Standard Chartered bank Nigeria offers business loans to businesses looking to improve their working capital and purchase new equipment, among other things. This Nigerian branch of the international banking conglomerate provides loans to businesses of all sizes.
If you are starting or expanding your business, one of the best things you can do to ensure its success is to apply for a business loan at Standard Chartered bank Nigeria. In order to be eligible for this loan, you must have been in business for at least three years and have an active account with Standard Chartered bank Nigeria. If you meet these criteria, this guide will walk you through the application process step by step so that you can get the business loan that your company needs in order to continue growing and succeed even more in the future.
Step 1: Check your Eligibility for Business Loan at Standard Chartered Bank
If you are interested in applying for a Standard Chartered bank business loan, you should first confirm your eligibility. Standard Chartered business loans are available exclusively to companies that generate revenues and have been active in their current line of business for at least three years. For Standard Chartered bank Nigeria business Loan Application, it is important to know the financial goals which will help determine what type of financing Standard Chartered bank has to offer.
If the company is looking for a long-term project finance, Standard Chartered will likely offer a term loan or mortgage.
Standard Chartered bank can also provide shorter-term financing such as overdrafts or lines of credit up to N20 million for 2years repayment plan. In order to apply for a Standard Chartered bank Nigeria business Loan Application, contact Standard Chartered loan help desk at any of their branches across Nigeria.
Step 2: Calculate how much Business Loan you Need
Do you have an idea of how much funding you need? If not, make some assumptions about how much capital will be required to get your business up and running. Start with what’s going to be your biggest cost and work down from there. Add 10% onto each item so that you can cover any unforeseen expenses that may come up as you are getting started. The sum total of these expenses is going to be your target amount for applying for a business loan at Standard Chartered bank Nigeria. Make sure you also include how long it will take for the bank to process the application (usually one week). You should also allow enough time in the case that something goes wrong along the way. For example, if someone on your team gets sick and has to stay home for a few days, or if you want to hire more staff members but find out they don’t meet all the requirements for working at your company. These are just two examples of how waiting too long before asking for a business loan could end up costing you more money than necessary!
Step 3: Submit your Standard Chartered bank Business Loan Application Online
To apply for our business loan at Standard Chartered bank Nigeria, you can submit your application online at Standard Chartered Bank Nigeria Website. Choose from our fixed rate and floating rate business loans that are available. The application takes approximately 5-10 minutes to complete. If you have questions during your application process, don’t hesitate to contact us. We are happy to help! Contact us by email or phone if you need any assistance filling out the application form.
Step 4: Prepare for the at Standard Chartered bank Business Loan Assessment
Assessments are either a video or an interview, with both lasting about 30 minutes. You will need to know how you get yourself ready for each type of assessment. How do you warm up? What questions do you expect? What kind of preparation do you need to do? By knowing what is coming, it’s easier to prepare and be confident that your performance is at its best during your assessment. Below is how to prepare for the Standard Chartered bank business loan assessments. Start by reading the instructions for the assessment ahead of time so you know what to expect.
Review some key points on the subject matter ahead of time.
Practice answering questions out loud before the day of the assessment so you can hear how well you are able to explain things verbally. Be sure to rehearse being put on the spot!
Be sure you have all necessary documents: bank statements, tax returns, business plans, profit and loss statements etc. Bring copies of these documents with you in case they’re needed as part of your assessment.
Step 5: Wait for at Standard Chartered Bank Business Loan Approval
When your Standard Chartered bank business loan application is approved, you can then proceed to drawdown. Drawdown is when you request an advance on your loan. This can be done online or over the bank counter, whichever way you are most comfortable with. The amount of your advance will vary depending on which option you choose, but it’s usually around 10% of your approved business loan. If you want to know more about how to apply for Standard Chartered bank Nigeria business loans, contact one of our experienced and knowledgeable customer service agents today! They are available 24 hours a day to answer any questions you may have.