How to apply for your Standard Bank personal loan

When it comes to fulfilling your financial needs, Standard Bank offers three distinct types of personal loans tailored to suit your individual requirements. Each loan variant is designed to offer unique advantages to match your preferences and circumstances. 

Applying for these loans has been made hassle-free through their digital platforms, ensuring quick approval and efficient processing. Let’s delve into the specifics of each loan type and the simple steps to apply, continue reading: 

Advantages of Standard Bank personal loans

When considering your financial options, Standard Bank’s personal loans offer distinct advantages tailored to enhance your borrowing experience. 

– Effortless approval and quick quotes: Their digital application process ensures swift approvals and provides a personalized loan quote within minutes. This eliminates prolonged waiting times, enabling you to make informed decisions promptly.

– Tailored interest rates: With Standard Bank, your loan application doesn’t adhere to a one-size-fits-all approach. You benefit from interest rates personalized to match your financial circumstances, ensuring terms that align with your ability to repay.

– Flexible repayment terms: Customization is key, and Standard Bank personal loans offer the flexibility to select repayment terms that suit your comfort zone. Choose from a range of options spanning 12 to 72 months, ensuring your repayment plan harmonizes with your life goals.

– Steady monthly repayments and competitive rates: Experience the stability of fixed monthly repayment amounts, simplifying your budgeting process. Coupled with competitive interest rates, you can manage your loan with predictability and confidence.

– Streamlined process, saving time and money: Opting for a Standard Bank personal loan eliminates the need for frequent branch visits. Their online application process empowers you to initiate, manage, and monitor your loan journey from the convenience of your chosen digital device. 

The advantages of choosing a Standard Bank personal loan extend beyond mere financial support. They underscore their commitment to providing you with a borrowing experience prioritizing your convenience, financial goals, and peace of mind.

How to apply for your Standard Bank personal loan

Standard Bank empowers you to apply for your personal loan through their user-friendly Banking App or online via Internet Banking. This modern approach to banking enhances your convenience and expedites the application process. Here’s how you can initiate your loan application:

1. Via Banking App:

To begin your application process, access your Standard Bank App and log in. From there, navigate to “More” and choose the option “Open a new account.” Select “Personal Lending” to ascertain the loan amount you qualify for. 

Follow the on-screen prompts and instructions provided. Once these steps are completed, the approved funds will be efficiently deposited into your account.

2. Via Internet Banking:

For a seamless experience, access onlinebanking.standardbank.co.za using your desktop browser. Locate and click on the “Borrow” button to initiate the process. Follow the provided step-by-step instructions to proceed. After successfully completing these steps, the approved loan amount will be swiftly deposited into your account, ensuring a prompt and efficient transaction.

3. Via Cellphone Banking:

To access their services via your cellphone, simply dial 1202345#. From the menu, choose option 3 to initiate the loan application process. Follow the provided instructions carefully. Once you’ve submitted your application, an SMS will confirm the success of your submission. 

Their dedicated agents will subsequently reach out to you to facilitate the next steps. With these efficient methods in place, acquiring a personal loan from Standard Bank has never been as swift or convenient.

Differences between Term Loan, Revolving Loan, and Overdraft

Term Loan:

– Suitable for fixed financial needs.

– Repaid over a flexible period of 12 to 72 months.

– Fixed monthly repayments with personalized interest rates.

– Available for those with a minimum monthly income of R3,000 and a maximum loan amount of R300,000.

Revolving Loan:

– Provides access to funds without reapplying.

– Requires a 15% loan repayment, offering flexibility.

– Repayment term spans 12 to 60 months.

– Available to individuals with a minimum monthly income of R8,000 and a maximum loan amount of R300,000.

Overdraft:

– Grants instant access to additional funds.

– Offers recurring repayment flexibility.

– Suitable for transactional account holders with a minimum monthly income of R8,000.

– Maximum loan amount is R200,000, with personalized interest rates.

In summary, Standard Bank presents an array of personal loan options tailored to your financial needs. By embracing digital channels, we simplify the application process and ensure timely approvals, giving you greater control over your financial well-being.