Types of Stanbic IBTC Loans And Their Requirements

Stanbic IBTC Bank Loan is a great option if you need to finance a large purchase, a home renovation project, or even consolidate your smaller debts into one affordable loan repayment. But before you can make use of this loan, you’ll need to take a few steps to make sure everything is in order.

In this article, we’ll go through exactly what you need to do in order to apply for a loan with Stanbic IBTC Bank. We’ll also look at the different types of loans available and the associated requirements for each one. By the time you finish reading, you’ll have all the knowledge and tools you need to decide which type of loan is right for you and how to proceed with your application.

Overview of Stanbic IBTC Loan

Are you considering taking out a loan to finance your next big project? Stanbic IBTC Loan offers various loan types that can be tailored to suit your specific needs. It can be used for any purpose, from business expansion and house renovation to pay for school fees and medical bills.

To apply for a Stanbic IBTC Loan, you need to meet certain eligibility requirements. Depending on the type of loan you’re applying for, these requirements may include:

• Being of legal age in Nigeria
• Providing proof of income or business
• Having a valid form of identification, such as a driver’s license or international passport
• Showing proof of residence
• Having a valid email address
• Having an active bank account

However, depending on the sort of loan, you must meet a variety of features, benefits, and eligibility conditions. Therefore, we will discuss this and every other thing you need to know about Stanbic IBTC bank loans in this article.

Types Of Stanbic IBTC Bank Loans & Their Requirements?

Similar to how most banks offer a range of loan products. The situation with Stanbic IBTC Bank is comparable. They provide their clients with a few loan products. These loan products include:

Home loan

The features of Stanbic IBTC home loan include the following:

1. Apply for a home equity loan or an outright purchase.
2. They offer home loans in Lagos, Ibadan, Port Harcourt, Ogun, Abuja, Kano, Kaduna, and Benin, among other places.
3. Their home loan offers flexible principal repayment options. You can choose to pay monthly, quarterly, or once or twice a year.
4. The maximum repayment period is seven years if you are self-employed.
5. You can repay your loan in 20 years if you earn a salary.
6. It has a minimum loan amount of ₦3 million.
7. A minimum property value for providing an equity release loan is ₦5 million.

Requirements to get a home loan from Stanbic IBTC

There are some requirements you must meet to get a home loan from Stanbic Bank. They include the following:

1. They must confirm that you are an employee at your current workplace.
2. At the end of the loan term, you must be at least 21 years old and no older than 60 years old (65 years for judges and lecturers).
3. Earn a minimum net monthly income of ₦200,000 for an outright purchase and ₦140,000 for an equity release loan.
4. Have an excellent credit history and have had no returned checks in the last six months.
5. Stanbic IBTC Bank should be where you should keep your salary account.

Salary Advance

Use Stanbic IBTC revolving loan to get through difficult times by requesting a salary advance. Revolving loans allow you to have access without having to reapply for credit; a revolving loan enables you to borrow money whenever you need it. All that is required of you is a 15% loan repayment.

Requirements for Stanbic IBTC Bank’s Salary Advance Loan

1. They must have the account that your salary is paid into.
2. You must earn at least ₦40,000 per month
3. You must have worked for your current employer for a minimum of six months.
4. You must be at least 21 years old (but not older than 60 years when the loan validity ends).
5. An approved organization must employ you and have acceptable contract terms if you are a contract worker.

features of Stanbic IBTC bank’s Salary Advance Loan

1. A minimum loan amount of ₦20,000
2. You can choose to re-use the repaid portion of your loan by revolving it.
3. After a certain period of time has passed, you can renew your revolving salary loan.

How to get a Salary Advance from Stanbic IBTC Bank?

You can get a Salary Advance from Stanbic IBTC bank by:

1. Visit your nearest Stanbic IBTC Branch
2. Dial 01 422 2222
3. Email: CustomerCareNigeria@stanbicibtc.com

Vehicle and Asset Finance

The application process for a car and Asset Finance loan is quick and easy. The Vehicle and Asset Finance Program is a medium-term loan for both salaried and non-salaried consumers. These clients will be able to purchase mobile and fixed assets like vehicles and generators thanks to this.

The maximum term for customers on a salary is 60 months, compared to the 48-month maximum term for bankers. Additional consideration may be given to used automobile tenors. For more information, visit Stanbic IBTC Bank’s nearest branch.

1. Salaried Client–Salary Domiciled–60 months with a minimum initial commitment of 10% of asset cost.
2. Bankers with non-domiciled salaries must contribute a minimum of 40% of the asset cost over 48 months (for Bankers only).
3. It has a maximum of 10 years by the exit of finance (i.e., they must pay in full for a facility by the tenth anniversary of manufacture). Vehicles that they have used are limited to Toyota, Mercedes Benz, BMW, Audi, Land Rover, Nissan, Honda, Mitsubishi, Ford, Volkswagen, Chevrolet, Dodge, Infiniti Jeep, Lexus, and Acura brands with a 70,000km limit and a minimum warranty of 3–6 months on the engine and transmission. And the minimum contribution of 20%; other brands are 8 years.

Requirements for Stanbic IBTC bank Vehicle and Asset Finance Loan

1. Completed application form
2. Proof of income/evidence of salary
3. You must provide a proforma invoice for the vehicle or asset you choose. They prefer it to be a Stanbic IBTC partner dealer.

Features of Stanbic IBTC Bank Vehicle and Asset Finance

Stanbic IBTC bank Vehicle and Asset Finance features include the following:

1. It has a flexible payment term with up to 4 years of tenure for repayment
2. Access to competitive interest rates
3. To assist you in finding your car, you will have access to their extensive dealer/partner network.

