How To Get Keystone Bank Loan In Nigeria

If you are looking for where to get a loan to start or grow your business in Nigeria, the Keystone bank loan is one to trust. Keystone Bank is a Nigerian financial company that offers a variety of financial goods and services to individuals, corporations, and organizations. Sigma Golf-Riverbank Consortium owns the bank, which was created in 2011.

Keystone Bank provides a variety of lending packages to suit the financial needs of its consumers and it stands among the highest loan-giving commercial banks in Nigeria.

Table of Contents

Types Of Loans You Can Apply For

The Keystone bank, like we stated in the introductory paragraph of this article, have a variety of loans designed specifically to meet the needs of its customer base. Among these loans are:

Keystone MSME credit

This is a credit product designed to assist small and medium-sized organizations (SMEs) in expanding their operations.

Keystone Mortgage Loan

A lending product aimed to assist consumers in financing the acquisition of their dream homes or properties.

Keystone Personal Loan

This is a loan product meant to satisfy personal financial needs such as tuition, medical bills, and other personal expenses.

The Keystone Travel financial is a financial product designed to assist clients in financing their travel expenses.

Auto Loan

This is a loan product that is meant to assist consumers in financing the purchase of new or used automobiles.

1. Keystone Salary Advance

This is a loan product that allows consumers to withdraw a portion of their paycheck before payday.

These loan options have various interest rates and repayment terms as well as eligibility conditions.

Customers can discover more about these loan products and how to apply by visiting Keystone Bank’s website or any of their branches.

Advantages Of Loans

Keystone Bank loans are beneficial to both individuals and businesses in a variety of ways:

Access to Finances

Keystone offers individuals and businesses access to funds that can be used to suit their financial needs. This might involve money for personal or corporate expenses, as well as significant purchases such as a car or a home.

Easy Repayment Options

Keystone Bank provides numerous repayment choices for their loans, which can be customised to match the individual needs of its customers. This implies that borrowers can select a repayment plan that is tailored to their income and financial condition, making it easier to repay the loan.

Enhances Credit Score

Obtaining a loan from Keystone Bank and repaying it on time might increase an individual or business’s credit score. This can make it easier to obtain credit in the future, as a good credit score is frequently required for loan or credit card approval.

Grows Business

Keystone Bank’s MSME loan is created primarily for small and medium-sized firms (SMEs) and can assist these businesses in growing and expanding.

SMEs that have access to cash can invest in new equipment, recruit more employees, or expand into new markets.

Improves Financial Solidity

Loan can assist people and businesses enhance their financial stability by giving access to funds when they are needed.

This can assist them to prevent debt, whether financial emergencies, and pay obligations on time.

Overall, Keystone offers individuals and organizations the financial flexibility and help they require to achieve their objectives and improve their financial well-being.

Benefits Of Loans

The loan has various advantages for both individuals and organizations. Here are some of the main advantages:

Simple And Fast Loan Application Procedure

The loan application process is simple and can be done at any Keystone Bank branch. When compared to other financial institutions with more complex application processes, this can save borrowers time and hassle.

Competitive Interest Rates

Keystone Bank’s loan products provide competitive interest rates, which can help borrowers save money throughout the life of the loan.

Flexibility

Keystone Bank provides a wide range of loan solutions to meet a variety of requirements and conditions, such as personal loans, business loans, and asset acquisition loans. Borrowers can then select the loan option that best meets their needs.

Flexible Repayment Terms

Keystone Bank’s loan packages have flexible repayment terms, such as the flexibility to make lump-sum payments or pay off the loan early without penalty.

Targeted Customer Service

Keystone Bank offers personalized customer service to its borrowers, with loan officers available to answer questions and provide help throughout the loan application and repayment process.

Rapid Loan Approval And Disbursement

Keystone Bank strives to provide rapid loan approval and disbursement after all relevant documents is received. This can assist borrowers in quickly obtaining the finances they require.

2. Keystone Bank Personal Loan

Keystone Bank Personal loans are intended to assist individuals in meeting their financial needs, such as paying medical bills, tuition fees, home repairs, or debt consolidation.

The following are the features, eligibility requirements, interest rates, and repayment terms:

Features Of Keystone Personal Loan

Loan amount: N50, 000 – N20 million
Loan tenor: 0 – 36 months
Interest rate: Competitive and changes depending on loan amount and loan term.
Processing fee: 1% of the total loan amount
Collateral: No collateral is required for loans of N2.5 million and below.

