Sterling Bank loans offer financial schemes that aid you with funding solutions for all situations.
Sterling Bank loans cater to both individuals and SMEs. Most of its loans are found on a lending platform called Specta.
Specta is an e-platform for Sterling Bank loans, which allows individuals and businesses to borrow money at not only favorable interest rates but the ease of accessibility of this credit and money lending facility has been optimized with loans available with just a few taps and swipes of your phone/
Some Sterling Bank loans are unsecured and some require collateral. With documentation with a variety of loan packages, there is something for everyone.
Sterling Bank Loans
Below are the available Sterling Bank loans with their requirements:
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Specta4individuals
Limit
₦2 million
Interest
25.5-28.5%
Tenor
12 months
This is the personal loan package offered by Sterling bank. It is open to salaried individuals with a salary account domiciled with any bank in Nigeria or Sterling bank. Non-salaried individuals who are entrepreneurs, traders, professionals, or any form of self-employment with a bank account with Sterling bank or any other Nigerian bank can access these loans as well.
The maximum amount that can be loaned to an individual is N2 Million with a tenor period of 12 months (a year). You can access a personal loan of N5 Million with a tenor period of 36 months (3 years) if you belong to the Sterling community which you can be part of if your company has been onboarded or integrated into the Specta Platform.
This Sterling Bank loan is only available for individuals between the ages of 18 and 60. Anybody outside this age range cannot access Specta by Sterling bank loans.
Interest rates for personal loans vary from 25.5% to 28.5%. This is determined and dependent on the risk rating. Management and Insurance are 1% and 2.5% respectively
If you are an individual that is part of the Sterling Community rates are pre-negotiated with your human resource manager or representative of the company.
Requirements for Sterling Bank Specta4individuals Loan
- Active account lodged with Sterling Bank or any other bank in Nigeria
- Completed loan application form
Sterling Bank Specta4individuals Loan Application Channels
You can apply for this Sterling Bank loan through the following:
- Any Sterling Bank branch
- Specta online platform
Specta4Business
Limit
₦2 million
Interest
23%
Tenor
7-12 months
Specta4Business is more than just a Sterling Bank loan facility, it is a rewarding commerce program that your customers stand to benefit from as much as you do. It boosts your sales by increasing your sales by giving you instant payment for goods while your customers are offered flexible payment options. Specta4business gives you credit to grow and rewards you for referrals.
To subscribe to Specta4Business you must sign up on the “Specta 4 Business” page. Payment integration will be made with your online platform. Your customers can check out with Specta by inputting their Specta ID and the OTP sent via SMS to complete the transaction.
The customer’s sterling bank account will be credited with funds that will be transferred to you instantly.
To have access to loans you simply just need to navigate to the “Specta 4 Business” page and click on “Get Credit Limit”. Verification involves inputting company details such as basic information, contact, bank, and account information.
A maximum spending limit of N2 Million for starters and the limit could be enhanced after successful pay downs. The spending limit is valid for 3 months and is liable for instant renewal.
The repayment tenor for this Sterling Bank loan is between 7-12 months at an interest rate of 23% annually which equates to 1.92% monthly with an insurance fee of 2% annually.
You get rewarded whenever a business you referred opens an account with a credit balance of at least N30,000 within the first 15 days of opening. For this, you get rewarded with a one-off payment of N500. A 0.15% per annum commission on the average balance on the account opened.
To get a referral code you simply navigate to ‘Get Referral code’ from the ‘Refer merchants and get rewarded’ section of the ‘Specta 4 Business’ page. An email will be sent with your link and referral code which you can share.
Requirements for Sterling Bank Specta4business Loan
- 6 months of consistent cash flow in your company account of which your bank will charge you for statement of account.
- Good credit history of the business promoted, the business owner, and the company
Businesses new to Sterling will need:
- A passport-sized photograph
- Utility bill
- Valid means of identification
Sterling Bank Specta4business Loan Application Channels
You can apply for this Sterling Bank loan through the following:
- Any Sterling Bank branch
- Specta online platform
Pay with Specta
Limit
₦2 million
Interest
22% p.a
Tenor
7-12 months
This is a one-of-a-kind buy-now-pay-later credit facility, which allows you to make payments to partner merchants in-store and online.
This form of credit financing offers you a digital spending limit, which is converted to money used to make payments.
To have access to this service you need to fill in your personal, bank, and account information on the landing page.
