How to get a loan from Stanbic IBTC bank in Ghana should not bother you at all. Stanbic IBTC bank offers a wide range of loan options that cater to both individuals, large-scale businesses, and SMEs looking to grow. However, depending on the sort of loan, you must meet a variety of features, benefits, and eligibility conditions. Therefore, we would discuss this and every other thing you need to know about Stanbic IBTC bank loans in this article.
What are the requirements for opening an account in Stanbic Bank in Ghana?
There are some requirements you must provide in order to open an account with Stanbic IBTC bank in Ghana. They include:
- A valid form of identification, such as a passport.
- Proof of residence.
- Tax Identification Number.
- Passport Pictures.
- Work and residence permit.
- Get a letter of introduction from your banking institution in your home country.
How can I open a Stanbic IBTC account?
In order to open a Stanbic IBTC bank account, you can just dial *565*0# on your registered phone to get it. Besides that, you can open an online account with Stanbic IBTC today and enjoy their products and services on the go.
Note: You must meet their requirements before you can open an account with them.
What are the loan products of Stanbic IBTC Bank?
Just as most banks have various loan products. Typically, Stanbic IBTC Bank’s case is not different. They offer some loan products to their customers. These loan products include:
1. Personal Loan
They understand that you have lifestyle goals and that you may want additional funding to achieve them. Therefore, their unsecured personal loans are flexible. Besides that, it is short- to medium-term loans designed to suit your personal finance needs. And these needs include the purchase of household or electronic products, education expenses, home modifications, car maintenance, rent advance, and other personal expenses.
There are sub-division of this personal loan and they include:
- Fixed Term Loans (FTL): If you make a monthly net wage of GH₵400, a short-term personal loan is ideal.
- Revolving Term Loan (RTL): If you earn a minimum net wage of GH₵700 per month, you can apply for a short- to medium-term revolving personal loan.
- Employer Managed Scheme Loan (EMS): A short- to medium-term personal loan with negotiated concessionary rates for salaried employees on our Workplace Banking Group Scheme who earn a minimum net salary of GH₵300 per month.
What are the features of the personal loan?
- Flexible repayments through a Stanbic salary account or direct payroll deduction
- Minimum loan amount:
- Revolving Term Loan: GH₵2,000
- Fixed Term and Employer Managed Scheme loans: GH₵500.
- Maximum loan amount: depends on income
- Fixed Term Loan: GH₵10,000
- Revolving Term and Employer Managed Scheme Loans: GH₵50,000
- Minimum loan term of 12 months
- They tie maximum loan repayment term to retirement age
- There is up to 60 months Revolving Term and Employer Managed Scheme Loans.
- It also has Fixed Term Loan which is up to 48 months
- Loan repayments should not be over 45% of your net monthly income
- Competitive interest rates and facility fees
- Credit life insurance that covers death and permanent disability.
- After persistent repayment, a top-up option is available for current loans.
What are the requirements for the Stanbic IBTC bank personal loan?
The following are the requirements for the Stanbic IBTC bank personal loans:
- You must work for an organisation they have profiled.
- Be in employment for at least six months and have it confirmed in your current job role.
- For salaried account holders, must have been banking with them for at least one month.
- They would not need you to have an account with them for direct payroll deductions.
- You should be 21 years and not over 60 years by facility expiry.
- It is for citizens of Ghana or legal residents in Ghana (expatriates).
- Fill out the Unsecured Personal Loan application and attach the documents below.
- Your last three months’ payslips proof of income.
- Your proof of identity in; passport, driver’s licence, Voters’ Identity Card.
- Get a proof of your address with a utility bill less than three months old.
- Letter of Undertaking from your employer.
- For new customers, provide six months’ bank statements.
- Passport photo (Direct payroll deduction customers only).
- They will approve your loan depending on a positive credit bureau report.
2. Home Loans
Take the first step toward house ownership with a personal mortgage that you may repay over time. There are subdivisions of the home loans. They include:
1. Home purchase
For the purchase of complete properties for use as primary residences.
2. Developer Construction
You can get residential property purchases from their preferred developers when the property you want to buy is still being built. They pay in installments to allow the builder to finish your dream home.
3. Refinancing
Refinancing includes; internal, external and aspects.
- Internal Refinancing: Allows you to arrange new financing terms for your existing Stanbic Home Loan, such as currency, amount, and term.
- External Refinancing: this provides financing to takeover existing home loans from other financial institutions.
- Cash-Out Refinancing:this helps to refinance current house loans from other financial institutions.
4. Equity Release
Allows you to borrow against the value of your existing property and use the funds for a variety of personal needs, such as the purchase of a new home or prime land, business expansion, or education funding.
5. Home Improvement
With this finance, you can expand, remodel or renovate your existing property.
6. Employer Group Mortgage Scheme
Home construction by a developer on property purchased through an organization’s block lands concept.
Note: You can easily visit their website for more details on these home loan subdivisions.
3. Salary Advance
If you earn a salary, a Stanbic Salary Advance is a personal overdraft customised to match your cash flow needs. It’s a short-term cash advance secured against your next pay cheque or salary credit. It’s intended to cover tiny yet unexpected expenses in the interim between paychecks.
What are the features of the Salary Advance?
