If you’re wondering how to deal with unforeseen expenses or want to have access to a financial resource whenever you need it, the Standard Bank of South Africa’s Revolving Loan is the answer. This is a loan option that can truly transform your financial life, offering the freedom and flexibility you need. Don’t miss the opportunity to explore this exciting financial product and make your financial journey easier and more convenient than ever!
Documents
The requirements and necessary documents for applying for a Revolving Loan at Standard Bank in South Africa may vary depending on the specific type of Revolving Loan you are interested in, your financial situation, and the bank’s criteria at the time of application. However, generally, here are some documents and information that the bank may request:
- Personal identification: Typically, you will need to provide a copy of your South African ID document or passport, along with proof of residence.
- Proof of residence: You may be asked to provide recent proof of residence, such as a utility bill (water, electricity) in your name.
- Income proof: The bank will usually request proof of your current income. This may include pay stubs, bank statements, tax returns, or other documents confirming your ability to repay.
- Credit history: Standard Bank will assess your credit history, which may include your past payment history and debt history. Having a good credit history can increase your approval chances.
- Statement of assets and liabilities: You may be required to provide information about your assets and liabilities, including other loans or debts you have.
- Loan details: You will need to provide specific details about the desired loan amount, the purpose of the loan, and the desired repayment term.
Please note that exact requirements can vary, and it is advisable to contact Standard Bank in South Africa directly or visit the bank’s official website for up-to-date information on the specific documents and criteria for applying for a Revolving Loan. They can also provide detailed guidance on how to initiate the application process.
Rates, fees and commissions
You can apply for a minimum loan amount of R6 000 to a maximum loan amount of R300 000. The monthly service fee is R69 and the once-off initiation fee depends on the loan amount, ranging from a minimum of R764.75 to a maximum of R1207.50 (VAT inclusive). Our interest rates are personalised and range from a minimum of prime plus 3% to a maximum of prime plus10.5% as per the NCA regulation. The Annual Percentage Rate (APR) for your personal loan is a maximum of prime plus 10.5%.
How to apply
The process of applying for a Revolving Loan from Standard Bank in South Africa may vary depending on the specific type of loan and the bank’s policies at the time of application. However, here are the general steps you can follow when applying for a Revolving Loan:
- Preparation: Before applying for the loan, it's important to gather all the necessary documents and information, such as identification, proof of residence, income documents, and details about the desired loan.
- Choose the loan type: Standard Bank offers different types of loans, so choose the one that best suits your needs. You can check the options on the bank's website or contact a bank representative for guidance.
- Contact the bank: Get in touch with Standard Bank to obtain up-to-date information about the specific requirements for the Revolving Loan you wish to apply for. This can be done via phone, by visiting a local bank branch, or through the bank's official website.
- Fill out the application: The bank will provide an application form that you'll need to complete. Make sure to provide all the requested information accurately.
- Documentation: Attach the required documents to the application form, such as identification, proof of residence, and income documents.
- Credit assessment: Standard Bank will assess your application and conduct a credit check. They will review your credit history, income, and repayment capacity.
- Approval and terms: If your application is approved, the bank will inform you about the terms and conditions of the loan, including interest rates, repayment terms, and credit limits.
- Contract signing: Carefully read the contract, and if you are satisfied with the terms, sign the loan agreement.
- Funds disbursement: After signing the contract, the bank will disburse the loan funds to your account or as agreed upon in the contract.
- Repayment: Ensure that you make loan payments in accordance with the terms outlined in the contract.
Keep in mind that the exact process may vary based on the type of Revolving Loan you are applying for and the bank’s policies. Therefore, it is always advisable to contact Standard Bank in South Africa directly for accurate and up-to-date guidance on how to apply for the desired Revolving Loan.