Salary Advance
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Our Salary Advance is a short-term loan available to salaried customer for a maximum period of 30 days or until the next salary pay date, whichever comes first.
Some of the benefits
Flexible
No penalty fees when you pay off your loan early
Loan top-up
Top up your existing loan
*Subject to the maximum eligible amount
Quick and easy
Enjoy easy and instant access to funds before payday
Short term tenor
Maximum tenor of 30 days or until your next pay date, whichever comes first
What you get
- Up to 50% of salary amount, subject to a maximum loan of ₦1,000,000
What it costs
- 5% per month if your salary account is domiciled
- 7% per month if your salary account is not domiciled
- An account management fee of 1% of the loan amount
- Value Added Tax (VAT) of 7.5% on account management fee
How to get it
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You can get a salary advance by applying on the Stanbic IBTC Mobile Application |
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What you get
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What it costs
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How to get it
- Up to 50% of salary amount, subject to a maximum loan of ₦1,000,000
- 5% per month if your salary account is domiciled
- 7% per month if your salary account is not domiciled
- An account management fee of 1% of the loan amount
- Value Added Tax (VAT) of 7.5% on account management fee
|
You can get a salary advance by applying on the Stanbic IBTC Mobile Application |
Frequently Asked Questions (FAQs) about salary advance loans
What is a salary advance?
A salary advance is a fast, short-term loan that gives you access to a portion of your salary before your next payday. The amount borrowed is based on your salary and is typically repaid in full on your next pay date.
How do I apply?
You can apply on the Stanbic IBTC Mobile Application.
How is it different from a personal loan?
A personal loan is a more flexible, long-term borrowing option. If you qualify, you can access a larger amount compared to a salary advance and repay it in fixed monthly instalments over an extended period.
Learn more about our different types of loans.
Can I apply for a Salary Advance if I have an active account with Stanbic IBTC Bank but not a salary account?
Yes, the loan is available to customers who have their salary account domiciled with Stanbic IBTC Bank or another bank in Nigeria.
What is the minimum loan amount?
The minimum loan amount is ₦25,000 and the minimum top-up amount is ₦5,000
What is the maximum loan amount?
You can access up to 50% of your salary amount, subject to a maximum loan of ₦1,000,000
What is the repayment tenor?
30 Days or your next pay date, whichever comes earlier
*Terms and conditions apply
Can I extend my loan tenor?
Yes, your loan repayment date can be extended by 30 days. However, this can only be done once.
*Terms and conditions apply
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