In today’s world, unsecured loans have emerged as a popular choice for individuals seeking to cover a variety of expenses without the need for collateral. Stanbic IBTC Bank, a leading financial institution in Nigeria, offers an unsecured quick loan, the Stanbic IBTC EZCash, tailored to meet the diverse needs of its customers. In this guide, we'll delve into the specifics of the Stanbic IBTC unsecured loan, addressing all your pressing inquiries, from eligibility criteria to loan disbursement methods.
Stanbic Bank Quick Loan (EZCash)
The Stanbic Bank Quick Loan (EZCash) is an unsecured personal loan. It gives borrowers access to funds to meet personal needs such as household equipment, educational expenses, car maintenance, and house rent with a flexible payment plan.
EZ Cash gives funds ranging from ₦20,000 Naira to ₦7,500,000 at an interest rate of 3.0% monthly to pay back within 12 months.
FAQs About Stanbic IBTC Unsecured Loan
Here are the answers to some questions you may have about the Stanbic IBTC Unsecured Loan.
What are the benefits of Stanbic IBTC Unsecured Loan?
The loan offers several benefits, such as:
- No risk of losing your property or asset if you default on the loan.
- Faster and easier approval process than a secured loan.
- More flexibility in choosing the loan amount and repayment term.
- Lower interest rate.
Who can apply for a Stanbic IBTC Unsecured Loan?
To be eligible for an unsecured loan from Stanbic IBTC, you must:
- Be a Nigerian citizen or resident with a valid ID.
- A minimum monthly income of N50,000.
- Have a good credit history and score.
- An active salary account with Stanbic IBTC or any other bank.
How much can I borrow?
The maximum amount you can borrow depends on your income, credit score, and repayment capacity. However, the minimum amount is ₦20,000 and the maximum amount is ₦7,500,000.
How do I repay my Stanbic IBTC EZCash Loan?
You can repay your unsecured loan through monthly deductions from your salary account or through direct debit from any other bank account.
You can also make extra payments or pay off your loan early without any penalty.
What happens if I default on my Stanbic IBTC Unsecured Loan?
If you default on your unsecured loan, you may face the following consequences:
- Your credit score and history will be negatively affected.
- You will incur additional fees and charges.
- You may be reported to the appropriate government agencies.
What are the requirements for a Stanbic IBTC Unsecured Loan?
- Two Individual external guarantors with proper means of identification such as BVN, four (4) passport photographs, Identity Cards and a Letter of Intent to guarantee the loan.
- Utility bill (within the preceding 3 months).
- Valid ID – Driver’s ID, National ID or International passport.
- Signed post-dated cheques.
Do I need collateral to secure an unsecured loan from Stanbic IBTC?
Unsecured loans from Stanbic IBTC do not require collateral. They are typically granted based on your creditworthiness and ability to repay.
How to Apply for Stanbic IBTC Unsecured Loan on nairaCompare
1. Click on ‘Stanbic IBTC Quick Loan (EZCash)’
2. Read through the information on the product page to get more details about the product.
3. Click on ‘Apply’ to begin the application process.
4. Fill in your personal details.
5. Submit your application form for review and processing.
6. After successfully reviewing your application, you will receive an email notification confirming your application.
Before applying for a loan, it is important to compare options in order to select a loan that’s best suited to your needs and circumstance. nairaCompare has a wide range of loan options you can compare and choose from.
Visit nairaCompare and start comparing the Stanbic IBTC EZCash loan to loans from other trusted providers!
Features of Stanbic IBTC Unsecured Loan
- As an employee, to access the loan, you must have been with your current employer for six months or longer.
- Your salary must be paid into an account held with the bank. You need to be permanently employed or be a contract worker at an approved company with valid contract terms.
- Must be a Nigerian citizen with permanent residency.
- You should earn a minimum net monthly income of N20,000. Must be 21 years or older; but not older than 60 years on expiration of the facility.
- You must have a satisfactory credit report.
Remember to visit nairaCompare to learn more about the Stanbic IBTC Unsecured Loans and other loan offer.
Want more content like this? Sign up on nairaCompare!