Sterling Bank Plc Instant Loans Without Collateral: How To Apply

Sterling Bank PLC is a top-tier banking operation in Nigeria with lots of bank branches across Nigeria. Its head office is located at Sterling Towers on Lagos Island.

The bank provides banking services to individuals, small businesses, and large organizations.

Sterling is particularly strong when it comes to business and investment and it has a vast growing retail presence.

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What Is The Sterling Bank Loan Interest Rate?

A Lot of people might be curious to know the loan interest rate of sterling Bank, if you’re one of them, then keep reading!

The interest rate for Sterling bank is not fixed. More so, it differs from one type of loan to another. However, what is certain is that you would be informed about the applicable rates for a loan during the process of Application.

Note: Sterling bank loans focus more on individuals and businesses and are ever ready to meet you at your point of need. Basically, it has something for everyone, from quick cash emergencies to millions required to finance very large projects.

Types of Business Loans Available Through Sterling Bank

Business Support Facility

Sterling Bank grants business owners up to N5 million loans. You do not even require collateral, and the interest rates are quite attractive.

Asset Financing

With Sterling Bank’s asset finance facility you can buy assets with ease with flexible payment options. 

Group Lending

Through this scheme, you can fund capital projects or loans to members of your association.

Credit Card

Sterling Bank can provide your business with a credit card, allowing you to spend beyond your limits as and when needed.

Payroll Financing

This credit facility helps you to pay your staff on time and in full. A great facility for company owners.


Sterling Bank has a number of financing products that can help people who are into agribusinesses. Some credit facilities are offered in partnership with government-related organizations such as the Central Bank of Nigeria (CBN). Other products and services, such as the Agricultural Input Scheme and the Tractor Acquisition Scheme, are directly provided by Sterling.

Trade Services

These trade services support companies involved in international trade transactions. The Specific products provided by Sterling include import finance, letters of credit, bills for collection, foreign exchange, and more.


This is an acronym for Health, Education, Agriculture, Renewable Energy, and Transportation. Here, Sterling Bank provides tailored finance solutions to businesses involved in HEART sectors.


Bank guarantees are instruments that allow companies to demonstrate their creditworthiness and show that they can meet their contractual obligations.

Other Financing Options

Sterling offers several other tailored financing solutions, designed to meet a variety of needs. Such Financing solutions include LPO financing, invoice discounting, overdrafts, project finance, and contract financing

Qualifying For A Sterling Bank Business Loan

Sterling Bank has a mix of financing products and services. Not all of these products and services will be appropriate for your business, and at the same time always remember that some products may be restricted to certain business locations.

The exact eligibility criteria of each product or service differ. There are a few general loan requirements that apply to pretty much any credit facility. Examples of such general lending requirements include having a business with positive net cash flow and having a business with good credit history.

Poor credit history will almost certainly restrict your funding options to products that require some sort of collateral. On the other hand, if you have a good credit history.

Sterling Bank may be willing to lend to you on an unsecured basis i.e. give you a loan without collateral.

Other Standard Lending Requirements Can Include:

  • Having a registered business or company with the Corporate Affairs Commission (CAC)
  • Having a business or corporate bank account
  • Been trading for some time (1-3 years minimum)
  • Must have a good Credit Bureau Report  with no unpaid obligations or bad debt
  • Being an active customer of the bank
  • Sterling Bank can only fund your company if it is registered with the CAC. This also means that private individuals are not eligible for business financing.

If you are running an unregistered business you may be able to get a personal loan and use it for business purposes. Sterling also offers a number of personal loan and salary advance products that you may want to take a look at.

How To Apply For A Sterling Bank Business Loan

The most important step in applying for a bank loan is to carry out your personal research. Identify the set of loan and finance products most appropriate for your company. This will give you the best chance of actually securing a business loan.

Before you apply for a loan, browse through the bank’s website, and reach out to them with any questions you have. You can contact Sterling Bank via phone or email. Alternatively, you can make an inquiry at any of their bank branches.

Loan applications can be made in person or online. Either way, an application form will need to be filled in. In this application form, you will provide details of your business, its trading history, and the purpose of the loan.

A successful loan application will result in an offer letter being issued. Offer letters stipulate any terms and conditions you need to meet before funds can be disbursed.

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Required Documents

  • Completed application form
  • Company profile
  • Business plan
  • Cash flow budget
  • Bank statements (12 months)
  • Audited financial accounts
  • Certificate of Incorporation
  • Valid means of identification (driving license, passport, voters card)
  • Proof of address
  • Details of collateral offered (if any)
  • More or less than the above may be needed, depending on the credit facility of interest

How Much Can I Borrow From Sterling Bank?

The amount of money that your business generates is primarily what will determine how much money Sterling can loan to you. As such, bigger businesses can normally access more money.

Does Sterling Bank Require Collateral?

Sterling bank does not require collateral for all of its loan products but some do require collateral. However, significantly large sums of money can only be borrowed with some sort of collateral in place.

The collateral that bank may accept includes:

  1. Obligations of the Federal Government of Nigeria (FGN Bonds, FGN Eurobonds, FGN Treasury Bills, etc.)
  2. Obligations of state governments or agencies of the Federal Government of Nigeria
  3. Other non-government debt instruments
  4. Physical assets e.g. real property
  5. Third-party guarantors or collateral

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