SunTrust Bank Nigeria, explained

SunTrust Nigeria is a new generation bank which provides both personal and corporate financial services to Nigerians with the aim of advancing CBN’s cashless policy.

SunTrust, established in 2009, and licensed by the Central Bank of Nigeria under the revised Banks as and other financial institutions act (BOFIA) aims to make available unique Financial services to the county’s unbanked population by offering competitive and flexible consumer loan products.

How to use SunTrust Nigeria Bank

SunTrust Nigeria is still an emerging bank with limited service locations so most of its operations is conducted online digitally.
To enjoy some of the banks unique services, head over to their website at www.suntrustng.com to download their mobile app and open a whole new world of opportunities.

SunTrust mobile application offers services including bill payment, savings dashboard to help grow your wealth, and a lot of loan opportunities.

One of the biggest advantages of SunTrust over other financial institutions is its unique loan services. The bank offers faith-based non-interest loan with returs on investment as high as 6% per month.

Benefits of SunTrust Nigeria loan include:

  • Minimal documentation
  • Flexible purpose of loan
  • Payments are fixed, prompt and are done monthly
  • No origination fees
  • No annual fees
  • Interest rates are competitive
  • Part/full-liquadation can be done anytime at a FREE cost

What are the Consumer Loan Products offered by SunTrust Bank Nigeria?

SunTrust Personal Loan

If you’re looking to secure a quick loan for purposes like debt consolidation, moving expenses, vacation or trips, unexpected expenses, home improvements, wedding expenses, and so on, Suntrust Personal Loan will offer you competitive prices for that.

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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 of SunTrust asset financing

  • 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.

SunTrust 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

SunTrust 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 the 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
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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

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

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

Where is Suntrust Bank’s head office address and how do I contact them?

SunTrust Bank’s head office is at 1, Oladele Olashore Street, Off Sanusi Fafunwa Street, Victoria Island, Lagos.
Send an email to [email protected] You can also call Suntrust Bank on +234(01)2802141-4.

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Ismaeel

Writer and that loves African geopolitics.

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