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Requirements for applying for a Stanbic salary based loan
- A copy of your National ID
- Proof of residence
- Your recent payslip
- An application letter which states that you want to use the loan for
- You can apply for the loan even if you don’t bank with Stanbic
- A salary redirection letter.
The letter should be stating that your salary will be directed into your Stanbic account.
Loan conditions of Stanbic’s salary based loan
- Maximum amount to borrow
You can borrow as much as 3 times your current salary. For instance, if you earn $1000, you can borrow a maximum of ($1000×3) $3000.
- Interest rate
38% per annum
- Maximum repayment period
The loan is repaid in monthly installments for 12 months regardless of how much you borrowed.