Standard Bank’s Personal Loan Full Review
Get in touch with one of the easier-to-approve personal loans in South Africa. Get the money you need quickly and pay off your debts!
You are about to meet an unsecured personal loan with the most competitive interest rate on the market.
Standard Bank is offering loans up to R300,000 for their new customers and still allows the repayment to be done over 6 years, depending on what works best for you.
Check out the major advantages, discounts, fees, and everything else you need to know about Standard Bank’s personal loans.
Who is Standard Bank?
Standard Bank is a leading financial institution that has been providing banking and financial services to customers in many African countries since 1862.
With over 150 years in business, they have grown to become one of the largest banks on the continent, offering a range of products and services.
As of today, the main services offered by Standard Bank include personal and business banking, investment and wealth management, insurance, loans, and corporate and investment banking.
How do Standard Bank’s personal loans work?
Also known as a “term loan, Standard Bank’s personal loans are unsecured, which means that borrowers do not need to put up any collateral, such as a vehicle or a house, to secure the loan.
This can be a great option for borrowers who do not have any assets to back up their loans.
Within Standard Bank, clients can take out personal loans for amounts ranging from R1,000 to R300,000, with repayment terms ranging anywhere from 12 months to five years.
Still, Standard Bank’s has a fairly high interest rate for an unsecured personal loan, with rates averaging at 20% APR.
The main advantages
Besides its high amounts and longer terms, Standard Bank offers several other advantages, including a complete online application process.
Standard Bank’s personal loans also do not have an early termination fee. That means you won’t have to pay any extra charges if you decide to pay off a loan before its term ends.
It is also important to mention that Standard Bank offers credit insurance for its borrowers.
This insurance provides financial protection and can cancel your debt in case you’re unable to make your loan payments due to unforeseen circumstances, such as job loss or illness.
Some other benefits of a Standard Bank personal loan include:
- personalized interest rate
- Fixed monthly payments
- No prepayment fees
Finally, but not least, Standard Bank also has a reward program in which you can win points for paying your monthly installments on time.
Those points can be converted into the bank’s investments, used to reduce your term loan payments, get discounts on associated brands and gas stations, or even be used to make a donation to a charity.
As with many other financial services, Standard Bank does have a few drawbacks, so it is important to consider the potential drawbacks before applying.
One of the main drawbacks is the fees associated with the loan, since Standard Bank will charge you an initiation fee and monthly service fees.
As of today, Standard Bank charges a service fee of R69 per month and an initiation fee of R1,207 for a R300,000 personal loan.
It is important to notice that the initiation fee will only be charged once, at the beginning of the loan.
Learn how to apply right away!
With all of its advantages, Standard Bank’s personal loan is a great option for customers looking for high-quality, quick, and unsecured funding.
Interested? Tap on the green button below to check out how to apply for Standard Bank’s personal loan online.