While obtaining bank loans may seem stressful to many, applying for Stanbic IBTC loans is much simpler than you might think. As an employed individual with a steady income, your chances of securing a loan from this bank are significantly high. In this article, we will explore the various types of loans offered by Stanbic IBTC and guide you on how to apply for them instantly.
An Overview of Stanbic IBTC
Stanbic IBTC is a leading financial institution in Nigeria, established on February 2, 1989. Over the years, it has grown to become a standard bank in Nigeria, offering a wide range of carefully designed banking products and services. The bank provides comprehensive banking services to individuals, businesses, and commercial entities.
Alongside these services, Stanbic IBTC offers a variety of loan products that are accessible to its esteemed customers. With self-service channels such as internet banking and the Stanbic IBTC mobile app, you can conveniently access and apply for their loan offerings.
What are the types of Stanbic IBTC loans?
There are several types of Stanbic IBTC loans available for both individuals and businesses depending on what it is needed for. Below, is a list of the Stanbic IBTC loans for individuals and how to get them:
1. Unsecured Personal School Fees Loan
As the name implies, this is an unsecured personal loan you can apply for with zero collateral. Basically, this loan is specially designed to cater for the financial needs of parents/guardians who are looking for a way to pay the school fees for their children/ward. So if you fall into this category, this loan type is the most suitable for you.
What documents are required to access the Stanbic IBTC unsecured personal school fees loan?
Here are the documents you must provide to obtain this loan:
- Letter of Introduction as well as Salary Domiciliation from your Employer
- Recent three months’ pay slips.
- Your six months salary account statement (for new customers).
- Valid means of ID or your staff ID.
- Invoice from your child’s school showing the tuition, accommodation, as well as upkeep fees.
What is the maximum loan amount and tenor for Stanbic IBTC unsecured personal school fees loan?
The maximum loan amount for this loan type varies depending on the amount of your child’s school fees. As for the loan tenor, Stanbic IBTC gives you a grace of 12 months but they can extend it.
2. Home Loan
With the Stanbic IBTC home loan, you can obtain funds to acquire your dream house. Basically, this home financing solution is available to both salaried individuals and business owners. The repayment options vary and can either be monthly, quarterly, biannual or annual.
What is the loan amount and tenor for Stanbic IBTC home loans?
The maximum loan tenor to repay this home loan is 20 years. As for the loan amount, you have a minimum of N 200 000 and a maximum of N 3 000 000.
3. Salary Advance
Applying for a salary advance loan from Stanbic IBTC loans gives you access to revolving loans to help you out during difficult times. Basically, a revolving loan is a credit solution that grants you access to money whenever you need it without reapplying for it.
What are the eligibility requirements to apply for a Stanbic IBTC salary advance loan?
Here are the criteria that make you eligible for this loan:
- Your salary account must be domiciled with Stanbic IBTC.
- Your salary must be at least N40 000 every month
- You must have been working with your current employer for a minimum of six months.
- You must be between the ages of 21 – 60 years old
- If you are a contract worker, you need to show proof of your current valid contract terms.
What is the loan amount and tenor for the Stanbic IBTC salary advance loan?
For this kind of loan, Stanbic IBTC offers you
a minimum of N20 000. You can spread out the loan repayment for a tenor of 12 months.
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4. Vehicle and Asset Finance (VAF)
The Vehicle and Asset Finance (VAF) is a credit facility specially customized for Stanbic IBTC salaried and non-salaried customers. Basically, this medium-term loan facility allows browsers to purchase both movable and immovable assets, like motor vehicles and even power generators.
What documents do I need to get the Stanbic IBTC Vehicle and Asset Finance (VAF)?
Below is a list of the documents you must provide to obtain this loan:
- A correctly completed application form
- Proof of your income/evidence of salary
- A proforma invoice for the vehicle or any other asset of your choice (from a Stanbic IBTC partner asset dealer)
5. Smart Loan
Smart Loan grants you up to N20M loan, however, you have a valid mutual funds investment with the Stanbic IBTC Asset Management to access it. Stanbic IBTC Asset Management is an associate of Stanbic IBTC Holdings. Basically, you can access this loan through your smartphone on the Stanbic IBTC Mobile App. It requires zero paperwork and collateral.
What is the loan amount and tenor for a Stanbic IBTC smart loan?
This loan package offers you a maximum credit amount of N20,000,000. As for the loan tenor, you get a total of 48 months.
What documents do I need to obtain the Stanbic IBTC smart loan?
To access this loan, you need to provide these documents:
- Your recent pay slip for three months from your employer or any other proof of a steady source of income
- Bank statements that support the cash flow
- Your income must be paid into a current account domiciled with Stanbic IBTC
- A satisfactory credit bureau report
6. Secured term loans
This package gives you access to a personal short-term credit, which you will repay at a fixed amount per month. You can use this loan to settle your immediate needs.
What are the eligibility requirements to obtain secured term loans from Stanbic IBTC?
- You should have been working with your current employer for at least six months.
- Your salary account must be domiciled with Stanbic IBTC.
- You should be permanently employed. Also, you may be a contract worker at any approved company with factual contract terms.
- A Nigerian citizen who has permanent residency.
- You should earn at least N100 000 per month.
- Must be between the ages of 21 – 60 years old
- A satisfactory credit bureau report.
7. Unsecured personal loan
This is a medium to long-term credit solution that grants you access to money to help you meet your personal financial needs. This package provides you with a flexible payment plan.
What are the eligibility requirements to obtain unsecured term loans from Stanbic IBTC?
- You should have been working with your current employer for at least six months.
- Your salary account must be domiciled with Stanbic IBTC.
- You should be permanently employed. Also, you may be a contract worker at any approved company with factual contract terms.
- A Nigerian citizen who has permanent residency.
- You should earn at least N 20,000 per month.
- Must be between the ages of 21 – 60 years old
- A satisfactory credit bureau report.
8. CBN Healthcare Sector Loan
The CBN Credit assistance for the Nigerian Healthcare sector is a lending intervention package specially designed for the Healthcare sector. Basically, the Central Bank of Nigeria developed it as a part of the foreseeing measures to ease the economic consequences of the COVID-19 pandemic.
This scheme was made to fund indigenous pharmaceutical companies and even other companies in the healthcare sector to help them meet the increasing demand for healthcare that keeps growing due to the pandemic.
How can I get an instant loan from Stanbic IBTC?
To access Stanbic IBTC smart loans, follow these steps:
1. Download the Stanbic IBTC mobile app from the Google play store for android or the App Store for iPhone.
2. Next, register on it by providing your bank details and creating a secure password.
3. Apply for a smart loan via the app
However, as for other types of Stanbic IBTC loans, just visit any of the bank’s offices close to you and apply for it. Alternatively, you can reach out to customer care on 01 422 2222 or email CustomerCareNigeria@stanbicibtc.com.
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Stanbic IBTC loans for businesses
Below, is a list of the Stanbic IBTC loans for businesses and how to get them:
1. SME Loan
The SME Loan is a special credit specifically tailored for small and medium-scale businesses. Basically, this helps businesses by loans for them to achieve their business goals.
How can I apply for an SME loan from Stanbic IBTC?
- Go to their website www.stanbicibtcbank.com
- Next, click on the menu bar and tap on “business”. Pick “financing your business”
- Thereafter, select “SME loan” and then “Apply now”. Fill out the online application form with your details
What are the documents to get an SME loan from Stanbic IBTC?
- Your formal letter of request for a loan
- Satisfactory credit checks from at least 2 credit bureaus
- Your business banking history of a minimum of six months with Stanbic IBTC or at least 12 months with other Banks
- Business registration documents
- Tax Identification Number (TIN)
- Upon loan approval, a duly accepted Offer Letter is.
2. Financial solutions for the healthcare sector
This loan caters to only healthcare businesses. Basically, the bank borrows you a loan for daily operations and to grow your business. The loan tenor for this loan is 10 years.
What documents do I need to get the Financial solutions for the healthcare sector?
- Your formal request letter
- Satisfactory credit checks
- At least one year of banking history with Stanbic IBTC or any other bank
- Registration documents with CAC as well as other relevant regulatory authorities
- KYC compliance
How can I apply for Financial solutions for healthcare sector loans from Stanbic IBTC?
- Go to their website www.stanbicibtcbank.com
- Next, click on the menu bar and tap on “business”. Pick “financing your business”
- Thereafter, select “Financial solutions for healthcare sector” and then “Apply now”. Fill out the online application form with your details
3. AgriBusiness Finance
Do you need a short or long-term loan for your Agric business and its operations? This package has got you covered to achieve your attic business growth.
To get an AgriBusiness Finance loan from Stanbic IBTC, just visit a Stanbic IBTC branch close to you. Alternatively, you can simply call 0700 CALL STANBIC (0700 2255 7826242) or +234 01 270 9676 or you can email customercarenigeria@stanbicibtc.com
4. Distributor finance
If you’re a big manufacturer or even a distributor of wholesale goods, this package is an excellent solution for you. Basically, it provides you with loans when business is tight so you can still maintain your cash flow. To get this loan, just visit a Stanbic IBTC branch close to you or you can simply call 0700 CALL STANBIC (0700 2255 7826242) or the number, +234 01 270 9676.
5. Invoice Discounting
The Invoice Discounting Facility allows your business to take out money against invoices that are issued for finished contracts before you receive payment from your creditors. To get this loan, visit the nearest Stanbic IBTC close to you.
6. Purchase Order Discounting
With this loan package, your business can answer orders and pay suppliers. Basically, it offers you credit to purchase goods to keep your business moving well.
7. School Lending
The school lending package is a short to long-term loan facility available to just privately owned schools. Basically, you can use it for the purpose of establishment, expansion or even upgrade of facilities.
How can I contact Stanbic IBTC?
You can reach out to Stanbic IBTC through any of these simple ways:
Address: I.B.T.C. Place, Walter Carrington Crescent, Victoria Island Lagos
Telephone: 0700 909 909 909
Email Address: CustomerCareNigeria@stanbicibtc.com
Website: www.stanbicibtcbank.com
Conclusion
Stanbic IBTC loans are accessible to most individuals who have accounts domiciled with the bank. Hence, if you are hoping to apply for a loan from this bank, you can start by opening an account with them as this increases the chances that your loan application will be successful.
