Stanbic bank has modified its lending solutions by offering more flexible and convenient repayment plans to both personal and business borrowers.
Jackson Emanzi, the head of lending at Stanbic bank says, the bank will offer customers a flexible repayment plan on a number of loans such as salary loans, business working capital solutions, medium term loans, instant cash advance, short term overdrafts, vehicle & asset finance, commercial property loans among others to suit their current income and cash flows.
A case in point is the short-term overdraft which is granted to self-employed and salaried customers. This has been given an extension of up to 12 months to bridge the cash flow gaps in anticipation of their next payment.
“Our corporate customers who had taken a salary loan will be given flexible loan payment schedule than can be extended up to 72 months with unsecured loans going up to Shs 200 million. Also, we ensure that the monthly payments are less than 50 per cent of your income,” Emanzi said.
Also, business banking clients will enjoy the cheapest and low interest working capital solutions with a flexible repayment plan to help them meet their daily operation costs. Some of the adjusted loans include, the medium-term loans that will run up to 60 months to allow business that require large sums of money for expansions and investment in purchase of equipment acquire them.
He added: “Customers buying commercial properties and those completing construction of own commercial properties do not need to worry about paying back their loans. With the Stanbic bank commercial property loans, they can enjoy an extended flexible tenor of 10 years."
The vehicle and asset financing loan which facilitate the purchase of vehicles and other equipment like generators, industrial plants and equipment are given a tenor of up to five years.
“During these difficult financial times, you don’t have to feel the pressure of paying back your loan. With the Stanbic bank flexible repayment plan, we understand that you and your business is going through a difficult financial moment and that is why we have adjusted and customized our lending solutions to relieve you from the loan pressure and let you concentrate on re-building and growing your business” Emanzi added.