How to Apply for Sterling Bank Loans

How to Apply for Sterling Bank Loans

How to Apply for Sterling Bank Loans – Sterling Bank is a leading Nigerian bank that offers a variety of loan products to meet the needs of its customers. Whether you need a loan to start a business, consolidate debt, or finance a major purchase, Sterling Bank has a loan that can help.

To apply for a Sterling Bank loan, you can either visit a branch in person or apply online. If you apply in person, you will need to bring the following documents with you:

Requirement for Sterling bank loan

  • A valid government-issued ID
  • Proof of address
  • Proof of income
  • A completed loan application form

If you apply online, you will need to provide the same information as you would if you applied in person. You will also need to create a Sterling Bank account and log in to your account to submit your application.

Once you have submitted your application, Sterling Bank will review it and get back to you within a few days. If your application is approved, you will receive the funds within 24 hours.

Here are the steps on how to apply for a Sterling Bank loan online:

How to Apply for Sterling Bank Loans

  1. Go to the Sterling Bank website and click on the “Loans” tab or follow the link
  2. Select the type of loan you are interested in.
  3. Click on the “Apply Now” button.
  4. Create a Sterling Bank account or log in to your existing account.
  5. Fill out the online application form.
  6. Submit your application.

Sterling Bank offers a variety of loan products, including:

  • Personal loans
  • Business loans

Personal loans: 

Sterling Bank designed its loan services for individuals looking to take a quick loan without the hassle of paperwork or collaterals. Also, some of the services under this loan are:

  • 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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Business loans: 

Business loans offer helpful resources and finances to enable you to invest and expand your business. Packages under business loans include:

  • 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. It is the bank allowing you to run and funds your contract until you’re paid.

  • Letter of credit: 

this is 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 the form of a long-term partnership with you.

To learn more about Sterling Bank loans, visit the bank’s website or contact a loan officer at your local branch.

Here are some of the benefits of applying for a Sterling Bank loan:

  • Competitive interest rates
  • Flexible repayment terms
  • Easy application process
  • Fast approval and disbursement
  • Convenient online application

What is Sterling Bank loan interest rate?

The interest rate for Sterling Bank is not fixed. More so, it differs from one type of loan to another. However, what is certain is that you would be informed about the applicable rates for a loan during the application procedure.


If you are looking for a loan to help you achieve your financial goals, Sterling Bank is a great option. With competitive interest rates, flexible repayment terms, and a fast approval process, Sterling Bank can help you get the loan you need when you need it.

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