NewStats: 3,264,882 , 8,184,990 topics. Date: Thursday, 12 June 2025 at 05:09 PM 6v3h4f

Recently I received a message from my bank that I was selected for a collateral free loan. Initially I thought it was a scam but I applied and filled the necessary documents only for me to receive an alert a couple of hours ago crediting my to the stipulated price. The repayment plan is monthly for four years at 23% interest rate. However I can decide to pay up before the expiration of four years. This came right on time when my business needs it.
Bottom line, I think our banks are waking up to their counterparts' strategies in developed nations.
OPINIONS please!!!

hmmm i'd like 2 know which bank u r talking abt cos i applied 4 a similar loan in a bank and they r yet 2 get back 2 me. It's bn like 2wks now.

scottN:

hmmm i'd like 2 know which bank u r talking abt cos i applied 4 a similar loan in a bank and they r yet 2 get back 2 me. It's bn like 2wks now.

Stanbic IBTC.
It took three weeks after completing the forms. Is it the same bank?

nope
I'm referring 2 Diamond Bank. But I learnt that Stanbic IBTC deals with only a particular set of companies irrespective of your acct statements and all other reqd docs for a loan application.May be I'm a bit 2 early 2 conclude with diamond bank since it's just barely 2wks

Dami,thx 4 d update.pls how long have u been banking with them?can a new customer benefit?iam presently banking with GTB.I need a loan too 2 expand my funiture industry.pls what are d criterias 2 benefit 4rm Stanbic loan?

What bank is that,how long one can stay with them b4 enjoy these wonderful opportunity.pls mail me [email protected]

wysenas:

Dami,thx 4 d update.pls how long have u been banking with them?can a new customer benefit?iam presently banking with GTB.I need a loan too 2 expand my funiture industry.pls what are d criterias 2 benefit 4rm Stanbic loan?

I have been their customer for close to four years now but i guess the criterion is how active the is.

23% every month for 3yrs,what busines u want to do and pay 23%, if u want to fixed money with them peanut will be given 3%,but they give 23% loan,with dis our black market

ajadek:

23% every month for 3yrs,what busines u want to do and pay 23%, if u want to fixed money with them peanut will be given 3%,but they give 23% loan,with dis our black market

Thats incorrect.

The maximum rate for this product is about 3% per month. The facility is available to both old and new customers so long as you can provide at least 6 months bank statement, and the amount granted is dependent on your turnover. And guess what? No collateral is required.

Tanks for gud expalation, are u talking abt ibtc here or diamond or gtb, because am using gtb now, i will just work stranght to them nexk wk, tanks

Can somebody assist us with the email address of the person or which branch to go to pls.

Regards,

pls send me details on: [email protected], thanks

You mean the requirement is just operating with them for like 4yrs but what about pay slip?

A reasonable and prudent business man will not take a loan at 23% per month unless if he is a crazy and doubt if such person will ever get out of debt till he die. More so those banks that are giving out such loans at a ridiculous high rate has an hidden agenda, that will see you go bankrupt within that 4 yrs time lag and you will loose badly. so for any intending or would be. please think twice before embarking on such adventure, as it could be a booby trap. shine your eyes ooooooooooooooooooooooooooooooo

I said so ooooo,but he try to confuse us that it was 3% per month,even 5% i can go 4 it,bt 23% per month is a disastreous

ajadek:

I said so ooooo,but he try to confuse us that it was 3% per month,even 5% i can go 4 it,bt 23% per month is a disastreous

23% per month is 276% per annum. Show me a legitimate business that will give you that yield annually and I will finance it.

On a more serious note, the rate is as I earlier said, but applies if you are classified as a low risk customer. Classification is based on a test that borrower will write. The rate for high risk customers varies, but is certainly not23% per month. And the Bank is Stanbic IBTC. Walk into any branch and ask for the EFL product.

What is EFL?

@amdman,can u finance a biz that yield 80-90% monthly?if yes,drop yur email 4 detail.with yur calculatn above 23% by 12 months=276% annually.if we borrow 500k @23%,our monthly interest rate is #115,000.if we make lets say 80% from our investment,we are left with 57% as profit.we may decide 2 pay back d loan within 5-6months.what do u think.

I'm pretty sure you're not getting the rate right. One, it's probably 23% annually and not monthly. At least i know that Diamond bank's loan goes for that rate. Secondly, no bank will go to that extent in exploiting its customers, CBN'll not allow it. There's a Banker's Tariff that guides what fees and how much Banks can charge. Microfinance banks maybe, but definitely not a commercial bank.
Speak with your officer to get a breakdown or what you'll be charged.

