Standard Bank’s personal loan offer allows you to apply for amounts from R3,000 to an attractive R300,000, paired with flexible repayment terms ranging from 12 up to 84 months. Interest rates are personalised, with an upper limit set to prime plus 17.5%, ensuring transparency, and repayment can be tailored to your financial situation. Their standout feature is the option to use UCount Rewards Points to help pay off your loan faster, setting them apart from many competitors. Monthly service fees of R69 apply, and a once-off initiation fee is charged based on your loan size.

How to Apply: Step by Step

The application can be completed fully online via internet banking or the Standard Bank app. Begin by filling in your personal and financial information. Select the desired loan amount and repayment term that best fit your needs. Step through the quick digital verification process. Receive a personalised quote, including your interest rate and monthly repayment figure. If you are satisfied with the offer, proceed to accept the terms and complete your application. Final approval is typically swift, with funds often available within minutes once your application is approved.

Pros: What We Like

The main benefit is the truly flexible loan amounts and terms, which cater for a broad range of financial needs. Importantly, the ability to use UCount Rewards Points towards your loan repayment can help you pay off your balance faster, saving on interest in the long run. The fully online process is simple and efficient, requiring minimal paperwork compared to older in-branch procedures.

Cons: Things to Consider

You’ll need to meet the minimum monthly income requirements (R3,000 upwards) to qualify. Although interest rates are personalised, rates are capped at prime plus 17.5%, which could mean higher rates for some applicants, depending on their creditworthiness. Service and initiation fees add to the cost of borrowing. Only Standard Bank transactional account holders can access certain facilities such as Overdrafts or Investment Backed Lending.

Our Verdict

Standard Bank’s personal loan suite stands out for flexibility, quick online applications, and innovative repayment features. If you qualify, this offering is suitable for anyone needing between R3,000 and R300,000 payable over up to 84 months. The inclusion of rewards points repayments adds real value. If you prefer digital banking and want a wide choice of terms, this product is a worthy consideration.