Products & Offers

Stanbic Bank Loan Repayment Holiday - Personal Loan

Dear Customer,

As a Bank, we recognize that we are collectively affected by the Coronavirus pandemic (COVID-19) developments. We strive to put in place contingency plans to avoid potential disruptions of services for our customers. 

Following directives in a statement dated 18th March 2020 by the Central Bank of Kenya, the Bank has put measures in place in order to elevate the adverse economic effects our customers may face from the Coronavirus pandemic (COVID-19). 

We will be giving you a repayment holiday on your Unsecured Personal Stanbic Bank loan facilities if your loan instalment falls due between 1ST April 2020 and 30th April 2020, both days inclusive.

How does it work?

• The Bank will defer your April 2020 facility(ies) payment instalment(s) by extending the maturity of your loan by an additional one 1 month.

• Subsequent instalments remain unchanged. Your normal instalment payment(s) will resume in May 2020. Take note however that the applicable monthly insurance premium (retrenchment cover premium and any other insurance premium applicable to the loan will still be collected from your account as scheduled). It is therefore your responsibility to ensure that your account is sufficiently funded when the premium falls due.

• This loan repayment holiday will only apply to Kenya Shillings facilities.

• The interest on the outstanding principal will continue to accrue during the repayment holiday period. The accrued amount will be recapitalized into the outstanding loan and paid over the life of the loan.

 To access this repayment holiday, this is what you need to do:

• Send an SMS to 22208 that reads “YES RH” from the number you have registered on

mobile banking; OR

• Reply “YES RH” to the email sent to your mail box from Stanbic Bank ([email protected]) on or before 30th March 2020.

All other terms and conditions stipulated in your respective facility letter(s) remain unchanged and continue to be of full force and effect together with the Bank’s General Terms and Conditions. In the event of any ambiguity arising or conflict existing between the provisions of this notice and those of the facility letter(s), the provisions of the facility letter (s) and the Bank’s General Terms and Conditions shall prevail.

 

Frequently Asked Questions

1. What is a loan repayment holiday?

A loan repayment holiday is an offer that Stanbic Bank has extended to selected customers exempting them from their monthly loan repayments falling due between 1st April 2020 to 30th April 2020, both days inclusive.

2. How do I know if I have been pre-selected for the repayment holiday?

• You will receive an official communication from the Bank using the number you have registered on mobile banking or an email advising you of the offer.

3. Does this loan repayment holiday increase my future repayment amount?

• No. Your loan repayment amount remains unchanged.

4. Which loans does this offer apply to?

• Unsecured Personal Loans

5. Which parts of the loan will be exempted in this offer?

• Principal and Interest.

6. Does this loan repayment holiday include insurance premiums (retrenchment and Life covers) embedded on your loan as well?

• No. Please ensure your account is sufficiently funded for this.

7. What happens if I respond after 30th March 2020?

• This offer is limited to that fixed expiry date and your request will not be considered thereafter. If you do not opt in to the offer, please ensure that your account is sufficiently funded to meet your scheduled loan repayment.

8. How long will this offer run for?

• This offer is only valid for the selected loans falling due between 1st April 2020 and 30th April 2020, both days inclusive, and for those who will have responded by 30th March 2020.

 

Stanbic Bank Loan Repayment Holiday - Business Term Loan

Dear Customer,

As a Bank, we recognize that we are collectively affected by the Coronavirus pandemic (COVID-19) developments. We strive to put in place contingency plans to avoid potential disruptions of services for our customers.

Following directives in a statement dated 18th March 2020 by the Central Bank of Kenya, the Bank has put measures in place in order to elevate the adverse economic effects our customers may face from the Coronavirus pandemic (COVID-19).

 We will be giving you a repayment holiday on your Term loan facilities if your loan instalment falls due between 1st April  2020 and 30th April 2020, both days inclusive.

How does it work?

• The Bank will defer your April 2020 facility(ies) payment instalment(s) by extending the maturity of your loan by an additional 3 months.

• Subsequent instalments remain unchanged. Your normal instalment payment(s) will resume in July 2020. Take note however that the applicable monthly insurance premium ( Insurance premium applicable to the loan will still be collected from your account as scheduled). It is therefore your responsibility to ensure that your account is sufficiently funded when the premium falls due.

• This loan repayment holiday will only apply to Kenya Shillings facilities.

• The interest on the outstanding principal will continue to accrue during the repayment holiday period. The accrued amount will be recapitalized into the outstanding loan and paid over the life of the loan.

To access this repayment holiday, this is what you need to do:

• Send an SMS to 22208 that reads “YES RH” from the number you have registered on

mobile banking; OR

• Reply “YES RH” to the email sent to your mail box from Stanbic Bank

([email protected])

on or before 30th March 2020.

All other terms and conditions stipulated in your respective facility letter(s) remain unchanged and continue to be of full force and effect together with the Bank’s General Terms and Conditions. In the event of any ambiguity arising or conflict existing between the provisions of this notice and those of the facility letter(s), the provisions of the facility letter (s) and the Bank’s General Terms and Conditions shall prevail.