The maximum spending limit on this Sterling Bank loan facility is N2,000,000.
To enjoy Pay with Specta you simply need to login to your dashboard and ‘tokenize’ your debit card attached to your account. Your Specta ID will allow you to make purchases with partner merchants.
30% of the spending limit is available as cash to make payments for purchases with Merchant partners. The spending limit is valid for 3 months and renewed instantly when paid down.
Requirements for Sterling Bank Pay with Specta Loan
- An active account with Sterling Bank
- Good credit history
Sterling Bank Pay with Specta Loan Application Channels
You can apply for this Sterling Bank loan through the following:
- Any Sterling Bank branch
- Specta online platform
Specta Prime
Limit
₦25 million
Interest
5-15%
Tenor
12 months
This variant of the Specta packages allows you to have access to loans backed up with your investments. Specta Prime will enable you to invest in Naira at attractive rates and get a loan at a very low-interest rate. Specta Prime is strictly a cash-back solution therefore your loan credibility is based on your level of investment.
Specta Prime is available for individuals who bank with Sterling and those who don’t. For non-Sterling bank users, an account is created upon making an investment to disburse your loan.
Specta Prime makes up to N25 Million available for loans. Specta Prime automatically calculates how much you are eligible to apply for.
With a fixed deposit of naira for up to 12 months you can apply for a loan and get 83% of your deposit as a loan.
The basis of this calculation is your amount of investment, as the amount, tenor, and repayment mode are given to you. The tenor period is between 7 days (1 week) and 12 months (1 year).
The platform will book and process your loan and disburse it to you in as little as 5 minutes.
Requirements for Sterling Bank Specta Prime Loan
- An active account with Sterling Bank
- Good credit history
Sterling Bank Specta Prime Loan Application Channels
You can apply for this Sterling Bank loan through the following:
- Any Sterling Bank branch
- Specta online platform
Specta Allawee
Limit
₦25 million
Interest
5-15%
Tenor
12 months
Specta Allawee was created for corp members to give them quick access to personal loans and remove the barrier of restriction that being a corp member places in the financial livelihood of such individuals.
Specta Allawee allows corpers access to funds they need to develop and expand their entrepreneurial dreams.
With the Specta Allawee initiative, you have access to personal loans with an interest rate of 23%, and loan amounts have a tenor of 10 months. The form of documentation required is your NYSC call-up information. You can only apply if you have an account domiciled with Sterling bank.
This loan is targeted at affording corp members a Samsung Galaxy Tab E 9.6 that comes with a year’s worth of free data, empowerment for job readiness, and much more.
Requirements for Sterling Bank Specta Allawee Loan
- Be an active serving corp member
Sterling Bank Specta Allawee Loan Application Channels
You can apply for this Sterling Bank loan through the following:
- Any Sterling Bank branch
- Specta online platform
Sterling Bank Business Loans
Sterling Bank offers many options in financial loans to help businesses grow and expand. Some of these loan types are listed below:
Guarantees: In cases where clients of the bank have contracts issued by government agencies or corporations, the bank can offer bid bonds, advanced payments, or undertakings that the client will need to secure such contracts.
Import Finance: This is a facility aimed at importers of raw materials, industrial goods, and consumer goods. For a tenor between 30 to 180 days, multilateral corporations and corporate customers can take advantage of this facility to support the smooth operations of their businesses.
Invoice Discount: this credit line is perfect for fast-growing companies with a constant need for cash flow to keep operations running smoothly. The Invoice Discount provides short-tenor capital (no more than 90 days) for a maximum of 80% of the invoices.
Letter of Credit: This is a guaranteed instrument Sterling Bank uses to enable importers and exporters to exchange goods on credit.
Overdraft: Sterling Bank’s overdraft facility helps to cover unplanned expenses and day-to-day operations. This facility is open to current account holders of the bank for a tenor of 12 months and the ability to increase or decrease the limit.
Sterling Bank Loan Calculator
If you are feeling lucky, take some minutes to calculate how much you will pay back before applying for any using the below Sterling Bank loan calculator:
Sterling Bank Loan FAQs
There is something for everyone when it comes to loans at Sterling Bank. Individuals, small, medium, and large scaled businesses can all enjoy the flexible tenors and repayment conditions from Sterling Bank loans.Â
You can get other funding options such as loans from other providers.
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