@dami, plz kindly outline d nature & scope of d TEST if u can ,THNX

It's 23% anually on reducing balance. It's lower than 3% with an option of settling the whole balance anytime before the expiration of the term

wysenas:

@amdman,can u finance a biz that yield 80-90% monthly?if yes,drop yur email 4 detail.with yur calculatn above 23% by 12 months=276% annually.if we borrow 500k @23%,our monthly interest rate is #115,000.if we make lets say 80% from our investment,we are left with 57% as profit.we may decide 2 pay back d loan within 5-6months.what do u think.

The requirement is a letter of introduction from your employer if you're in active employment, your pay slips for 3 months and a valid means of i.d.
if you're a business owner, your cac certificate, either business name or limited company, and a statement of either in the biz name or your name from your bank.
you must have operated the for at least 3 months but i think in diamond, you only need to run for a month.

oceanic does same.

amdman:

23% per month is 276% per annum. Show me a legitimate business that will give you that yield annually and I will finance it.

On a more serious note, the rate is as I earlier said, but applies if you are classified as a low risk customer. Classification is based on a test that borrower will write. The rate for high risk customers varies, but is certainly not23% per month. And the Bank is Stanbic IBTC. Walk into any branch and ask for the EFL product.

Pls whats EFL Product ?

Thanks

[email protected]

Stanbic are just deceiving people who are gullible. They came to my office months ago and we did everything to convince our management to guarantee us to do business with them. However after months of domicilation of our with them, we have discovered that the purported loan scheme is a fraud. we have written them series of letters to return all our documents with them without success. As a last resort, we are about taking legal action against them in a court of law and I bet you that will be well celebrated.

damilolami:

Stanbic IBTC.
It took three weeks after completing the forms. Is it the same bank?

if you said any other bank I would call you a liar Stanbic is the only bank that offer such loans, so you cant say Commercial bankS becoz it is only one bank and the think is not too easy as others may understand, it goes through a process where the bank gets assured that the money is saved and the person is not a thief

ajadek:

23% every month for 3yrs,what busines u want to do and  pay 23%, if u want to fixed money with them peanut will be given 3%,but they give 23% loan,with dis our black market

Did she said 23% monthly interest  It is 23% annualy.
it depends on how active your acounts in the bank or other banks, it depends on the bank statements. I think the loan is 10-25% of your anuual turn over in all statments.

prokure:

oceanic does same.

NOOOO, oceanic would give you up to 5 million but payable in ONE MONTH, you have to pay it with the interest after 30 days

Guys pls this is very urgent..i got an offer
from both gtb and diamond bank to resume training
skul next week. Both are for graduate trainee..
Pls this question is for nairalanders that WORK IN
EITHER GTB OR DIAMOND and nairalanders that
knows soo much about both banks i.e current and
first hand info.
Pls Wats both banks condition for promotion & work
ethics?
Am not interested about the pay I just want a good
work enviroment not a stiff and mean environment
and a place where I can rise up quickly in my career
pursuit..thanks yall as u respond swiftly. God bless!

This is a good development.

olowogboye:
23% dats a rip off when my institution gives 5% on a reducing balance. Read this

Are you an unemployed graduate, retiree or just looking into opening your own business, have you finished NYSC and you are just sitting at home expecting when government policy will change in your favour, Business Academy is offering everyone a chance to get a loan without collateral to develop your dream.
Our loan facility is categorized into the following sectors;

Sector 1:
Group Loan:
This sector is only allowed to borrow N50,000 for a start and the borrower must be a member of an association. Therefore, this is limited to a minimum of 5 borrowers in a group and maximum of 20. After successful payment of loan, borrower can now access N100,000 as loan.

Sector 2:
Academy Loan:
We offer loans to individuals who dont know what to do and or who needs more information on a business. We train these individuals and give them loans to start and guide them to profit. This sector has the capability to borrow from N50,000 to N5,000,000.

Sector3:
This sector covers every individual who needs a loan to enlarge their business and maximize profit. This individual must have a business already in place but needs to expand. The available loan facility for them is between N50,000 to N500,000. This loan is without collateral.
Sector 4:
Agricultural Loan:
At BSA we also have beautiful loan plan for agricultural sector, this include Fishery, Poultry, Piggery, Crop farmers. This sector can borrow from N100,000 to N5,000,000 with a fantastic repayment plan starting at 6months, 1year depending on the type of agrio-project. Presently we are giving out an Acre of land for N15,000 for farm settlement to everyone interested in the agro project

All our loans are without a collateral but require a guarrantor and business location verification.
For more Information Please Kunle on 08115331118 and Jummy on 08024418017

Please do you have office in Abuja? As am interested in Sector 4