SunTrust is another reputable bank in Nigeria, this bank allows its prospective customers to borrow money at a competitive interest rate. If your aim is to learn how to get a loan from SunTrust Bank Nigeria Limited you are already on the right website.
Brief History Of SunTrust Bank Nigeria Limited
SunTrust Bank Nigeria Limited is a commercial bank that operates in Nigeria. The bank was incorporated on 29th March 1984 as Allied Bank of Nigeria Plc.
In 2005, the bank was acquired by the defunct Oceanic Bank International Plc, which later merged with Ecobank Transnational Incorporated in 2011.
In 2016, the Central Bank of Nigeria (CBN) granted a new banking license to a consortium led by Mr. Muhammad Jibrin who was the former Deputy Governor of the central bank of Nigeria, to establish a new bank called SunTrust Bank Nigeria Limited.
The bank was officially launched on August 15, 2016, and began its operation as a commercial bank in Nigeria.
The bank offers a range of financial products and services to retail, corporate, and institutional customers, including deposit accounts, loans and credit facilities, treasury and investment services, trade finance, and electronic banking services.
In its short history, SunTrust Bank Nigeria Limited has received several awards for its innovative products and services.
The bank has also partnered with various organizations purposely to promote financial inclusion and support the growth of small and medium-sized enterprises in the country.
Different Kind Of Loan Offers By SunTrust Bank Nigeria Limited
SunTrust Bank Nigeria Limited offers various loan products to its amiable customers.
These loan products are specifically designed to meet the financial needs of individuals, small businesses, and corporate customers in Nigeria.
Some of the kinds of loans offered by the bank include:
SunTrust Bank offers personal loans to individuals to help them finance their day to day personal expenses such as home renovations, education, medical expenses, and more.
Salary Advance Loans
SunTrust Bank Nigeria Limited bank offers salary advance loans to customers who need short-term financing to meet their emerging financial needs before their next payday.
SunTrust Bank Nigeria Limited offers a range of business loan products to help small and medium-sized businesses finance their business operations, including working capital loans, asset financing, and trade finance.
SunTrust Bank Mortgage Loans
Another loan type offered by SunTrust is mortgage loans which are provided to help individuals and businesses finance their building construction purchase or a new home.
The loan can go as high as N10 million.
SunTrust Bank Nigeria Limited also offers auto loans to individuals and businesses to finance the purchase of new or used vehicles.
This can either be for private or commercial use.
Lastly, SunTrust Bank Nigeria Limited offers asset financing to customers who need to purchase or lease equipment, machinery, or vehicles for their business operations.
Loan Requirements For SunTrust Bank Nigeria Limited
The requirements for successfully getting a loan from SunTrust Bank Nigeria Limited may vary depending on the type of loan chosen as I always say.
However, some general requirements include but may not be limited to the following requirements:
- You’ll need to provide a valid means of identification which could be any of these; national ID card, driver’s license, or international passport.
- Your proof of address or residence which may be either of the following; Utility bill, bank statement, or tenancy agreement.
- You must be able to provide evidence of a steady and verifiable source of income e.g payslips, employment letters, or bank statements.
- A guarantor may be required for some loan types and they must meet certain criteria such as having a steady source of income and a good credit history.
SunTrust Bank Nigeria Limited Loan Repayment Period
I’ve briefly stated this in the beginning, SunTrust Bank Nigeria Limited offers flexible loan repayment options to its customers.
The repayment terms and conditions may however vary depending on the type of loan chosen and your agreement with the bank.
Generally, customers are required to repay their loans in monthly installments over a special period of time.
How To Get A Loan From SunTrust Bank Nigeria Limited With Or Without Collateral In 2023
The following entails how to get a loan from SunTrust Bank Nigeria Limited With Or Without Collateral:
- Determine and choose the type of loan you want
- Check the bank’s loan requirements and ensure you meet the eligibility criteria for the loan you intend to apply for. You may need to get to the bank to know if there are other requirements aside those stated online.
- Gather all the necessary documents required for the loan application process as stated in the loan requirements.
- Visit the bank and submit your loan application along with the required documents to the nearest SunTrust Bank branch.
- Wait for review that will be carried out by a bank officer
- If your loan application is approved, you will be required to sign a loan agreement that contains the terms and conditions of the loan.
- Lastly, expect your loan to get dispersed within 24 hours to the designated account.
Frequently Asked Questions On How To Get A Loan From SunTrust Bank Nigeria Limited With Or Without Collateral
Note: The questions aren’t limited to those mentioned here, however, if you still have some questions make sure you drop it in the comments section.
Where is SunTrust Bank Nigeria Limited headquarters?
SunTrust Bank Nigeria Limited headquarter is situated in Lagos State, Nigeria.
What is the SunTrust Bank loan interest rate?
The interest rates for loans offered by SunTrust Bank Nigeria Limited may vary depending on the type of loan you choose, the loan amount, and the repayment period.
However, It is essential you contact the bank or visit any of the bank branches to get the latest interest rate.
How do I repay a loan taken from SunTrust Bank Nigeria Limited?
SunTrust Bank Nigeria Limited offers flexible loan repayment options, and the repayment terms and conditions may vary depending on the type of loan chosen and your agreement with the bank.