Eligibility Requirements For Personal Loan

You must be between 18 and 60-years-old
You must have a steady source of income (salary earners or self-employed)
You must have a good credit history.
You must supply a valid means of identification ( it could be any of these government approved documents: passport, driver’s license, national ID card)

Personal Loan Interest Rates And Repayment Terms

Interest rates are competitive and vary depending on the amount borrowed and the length of the loan.
Repayment can be made in monthly installments that are withdrawn automatically from the borrower’s Keystone Bank account.
There are no prepayment fees and early repayment is permitted.
Interested persons can apply for a Keystone Bank Personal loan by visiting any Keystone Bank location, completing the loan application form, and submitting the needed documentation.
After reviewing the application, the bank will advise the applicant of their eligibility and the loan amount they are eligible for.

3. Business Loans

Keystone Bank provides a variety of business loans to assist small and medium-sized firms (SMEs) in meeting their financial obligations. Keystone Business loans have the following features, eligibility requirements, interest rates, and repayment terms:

Features Of Business Loans

Loan Amount: An applicant can get as high as N10 million in Keystone MSME loans, and up to N50 million in Keystone Bank Business loans.

Loan Tenor: Applicant has as much as 48 months for Keystone MSME loans, and up to 60 months for Keystone Bank Business loans

Interest Rate: Competitive and changes depending on loan size, loan term, and business risk assessment.

Processing Fee: 1% of the total loan amount for Keystone MSME loans, and 2% for Keystone Bank Business loans

Collateral: It is determined by the loan amount and risk assessment

Eligibility Requirements For Business Loan

You must be registered businesses in Nigeria
You must have a good credit history
You must provide a valid means of identification ( it could be any of these government approved documents: passport, driver’s license, national ID card)
You must supply a business plan, financial statements, and other documentation as required by Keystone Bank.

Business Loan Interest Rates And Repayment Terms

Interest rates are competitive and vary depending on loan size, loan period, and business risk assessment.
Repayment can be made in monthly installments that are automatically deducted from the borrower’s Keystone Bank account.
There are no prepayment penalties, and early repayment is allowed.
Interested SMEs can apply for a Keystone Business loan by going to any Keystone Bank branch, filling out the loan application form, and providing the necessary documentation.
Following that, the bank will review the application and notify the SME of their eligibility and loan amount.

Steps To Take To Apply For Loans

The following steps are included in the application process for Keystone Bank Personal and Business loans:

Determine Suitability

Prospective borrowers should study the eligibility requirements for the loan product they want to make sure they meet the requirements.

Collect Documentation

Applicants must supply supporting documents such as a valid form of identity (passport, driver’s license, or national ID card), proof of income, and any other documentation requested by the bank.

Fill The Application Form

Applicants can acquire an application form from any Keystone Bank branch, fill it out accurately, and submit it along with the relevant papers.

Loan Assessment And Approval

Keystone Bank will analyze the borrower’s application and accompanying documentation to establish eligibility and loan amount. This procedure could take several days.

Loan Disbursement

Depending on the loan product, the loan will be disbursed to the borrower’s Keystone Bank account or through cheque.

To minimize delays or rejection of a loan application, borrowers must give accurate information and complete all required documentation.

The application process for loan is simple, and it can be done by visiting any Keystone Bank branch and engaging with a loan officer to complete the necessary steps.

Documents And Information Required For Loan Application

The paperwork and information needed for loan applications will differ depending on the loan product and the borrower’s situation.

However, the following is a general list of documents and information that may be needed:

For Personal Loans:

Fully filled loan application form
Valid means of identification (passport, driver’s license, national ID card)
Evidence of income (salary statement, bank statements, or tax returns)
Evidence of address (utility bill, tenancy agreement, or recent bank statement)
Two passport size photographs
Post-dated cheques or standing order mandate.
Any other documents demanded by Keystone Bank

For Business Loans:

Fully filled loan application form
Business plan and financial projections
Tax identification number (TIN)
Memorandum and articles of association
Board resolution approving the loan request.
Three years of audited financial statements
Certificate of incorporation and other company registration documents
Bank statements of account

It should be noted that this is not an exhaustive list, and Keystone Bank may seek extra evidence or information as part of the loan application process.

You should talk with a loan officer or visit any Keystone Bank branch to determine the exact documentation required for their individual loan package.

Loan Approval And Disbursement Timeline

Depending on the loan product and the borrower’s circumstances, the timeline for loan approval and payout may vary.

However, the following is a rough timeline for the loan application process:

Submission Of Loan Application

Keystone Bank will commence the loan evaluation process after the loan application and the needed papers have been received.

Loan Evaluation

Keystone Bank will analyze the borrower’s application and accompanying papers to assess eligibility and loan amount.

