Are you looking for How To Get Loan From Sterling Bank then you are on the right web page with all the necessary information about sterling loan.
Sterling Bank PLC is a full-service commercial bankoperating across Nigeria. The head office, Sterling Towers, is situated at Lagos Island.
The bank offers banking services to small and large businesses, individuals as well as large companies.
Sterling is especially well-positioned in business and investment bankingwhich is accompanied by a growing retail presence.
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Business loans offered by Sterling Bank
Business Support Facility
You can access the amount of N5 million in Sterling’s business assistance facility. There is no need for collateral and the interest rates are competitive.
Asset Financing
The Sterling Bank facility for asset financing it is possible to purchase assets at a fraction of the cost. Payment options can be flexible. It is a great method to rapidly expand your business.
Group Lending
By using this program it is possible to fund capital projects or loan to members of your association.
Credit Card
Sterling Bank can provide your company with the benefit of a credit card which allows the business to use it to spend above its limit whenever and as needed.
Payroll Financing
This credit facility helps you pay your employees promptly and in full.
Agriculture
Sterling Bank has a number of financial products which will help you grow your agricultural business. Certain credit facilities are provided in conjunction with government-related organisations, such as those offered by the Central Bank of Nigeria (CBN). Other services and products like such as the Agricultural Input Scheme and the Tractor Acquisition Scheme, are offered by Sterling.
Trade Services
A variety of different trade financing services is available. These services help companies involved dealing with trade international. The specific products offered by Sterling include — the import financing, letters of credit, bills for collection foreign exchange, and much more.
H.E.A.R.T
The acronym HEART stands for Health, Education, Agriculture, Renewable Energy and Transportation. In this case, Sterling Bank provides tailored financing solutions to companies involved in the HEART sector.
Guarantees
bank guarantees can be used as instruments to enable companies to show their creditworthiness and prove they are able to meet any contractual commitments.
Other Financing Options
Sterling offers a range of customized financing options that are specifically designed to satisfy a variety of requirements. For example — LPO financing and invoice discounting, as well as overdrafts and project finance as well as contract financing.
Eligible for an Sterling Bank business loan
Sterling Bank has a mix of finance items as well as services. Some of these products and services are appropriate for your business as well — certain products might be limited to specific businesses in certain locations.
The eligibility requirements for every product or service is different. However there are some general requirements for lending that apply to almost every credit facility. Examples of these general lending requirements are -being a business that has good net cash flows as well as having a business with an excellent credit score.
A bad credit score can limit your financing options to those that require a collateral. However when you have a strong credit score -you could be eligible for a Sterling Bank may be willing to lend you money in an unsecured manner i.e. provide you with an loan that is not secured.
Other lending requirements that are standard include:
- A registered business or company in an organization that is registered with Corporate Affairs Commission (CAC)
- The ability to open a corporate or business bank account
- Have been trading for a few years (1-3 years at a minimum)
- You must have a clean Credit Bureau Report — without any unpaid debts or bad credit
- Being a loyal client of the bank.
Sterling Bank can only fund your business only if it’s recognized by the CAC. This means that private individuals are not qualified for financing for businesses.
If you own an unregistered company — you might be able to obtain a personal loan and apply it to business needs. Sterling also provides a variety of personal loans and pay advance products which you might be interested in looking at.
Another option is to submit a request for funding through SukFin -they will be able to supply alternatives to financing.
How do you submit an application to a Sterling Bank business loan
The first step in getting a loan not only Sterling, but with any bank in Nigeria — is to conduct your homework. Determine the loans and finance options that are most suitable for your business. This will ensure that you have the best chance of getting an enterprise loan.
Before you submit an application for a loan visit the website of the bank and contact them for any inquiries you may have. Contact Sterling Bank via phone or by email. Alternately, you can submit an inquiry at the appropriate branch of the bank.
Applications for loans can be submitted online or in person. In either case the application form must be filled out. On this form, you’ll need to provide the details of your business, its trade history , and the reason for the loan.
As part of the application process, you could be required to provide documents to support your application. The documentation you provide, along with the application form that you completed, as well as any other information that is publicly accessible is the information Sterling Bank uses to come to the lending decision.
An approved loan application can result in an offer being sent. Offer letters specify any conditions and terms you must meet before you can receive funds.
If you are required to provide supporting documents, you might be required to submit:
- Application form completed
- Company profile
- Business plan
- Budget for cash flow
- Statements from banks (12 months)
- Audited financial statements
- Certificate of Incorporation
- Identification documents that are valid (driving license (passport, driver’s license, voters card)
- Address proof
- Information about collateral provided (if there is any)
A greater or lesser amount than that above might be required -according to the facility for credit of interest.
Most frequently requested questions (FAQs)
How long before you receive your money via Sterling Bank?
The time to pay for loans variesaccording to the credit facility used. Small, unsecured loans are approved and disbursed most quickly.
What is the time frame I must follow to repay for a Sterling Bank loan?
Sterling Bank finance products have flexible repayment plans. Sterling permits you to credit for the long and short-term.
What is the maximum amount I can get at Sterling Bank?
The amount of cash that your company earns is what will determine the amount of money Sterling will loan to you. So, businesses with larger revenues have the ability to access more funds.
What is the rate of interest that is charged for the Sterling Bank loan?
Sterling Bank interest rates differ. Certain financial products are available at one-digit interest rates.
Does Sterling Bank require collateral?
Sterling is not a collateral requirement to secure all loans it makes. However, large amounts of money can be borrowed with a certain amount of collateral.
A collateral or security that the bank can accept, includes:
- Obligations of Federal Government of Nigeria (FGN Bonds, FGN Eurobonds, FGN Treasury Bills, etc.)
- Obligations of state governments and organizations that are part of Federal Government of Nigeria
- Other non-government debt instruments
- Physical properties e.g. real property
- Third party Guarantors (or collateral)