Frequently Asked Questions

1. What is a loan repayment holiday?

A loan repayment holiday is an offer that Stanbic Bank has extended to selected customers exempting them from their monthly loan repayments falling due between 1st April 2020 to 30th April 2020, both days inclusive.

2. How do I know if I have been pre-selected for the repayment holiday?

• You will receive an official communication from the Bank using the number you have registered on mobile banking or an email advising you of the offer.

3. Does this loan repayment holiday increase my future repayment amount?

• No. Your loan repayment amount remains unchanged.

4. Which loans does this offer apply to?

• Business Revolving Term Loans

5. Which parts of the loan will be exempted in this offer?

• Principal and Interest.

6. Does this loan repayment holiday include insurance premiums embedded on your loan as well?

• No. Please ensure your account is sufficiently funded for this.

7. What happens if I respond after 30th March 2020?

• This offer is limited to that fixed expiry date and your request will not be considered thereafter. If you do not opt in to the offer, please ensure that your account is sufficiently funded to meet your scheduled loan repayment.

8. How long will this offer run for?

• This offer is only valid for the selected loans falling due between 1st April 2020 and 30th April  2020, both days inclusive, and for those who will have responded by 30th March 2020.

Stanbic Bank Asset Finance Loan Repayment Break

Dear Customer,

 As a Bank, we recognize that we are collectively affected by the Coronavirus pandemic (COVID-19) developments. We strive to put in place contingency plans to avoid potential disruptions of services for our customers.

 Following directives in a statement dated 18th March 2020 by the Central Bank of Kenya, Stanbic Bank has put measures in place to alleviate the adverse economic effects our customers may face from the Coronavirus pandemic (COVID-19).

 We shall provide you with a repayment break on your Stanbic Bank Asset Finance loan facilities as guided below:

All Stanbic customers that are salaried – a 30-days (1 month) repayment break (moratorium) on both principal and interest.

All Stanbic customers that are not salaried - a 90 days (3 months) repayment break (moratorium) on both principal and interest.


How does it work?

The Bank will defer your payment instalment(s) by extending the maturity of your loan by the period of your repayment break i.e. 1 and 3 months for salaried and non-salaried customers respectively.

Subsequent instalments remain unchanged. Your normal instalment payment(s) will resume in May and July 2020 for salaried and non-salaried customers respectively. Take note however that the applicable monthly insurance premium applicable to the loan will still be collected from your account as scheduled). It is therefore your responsibility to ensure that your account is sufficiently funded when the premium falls due.

This loan repayment break applies to both Kenya Shillings and foreign currency facilities.

The interest on the outstanding principal will continue to accrue during the repayment break period. The accrued amount will be redistributed within the repayment scheduled for the subsequent months. You will be able to see this impact on your new repayment schedule.

To enjoy this repayment break;

  1. Send an SMS to 22208 that reads “YES RH” from the number you have registered on mobile banking; OR
  2. Reply “YES RH” to the email sent to your mail box from Stanbic Bank ([email protected]) on or before 30th March 2020.

All other terms and conditions stipulated in your respective facility letter (s) remain unchanged and continue to be of full force and effect together with the Bank’s General Terms and Conditions. In the event of any ambiguity arising or conflict existing between the provisions of this notice and those of the facility letter (s), the provisions of the facility letter (s) and the Bank’s General Terms and Conditions shall prevail.

 

Frequently Asked Questions

1. What is a loan repayment break?

A loan repayment break is an offer that Stanbic Bank has extended to selected customers exempting them from their monthly loan repayments falling due between 1st April 2020 to 30th June 2020, both days inclusive.

 2. How do I know if I have been pre-selected for the repayment break?

You will receive an official communication from the Bank using the number you have registered on mobile banking or an email advising you of the offer.

 

3. Does this loan repayment break increase my future repayment amount?

No. Your loan repayment amount remains unchanged.

 

4. Which loans does this offer apply to?

All Asset Finance loans.

 5. Which parts of the loan will be exempted in this offer?

Principal and Interest.

 6. Does this loan repayment break include insurance premiums (Motor, domestic, retrenchment and Life covers) embedded on your loan as well?

No. Ensure your account is sufficiently funded for this.

 7. What happens if I respond after 30th March 2020?

This offer is limited to that fixed expiry date and your request will not be considered thereafter. If you do not opt in to the offer, please ensure that your account is sufficiently funded to meet your scheduled loan repayment.

 8. How long will this offer run for?

This offer is only valid for the selected loans falling due between 1st April 2020 and 30th June 2020, both days inclusive, and for those who will have responded by 30th March 2020.

 9. How do I get my new repayment schedule to see impact of this repayment holiday on my loan

You can request for your repayment schedule either through your respective Relationship Manager, writing to our Customer Service or visiting your nearest Stanbic Bank Branch


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