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May 29, 2019

STERLING BANK LOANS

  1. Sterling Quick Loan

With the Sterling Quick Loan, you can quickly meet those urgent personal needs. It is available to current account holders with regular monthly income.

Features

  • Maximum tenor of 12 months
  • Competitive pricing
  • No equity contribution

Requirements

  • Hand written application letter
  • Duly executed consumer Loan application form
  • Minimum of three months active banking relationship with Sterling Bank
  • Customer’s Debt Service Coverage Ratio (DSCR) should not exceed 33.33% (i.e. loan instalment divided by income)
  • Salary and terminal benefits domiciliation form to be executed by the applicant’s employer in favor of the Bank
  • Life insurance policy of 1% of the loan amount
  1. Auto Loan

Sterling bank can help you finance the purchase of your dream car with the Sterling Auto Loan. It is available to everyone with a regular monthly income.

Features

  • Only brand new cars are financed
  • Maximum tenor of 48 months with competitive pricing
  • 20% equity contribution
  • Tracking device installation and comprehensive insurance

Requirements

  • Hand written application letter
  • Duly executed consumer Loan application form
  • Minimum of three (3) months active banking relationship with Sterling Bank
  • Submission of proforma invoice from the bank’s approved vendor
  • Customer’s Debt Service Coverage Ratio (DSCR) should not exceed 33.33% (i.e. loan instalment divided by income)
  • Up-front payment of equity contribution, up-front fees and comprehensive insurance premium
  • Up-front submission of post-dated cheques for the loan instalments, subsequent comprehensive insurance premium(s) renewal and periodic fees throughout the loan tenor
  1. Sterling EasyFee®

Sterling Easy Fee helps you fund the payment of your children’s school fees without hassles. It can be used to pay school fees to both local and offshore institutions. It is available to everyone with a regular monthly income.

Features

  • Maximum tenor of 12 months
  • Competitive pricing
  • 30% equity contribution

Requirements

  • Hand written application letter
  • Duly executed consumer Loan application form
  • Minimum of three (3) months active banking relationship with Sterling Bank
  • Customer’s Debt Service Coverage Ratio (DSCR) should not exceed 33.33% (i.e. loan installment divided by income)
  • Up-front payment of equity contribution, up-front fees and insurance premium
  1. Household Equipment

The Sterling Household Equipment Lease gives you the opportunity to acquire household equipment and spread the payment over a period of time. It is available to everyone with a regular monthly source of income.

Features

  • Maximum tenor of 24 months
  • Competitive pricing
  • 20% equity contribution

General Requirement

  • Hand written application letter
  • Duly executed consumer Loan application form
  • Minimum of three (3) months active banking relationship with Sterling Bank
  • Submission of proforma invoice from the bank’s approved vendor
  • Customer’s debt Service Coverage Ratio (DSCR) should not exceed 33.33% (i.e. loan installment divided by income)
  • Up-front payment of equity contribution, up-front fees and insurance premium
  • Up-front submission of post-dated cheque for the loan installments, subsequent insurance premium(s) renewal and periodic fees throughout the loan tenor
  1. Mortgage Finance

The Sterling mortgage finance is available to current account holders with regular monthly income who desire to acquire developed properties.

Features

  • Minimum equity contribution of 20%
  • Up to 15 years tenor (depending on the borrower’s current age)
  • Flexible repayment to suit borrower’s income
  • Competitive pricing
  • No additional collateral required
  • Joint application by couples is allowed

General Requirement

  • Hand written application letter
  • Duly executed consumer Loan application form
  • Minimum of three (3) months active banking relationship with Sterling Bank
  • Submission of the vendor’s offer letter and a clean search report
  • Submission of a recent valuation report by the Bank’s approved valuer
  • Customer’s Debt Service Coverage Ratio (DSCR) should not exceed 33.33% (i.e. loan installment divided by income)
  • Upfront payment of equity contribution, upfront fees and insurance premium where applicable (i.e. before disbursement)
  • Upfront submission of post-dated cheques for the loan installments, subsequent insurance premium(s) renewal and periodic fees throughout the loan tenor
  1. Salary Advance

With access to 50% of your salary, every day can be pay-day with the Sterling Salary Advance. It is available to salary earners who have their salary accounts domiciled in the Bank.

Features

  • Domiciliation of salary for at least three (3) months
  • Monthly clean up cycle
  • Competitive pricing

Requirements

  • Hand written application letter
  • Duly executed consumer Loan application form
  • Customer’s Debt Service Coverage Ratio (DSCR) should not exceed 33.33% (i.e. loan instalment divided by income)
  • Salary and terminal benefits domiciliation form to be executed by the applicant’s employer in favour of the Bank
  • Life insurance policy of 1% of the loan amount

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