Sterling Bank earmarks N10bn for personal loans under new product
Loans
By Olawumi Ashafa
Lagos, April 27, 2018 (NAN) Sterling Bank has set aside N10 billion for retail lending under a platform called “Specta”.
Mr Shina Atitola, the Head of Strategy and Innovation in the bank, said in Lagos on Thursday at the inauguration of the platform that the N10 billion loan facility would be for customers and non-customers of the bank.
According to him, Specta will ensure that customers have access to personal loans without going through the stress associated with obtaining regular loans from banks.
Ms Benedicta Sadoh, the Head of Value Chain Banking Department in the bank, said through Specta, the bank was targeting 100,000 customers before December, while 700 corporate customers had already keyed into the platform.
She said the platform, which only cater for salaried workers, would take only five minutes to access after profiling of customers.
Sadoh said that the bank would also confirm and negotiate the interest rate with the human resource manager of the company where the prospective customer worked.
She said that the loan repayment would be at 33.3 per cent of the net monthly salary of the beneficiary spread over 48 months.
According to her, the maximum amount that can be borrowed by a customer is N5 million per transaction.
Sadoh said any outstanding principal would be covered by insurance company in case of job loss or death. (NAN)
AWA/SA/TA
Edited by Salif Atojoko/Tajudeen Atitebi