Standard Bank personal loans are available to people who are formally employed and in possession of a South African ID or permanent residence status.
In order to apply for a personal loan from Standard Bank you have to earn a minimum gross monthly income of R1000 and be aged between 18 and 65.
Standard Bank personal loans range from R1000 to R40 000 and the amount you qualify to borrow from Standard Bank will depend on your personal credit profile.
Standard Bank personal loans have their repayments fixed for the duration of the loan which means you will not be affected by interest rates. The minimum loan repayment term with Standard Bank is nine months, the maximum is 42 months.
Standard Bank personal loans need to paid via debit order and in accordance with your salary. That means if you get paid whether you get paid fortnightly, weekly or monthly, your Standard Bank personal loans instalment will be deducted whenever you get paid.
The repayment term of Standard Bank personal loans can be shortened by depositing more than the minimum instalment.
Standard Bank personal loans require you take out credit life insurance along with your loan and Standard Bank does offer a debt protection plan which will cover you in case of death, disability and retrenchment.
This premium will be included in your personal loan instalment calculation.
The interest rate of your personal loan with Standard Bank will depend on your credit risk profile.
If you would like to apply for Standard Bank personal loans, visit your nearest Standard Bank branch.
You will need the following documents in order to apply for Standard Bank personal loans:
- Your South African ID
- A pay slip that is no older than 60 days (fortnightly and weekly earners, will need to produce month worth of payslips)
- Two months bank statements, if you do not bank with Standard Bank.
- Proof of your physical address in the form of a utility bill, store account bill, cell phone bill or a lease agreement. This is to comply with FICA requirements, if the personal loan amount is more than R15000.00
