Stanbic narrows loan approval window to six hours

November 23, 2020 in Business, Companies, Financial Services by Editor

Emanzi said Stanbic knows how important convenience is to their customers and that is why they have pre-approved some of the loans which can now be accessed via the internet banking portal and on mobile banking.

In just six hours after making a successful loan application, Stanbic Uganda customers will have access to their loans in a new campaign linked to the upcoming festive season.

The campaign which will run until the end of December, is part of the bank’s efforts to help jumpstart the economy and sustain growth in the wake of the Covid-19 pandemic through provision of quick and affordable credit solutions for all.

Jackson Emanzi, Stanbic Uganda’s Head of Lending said, “The campaign launch is another significant step in our journey to empower businesses and individuals with various lending products solutions during these times.”

He said the various loans are tailor-made to suit their customers’ needs along with offering the best rates and most affordable terms on the market.  Most importantly all these solutions are easily accessible on Stanbic online platforms.

Emanzi said, “We know how important convenience is to our customers that is why we also have pre-approved some of the loans which can now be accessed via our internet banking portal and on our mobile banking *290# option 8. The process is instant and once successful, the funds requested are deposited in the account immediately. However, when it is inevitable that you have to move to the branch, the loan can also be accessed in under six hours.”

He said Stanbic is also offering the Instant Cash advance which applies to customers who are looking for a quick fix to travel for the festivities, pay house rent, to pay school fees or even participate in the Black Friday shopping promotions among others.  The bank offers a 30-day interest free loan ranging from UGX 140,000 to UGX 50,000,000 granted to both salaried and self- employed customers to help them live uninterrupted until their next pay date. He said the product is also available both on mobile and internet banking so it’s easily accessible from wherever you are.

“The bank is also offering education loans product, if one needs to effectively run a school, but is financially limited especially after the festivities. With the Stanbic Bank Education loan product schools will be able to access up to UGX500 million depending on the institution’s financial statements.”

Short-term overdrafts are available to customers who are experiencing difficulties meeting their day-to-day business needs. This product is meant to bridge financial inadequacy  and granted to self-employed and salaried customers from a period of one month to a maximum of 12 months. Loans can top UGX 100 million with a competitive interest rate.

Emanzi said in spite of the on-going negative impact of Covid-19 on the general public, Stanbic Bank is offering fast and instant customized financial solutions to resolve different customer needs.