MTN Device Financing Loan with Sterling Bank, See All You Need to Know

MTN device financing loan is a welcome development coming from MTN Nigeria, as it allows the less advantaged citizens to have access to any smartphone of their choice under the idea of device financing. The good news is that beneficiaries have the advantage of paying back the loan bits, at a stipulated period of time. Read on, and see all you need to know about the MTN device financing loan.

MTN Nigeria, in partnership with PayJoy and Sterling Bank, recently launched the MTN device financing Pay Small Small loan. With this new innovation, customers are giving access to loans that enables them to buy smartphones of their choice and payback on installments within a stipulated period.

This actually means that you do not need to have a huge amount of money in order to use your dream phone, no matter the price. You can simply enjoy the MTN device financing loan and pay small every month for the smartphone of your choice. You can pay as low as N7,500 per month for the phone of your choice by simply walking to any MTN experience center in all parts of Nigeria, through loans financing by Sterling Bank.

Also read: How To Get Loan and Pay Back Using Etisalat KwikCash

Requirements to be a Partaker of the MTN device financing loan

Simply open an account with Sterling Bank, and they will pay the loan in any of the 14 MTN experience centers in Nigeria. Then you have to provide access to 3 months’ bank statements from your most active account in any bank.

Who can partake in the MTN device financing loan?

MTN device financing loan is open to all customers in Nigeria, which includes both students and non-students.

Note: Once your account is open, you will have access to credit loans ranging from N25,000 to N400,000, which you can use to purchase any phone available. You will have to pay back the loan within the agreed period of time which ranges from two to six months and has an interest of 18%, and an insurance premium of 4%.

Also read: ALAT By WEMA Bank: Nigeria’s First Digital Banking Service

MTN and PayJoy

The MTN device financing loan scheme is secured and powered by PayJoy, a risk management tool that ensures the device is taken without payment, should the customer default on his payment.

After a 7-day grace period, the device would be locked; PayJoy is a firmware for locking and unlocking the device for the period given based on the duration of the loan.

If Customers do not pay after the grace period, Sterling bank can then activate its tokenization service to debit the account of the customer provided during registration

You will also enjoy other benefits like free 2GB data every month, MPulse, MTN Music Plus and so on.