How to apply for Standard Bank’s Personal Loan
Learn everything you must comply with to be approved for one of the best personal loans you can find in South Africa, and borrow up to R300.000!
As you could see, Standard Bank is offering an ideal personal loan option for customers who cannot afford a collateral asset and are still looking for a fast-funding bank.
Borrowing up to R300.000 under the Standard Bank eligibility criteria isn’t absurd and can be met by most clients.
Standard Bank Personal Loan
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Check out below all the requirements you must meet in order to apply for Standard Bank’s personal loan.
Who can apply?
Standard Bank has some fairly strict requirements for personal loan applicants, and most of them have to do with the borrower’s income.
As of today, Standard Bank requires a minimum monthly income of R3000 in order to grant a R300,000 personal loan to its applicants.
It also requires you to be at least 18 years old and live in South Africa either as a citizen or a permanent resident.
It is also worth mentioning that Standard Bank will require proof of income, proof of residence, and your ID during the application process.
How can I apply?
Once you have met the eligibility criteria and have an active account with Standard Bank, you can apply for a personal loan either online or in person at one of the bank’s branches.
If you prefer to apply online, follow these simple steps:
- Visit the Standard Bank’s website.
- Click on the “Personal” tab on the upper menu.
- Click on the “I need a loan” option.
- Select the “Term Loan” option;
- Click on the “Do I Qualify” window.
- Fill out the required information.
- Click on the “Submit” button.
After you have submitted your application, Standard Bank will review and process your loan request. If approved, the bank will require some additional documentation.
After the process has been completed, you will receive your funds within a few business days.
Looking for a lower-interest personal loan? Then check out Absa’s 13.5% APR options!
Absa Bank’s personal loans are designed to suit your specific needs and can be used for a range of purposes such as paying off debts, medical bills, education costs, going on a holiday, and more.
The loan is unsecured but still allows you to borrow any amount from R350 to R350,000, with rates usually starting at 13.5% APR.
At the same time, the repayment terms range from 12 to 84 months, giving you the flexibility to choose a repayment plan that works for you.
Why go with Absa?
Absa Bank’s personal loans come with various benefits, such as no early payment fees, allowing you to pay off the loan early without any penalty charges.
You can also use Absa’s personal loan calculator on their website to estimate your monthly payment amount based on your preferred repayment terms.
Absa’s Loan Insurance can help cover your monthly installments if you experience a sudden loss of income, disability, critical or terminal illness, or death.
Other advantages include:
- quick and easy application process
- No collateral is required.
- Flexible repayment terms
- Competitive interest rates
Lastly, Absa Bank offers a rewards program called Absa Rewards, which provides cashback rewards for using Absa Bank’s products and services.
How do I apply?
Got interested in Absa’s personal loans? Then tap the green button and learn all the requirements you must meet before applying.