One of South Africa’s largest financial services group, The Standard Bank of South Africa Limited has a facility that allows people earning as little as R1 000 to apply for a loan and with this income such low income earners qualify to apply to apply for up to R300 000 with a Standard Bank personal loan.
The loan facility has multiple features and benefits that a client gets when the loan has been approved by Standard Bank whose operations have extended in 32 countries around the world including 19 in Africa. Below are some of the features and benefits:
- Competitive interest rates
- Quick and hassle free application process
- Fixed minimum monthly repayments which enable a client to budget more effectively
- A client’s funds are transferred directly into their account
- There are no termination fees if a client pay off the loan earlier
- For loan terms greater than 3 months, Standard Bank provides credit life insurance that will pay off the loan in the event of natural or accidental death, permanent or temporary disability or retrenchment.
A client needs to have the following in order to qualify for the standard bank loan:
- South African ID
- Aged between 18-65 years
- Should be formerly employed
- A consistent monthly income that is R1000 or more a month, before deductions
- A bank account with a debit order facility
Clients can choose from two types of loans: Revolving Credit Loans and Personal Term Loans. Clients can contact the bank on 0860 123 000.