This Salary Advance has the following features:
- You’ll get an advance of up to 60% of your monthly disposable net salary. This occurs after you have paid all monthly loan deductions and commitments.
- Minimum overdraft limit of GH₵100.
- Renewal of the facility limit is contingent on acceptable account performance.
- Payment of the used limit on a monthly basis or a 30-day clean-up cycle.
- Facility fee of 2% (minimum GH₵50) charged on 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.4
- Interest applies only on the portion of overdraft used each month.
What are the requirements for the Salary Advance?
The requirements for the Salary Advance include:
- Work for any Stanbic profiled organization
- Earn a minimum salary of GH₵400 a month
- Minimum salaried account relationship of:
- – Workplace Banking Scheme companies/organizations (one month)
- – Non-Workplace Banking Scheme companies/organizations (three months)
- Customers with salaried Stanbic Current Account
- Fill out an application for a personal overdraft/salary advance and attach the necessary documents:
- Account statement from the previous bank (new to bank applicants only)
- Pay slips from the past three months
- They will approve overdraft, subject to a positive reference from the credit bureau.
4. Consumer Finance Loan
You can use this unsecured personal loan product to finance consumer appliances and products on a short-term basis through their partner vendors or dealers. Customers earning a minimum net salary of GH₵400 a month can get this loan.
What are the features of Consumer Finance Loan?
Consumer Finance Loans come with the following features:
- Loans range from GH₵500 to GH₵10,000.
- Loan terms from 6 to 12 months.
- It ties a maximum loan term to your retirement age.
- The term of your loan has a fixed competitive interest rate.
- Facility fee of 2% of loan amount
- It has credit life insurance, which covers death and permanent incapacity.
- You can take it as a second unsecured term loan with them.
- It comes with flexible repayment options through a salary account with them or direct payroll deduction by your employer.
What are the requirements for a Consumer Finance Loan?
You would need to meet the following requirements in order to get a Consumer Finance Loan:
- Be a salaried employee that is permanently employed with confirmation of employment.
- Be a salaried income earner working for any of their Workplace Banking Scheme companies.
- Earn a minimum salary of GH₵400 a month.
- Be over 21 years and not over 60 years on expiry of the term of your loan.
- Choose product/s from the vendor’s shop or catalogue.
- Attach the following supporting documents while filling in a loan application:
- Letter of Undertaking from employer
- Pro-forma invoice from vendor/dealer
- For new customers, get a statement of account from the previous bank.
- Confirmation of current salary or pay slip.
- Suit the application form you filled to a consultant at a branch/Executive Banker or PSC or vendor’s sales officer.
- They will approve your loan depending on a positive credit bureau report and then pay the amount to the vendor.
- You plan for the product the vendor finances or delivers.
5. Vehicle Loan
They designed this Vehicle and Asset Finance (VAF) for salaried and non-salaried customers. This will help them to purchase mobile and immovable assets for personal use, such as cars and generators.
What are the features of the Vehicle Loan?
The Vehicle Loan has the following features:
- You’ll get an advance of up to 60% of your monthly disposable net salary. This occurs after you have paid all monthly loan deductions and commitments.
- Minimum overdraft limit of GH₵100
- Renewal of the facility limit is contingent on acceptable account performance.
- It has a monthly pay back of the limit you used or a clean-up cycle of 30 days.
- Facility fee of 2% (minimum GH₵50) charged on 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 overdraft used each month.
What are the requirements for the Vehicle Loan?
In order to get the Vehicle Loan, you must provide the following requirements:
- Work for any Stanbic profiled organization
- Earn a minimum salary of GH₵400 a month
- Minimum salaried account relationship of:
- – Workplace Banking Scheme companies/organizations (one month)
- – Non-Workplace Banking Scheme companies/organizations (three months)
- Customers with salaried Stanbic Current Account
- Fill out an application for a personal overdraft/salary advance and attach the necessary documents:
- Account statement from the previous bank (new to bank applicants only)
- Pay slips from the past three months
- They will approve overdraft, subject to a positive reference from the credit bureau.
Read also: Car loans in Ghana: Everything you need to know
Other loan products of Stanbic IBTC bank
Stanbic IBTC bank has several loan products. Besides the loan products seen above, other loan products they offer are:
- SME Loan
- AgriBusiness Finance
- Distributor Finance
- Invoice Discounting
- Purchase Order Discounting
- Trade Finance
- Overdraft
What are the contact details of Stanbic IBTC bank Ghana?
For more enquiries you can contact Stanbic IBTC bank through their:
- Address: Old Suame, Plot 18, Blk XIV, Old Suame, Kumasi Fidelity Building next to Procredit.
- Phone Number : +233 3220 83740.
- Email Id : customercare@stanbic.com.gh
- Website : www.stanbic.com.gh
Conclusion
Stanbic IBTC bank loans remain a top choice for citizens all around the nation because of their varieties and excellent customer service. You can easily get a loan from any Stanbic IBTC bank today by visiting any of their branches or opting for the mobile option. Remember to always repay your loan promptly because credit bureaus are always watching your financial behaviour. Besides that, with right repayment attitude, you will stand a better chance of getting another loan in the future. This is because prompt loan repayment will always improve your credit score.