How to Apply and Get EZ Cash Loan

We cannot examine the EZ Cash loan without mentioning Stanbic IBTC Bank. Stanbic IBTC Bank is a member of Standard Bank, and it provides innovative banking solutions to individuals and businesses in over twenty (20) countries across the globe. 

The services of Stanbic IBTC include wealth management, asset finance, national and domiciliary accounts, vehicle finance, pension management, trustee and advisory services, personal loans, home loans, SME loans, and the EZ Cash loan. 

Stanbic IBTC’s EZ cash loan is a system by which Stanbic IBTC provides instant cash loans to meet the urgent needs of its customers. Want to know more about this loan and how to successfully apply? Then you’re in the right place. Let’s explore. 

About EZ Cash Loan

EZ cash loan is an instant cash solution provided by Stanbic IBTC Bank. It provides loans of N20,000 and above, albeit only to account holders at Stanbic IBTC Bank. 

The EZ cash loan interest rate is 3.2% monthly, payable within 24 months max. Other charges on the platform include 1% Management fee, 0.05% Value Added Tax (VAT) and 0.35% insurance fee.

The EZ cash loan limit is N7,500,000. You can access the loan as many times as possible if you have not exceeded this limit. The cash is disbursed instantly and no documentation is required. 

Also read: Update on NIRSAL Loan: Application Procedure, Requirements and How to Check with BVN

How to Apply for EZ Cash Loan and Get it

Just as the name implies, the application for the loan is easy. It is free, fast and convenient. But it goes beyond applying, right? You want to apply tactically so you are sure of getting it. Below are guiding steps to ensure you secure the loan:

Step 1 – Check Your Eligibility  

EZ Cash Loan is a special service available only to Stanbic IBTC account holders. Other criteria must also be fulfilled before an applicant is considered eligible for the loan. So before you start the application process, ensure you pass the eligibility test. If you tick the following boxes, then you are 100% eligible to apply: 

• You have an active Stanbic IBTC account that is at least a year old
• You do not have a track record of dud cheques
• You are at least 18 years old at the time of application 
• You are not older than 59 years at the time of application
• You have a high credit score 

You can also use a loan calculator to determine if you would be able to afford the EZ cash loan interest rate. It’s loan interest rate is 3.2% per month, and your maximum repayment term is 24 months.

Considering the other service charges, can you comfortably afford the interest rate of this loan without straining your finances? If it would be a tough one, then you should step back here. But if the interest rate has nothing on your budget, then let’s proceed to the second step.

Also read: Best Loan Apps with Low Interest Rate in Nigeria

Step 2: Prepare the Application Documents 

Preparation before application cannot be overemphasized. It gives speed and ease to your application process. If your documents are all over the place, you may lose focus or even lose interest during the application process. But if they are organised, you would not be caught unawares when requested to submit any document. 

So, below are the relevant documents for the loan application: 

• Proof of a regular stream of income, such as a bank statement, recent pay slip, or tax clearance certificate
• Proof of age (18 years or older at the time of application, but below 59 years)
• National Identity Number or any other means of identification 
• A valid mobile number and email address
• Proof of residency in Nigeria 
• Stanbic IBTC account number 
• Bank verification number

Step 3: Apply Online 

You can apply for an EZ cash loan digitally or in person. There are three ways to apply digitally, thus:

Apply with USSD: 

• Dial *909# and accept the service charge
• On the main menu, select option 8, “EZ Cash” 
• Select Option 2, “Request EZ Cash” 
• Follow the next prompts and fill in the requested details 
• If your information is accurate, you will receive an SMS stating that your loan has been approved 
• You will be sent the Terms of Service, which include the EZ cash loan interest rate, repayment term, service charges and more. Accept it if you are fine with these terms of engagement 
• Wait for disbursement.

Apply on the Stanbic IBTC App:

• Download the Stanbic IBTC mobile app on the Google Play Store, Apple App Store or Huawei App Gallery 
• Open the app and log in or register
• On the home page, select “Request EZ Cash.”
• Tender the information and documents required 
• Await verification 
• If your loan is approved, you will be sent the Terms of Service, which includes the EZ cash loan interest rate, repayment term, access to your account, and more. If you are fine with it, click “Accept”
• Await immediate disbursement. 

Also read: Top 10 Online Banking Apps in Nigeria

Apply on the Stanbic IBTC Website:

• Head to www.stanbicibtcbank.com
• On the home page, select “Get Instant Loan with EZ cash” 
• Enter your account number and mobile number 
• Fill in other information as required on the application form
• Upload relevant documents 
• Await verification 
• If your loan is approved, you will be sent the Terms of Service, which includes the EZ cash loan interest rate, repayment term, access to your account, and more. If you are fine with it, click “Accept”
• Await immediate disbursement. 

Finally, you can apply for EZ cash loan at a bank branch. Click here to locate the nearest bank branch to you.

Remember that the EZ cash loan limit is N7,500,000 only and you cannot apply for anything beyond that, even for your business. If you encounter challenges during your application process, you can seek assistance from the Stanbic IBTC 24/7 customer support unit. Contact them on 0700 909 909 909. You can also send them an email at CustomerCareNigeria@stanbicibtc.com

How to Repay EZ Cash Loan

The conditions for repaying a Stanbic IBTC loan are almost the same as making the request for a loan from the bank in itself. Here’s a full guide to how one can go about it.

1: Pay the amount to be repaid, or even in excess of that amount, into your Stanbic IBTC account.

2: For better comprehension, consult your account officer for the necessary advice, following the directive of the bank.

3: Repay the amount of loan along with the interest rate that has been calculated by the bank so that the account remains clear of debt.

4: Get the NoC or the loan clearance or payment receipt from your bank branch with regard to the complete repayment of your loan. 

Apply These Tricks to Guarantee Getting the EZ Cash Loan

Now let’s consider the steps you should take to improve your chances of securing the loan:

• Maintain a good credit history. EZ cash loan gives preference to customers whose credit records are barely scarred. 
• Maintain an active Stanbic IBTC account for one year before you key into the EZ cash loan.
• Consider your monthly income before you input the amount you wish to loan. This is because Stanbic IBTC will check your monthly income across all your banks. If your Debt-to-income ratio is poor, you would likely not secure a loan for a lump sum. But if you request a reasonable amount that you can repay from your source of income, your loan will be approved. 
• If you are tendering a payslip as proof of income, ensure it’s your latest payslip. For instance, if you make your application in early June; before payday; the payslip you should tender is that of May. If you make your application in late June, after payday, the payslip you should tender is that of June. This boosts your chances of getting the loan.

Also read: 8 Illegal Digital Loan Companies in Nigeria You Should Avoid

Frequently Asked Questions 

EZ Cash Equals EZ Life  

Stanbic IBTC Bank assures its customers that they will meet everyone’s banking needs in secure and personalised ways. EZ cash loan is one way by which they keep to this promise. 

The loan was designed with customers’ emergencies in mind. It’s a more than welcome development for Nigerians. We sure hope that your application pulls through as well and that the loan meets you right at the point of your need, making your life “EZ-ier.”

Follow us for more on

X or Twitter, @SiliconAfriTech.

Facebook at Silicon Africa

Instagram at Siliconafricatech  

Reference

• vtu.ng – EZ loan By Stanbic IBTC (New Requirement, USSD Code and App)
• ezcash.stanbicibtc.com – Stanbic IBTC Loan

Recommendations

• Sunshine Loans in South Africa: How to Apply and Get it
• How to Qualify for Capfin Loan
• How to Apply for Flypay Loan
• How to Qualify for a Capitec Bank Temporary Loan