Standard Bank allows customers to take Standard Bank Personal Loans from R3,000 to R300,000 and flexible installments of 12-72 months. They offer loan along with fees are R69 per month for all loans.
Standard Bank provides fast cash with flexible installment loans in South Africa. It recognizes the need for their customers to get lifted financially when their savings cannot fill the gap. The bank has different credit products to lend to different customers.
They also offer credit options for loans that do not fall within vehicle, finance, and mortgage. Some of the credits offered include Standard Bank Personal Loan, overdrafts, student loans, managing your debts, vehicle and asset finance, pension backed loans, and home loans.
Standard Bank Personal Loans
Standard Bank allows its clients to take individual loans from R3,000 to R300,000. They have fixed monthly installments. Their online credit calculator determines the amount to pay each month, interest rate, and repayment period depending on the amount of money borrowed. The interest rate ranges between 7.75% and 24.5%. The application process is easy and fast.
Borrowers will first fill in the necessary documents and formalities before accessing the application form and applying for loan. The benefits of the bank’s individual credit include competitive interest loans compared to other Africa loans, fixed monthly installments, no early termination fees, and flexible installments of 12-72 months.
As a representative example, repayments of a loan of R30 000 over 36 months at an interest rate of 24.50% would be R1 423 per month. It is easy to apply online via internet banking or banking app.
Standard Bank Overdraft Loan
Customers are allowed to load an overdraft facility to their account if they incur additional expenses from time to time. The minimum and maximum amount of overdraft offered is determined by the bank depending on the account holder’s financial reports and the National Credit Act. However, customers have to be earning a minimum monthly income of R8,000 to qualify.
Overdrafts of over R500 are charged for monthly service fees. There are no monthly repayments required since the overdraft is paid off once clients monthly income is deposited in their bank. Interest is paid depending on the amount of money borrower has used thus a fixed figure is unavailable. The bank links customer interest rate to prime to save their money when prime rates drop. Customers can also insure their overdraft against disability, disease, or death.
Standard Bank Student Loan
Student loans are offered to people who have finished school and would like to finance their university education. All payments are made directly to borrowers school accounts. For students studying part-time, they are allowed to sign for credit and pay in monthly installments. Full-time students are required to pay interests only while studying and to pay the rest of the money after graduating.
The minimum and maximum amounts offered depends on the amount of school fees borrowers has to pay. The interest rates cannot be quoted since the personal loan is subject to variation. Standard bank gives grace period for graduates in case they take a while to find a job.