Sterling Bank Loan Requirements: How to Qualify for Sterling Bank Loans (2024)

Sterling Bank is one of the leading banks in Nigeria, offering a wide range of loan products to individuals and businesses. Whether you’re looking to start a new business, expand your existing business, or simply finance a personal purchase, Sterling Bank has a loan product that’s right for you.

What are the different types of Sterling Bank loans?

loan application
loan application

Sterling Bank offers a variety of loan products, including:

Personal loans: Personal loans can be used for a variety of purposes, such as consolidating debt, financing a home renovation, or paying for unexpected expenses.

  • Specta:
    With specta, you have access to an online lending platform where you can obtain up to 5 million in loans. In addition, the good thing is that it does not require collateral, paperwork, or that you come to their office. Therefore, as long as you meet the criteria as stated on the app, you are cleared for borrowing.
  • Social Lender:
    Just like the name, Social Lender rides on your social media reputation. Therefore, the stronger your social media presence, the higher your chance of them approving your loan. The social lender also allows you access to quick cash, which would be deposited directly to your account in no time.
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Small business loans: Small business loans can be used to start a new business, expand an existing business, or purchase equipment or inventory.

  • Guarantees:
    Guarantees are instruments that work by Sterling Bank substituting its client’s creditworthiness with its own at the request of the bank’s client to the beneficiary. Therefore, this means that the bank stands in place for its customer, and compels the customer to carry out the terms of a pre-agreed contract. Also, the bank provides compensation to the beneficiary if anything goes wrong.
  • Import finance:
    Import finance provides loan service finances to importers. However, you are to only use this loan for the specific purpose of importing industrial goods, consumer products and raw materials.
  • Invoice Discount (IDF):
    IDF is a special line of credit that extends your accounts, allowing the continuous need for working capital until you receive payment. Basically, it is the bank allowing you to run and funds your contract until you’re paid.
  • Letter of credit:
    this is basically a letter backed by the guarantee of a bank. Therefore, it allows importers and exporters to exchange goods on credit. Essentially, Sterling Bank stands on your behalf as the customer.
  • Project finance:
    Can you cook up the best project proposal? If so, Sterling Bank would fund it in form of a long-term partnership with you.

Corporate loans: Corporate loans are designed for larger businesses that need funding for growth or expansion.

Eligibility criteria for Sterling Bank loans

The eligibility criteria for Sterling Bank loans vary depending on the type of loan you are applying for. However, there are some general eligibility criteria that apply to all Sterling Bank loans, including:

  • You must be at least 21 years old
  • You must be a Nigerian citizen or resident
  • You must have a regular source of income
  • You must have a good credit score
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Specific eligibility criteria for different types of loans

  • Personal loans: To qualify for a personal loan from Sterling Bank, you must have a minimum credit score of 650 and a regular source of income. You may also be required to provide collateral, depending on the loan amount.
  • Small business loans: To qualify for a small business loan from Sterling Bank, you must have a minimum credit score of 700 and a business plan. You may also be required to provide collateral, depending on the loan amount.
  • Corporate loans: To qualify for a corporate loan from Sterling Bank, you must have a minimum credit score of 750 and a strong financial history. You may also be required to provide collateral, depending on the loan amount.

How to apply for a Sterling Bank loan

get loan
get loan

There are two ways to apply for a Sterling Bank loan: online and offline.

Online loan application process:

To apply for a Sterling Bank loan online, simply visit the Sterling Bank website and click on the “Loans” tab. From there, you will be able to select the type of loan you are interested in and complete an online application form.

Offline loan application process:

To apply for a Sterling Bank loan offline, you can visit any Sterling Bank branch and speak to a loan officer. The loan officer will be able to assist you with completing the loan application form and providing you with more information about the loan process.

FAQs

What is the minimum credit score required for a Sterling Bank loan?

The minimum credit score required for a Sterling Bank loan varies depending on the type of loan you are applying for. However, a good credit score of 650 or higher is generally required for all Sterling Bank loans.

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What is the maximum loan amount I can borrow from Sterling Bank?

The maximum loan amount you can borrow from Sterling Bank also varies depending on the type of loan you are applying for. However, you can borrow up to N100 million for a personal loan, N500 million for a small business loan, and N1 billion for a corporate loan.

What are the interest rates on Sterling Bank loans?

The interest rates on Sterling Bank loans vary depending on the type of loan you are applying for, your credit score, and the loan amount. However, interest rates typically range from 10% to 20%.

How long does it take to get a loan approved from Sterling Bank?

The time it takes to get a loan approved from Sterling Bank varies depending on the type of loan you are applying for and the complexity of your application. However, most loan applications are processed within 2 to 3 weeks.

What are the repayment terms for Sterling Bank loans?

The repayment terms for Sterling Bank loans vary depending on the type of loan you are applying for and the loan amount. However, most personal loans have a repayment term of 12 to 36 months, while small business loans and corporate loans typically have a repayment term of 24 to 60 months.

Conclusion

Sterling Bank offers a wide range of loan products to individuals and businesses. If you are considering applying for a loan from Sterling Bank, it is important to understand the eligibility criteria and the loan application process. You should also check your credit score and have a good repayment plan in place before you apply.

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