STANBIC IBTC BANK NIGERIA

INDIVIDUAL LOANS

1. Credit Cards

The Stanbic IBTC Visa Credit card is a chip and PIN payment card that gives you access to a revolving line of credit to meet your financial needs.

Benefits

• Access to funds for cash withdrawal and point-of-sale (POS) purchase transactions at millions of merchant locations worldwide.
• Up to 55 days interest-free
• Exclusive offers and discounts.
• They charge a percentage on the interest accrued

 

2. Salary Advance

As a salaried employee, there are times when you may run short on cash and need a bridge to take you through till your salary is paid. The Salary Advance is that bridge. It can be revolving so you can use it over and over again when money is tight. You can renew your Salary Advance after 12 months, subject to a satisfactory review.

Benefits

• Quick access to your money
• Flexible payment options
• It is affordable and secure.

Requirements

1. You must earn at least N40 000 and must have a salary account with them for at least three months.
2. Minimum loan amount is N20 000.
3. You must have been with your employer for at least six months.
4. You must be 21 years or older (but not older than 60 years when the facility would end).
5. In the case of a contract worker, you need to be contracted to an approved company and must have valid contract terms.

 

3. Overdraft

Stanbic IBTC Bank is one of the banks in Nigeria that offers you an overdraft facility. An Overdraft can be the solution when money is tight and you need some extra cash. Overdrafts can be revolving, which means you can use it over and over when you need it. You can renew your overdraft after 12 months, subject to a satisfactory review.

Benefits

• Quick access to money
• Flexible payment options
• Affordability and security.

Requirements

1. You must earn at least N40 000 and have a salary account with us for at least three months.
2. The minimum loan amount is N20 000.
3. You must have been with your employer for at least six months.
4. You must be 21 years and above (but not older than 60 years when the facility would end)
5. If you are a contract worker, you need to be contracted to an approved company and must have valid contract terms.

 

4. Schools Fees Loan

Benefits

• You are not charged withdrawal fees.
• Interest is calculated on the daily balance in your account and is paid monthly.
• Available in USD, EUR, GBP, ZAR or NGN.
• There is no maximum balance on the account.
• They charge a percentage on the interest accrued.

Requirements

To apply is easy; all you need is to have a current account with the required opening balance.

5. Rental Loans

A Rental Loan is a personal loan that helps you meet your funding needs for rent payments. A Rental Loan can be for a short term or long term, depending on your needs.

Benefits

• You get low interest rates.
• Minimum loan amount is N165 000. This means that you can access credit of up to 100% of your income.

Requirements

1. You need to earn a minimum net monthly income of N20, 000.
2. You must have been with your current employer for at least six months.
3. You will need to have your salary paid into your Stanbic IBTC account.
4. You must be permanently employed or be a contract worker with valid contract terms from one of our approved companies.
5. You have to be a Nigerian citizen with permanent residency.
6. You must be 21 years or older (but not older than 60 years on expiration of the facility).
7. You must have a satisfactory credit bureau report.

 

6. Personal Loans

Fixed Term Loan

If you need short term financing then a Fixed Term Loan (FTL) is for you. It’s a personal loan that offers you the same interest rate and repayments throughout the term of the loan. This type of loan does not need any collateral and you will know the exact date when the repayments end.

Benefits

• Access to money when you need it provided it is the paid portion of the approved limit.
• Your loan can be used for any purpose.

Requirements

1. A salary account with them.
2. A letter from your employer confirming that you have been with them for at least 12 consecutive months.
3. For contract employees, you need to give us a copy of your most recent contract.
4. Copies of your pay slips for the past three months.
5. You have to be a Nigerian citizen with permanent residency.
6. If you have an account with them that was opened in the past six months, you need to give them six months’ details of your other bank account.
7. Proof of residential address such as electricity, water or waste bills (original must be shown to your account manager) or we can send someone to visit your address.
8. Filled in account opening form.

