Standard Bank Personal Loan

1. Standard Bank Term Loan terms
2. Requirements
3. How to apply and get a Standard Bank Term Loan
4. Repaying a Standard Bank Term Loan
5. Other Standard Bank Term Loan conditions

Standard Bank Term Loan is an unsecured personal loan with a fixed interest rate and fixed monthly instalments. Customers can borrow from R1,000 up to R300,000 and choose a repayment period between 12 and 84 months. A Standard Bank account is not required to submit an application.

Standard Bank Term Loan terms

• Loan amount: R1,000–R300,000
• Repayment term: 12–84 months
• Interest rate: personalised and fixed for the loan term
• Maximum rate: prime + 17.5% under the current product pricing
• Monthly service fee: R69
• Initiation fee: once-off; depends on the loan amount
• Published initiation fee range: R419.75–R1,207.50, VAT included
• Early settlement fee: none
• Credit life insurance: required for the Term Loan.

The fixed rate is based on the applicant's individual credit profile. Once the loan is granted, the monthly instalment remains fixed for the agreed term.

Requirements

Applicants need:

• to be at least 18 years old;
• a valid South African ID or Smart ID card;
• proof of residence not older than three months;
• one month's payslip;
• the latest three months' bank statements.

The minimum monthly income for a Standard Bank Term Loan is R3,000. Applications remain subject to affordability, credit and risk assessments.

How to apply and get a Standard Bank Term Loan

Existing Standard Bank customers can apply using:

• the Banking App;
• Online Banking;
• Cellphone Banking;
• a Standard Bank branch.

Non-customers can start through the online “Do I Qualify” process, request a callback or apply at a branch.

Online Banking applicants complete an affordability assessment before receiving a final offer. Once the offer is accepted and the loan is finalised, the funds are paid into the transactional account. Existing Standard Bank customers applying through Online Banking or the Banking App may receive approved funds immediately, subject to conditions.

Repaying a Standard Bank Term Loan

The loan is repaid in fixed monthly instalments by debit order. At the start of the agreement, the customer can choose the monthly debit-order date and the account from which repayments will be collected.

Borrowers can make manual payments over and above the debit order by transferring money or depositing it into the loan account.

Other Standard Bank Term Loan conditions

Early repayment. Extra payments and full early settlement are allowed. Standard Bank does not charge an early termination fee, and early repayment reduces future interest because interest is calculated on the outstanding balance.

Fixed term. The repayment term is selected when the loan is taken out and cannot later be extended as part of the same Term Loan agreement.

Missed repayment. A missed instalment puts the loan into arrears and may negatively affect the customer's credit score. Customers having difficulty with repayments are directed to Standard Bank's Debt Care Centre.

Credit life insurance. Term Loans include compulsory credit life cover. It provides cover for specified events such as death, disability or retrenchment, subject to the insurance policy terms.