Depending on the intricacy of the loan request, this process could take several days to a few weeks.

Loan Approval

If the loan is authorized, the borrower will be contacted and must sign loan documents as well as supply any extra information desired by the bank.

Loan Disbursement

After signing the loan papers and providing all relevant information, the loan amount will be disbursed to the borrower’s Keystone Bank account or through check, depending on the loan product. This usually happens within a few days of the loan being approved.

Depending on the loan product and the borrower’s circumstances, the loan approval and disbursement timeline can range from a few days to a few weeks. Borrowers should confirm the projected timeline for their specific loan package with a loan officer.

Keystone Bank Loan USSD Code?

USSD code is *7111#. You can dial this short code from your mobile phone if you are interested in getting any of the Keystone loans on offer.

4. Instant Loan

Keystone Bank Instant Loan is a quick and simple loan solution that allows individuals to obtain funds in minutes. Salary earners with Keystone Bank salary accounts are eligible for the loan.

Features Of Instant Loan

Keystone Bank Instant Loan has the following features:

Fast Loan Disbursement

Keystone Bank Instant Loan provides clients with access to funds within minutes of loan approval.

No Collateral Required

Borrowers are not required to present collateral in order to obtain a Keystone Bank Instant Loan.

Loan Amount

Keystone Bank Instant Loan allows borrowers to borrow up to 50% of their monthly net salary.

Repayment Plan

The loan can be repaid over a period of up to 30 days.

Keystone Bank Instant Loan has a competitive interest rate that varies depending on the loan size and repayment time.

Borrowers must have a Keystone Bank salary account and must also visit any Keystone Bank branch to fill and submit the loan application form, and provide all the relevant documentation in order to apply for a Keystone Bank Instant Loan.

The loan application process is quick and simple, and money are paid to the borrower’s Keystone Bank paycheck account within minutes of approval.

Keystone Bank Instant Loan Code

A USSD code on your mobile phone can be used to obtain Keystone Bank Instant Loan. The following are the ways to access Keystone Bank Instant Loan using USSD code:

On your mobile phone, dial 71110#.
Follow the on-screen directions to enter your Keystone Bank account number, loan amount, and repayment period.
Once you have submitted all of the essential information, the loan application will be processed, and you will be notified whether or not your loan application has been granted.
If your loan application is granted, the funds will be sent into your Keystone Bank account within minutes.

It is crucial to note that Keystone Bank Instant Loan is only available to Keystone Bank salary account holders. In addition, the loan amount is limited to 50% of the borrower’s monthly net salary.

How To Download And Use Keystone Bank Loan App

Customers can use Keystone Bank’s mobile banking app to access a variety of financial services, including loan applications.

The Keystone Bank Mobile App is available for iOS and Android smartphones in the App Store and Google Play Store, respectively.

To apply for a loan using the Keystone Bank Mobile App, follow these steps:

Download and install the Keystone Bank Mobile App from the App Store or Google Play Store on your mobile phone.
Open the Keystone Bank Mobile App and sign in with your Keystone Bank account information.
Go to the loan application section of the app and select the loan package you want to apply for.
Complete the loan application form and provide all required evidence, including proof of income, identification, and any other relevant documents.
Fill out the loan application form and wait for Keystone Bank to review it.

The loan amount will be credited to your Keystone Bank account once your loan application is accepted.

Loan Interest Rate

The loan interest rates vary according to the loan type, loan amount, payback time, and other criteria.

Here are some general interest rate ranges for several of Keystone Bank’s loan products:

Personal Loans

Keystone Bank personal loans include annual interest rates ranging from 14% to 28%.

Business Loans

Keystone Bank offers business loans with annual interest rates ranging from 18% to 24%.

Asset Acquisition Loans

Keystone Bank asset acquisition loans include annual interest rates ranging from 14% to 28%.

Final Thought

It’s crucial to remember that while Keystone Bank offers competitive interest rates, they could fluctuate based on the state of the market and other variables. In order to learn more about the interest rates and other costs related to their particular loan products, borrowers are urged to get in touch with Keystone Bank directly.

A selection of loan products from Keystone Bank are available to satisfy the requirements of both individuals and corporations. Their loan products offer competitive interest rates and repayment terms along with being adaptable, affordable, and simple to obtain.

If you require a personal loan for unanticipated expenses or a business loan, Keystone Bank presents a financing solution that will help you expand your activities.

Borrowers can quickly access funds through Keystone Bank’s quick and simple loan application process, making them a trustworthy partner for people in need of financial assistance.