Standard Bank’s Personal Loan offer is designed for South Africans needing flexible finance. You can borrow between R3 000 and R300 000, with repayment terms stretching from 12 up to 84 months. This makes it suitable for small and big expenses alike.

Interest rates are personalised, calculated according to your credit profile. The maximum rate allowed is up to prime plus 17.5% as regulated by the National Credit Act. There is an initiation fee, ranging from R419.75 to R1 207.50 (including VAT), and a fixed monthly service fee of R69. To qualify, you need a minimum monthly income of R3 000 (for term loans) or R8 000 (for revolving or overdraft facilities).

How to Apply: Step by Step

1. Go to the Standard Bank online application portal or use the Banking App.
2. Fill in your personal details and indicate the loan amount and repayment term you need.
3. Submit your application. You’ll receive a quick personalised quote based on your info.
4. If pre-approved, upload your supporting documents and follow the prompts to finalise your application.
5. Once approved, your funds are disbursed directly to your bank account.

Pros: Key Benefits

The flexibility in both the loan amount and repayment terms sets Standard Bank’s personal loan apart. You can tailor both to suit your circumstances. The digital application is straightforward and can be completed in minutes, saving you time.

With the ability to use UCount Rewards Points to help pay off your loan and competitive interest rates for eligible applicants, the value proposition is enhanced for loyal clients.

Cons: Things to Consider

Applicants with a poor credit record might receive higher interest rates or not qualify at all. The once-off initiation fee can also add to the cost of borrowing for lower loan amounts.

Additionally, some facilities, like Overdraft and Revolving Loans, require higher minimum incomes and are only available to Standard Bank account holders.

Our Verdict

Standard Bank offers a reliable, transparent, and customisable loan product. Its competitive features like personal interest rates, flexible terms, and digital access make it a solid choice, especially for existing Standard Bank customers seeking convenience. While fees and qualifying criteria are standard for this kind of loan, those with a strong credit profile can particularly benefit from this offer.