How to apply for Standard Group Personal Loan?
Witness the detailed procedure for applying for a personal loan of different amounts at the renowned South African institution, the Standard Group.
Explore Your Options for a Personal Loan with the Standard Group
The Standard Group, a prestigious financial institution with a history of more than 160 years, is renowned as one of South Africa’s leading banking entities. If you are in need of a personal loan, the Standard Group offers two options: the term loan, which features a fixed monthly repayment plan, and the revolving loan, which provides ongoing credit access with the flexibility to request additional funds.
Applying for a personal loan with the Standard Group is a streamlined process, allowing customers to easily apply online or through internet banking.
If the loan’s terms align with your financial goals, exploring the application process for a Standard Group personal loan could be a beneficial step in effectively managing your finances.
Eligibility Criteria
The Standard Group offers personal loan plans to both existing customers and non-clients. To apply for a personal loan with the Standard Group, you need to meet the following general criteria:
- Have a valid South African ID or Smart Card
- Be over 18 years of age
For term loans, the minimum requirement is a fixed monthly income of at least R3,000. For revolving loans, a verifiable income of R8,000 is required, and the applicant must be an existing customer of the bank.
The Standard Group does not impose any additional restrictions on loan applications beyond these criteria.
The Application Process for a Standard Group Personal Loan
The application processes for term and revolving personal loans with the Standard Group are quite similar and can be initiated directly on the website. Non-customers can access a form under the “Do I Qualify” section, where they need to provide the following information:
- First and last name
- South African ID number
- Phone number
- Monthly income and expenses
After completing the form, Standard Bank verifies the provided details and their representatives reach out to inform clients about the loan proposal. It’s important to note that this budget assessment is free and does not create any obligations with the bank.
To verify income, the following documents are required:
- Proof of residence (not exceeding 3 months)
- 1 month of pay stubs
- Bank statements from the last 3 months
- South African ID or Smart Card
Existing Standard Group customers can apply for the loan through the Standard Bank app, internet banking, or by dialing *120*2345# and choosing option 3.
For revolving loans, the process is similar on the form and internet banking platforms, with clients selecting the “Revolving Loan” option. Additionally, they can dial *120*5626# from their mobile phones.
Once the loan proposal is accepted, the money is deposited instantly into the account or as quickly as possible for non-account holders. Repayment plans and interest rates depend on the chosen repayment period and loan amount.
Furthermore, revolving loan borrowers can request an increase in credit limits, according to the platform itself.
Explore Other Lenders with Hippo Personal Loans
If you’re interested in comparing loan options from various lenders, you can turn to Hippo Personal Loans. They provide opportunities to secure personal loans of up to R350,000 through their network of brand partner lenders. For more information about their offerings, visit their website.
