Standard Bank is one of the best banks in South Africa Subsidiary, which has some great strategies to top up your finance, especially for making a big purchase. They offer flexible personal loans with competitively low-interest rates that customers can use for any purpose. Whether it is debt consolidation, ceremonial functions, vacations, house renovation, buying a dream car, or anything else, Standard Bank provides instant loans like Standard Bank Personal Loans with convenient payment options. If you want to get a loan from Standard bank, there are few requirements to get approved. Here in this article, we have breakdown all the features and conditions of Standard Bank Personal Loan to get a better idea of how to apply. Let’s take a quick look.
Requirement of Standard Bank Personal Loans:
To avail of a personal loan at Standard Bank, customers need to be age 18 or over. Applicants must be a South Africa resident and have a good credit score. Customers also need to have a permanent source of income for easy repayment of loans. You need to provide your proof of residence as well as proof of income that cannot be older than three months. As they are providing a large sum of money, customers must have to fulfill these requirements. If, in any case, you fail to fulfill any requirement, you might not be eligible to get a loan.
Features of Personal Loans:
Standard Bank offers personal loans ranges from R3,000 to R3,00,000 with a flexible repayment term of over 12 to 7 months. They offer loans with fixed interest rates, which means your monthly payments remain the same throughout the loan terms. Their maximum interest rate for your loan can be 24.5% which is still lower than most competitive lenders and customers like it.
Plus, if you don’t bank with Standard Bank, they provide a discount of 2% on your interest rate if you transfer your account to Standard bank, an additional 1% discount for transferring salary. They also charge an additional service fee of R69 for all loans + initiation fee range from R419.75 up to R1207.50.
They also have a personal loan calculator on the website that does the math for customers. It provides an estimate of interest rate, monthly payments, and total repayable amount for the desired amount of money you want to borrow. But off-source, the final interest depends on customer financial circumstances, expenditure, and credit score.
As a representative example: Suppose you borrow an amount of R30,000 over a loan term of 3 years. Your interest rate for this amount will be 24.50%. Your monthly payments will be R1423, with a total amount payable of R51,228.
Securing a personal loan from Standard Bank is dramatically fast and easy. Customers can apply for a personal loan online via Internet Banking or our Banking App. If you get approved, they will transfer the cash immediately to your bank account. Moreover, there are no early termination fees if you choose to pay off your Term Loan earlier than the agreement.