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Nairaland Forum / Nairaland / General / Business / Commercial Banks Offering Collateral Free Loan With 4 Years Repayment (15986 Views)
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Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by damilolami(f): 11:48am On Sep 16, 2011 |
![]() 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 account 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!!! |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by scottN(m): 11:51am On Sep 16, 2011 |
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. |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by damilolami(f): 12:05pm On Sep 16, 2011 |
scottN:Stanbic IBTC. It took three weeks after completing the forms. Is it the same bank? |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by scottN(m): 12:24pm On Sep 16, 2011 |
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 |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by wysenas(m): 12:39pm On Sep 16, 2011 |
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? |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by dav8id(m): 1:59pm On Sep 16, 2011 |
What bank is that,how long one can stay with them b4 enjoy these wonderful opportunity.pls mail me david.ovye@yahoo.com 1 Like |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by damilolami(f): 2:19pm On Sep 19, 2011 |
wysenas:I have been their customer for close to four years now but i guess the criterion is how active the account is. |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by ajadek(m): 8:33am On Sep 20, 2011 |
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 |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by amdman: 3:06pm On Sep 21, 2011 |
ajadek: 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. |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by ajadek(m): 5:40pm On Sep 21, 2011 |
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 |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by erastus75: 9:38pm On Sep 21, 2011 |
Can somebody assist us with the email address of the contact person or which branch to go to pls. Regards, |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by jydebiz: 2:33am On Sep 22, 2011 |
pls send me details on: theoinvgroup@gmail.com, thanks |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by hallmark77: 11:34am On Sep 22, 2011 |
You mean the requirement is just operating account with them for like 4yrs but what about pay slip? |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by basadenet: 5:49pm On Sep 22, 2011 |
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 |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by ajadek(m): 8:47pm On Sep 22, 2011 |
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 1 Like |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by amdman: 6:52am On Sep 23, 2011 |
ajadek: 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. |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by hallmark77: 9:04am On Sep 23, 2011 |
What is EFL? |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by wysenas(m): 11:47am On Sep 23, 2011 |
@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. |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by akindelesi: 8:51pm On Sep 25, 2011 |
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 account officer to get a breakdown or what you'll be charged. |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by KayB: 1:22am On Sep 26, 2011 |
@dami, plz kindly outline d nature & scope of d TEST if u can remember,THNX |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by damilolami(f): 1:44pm On Sep 30, 2011 |
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: |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by damilolami(f): 1:48pm On Sep 30, 2011 |
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 account either in the biz name or your name from your bank. you must have operated the account for at least 3 months but i think in diamond, you only need to run account for a month. |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by prokure: 4:10pm On Oct 01, 2011 |
oceanic does same. |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by sonety2k(m): 9:58pm On Oct 01, 2011 |
amdman: Pls whats EFL Product ? Thanks sonetauto@yahoo.com |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by triaophant: 8:39am On Oct 03, 2011 |
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 account 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. |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by BOMANY: 1:23pm On Oct 03, 2011 |
damilolami: if you said any other bank I would call you a liar ![]() |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by BOMANY: 1:29pm On Oct 03, 2011 |
ajadek: Did she said 23% monthly interest ![]() 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. |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by BOMANY: 1:33pm On Oct 03, 2011 |
prokure: 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 ![]() ![]() ![]() |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by debbiedoyin: 9:08pm On Mar 12, 2013 |
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! |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by neksummi(m): 9:20pm On Mar 12, 2013 |
This is a good development. |
Re: Commercial Banks Offering Collateral Free Loan With 4 Years Repayment by clemigho(m): 12:20pm On Jul 13, 2014 |
olowogboye:Please do you have office in Abuja? As am interested in Sector 4 2 Likes 1 Share |
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