Personal Loans - Frequently asked questions

How do I apply for a Standard Bank Personal Loan?

If you bank with us, have a transactional account but don't use our digital platforms (app or Internet Banking), you can:

1. Apply for a loan on our website

• Visit our Personal Loans page and click on DO I QUALIFY?
• Get your INSTANT FREE QUOTE.
• If you qualify, you'll see a list of offers.
• Select the offer that suits you best and start the online application or select the CALL ME BACK option if you'd like to speak to a consultant.

2. Apply for a loan via Internet Banking

• Click on the "Sign in to your accounts" button at the top of our website.
• Click on "Internet Banking" and select "Register for online banking".
• Create your profile by providing us with your email address and a password.
• Accept the terms and conditions and select SAVE.
• You will see the "Registration Complete" screen. This page confirms that your account has been created. Use this account for both Internet Banking and the Banking App.
• Once you've successfully confirmed your account, you'll need to choose how to sign in. Start this process by selecting "Setup Sign-In".
• Click NEXT to continue.
• Once you've activated your account, sign in and click on "Borrow".
• Follow the easy steps and, if approved, the money will be deposited into your account.

3. Apply for a loan via the Banking App

• Download the Banking App via App Store or Google Play.
• Set up your profile using your email address and create your password.
• Accept the terms and conditions and select SAVE.
• You’ll see the "Registration Complete" screen. This page confirms that your account has been created. Use this account for both Internet Banking and the Banking App.
• Once you've successfully confirmed your account, you'll need to choose how to sign in. Start this process by selecting "Setup Sign-In".
• Click NEXT to continue.
• Once you've activated your account, sign in and click on "Borrow".
• Follow the steps and, if approved, the money will be deposited into your account.

4. Apply for a loan via telephone or in-branch

• You may call us on 010 249 0134.
• Visit your nearest branch with the following documents:
  • Your original South African ID book or ID card,
  • your most recent payslips (3 months if you earn a monthly salary, or 6 months if your work is commission-based), and
  • proof of residence (not older than 3 months).

5. Apply for a loan via Cellphone Banking

• Dial *120*2345# on your cellphone.
• From the menu, choose option 3.
• Follow the instructions.
• You will receive an SMS on whether your application is successful.
• One of our agents will then get in touch with you to proceed.

If you bank with us, have a transactional account and use our digital platforms (app or Internet Banking), you can:

1. Apply for a Personal Loan via Internet Banking or our Banking App

If you don’t bank with us or are self-employed, you can:

1. Visit your nearest branch with the following documents:

• Your original South African ID book or card,
• most recent payslips (3 months if you earn a monthly salary, or 6 months if you're self-employed),
• an ITA34 certificate from SARS, and
• proof of residence (not older than 3 months). 

Is my Personal Loan with Standard Bank insured?

• Our Term Loan has a mandatory Personal Loan Protection Cover, which is included in your pre-approval offer.
• Insurance is optional for the following:
  • Revolving Credit Plan
  • Overdraft
  • Credit Card
• Read more about insuring your debt.

How long does it take to receive my funds?

• You will receive funds immediately* if you're already a Standard Bank customer who applied online via Internet Banking or on our Banking App. *T&Cs apply.
• You'll receive funds within 24 to 48 working hours if you are an existing Standard Bank customer who applied in-branch or if you applied by selecting the CALL ME BACK options on our website.
• You will receive funds within 2 to 3 working days if you don't bank with us (pending verification of conditions, e.g. confirmation of employment).

Can I increase my credit limit?

• Yes, we offer credit limit increases on our Revolving Loan, Overdrafts and Credit Cards.
• You may increase your limit via our Banking App, Internet Banking, or on our website.
• You can also increase your limit by visiting your nearest Standard Bank branch.
• Credit limit increases are subject to affordability.

How and when do I make loan repayments?

• Your repayment dates are provided on the front page of your loan agreement.
• Repayments can be made by setting up a debit or stop order from your bank account. We recommend using a debit order as it makes managing your loan simpler.

What can I do if I have no access to electronic channels?

• You can visit your nearest branch to apply for a loan.
• You can apply via cell phone banking through USSD by dialing *120*5626.
• You can apply via our Personal Lending direct line on 010 249 0134.

What is the minimum I need to earn to qualify for a loan?

• You need to earn R3 000 per month for a Term Loan.
• You need to earn R8 000 per month for a Revolving Loan and Overdraft.

I applied for a loan but have received no feedback?

• If you have applied via Internet Banking, our Banking App, our website, in-branch or cell phone banking you will know immediately*if your loan has been approved or declined.

Can I get a settlement letter once my loan is paid up?

• You can request a settlement letter at your nearest branch or from your Personal Banker or via voice branch.

Can I settle or close my loan early?

• You can pay the balance of your loan at your nearest branch.
• Alternatively, you can settle your loan via the voice branch. A settlement letter would need to be requested.
• Early settlements are subject to interest and fees.

Where can I view the remaining balance of my loan?

• You can view your balances on Internet Banking, our Banking App, in-branch or via or voice branch.

My account has been handed over to lawyers. Whom do I contact?

• If your account has been handed over to lawyers, contact the branch consultant where you applied for your initial loan or speak to your Personal Banker.
• If you have applied through our digital channels (Internet Banking, Cellphone Banking or the Banking App), you may visit your nearest branch or contact us on 010 249 0134.

My loan has been paid off. How do I close my account?

• If you have a Term Loan account, it will automatically close once paid up or settled.
• Your Revolving Credit Plan or Overdraft can be closed in-branch, through your Personal Banker or contact us directly on 010 249 0134.