Everyone has his or her personal needs and long term life goal. These goals are sometimes unable to meet due to financial constraints. There are banks such as Standard Bank that have come up with ways that can help you to achieve these goals. This is done by offering Standard Bank Personal Loan to individuals.
In case you have a salary, you got the upper hand as Standard chartered can offer an excellent solution to your problems. You can apply for loan using a salary account with just one application form. Depending on how you repay your credit, they can increase your limits. They usually offer flexible repayment period with an affordable interest rate.
For you to enjoy these services, you have to meet some minimum bank requirements to apply for a personal loan. They may include personal saving account and credit card, completed application form can access mobile banking services or internet services. Then submits the documents to the bank.
Eligibility of Standard Bank Personal Loan
• For you to be eligible, you must have the set minimum gross salary.
• A letter from your employer that contains the letterhead.
• certified income pays slip or bank statement
• Original ID or passport and some passport-sized photographs.
Types of loan
Personal loans this is the money you borrow to use it on your individual needs such going for vacation, renovations, or purchase home base appliances .for this loan the bank will guide you on amount Loan you need, the interest rate, monthly repayments and the time you will pay.
When you pay your loan by 15%, you can be eligible to reapply again and increase your original amount. You can also apply for other loans like that of home loans that are used to build your house. Pension backed loan schemes whereby your retirement benefits secure the house loan. Other loan includes a car loan and student loan. The loan you applied for can be calculated by loan applied R20.000, loan repayment in months (60 )the interest rate 15% you are required to pay R574 per month in 60 months all this will give you the total.