Drive or Upgrade Big!

This product is available to confirmed salaried employees whose salaries are domiciled with Sterling Bank. You must have received at least two consecutive months’ salary in your Sterling account and meet the bank’s credit requirements.

You can finance brand-new vehicles, second-hand vehicles (not older than 10 years), and household gadgets or appliances such as phones, TVs, fridges, washing machines, etc.

You can access up to:

• ₦60 million for brand-new vehicles
• ₦40 million for second-hand vehicles
• ₦4 million for home appliances and gadgets

• Up to 48 months for brand-new vehicles
• Up to 36 months for second-hand vehicles
• Up to 12 months for gadgets and home appliances

Yes. You are required to contribute:

• 20% equity for brand-new cars, gadgets, and appliances
• 30% equity for second-hand cars

The current interest rate is 39% per annum, subject to review based on market conditions.

The bank pays the approved vendor directly after all documentation is verified and approved.

You must notify the Bank immediately. If you fail to do so, it may be treated as a breach of contract, and full repayment of the outstanding balance may be required.

Yes. Comprehensive insurance is mandatory and must be maintained throughout the loan tenor. The asset will be insured under the bank’s insurance partner, with Sterling Bank listed as the first loss payee.

Yes, early repayment is allowed. You can pay off your loan before the scheduled end date without penalties. Please contact your Relationship Manager for settlement details.