Standard Bank Personal Loan is a loan facility targeted at individuals above the age of 18 with a monthly income of R3000.00 and above. The interest rate is personalised, with an average at 24.50%. The loan amount starts from R3000.00 to R300000.00. Repayment is up to 72 months.
Getting a Standard Bank Personal loan is not that difficult. You need to understand their loan offerings and apply for one that suit your needs.
Standard bank offers two types of personal loans. These loans are different and are used for different reasons.
Standard Bank has some of the most sought after Personal Loans in South Africa. And if you are in need of Business loans it has that facility as well. However, in the interim we will dive deep into Standard Bank’s personal loan offering.
Before deciding on a loan, you must think hard and long about it and weigh your options. There are many options you may take into consideration, You may discover that getting a Standard Bank credit card is much better than applying for a personal loan.
Standard Bank offers term loans and revolving loans to both customers and non-customers.
Standard bank loans comes with uCount rewards and a personalized interest rate. If you are a good creditor who pay loan installments on or before due date, your interest rate is will be lower.
Term loan is a loan with a set of scheduled payments lasting over a certain period of time. This type of loans have a time factor and are usually paid off within 72 months.
Term loans have equal payment intervals meaning installments are paid every month until the loan and interest is settled.
Revolving loans are more flexible loans that allow the borrower to withdraw, repay, and withdraw again. The lender gives the borrower a facility which he maintains through constant repayments. Generally, revolving loans have higher interest rates.
Revolving loans are ideal for emergencies.
Standard bank term loan is one of the most popular personal loans in South Africa.
Depending on how you use your term loan you can earn standard bank uCount rewards. It also comes with Term loan insurance insurance, which insure for unforseen events like death, retrenchment and disability.
Standard bank term loan comes with great perks. The application process is fast and easy. Application can be done and finalized online without going to a Standard Bank branch. Furthermore, it doesn’t require any collateral.
Word of Caution: Avoid late payments and make arrangements to ensure that the bank doesn’t add any interest on your loan.
Standard bank revolving loan offers flexibility in repayment periods. You get to choose the period of repayment. However, the total amount of credit that can be borrowed is completely set by standard bank. It is up to you as a customer to choose the amount you want but it can not exceed the total amount you are eligible for .
Having access to a revolving loan is a good way to stay liquid but this loan come with high interest rate compared to traditional loans.
It is a good option to have considering that life is full of uncertainties. You can use your revolving loan for seasonal purchases like fixing your vehicle or house. If you use it on luxury items it can be bad and uneasy to repay. You need to be conscious of how you use this type of loan.
Additional Links to check out: