Sterling bank is one of the big bank in Nigeria and like other banks they also offer different loan product to their customers, some comes with no collateral and no paper work while you need to go to bank to get some.
This article is all about sterling bank loan: how to get loan form them through USSD code, app or visiting their bank branch.
Sterling bank loan requirement
Before you can get loan from sterling bank there are requirements you need to meet which are
Have account with them spanning at least 3 months
Have no outstanding loan with them or any other bank
Have a valid means of identification ( government issue ID card)
Have a valid email address
Types of loan product sterling bank offer
Specta is an app develop by sterling bank to give out loan to their customer, with specta loan you can access loan of up to #5 million with out collateral or paper work, you don’t need to go to any bank with just a click on your phone you will access the loan.
The interest rate and payback period depend on the amount of loan you request for.
Social lender is another type of loan product from sterling bank. In this type loan is given out base on your social media reputation.
This is how it works; before your application is approve you will submit your social media handler and through this they will know the worth of your friends and other details, this will be use to determine the amount of loan you can access.
You can also access this type of loan on your phone you don’t need to go to any bank.
This loan is targeted at importer who want to import goods such as industry material, raw material, and consumer products. The loan can only be gotten from bank therefore you need to visit their bank branch.
The Interest rate depend on the amount of loan you want to obtain.
Letter of credit
Letter of credit is another loan product but in this type you are not given cash just a letter which you can tender to seller when buying product on credit. The full meaning of this loan is that sterling bank is standing as a guarantee for you.
Sterling bank will not give you this kind of loan unless you have been with them for more than a year because if you are unable to pay back sterling bank will pay for it.
Letter of credit comes with interest rate depending on the amount obtain.
This is targeted at people who want to embark on a project, the requirement here is the project proposal if you can express yourself well and estimate the cost of the project and how you will pay back the money with interest rate. They will give you the loan.
The loan can only be gotten from bank, so get ready to go to bank.
House hold equipment lease
This is for those that want to buy home equipment such as generator, the loan interest rate is not much and the payback period can be up to 6 months.
To get this kind of loan you must have active account with starling bank.
If you will like to buy car on credit this loan is for you, with auto loan you will buy your dream car and payback instalmentally, before you can access this loan you will have at leat 19 to 30% cost of car you want to buy, this will show how serious you are
How to apply for sterling bank loan
There are three way to apply for starling bank loan, and they are
- Through USSD code
- Through app (Specta)
- By visiting bank
Sterling bank loan USSD code
One of the easy way of getting loan from starling bank is by dialing the USSD code it is easy and fast, you don’t need to visit any bank just dial the code on you phone, you are good to go. Starling bank USSD code is *822#.
Ensure you use the sim connected to your starling bank account, once you dial the code you will see a loan option enter the number and follow the prompt.
Getting loan through specta
Specta is an app developed for the sole purpose of loan disbursement, it is also easy and fast like USSD code, in fact you can get more loan here unlike ussd code. If you are unable to access loan through USSD code specta loan is your best bet.
By visiting bank
If your loan is heavy such as business loan, letter of credit and others, you need to visit sterling bank branch in your location.
Paying back starling bank loan
One of the interesting thing about starling loan is that you don’t need to run here and there before you pay back your loan, once the loan is due, the total amount of the loan plus interest will be automatically deducted from your account.
But if it is heavy loan you will need to visit the bank.
Sterling bank interest rate
Though the interest rate depend on the amount of loan you are given, usually it is between 20% to 25% and the payback period can be up to a year