You could need a business loan, travel loan, consolidation loan or even a car loan depending on your financial situation. However, you must ensure you have a good credit score in order to qualify for any loan. Unforeseen circumstances could make you need money urgently. Typically, this is what could come from a medical or business emergency, or need to fund a specific project. Standard bank loans offer you a wide range of loan options to fit your needs and circumstances. We will discuss how Standard Bank loans work as we go on in this article.
About Standard Bank
Standard bank is a deeply rooted financial service provider. They’ve been serving and supporting their clients, employees, and communities for over 156 years now. With a presence in 20 African countries and key global markets, their differentiator is their long-term efficiency and commitment to Africa.
What is the minimum and maximum loan amount that Standard Bank offers?
Before applying for a loan of any kind, it is important to know and understand the basic terms to make efficient decisions. Standard bank offers a minimum loan amount of R3,000. Whereas their maximum loan amount is R300,000.
The NCA regulates Interest rate and other additional charges of banks in South Africa. However, the bank charges a one-off initial fee and service charge.
What are the requirements for Standard Bank loan?
To apply for a Standard Bank loan, every prospective applicant must have and be ready to provide to following documents;
- Your South Africa ID
- Latest payslip/s
- List of monthly expenses
- If you’re applying jointly, they require the above from all parties
- The Qualify Me Service is not available for home loans registered in the name of a business, juristic entity (trust), or self-employed
- For alternative loan solutions please call 0860 500 000 or visit your nearest branch.
Having all these documents readily available increases your chances of getting your loan application approved.
How can I apply for a Standard bank loan?
There are two application methods employed by Standard bank. They are;
- Online application: The online application doesn’t require a borrower to visit any branch of the financial provider. You can execute this application process from any location. Standard bank employs this method of application because of the advancement in technology. This application process involves either downloading the financial provider’s app, visiting their websites, and following the instruction.
- Offline application: The offline application process as the name implies requires the applicant to visit the nearest financial provider’s branch in person. This process also involves reaching out to the Standard bank stand by customer representative at 0860 500 000. The line is open between 8 am and 5 pm during the week.
What are the loan types Standard Bank offer?
Standard bank is one of the most efficient financial institutions in Africa. With over 156 years in service to the people, they offer a wide range of loan options. These loan options include;
- Personal loans
Do you need a personal loan to sort your needs and other financial obligations? Standard bank offers a great personal loan option that will help you solve your financial need.
- Student loans
Standard bank offers student loans any student in South Africa could consider. They have taken time to put an efficient program for student finance.
- Home loans
Standard bank home loan is available to provide you with a range of flexible options to make your dream home come true. With options suitable for everyone, whether you plan on becoming a homeowner, a home builder, or are already a homeowner.
- Business loans
Starting/continuing a business can be really tasking financially. Having considered the struggles in the lives of business owners, Standard bank has credited a loaning option for business owners in South Africa.
Be sure to know the rationale behind why you want to apply for a loan before applying. This ensures a fast and smooth loaning process.
Financial situations could arise and ultimately require emergency funding. You could take a travel loan to sort your travel needs or you could take any other form of loan. However, you wouldn’t like to experience any difficulty while applying for a loan. Or would like to be a victim of loan sharks. Also, the other thing you would never want to experience when you need money urgently is lacking a credit option. So, you’ll definitely appreciate a reliable lender in Standard bank loans. With all measures put in place, they set Standard bank loans to give you a memorable loan experience.