Revolving Term Loan

With a Revolving Term Loan (RTL) your monthly payments are fixed but there is no specific payment period. You will have several payment options every month and you will have access to the money that has not been used.

Benefits

• Low interest rates
• You can access credit of up to 100% of your income.

Requirements

1. You must have been with your current employer for six months or longer.
2. Your salary must be domiciled with them.
3. You need to be permanently employed or be a contract worker at an approved company with valid contract terms.
4. You have to be a Nigerian citizen with permanent residency.
5. You should earn a minimum net monthly income of N20 000.
6. Must be 21 years or older (but not older than 60 years on expiration of the facility).
7. You must have a satisfactory credit bureau report.

 

7. Home Loans

If want to buy a new home or re-finance your current home, they offer outright purchase and home-owner loans also known as equity release home loans.

Benefits and Features

• You can apply for either the equity release or the outright purchase option.
• They provide home loans for the following areas: Lagos, Ibadan, Port Harcourt, Ogun, Abuja, Kano, Kaduna and Benin.
• You get flexible principal repayment options – you can pay monthly, quarterly or once or twice a year.
• If you are self-employed, the maximum repayment period is seven years.
• If you earn a salary, you can repay your loan for as long as 20 years.
• The minimum loan amount is N3 million.
• The minimum property value for providing an equity release loan is N5 million.

Requirements

1. You need to earn a monthly net salary of N200 000 for a home loan or N140 000 for an equity release loan.
2. Your salary must be paid into your Stanbic IBTC account.
3. You need to have been with the same employer for at least 12 consecutive months.
4. You must give us a letter of introduction from your employer or a copy of your letter of employment if you have been with your employer for less than 12 months.
5. If you work on a contract basis, they need a copy of your most recent contract.
6. Your pay slips for the past three months.
7. You must be a Nigerian citizen with permanent residency.
8. If your Stanbic IBTC account was opened in the past six months, you need to give them a six months statement of your account with another bank.
9. Proof of your address, such as a recent utility bill or a billing document proving your address.
10. A filled in home loan application form, which you can get from any of their branches.

Outright purchase home loan

An outright purchase loan lets you become a home owner rather than a tenant. For an outright purchase, you can spread your repayments over up to 20 years with a minimum equity contribution of 10%.

Home owner loan

A home-owner loan (also known as equity release loan) is for you if you own a home and want to release some of the equity in the home in exchange for cash. This type of loan is based on the amount of value you own in your home. It is calculated by taking the difference between the current value of your home and how much you owe on your initial mortgage, if any.

8. Car Loans

Their car loan gives you the opportunity to get the car of your dreams based on convenient and affordable structured repayments, whether you are a new or existing customer. Available for practically any brand of your choosing, they have a dedicated team of advisors and suppliers to help get the perfect car, just for you.

Benefits

1. Flexible Payment Terms – with up to 4 years tenor for repayment
2. Access to competitive interest rates
3. Access to their comprehensive dealer/partner network to help you find your car

Requirements

1. A duly completed application form
2. Proof of income/evidence of salary domiciliation
3. A proforma invoice for your car of choice (preferably from a Stanbic IBTC partner dealer)

 

9. Generator Loans

A Generator Loan is an unsecured personal loan to provide funding to an individual who wants to buy a new generator set. A Generator Loan can be for a short-term or long-term, depending on your needs.

Benefits

• Low interest rates
• No collateral required
• You can access credit of up to 100% of your income.

Requirements

1. You must have been with your current employer for at least six months.
2. You will need to have your salary paid into your Stanbic IBTC account.
3. You must be permanently employed or be a contract worker with valid contract terms from one of their approved companies.
4. You have to be a Nigerian citizen with permanent residency.
5. Earn a minimum net monthly income of N20 000.
6. Must be 21 years or older (but not older than 60 years on expiration of the facility).
7. Must have a satisfactory credit bureau report.