See How to Apply for the Standard Bank Personal Loan

What to know before applying?

Standard Bank offers personal loans for a variety of needs in South Africa, providing plans of up to R300,000 with repayment terms of up to 72 or 84 months.

Standard Bank is a comprehensive player in the South African market, with decades of experience operating in more than 38 countries, 18 of which are on the African continent.

Among the bank’s financial services are accounts for individuals and businesses, as well as investments and credit cards.

One of the options for the country is personal loans, which come with UCount rewards, flexible terms, and personalized interest rates.

The exact conditions of the loan depend on the specific use of the funds as Standard Bank categorizes different types of personal loans.

Here are the types of loans offered by the bank:

• Solar Loan: for purchasing a solar energy system, with Prime + 2.5% interest, up to R350,000.
• Term Loan: available for any situation, with 12 to 84 months for repayment, ranging from R500 to R300,000, with personalized interest rates.
• Revolving Loan: loans available periodically as needed, with 12 to 72 months for repayment.

Standard Bank also offers overdraft plans up to R250,000 with personalized rates and secured loans, providing various forms of credit.

The bank also charges an origination fee ranging from R200 to R1,200, along with a monthly fee of R69.

Who can Apply?

To access credit, you must be at least 18 years old and properly registered in the country. For foreigners, a passport with a valid work visa for South Africa is required.

Each type of credit has its own income requirements:

• Solar Loan: income starting from R8,000.
• Term Loan: income starting from R3,000.
• Revolving Loan: income starting from R8,000.
• Overdraft: income starting from R8,000.

Standard Bank also conducts a full credit profile check on loan applicants.

How do I Apply for the Standard Bank Personal Loans?

The Standard Bank personal loans platform offers an “Am I Eligible?” button, specifically for receiving applications online.

After clicking the button, you will have access to an application form. To fill it out, you need to provide the following information:

• Full name, South African identity number, phone number, gross monthly income, and total monthly expenses.

After submitting your information, the bank will perform a verification process to understand your credit options and make an offer.

After the application form is submitted, the bank’s team will contact you to guide you through the next steps.

All agreements and terms will depend on the signing of the contract, as well as the interest rate that was previously presented.

If you receive a response, you may be required to submit documents such as a copy of your South African identity, proof of income, and proof of residence.

You can also address any questions through the bank’s other customer service channels.

More Details

Standard Bank offers a loan calculator to help borrowers perform a complete check of their credit options. Directly on the platform, you can enter the loan amount and the loan term in months.

Once the calculations are done, you will have a complete overview of the amounts you will need to pay, including the first repayment date and other details like interest rates and monthly fees.

You can also repay the loan using UCount points. Standard Bank cards offer UCount points that can be used for loan repayments.

Overall, Standard Bank provides flexible personal loans, offering amounts starting from R500 to meet a wide range of needs for the South African public.

Want to learn another option?

Sanlam is another company in the South African context that offers highly competitive personal loan plans in the market, with options of up to R300,000.

Additionally, it provides increments of R1,000, fixed rates, up to 10% in Wealth Bonus, up to 6 years to repay, and customer support. See how to apply.

Written by

Gabriel Gonçalves