrading it which must be located in : Lagos, Ibadan, Port Harcourt, Ogun, Abuja, Kano, Kaduna and Benin.
The maximum repayment period for home loan for self employed is seven years while that of salary earner repayment of loan is up to 20 years.
The minimum loan amount is N3 million with minimum property value for providing a equity release loan is N5 million.
Requirements to apply for Stanbic IBTC bank Home loan
1. You must be a confirmed staff member at your place of employment
2. Be a minimum of 21 years and not more than 60 years at the end of the loan tenor (65 years for judges and lecturers)
3. Earn a minimum net monthly income of N200,000 for an outright purchase, and N140,000 for an equity release loan.
4. Have a good credit report and no returned cheques in the last 6 months
5. Have your salary account (current account) with Stanbic IBTC Bank
2. Vehicle and Asset Finance
The loan facility offer Flexible Payment Terms – with up to 4 years tenor for repayment.it also have Competitive interest rates with fixed repayments for financing your car.
You can also get access to stanbic ibtc bank comprehensive dealer/partner network to help you find your dream car
Salaried Client – Salary Domiciled – 60 months with minimum of 10% initial contribution from the asset cost
How to apply for stanbic ibtc Vehicle and Asset Finance
1.A completed application form
2.Proof of income/evidence of salary
3.A proforma invoice for your vehicle or asset of choice (preferably from a Stanbic IBTC partner dealer)
4. Visit nearest branch to submit your application
3. Secured term loans
Secured term loans package is designed for salary earner who’s salary is domicile with stanbic ibtc bank for at least six months or longer. The loan facility is available to permanently employed or be a contract worker at an approved company with valid contract terms.
This a personal loan that offers the same interest rate and repayments throughout the term of the loan. Borrower should earn a minimum net monthly income of N100 000 and Must be 21 years or older (but not older than 60 years on expiration of the loan facility)
Customer must satisfactory credit bureau report and also they must be a Nigerian citizen with permanent residency.
4. Unsecured Loans
As the name imply, stanbic IBTC unsecure loan is designed for salary earner who’s income domicile with the bank and earn at least a minimum net monthly income of N20 000. Also the borrower must be a permanently employed or be a contract worker at an approved company with valid contract terms.
5. Salary advance
This is an instant digital loan product which is targeted at salary earners who meet the Bank’s Risk Acceptance Criteria (RAC).Customers can get up to 50% of your net monthly salary upfront. Available to staff of private companies and government agencies with active* salary accounts domiciled in stanbic IBTC bank.
You must earn at least N40 000 per month and the Minimum loan amount is N20 000.
How to apply for Stanbic IBTC Bank loan
You can get a salary advance by:
Visiting your nearest Stanbic IBTC Branch
Calling 01 422 2222
or emailing CustomerCareNigeria@stanbicibtc.com
6. Smart loan
This is fast small business loan designed as Cash-on-hand for unforeseen circumstances as an overdraft or fixed loan.
From small retail shops that need to quickly restock inventory, to manufacturing businesses that just secured a contract, anyone can use the SmartLoan to meet their goals. And, with no prepayment penalty, you can get funded now and pay it back as quickly as you want.
Existing and New to Bank customers with get a minimum SIAML Fund of N50,000; They will be required 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.
The bank also accommodate customers who do not have regular source of income but have bank statements that support cashflow.
Customers can access up to 80% of their Investments in SIAML Funds as a loan whenever you need it without terminating your investment.
The Maximum tenor of 48 months for Term Loans and it has a competitive interest rates.
7. CBN Healthcare Sector Loan
The loan initiative was developed to provide funding to indigenous pharmaceutical companies and other organizations in the healthcare value chain to enable them increase capacity to meet the increasing demand for healthcare arising from the coronavirus pandemic.
1. For working Capital: 20% of their average turnover for the last 3 years up to a maximum of N500 million per obligor. Where the business is not up to 3 years in operation, 20% of the previous year’s turnover would be considered.
2. For Term Loan: Maximum loan amount of N2 billion
Interest Rate for CBN Healthcare Sector Loan
1. Interest rate is a maximum of 5.0% p.a. (all inclusive) up to 28th February 2021.
2. Thereafter, interest on the facility shall revert to 9% p.a. (all inclusive) as from 1st March 2021.
Loan Tenor for CBN Healthcare Sector Loan
1.Working capital shall be for a maximum period of one (1) year, with provision for rollover not more than three (3) years.
2. Term loan shall have a maximum tenor of not more than 10 years with a maximum of one year moratorium on repayment.
3. For construction projects, the tenor shall be determined by the completion date.
Eligible Participants of CBN Healthcare Sector Loan
1.Healthcare product manufacturer
2. Healthcare service providers/ medical facilities
3. Pharmaceutical/medical products distribution and logic’s services
4. Other human healthcare service providers.
Benefits of CBN Healthcare Sector Loan
1. This initiative provides long-term, low cost finance to facilitate the development of the Nigerian healthcare sector.
2. It will improve access to affordable credit for indigenous pharmaceutical companies for expansion and to encourage compliance with the WHO Good Manufacturing Practice.
3. The scheme will contribute to the overall development of the Nigerian Healthcare system.