How To Apply For Loan From Sterling Bank : Requirements, Procedures – Sterling Bank is a financial institution in founded in 1960 as NAL Bank, and it has grown to become one of the leading banks in Nigeria with over 170 branches across the country. The various banking products and services available to customers include savings and current accounts, loans, credit cards, and internet banking(Both USSD code and banking App). The bank also provides other services such as investment banking, wealth management, and treasury services.
Reading through this article will give you guidelines on how to apply for, and secure a loan at sterling bank. We highlight the various kinds of loan and offers available for sterling bank customers, the necessary documents to be uploaded as well as the detailed procedure on how to apply.
How To Apply For Loan From Sterling Bank: Requirements, Procedures
How to apply for a personal loan from Sterling Bank
Sterling Bank’s personal loan is designed to help individuals meet their personal financial needs, such as paying for a wedding, vacation, or medical expenses. The loan amount can range from N50,000 to N10 million, and the repayment period is between 3 to 48 months.
Sterling Bank provides a USSD code, *822#, that customers can use to apply for a personal loan. Here are the steps to apply for a personal loan using Sterling Bank’s USSD code:
- Dial *822# on your registered mobile phone number with Sterling Bank.
- Select “Loans” from the list of options displayed.
- Select “Personal Loan” from the loan options.
- Enter the amount of the loan you wish to apply for and select “Next.”
- Enter your Sterling Bank account number and select “Next.”
- Confirm that all the information entered is correct and select “Next.”
- Accept the terms and conditions for the loan and select “Next.”
- Sterling Bank will review your loan application, and if approved, the loan amount will be credited to your Sterling Bank account.
To apply for a personal loan using Sterling Bank’s mobile app, please follow these steps:
- Download the Sterling Bank mobile app from your device’s app store.
- Log in to your account using your login credentials.
- Once you are logged in, select the “Loans” option from the app’s menu.
- Choose the type of loan you want to apply for, which in this case would be a personal loan.
- Enter the loan amount you want to apply for and select the repayment period.
- Complete the loan application form with your personal details and financial information.
- Upload any necessary documents that may be required, such as proof of income or identity documents.
- Review and submit your loan application.
Once you have submitted your loan application, it will be reviewed by the bank’s loan processing team. You may be contacted if additional information is required, and you will receive a notification of your loan application status once it has been processed.
How to apply for a Mortgage loan from Sterling Bank
What is a mortgage loan: A mortgage is a type of loan granted by a financial institution to a borrower, which is secured by a property. It is a loan that is specifically aimed at helping people acquire properties such as cars, houses and other capital intensive properties. The borrower is obligated to repay the loan amount, along with the interest charged by the lender. In case of non-repayment, the lender has the legal right to foreclose the property and recover the outstanding amount.
Mortgage loans: Sterling Bank’s mortgage loan is designed to help individuals finance their home purchases or renovate their homes. The loan amount can be up to N50 million, and the repayment period is up to 20 years.
To apply for a mortgage loan using the USSD code for Sterling Bank, please follow these steps:
- Dial *822# from your mobile phone registered with Sterling Bank.
- Select “Loans” from the list of options provided.
- Select “Mortgage Loan” from the list of loan options.
- Follow the prompts to enter the required information, such as the loan amount, repayment period, and property details.
- You will be prompted to input your BVN (Bank Verification Number) for authentication and to confirm your eligibility for the loan.
- Review the loan details and accept the terms and conditions.
- If you are eligible, your loan application will be processed and you will receive a confirmation message indicating the status of your application.
You may also be required to provide additional documentation and undergo a credit check before your loan is approved.
To apply for a mortgage loan using the mobile app for Sterling Bank, please follow these steps:
- Download and install the Sterling Bank mobile app from your device’s app store.
- Log in to your account using your login credentials.
- Once you are logged in, select “Loans” from the app’s menu.
- Select “Mortgage Loan” from the list of loan options.
- Follow the prompts to enter the required information, such as the loan amount, repayment period, and property details.
- You will be prompted to upload necessary documents such as your BVN (Bank Verification Number), proof of income, property documents, and other relevant information.
- Review the loan details and accept the terms and conditions.
- Submit your mortgage loan application.
If you are eligible, your loan application will be processed and you will receive a confirmation message indicating the status of your application.
To check your eligibility for a mortgage loan in Sterling Bank, you can follow these steps:
- Visit the Sterling Bank website or mobile app and navigate to the mortgage loan page.
- Look for a tool or calculator that allows you to check your eligibility for a mortgage loan.
- Enter your personal and financial information, such as your income, credit score, and employment status.
- Provide additional information, such as the amount you are seeking to borrow and the intended purpose of the loan.
- Submit the information, and the tool will analyze your eligibility for a mortgage loan based on the bank’s lending criteria.
- If you are eligible, the tool will provide you with an estimate of the loan amount, interest rate, and repayment terms you may qualify for.
Alternatively, you can visit a Sterling Bank branch or contact the bank’s customer support to inquire about your eligibility for a mortgage loan. The bank’s representatives can guide you through the application process and provide more information about the bank’s lending criteria, interest rates, and repayment terms.
How to apply for a Business loan from Sterling Bank
Sterling Bank provides various business loan products to small and medium-sized enterprises (SMEs) to help them finance their business operations, expand their businesses, and purchase equipment or inventory. The bank’s business loans can range from N5 million to N500 million with a repayment period of up to 48 months.
To apply for a business loan in Sterling Bank, please follow these steps:
- Prepare your business plan and financial statements, including income statements, balance sheets, and cash flow statements.
- Visit the nearest Sterling Bank branch or contact the bank’s customer support to inquire about the business loan options available to you.
- Discuss your loan requirements, such as the loan amount, repayment period, and interest rate, with a customer service representative.
- Complete the loan application form with your personal details, business information, and loan requirements.
- Provide any necessary documentation, such as proof of income, business registration documents, and financial statements.
- Submit the loan application and wait for the bank’s loan processing team to review your application.
- You may be contacted if additional information is required, and you will receive a notification of your loan application status once it has been processed.
Alternatively, you can apply for a business loan online through the Sterling Bank website or mobile app. To apply for a business loan from Sterling Bank online, please follow these steps:
- Visit the Sterling Bank website www.sterlingbankng.com and navigate to the loan page.
- Select the type of loan you want to apply for, in this case, a business loan.
- Choose the loan product that suits your needs and click on “Apply Now.”
- Fill in the loan application form with your personal details, business information, and loan requirements.
- Upload any necessary documents that may be required, such as proof of income, business registration documents, and financial statements.
- Review the loan details and accept the terms and conditions.
- Submit your loan application.
Once you have submitted your loan application, it will be reviewed by the bank’s loan processing team. You may be contacted if additional information is required, and you will receive a notification of your loan application status once it has been processed.
Conclusion
It is important to approach taking out a loan with caution and to carefully consider the terms and conditions before committing to borrowing money. Borrowers should only take out loans that they can realistically afford to repay and should have a clear plan for doing so. Sterling Banks offers loan to customers with/without collateral to ease out emergency financial crisis. This article is a guide on how to apply for loan in sterling bank either using USSD code, Mobile App or visiting sterling bank branch.