Stanbic Bank loans -Terms & Interest rates from Stanbic Bank.

Bank Information and Reviews

[Update: 20.11.2022]

Stanbic bank is one of the largest top 10 commercial banks in Kenya. It ranks right next to KCB and Standard Chartered bank. Regulated by the Central Bank of Kenya, CFC offers a series of products as well as a wide variety of services for both local and diaspora clients. It has operations in over 16 countries and 24 branches in Kenya.

What we Know about Stanbic Bank

CFC Stanbic Bank has one of those ‘bougie’ feels when you walk into any of their banking halls. Their services are up to par, and just by looking around, one can tell their clientele are the above-average Kenyans, with that being said. Stanbic gets its roots from Standard Chartered Bank, and their products services are fairly the same.

What Loans does Stanbic Bank offer & what are they best known for?

Stanbic Bank offers both Personal and home loans. If you are interested in other types of loans, do not hesitate to contact them through the provided channels below the article. Remember, there is no harm in asking!

The exact cost of a loan with Stanbic Bank & a representative example?

For amount Ksh. 1,000,000 at an annual Interest rate of 13.65 %, for a period of 60 months.

Bank charges will be Ksh 25,000, and total Charges will stand at Ksh. 30,000.

Estimated monthly repayment at Ksh. 23,087,

Third-Party Costs at Ksh. 5,000,

Annual percentage rate estimate 15.02 %.

Therefore, the total amount to be repaid = Ksh. 1,415,232.

Total Interest paid here will be Ksh. 385,232 and the total Cost of Credit will stand at Ksh. 415,232.

Can you download the Stanbic Bank App?

Yes. You can download the Stanbic app from the Google play store. The Stanbic app is also available in Apple stores.

The USSD code for Stanbic bank is *208# and is used for digital banking.

The Stanbic mobile app allows you to access almost all financial services that you would otherwise have to queue for at the bank.

Generally, you can pay bills, send and deposit money, purchase airtime and whatnots.

How can you get a Personal Loan from Stanbic Bank?

To get a personal unsecured loan from Stanbic, The following is needed.

Personal information,
A Witness,
Identity checks,
Other Credit Agreements/Facilities,
Form of Employment,
Twelve Months’ Account Statements,( New customers)
Recent payslip if you are employed,
Proof of address.
An updated customer profile.
Also, If you have unsecured loans from other credit facilities, you will need to provide that information.

Other KYCs’ might be requested at the banks’’ discretion to assist in verifying you.

However, if you already are an account holder with Stanbic, you can use internet banking to apply for a loan, and they will get back to you with a customised quote.

Also, if you already have an account with Stanbic, you can just log into internet banking and request a loan service.

How does Stanbic Bank determine your Eligibility and Cost of Credit?

Your eligibility and cost of credit are determined by your credit score and the 5cs’. CFC will run yr credentials through CRB (Credit Reference Bureau.) as well.

Most important is the documentation and paying power that is considered before you are awarded a loan limit.

Amount, Terms & Interest rates from Stanbic Bank

Amount

Min: Ksh.50,000 – Max: Ksh.4,000,000

Term

Min: 6 months – Max: 60 months.

Interest

From: 13% –To 15% ( Facilitation and processing in house rates not inclusive.)

Disbursements and Repayments at Stanbic Bank

You need an existing account with Stanbic to receive the monies awarded to you.

For the approved loan to reflect, it will take around 7 working days to have access to that money.

When you borrow a loan from any bank, when filling in the amount, inquire how much will be deducted and apply for more than that amount in total. i.e. if you want a loan for Ksh. 100.000, you need to apply for Ksh.120,000. ( if Ksh 20,000 is the total cost of processing fees, excise duty and blah blah. ) If not, you will get less than the amount you had applied for. (Ksh.80,000.)