Suntrust Bank Consumer Loans: How to Get Fast Loans; All you Need to Know

Suntrust Bank, one of Nigeria’s new generation Deposit Money Banks, has some wonderful loan products and I have deemed it necessary to bring this to your notice. Suntrust, established in 2009, aims to break into the existing banked population by offering competitive and flexible consumer loan products. They also have shown some tenacity in reaching the unbanked population with their agency banking setup.

Why Suntrust Consumer Loan?

Suntrust Consumer Loan is a smart way to borrow from the bank, without thinking too much about having to execute tons of documentation. Another great thing about Suntrust Consumer Loans, the purpose of borrowing is not really focused on. In fact, I am going to list all the observed advantages of the consumer loans below now:

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1. Minimal documentation
2. Flexible purpose of loan
3. Payments are fixed, prompt and are done monthly
4. No origination fees
5. No annual fees
6. Interest rates are competitive
7. Part/full-liquadation can be done anytime at a FREE cost

What are the Consumer Loan Products?

Personal Loan

For purposes like debt consolidation, moving expenses, vacation or trips, unexpected expenses, home improvements, wedding expenses, and so on, Suntrust Personal Loan caters for that. 

All you need to do is call your account officer and discuss it.

To know exactly what the impending loan will cost you, this portal right HERE helps me with accurate calculations.

Asset FInancing

Suntrust Bank has an array of options to help its customers purchase assets of choice without any hassle from the Bank’s prequalified vendors.

Key Features

• Competitive interest rates
• Tenor of up to 48 months for automobiles and 24 months for other assets.

Requirements

• Must be a confirmed staff of your organization, except if self-employed
• If self-employed, must have been in active business for at least 24months
• Clean credit reports must be provided.

Smart Employee Loan

This product is designed to facilitate personal loans to confirmed staff of select private companies and government agencies whose staff salary accounts reside with the bank.

Key Features

• Maximum facility tenor of 36 months 
• Attractive Interest rate 

Requirements

• Age of applicant must be within 18 and 55 years
• Applicant must have been in account relationship with SunTrust Bank for at least one month, have his/her salary domiciled with SunTrust Bank and must have a BVN
• Applicant must be a confirmed staff of the pre-approved company or government organization with regular and verifiable source of income and must have worked with the same employer for at least six months.
• Clean credit reports

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Advance Pay

This product is an Overdraft facility that allows qualifying retail customers in paid employment to overdraw their accounts to meet urgent financial needs

Key Features

• Tenor is 30 days or until next pay day
• Competitive Interest rate 

Requirements

• Age of applicant must be within 18 and 55 years 
• Customer should earn a minimum salary of N25,000.00.
• Customer shall have clean credit reports

Cash-backed Loans

This product allows Bank customers to use cash deposits (FCY/LCY), FGN Securities, and/or investments provided by either themselves or third parties are known to them as collateral for credit facilities. 

Key Features  

• Tenor of up to 12 months.
• Interest rate: Negotiable (minimum margin of 6% p.a. to be maintained for facilities collaterized by cash deposits).

Requirements 

• Executed letter of set-off and cash/investment collateral agreement.
• Where the tenor is longer than one year or investments have shorter tenors than the facility, the customer shall be required to provide a rollover instruction on the investment collateral over said period
• Clean credit reports shall be available

FAQs on Suntrust Bank Consumer Loan Products

What are the documents required to get a Suntrust Consumer Loan?

1. Completed application form.
2. Company profile (if corporate).
3. Business plan.
4. Cash flow budget (if corporate)
5. Bank statements (12 months)
6. Audited financial accounts (if corporate)
7. Certificate of Incorporation (if corporate).
8. Valid means of identification (driving license, international passport, voters’ card, or NIN)

How do I get Suntrust Consumer Loan?

You need to gather the applicable documents above and promptly contact your accounts officer for assistance.

What is the acceptable interest rate for the Suntrust Consumer Loan?

18%

(this varies with the proposed loan variables and the current financial situation in the country)

What are Suntrust Bank’s head office address and contact details?

In case you have a complaint, inquiry, or request, you can visit Suntrust Bank’s head office at 1, Oladele Olashore Street, Off Sanusi Fafunwa Street, Victoria Island, Lagos. You can send an email to helpdesk@suntrustng.com. You can also call Suntrust Bank on +234(01)2802141-4.