Stanbic Bank’s Vehicle And Personal Loans

Stanbic Bank, priding itself as one of Africa’s banking institutions, has put many measures in place to make its customers comfortable. Amid developing economies, Stanbic Bank is ready to offer you a helping hand on your terms and that which suits your lifestyle.

Vehicle and Personal Loans Provided by Stanbic Bank

Stanbic Bank provides customers with a range of loan collections. They are fully discussed below.

Personal Loan

Stanbic Bank knows you have lifestyle aspirations and that sometimes you need the right financing to realize your goals.

Their Unsecured Personal Loans are flexible, short- to medium-term loans tailored to meet your financing needs such as buying household or electronic appliances, education expenses, home improvements, car maintenance, rent advance, and other personal expenses.

What are the types of personal loans?

• Fixed Term Loans (FTL): A short-term personal loan is ideal if you earn a minimum net salary of GHS700 a month
  Revolving Term Loan (RTL): A short- to medium-term revolving personal loan if you earn a minimum net salary of GHS1000 a month
• Salaried Earners Scheme (Non-Guarantee) – SESN: A short- to medium-term personal loan structured for salaried employees on their Workplace Banking Group Scheme who earn a minimum net salary of GHS500 a month at negotiated concessionary rates

What do you get for choosing a personal loan?

You’re offered flexible repayments through a Stanbic salary account or direct payroll deduction

• With the Minimum loan amount, you get
  Fixed Term Loan: GHS2,000
  Revolving Term Loan: GHS2,000
  Salaried Earners Scheme (None Guarantee) – SESN – GHS2,000
• Maximum loan amount: depends on income
  Fixed Term Loan: GHS10,000
  Revolving Term Loan: GHS2,000
  Salaried Earners Scheme (None Guarantee) – SESN – GHS 300,000 subject to net salary and employer category
• Minimum loan term of 6 months
• Maximum loan repayment term tied to retirement age
  Fixed Term Loan – up to 48 months
  Revolving Term Loan and Salaried Earners Scheme (Non-Guarantee) – SESN – up to 72 months subject to employer category

How to get a personal loan?

• You must work for an organization profiled by them
• You have to be in employment for at least six months and confirmed in your current job role
• You must have held an account with them for at least one month. (For salaried account holders)
• You do not need to have an account with us for direct payroll deductions
• Must be 21 years old and not more than 60 years old by facility expiry
• Ghanaian citizens or legal residents in Ghana (expatriates)
• Fill in the Unsecured Personal Loan application form and attach the following documents
• Proof of income – last three months’ payslips

Vehicle Loan

Stanbic Bank’s Vehicle and Asset Finance (VAF) is a medium-term facility tailored for salaried and non-salaried customers to buy movable and immovable assets, such as motor vehicles and power generators for their use.

What do you get?

• An advance of up to 60% of your disposable net monthly salary (after all monthly loan deductions and commitments have been paid)
• Minimum overdraft limit of GHS100
• Facility limit renewal subject to satisfactory account performance
• Monthly payback of used limit or a clean-up cycle of 30 days
• A facility fee of 2% (minimum GHS50) is charged on the approved limit and at each renewal
• No maximum overdraft limit
• Credit Life insurance premium of 0.84% on approved limit against death and permanent disability
• Interest applies only on the portion of the overdraft used each month

How do you get the vehicle loan?

• Work for any Stanbic-profiled organization
• Earn a minimum salary of GHS400 a month
• Minimum salaried account relationship of: One month – Workplace Banking Scheme companies/organizations, Three months – non-workplace Banking Scheme companies/organizations, Customers with salaried Stanbic Current Account
• Fill in a Personal Overdraft/Salary
•  Advance the application form and attach the following documents:
• Statement of account from the previous bank (new to bank applicants only)
• Pay slips from the past three months
• An overdraft will be approved subject to a positive reference from a credit bureau

Salary Advance

A Stanbic Salary Advance is a personal overdraft tailored to meet your cash flow needs if you earn a salary. It is a cash bridging facility against your next pay cheque or salary credit. It is designed to help cover small but urgent unexpected expenses between paydays.

What do you get for being on this loan?

• An advance of up to 50% of your disposable net monthly salary (after all monthly loan deductions and commitments have been paid)
• Minimum overdraft limit of GHS100
• Facility limit renewal subject to satisfactory account performance
• Monthly payback of used limit or a clean-up cycle of 30 days
• A facility fee of 2% (minimum GHS50) is charged on the approved limit and at each renewal
• No maximum overdraft limit
• Credit Life insurance premium of 1% on approved limit against death and permanent disability
• Interest applies only on the portion of the overdraft used each month

How do you get this loan?

• Work for any Stanbic-profiled organization
• Earn a minimum salary of GHS500 a month
• Minimum salaried account relationship of One month – Workplace Banking Scheme companies/organizations, Three months – non-workplace Banking Scheme companies/organizations,
• Customers with salaried Stanbic Current Account
• Fill in a Personal Overdraft/Salary
•  Advance the application form and attach the following documents: Statement of account from previous bank (new to bank applicants only)
• Pay slips from the past three months
  An overdraft will be approved subject to a positive reference from

Consumer Finance Loan

Stanbic Bank’s Consumer Finance Term Loan is an unsecured personal loan used to finance consumer appliances and products on a short-term basis through their partner vendors or dealers. Loans are available to customers earning a minimum net salary of GHS500 a month.

What does the package entail?

• Loans range from GHS500 to GHS20 000
• Loan terms from 6 – 24 months
• Maximum loan term tied to your retirement age
• Competitive interest rates, fixed for the term of your loan
• Facility fee of 2% of loan amount
• Credit Life Insurance that covers permanent disability and death
• Can be taken as a second unsecured term loan with us
• Flexible repayment options through salary account with us or direct payroll deduction by employer

How do you get the loan from Stanbic Bank?

• Be a salaried employee permanently employed with employment confirmed
• Be a salaried income earner working for any of their Workplace Banking Scheme companies
• Earn a minimum salary of GHS500 a month
• Be over 21 years and not more than 60 years on the expiry of the term of your loan.
• Choose a product from the vendor’s shop or catalog
• Fill in a loan application and attach the following supporting documents:
• Letter of Undertaking from employer
  Pro-forma invoice from vendor/dealer
• Statement of account from a previous bank (new customers only)
• Confirmation of current salary or pay slip
• Give your filled-in application form to a consultant at a branch/Executive
•  Banker or PSC or vendor’s sales officer
• The loan is approved subject to a positive report from the credit bureau and the amount is then paid to the vendor
• You arrange for delivery of the product or items financed from the vendor

Do you want a loan from Stanbic Bank after this read? Kindly go through this before contacting the bank.