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Standard Bank Loan

Standard BankStandard Bank is a South African-based financial services company with a global presence. We operate from 17 African countries and 21 countries on other continents, including the key financial centres of Europe, the Americas and Asia.

Does Standard Bank offer Personal Loans?

Yes, they offer personal loans which have fixed monthly repayments.

What are the features of a Standard Bank Personal Loan?

What are the benefits of a Standard Bank Personal Loan?

Do Standard Bank offer different types of Personal Loans?

Yes, there are two types of personal loan available, the Revolving Credit Plan (RCP) and the Way to Pay (WTP).

Type 1: The Revolving Credit Plan (RCP) explained.

A RCP is a revolving line of credit with a fixed installment and no fixed repayment period. You may borrow again on the same loan once you've repaid 15% of the agreed limit.

Standard Bank offer currently offer 2 types of personal loan:

Revolving Credit Plan (RCP)
A RCP is a revolving line of credit with a fixed installment and no fixed repayment period. You may borrow again on the same loan once you've repaid 15% of the agreed limit.

Amount you could qualify for:

Cost:

Minimum monthly repayment
The minimum monthly repayments remain fixed for the lifetime of your loan at 1/45th of the original capital amount that you borrow. In other words, if you borrow R18 000 your monthly installment will be R18 000 / 45 = R400.

The table below shows the minimum monthly repayment amounts for different loan amounts.

Loan Amount Minimum monthly repayment
R10 000 R222
R20 000 R444
R30 000 R666
R40 000 R888
R50 000 R1111

Interest rate:

Monthly administration fee:

Repayment period:

Example:
If none of the above applies to your RCP, it will take approximately 60 months to repay your RCP at an interest rate of 11%, while the same amount will take approximately 69 months to repay at an interest rate of 15%.

Type 2: The Way to Pay (WTP) Personal Loan explained.

A WTP is a once-off loan with a fixed installment that you repay over a relatively short term. It is an ideal facility for first-time borrowers and is often used for relatively small loan amounts.

Amount you could qualify for:

Cost

Minimum monthly repayment:

The table below shows the minimum monthly repayment amounts for a sample of different loan amounts with the two repayment factors available on WTP.

Loan Amount 1/20th repayment 1/30th repayment
R5,000 R250 R167
R10,000 R500 R333
R15,000 R750 R500
R20,000 R1,000 R667
R30,000 R1,500 R1,000


Info correct as of 10 July 2006

Interest rate

Repayment period

Example:
If neither of the above applies to your WTP loan, a 1/20th repayment factor will take approximately 24 months to repay while one with a 1/30th repayment factor will take approximately 40 months to repay.

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