How to get Stanbic IBTC bank Vehicle and Asset Finance?

In order to get the Vehicle and Asset Finance, you can:

1. Visit their nearest branch
2. Dial: 01 422 2222
3. Email: CustomerCareNigeria@stanbicibtc.com

PAAS – Personal Assets Acquisition Scheme

PAAS- Personal Assets Acquisition Scheme is only for clients who receive salary and pre-approved employers.

PAAS – Personal Assets Acquisition Scheme offers:

1. Vehicles both new and used but with a maximum loan limit of ₦15m and tenor of 48 months
2. Inverter and Solar Solution Maximum loan limit of ₦5M and tenure is 18 months.
3. Generator maximum loan limit of ₦7m, and the tenor is 36 months.

The PAAS- Personal Assets Acquisition Scheme features include the following:

1. Vehicles both new and used but with a maximum loan limit of ₦15m and tenor of 48 months
2. Inverter and Solar Solution Maximum loan limit of ₦5M and tenure is 18 months.
3. The generator’s maximum loan limit of ₦7m, and the tenor is 36 months.
4. General Combo financing.
5. Management fee
6. Insurance cover for the entire duration of the loan.
7. For asset insurance coverage, life insurance covers job loss, permanent disability, and death only in the event of an accident or damage to the assets financed.
8. No initial contribution
9. 100% financing.
10. It will take you a maximum TAT of 24hrs from the submission of complete documentation.

Smart Loan

For urgent situations, apply for an overdraft right away or simply increase your current limit by submitting an online Smart Loan application.

Requirements for Stanbic IBTC Bank Smart Loan

Existing and new Bank customers with a minimum SIAML Fund of ₦50,000 will provide;

1. For Term loans, they require customers to show proof of source of repayment, which will be the most recent 3 months payslip from their employer or other proof of regular source of income.
2. Must be 21 years or older.
3. Accommodate customers who do not have a regular source of income but have bank statements that support cash flow.
4. Customers invested funds in respective SIAML Funds
5. You must be a Nigerian citizen with a permanent address in the country.
6. You must deposit your salary into a Stanbic IBTC Bank current account.
7. Stanbic IBTC Bank must have the account that your salary is paid into.
8. No minimum net monthly income
9. Your credit bureau report must be satisfactory.

Features of Stanbic IBTC Bank Smart Loans

1. It is a convenient way to manage cash flow in the event of shortfalls
2. You can access up to 80% of your investments as a loan whenever you need it without terminating your investment.
3. The loan offers a maximum tenure of 48 months for Term Loans
4. You can access their 24-hour business support helpline
5. They also offer internet, mobile, and USSD banking as full e-banking options.

Secured term loans

Get a personal, short-term loan with a fixed monthly repayment amount that fits your lifestyle. These needs could include house rent, car upkeep, or medical care. After then, you can finish paying it off whenever it’s convenient for you.

Requirements for Stanbic IBTC Secured term loans

There are some requirements you need to meet in order to get a secured loan.

1. You must have worked at your present job (current employer) for at least six months.
2. Must be permanently employed or be a contract worker at a recognized company with valid contract terms.
3. Be a Nigerian citizen with permanent residency.
4. You should earn a minimum net monthly income of ₦100,000.
5. Must be at least 21 years old (but not older than 60 years when the facility ends).
6. Your credit report has to be sufficient for you to apply.

Features of the Secure term loans

The features of Secure term loans include the following:

1. This is a personal loan that offers similar interest rates and repayments throughout the loan term.
2. Monthly electronic statements
3. Once they approve it, they will pay the funds directly into your salary account.

Unsecured Loans

Unsecured personal loans from Stanbic IBTC Bank are medium- to long-term loans that give you access to money for petty expenses. You can access this loan at any moment for tuition, auto upkeep, rent, etc., with a flexible payment schedule.

Requirements for Stanbic IBTC bank Unsecured loans

These are some of the requirements you must meet to get an Unsecured loan from Stanbic IBTC bank.

1. You must have worked at your present job (current employer) for at least six months.
2. They must have the account that they pay your salary into.
3. Must be permanently employed or be a contract worker at a recognized company with valid contract terms.
4. You must be a Nigerian citizen with permanent residency.
5. You should earn a minimum net monthly income of ₦20 000.
6. Must be at least 21 years old (but not older than 60 years when the facility ends).
7. Your credit report has to be sufficient for you to apply.

Features of Stanbic IBTC bank Unsecured loans

Like the other loan products mentioned above, this one has unique features. These features include the following:

1. A personal loan with the option to revolve your loan when you have repaid 15% of the full amount.
2. Monthly electronic statements
3. Once they approve it, they will pay the funds directly into your salary account.

Other Stanbic IBTC Bank Loan Products

Stanbic IBTC Bank has several loan products. Besides the loan products mentioned above, other loan products they offer include the following:

1. SME Loan
2. Overdraft
3. AgriBusiness Finance
4. Distributor Finance
5. Purchase Order Discounting
6. Invoice Discounting
7. Trade Finance

Conclusion

Applying for a Stanbic IBTC Loan can help you get the funds you need when you’re in a tough financial situation. You can apply for different types of loans that are tailored to fit your specific needs. Keep in mind that the requirements for the loan vary depending on the type. Make sure that you understand all the requirements and conditions of the loan before submitting your application. With the right information and preparation, you can successfully apply for a Stanbic IBTC Loan and get the funds you need.