Loan Consolidation

A loan consolidation allows you to combine and switch up to 3 personal loans into one new loan. Through a streamlined process, your existing loans are settled using the new loan, helping to simplify your repayment schedule.

If you need extra funds for a new opportunity or emergency while managing your existing loans, loan consolidation can give you the extra cash you need without adding an extra debit order and associated fees.

By consolidating your loans, you can also take advantage of personalised interest rates, reduce your monthly service fees and benefit from a lower monthly instalment*. On average, our customers’ monthly debt instalments get reduced by R1 300*.

*T&Cs apply.

Our Loan Consolidation allows you to combine and switch up to 3 external, fixed-term personal loans to Standard Bank and combine it into a single loan account. You can also consolidate the fixed-term personal loans you already have with us.

This helps you combine your loans into one new loan with a single monthly repayment. If your loan is approved, we’ll settle your consolidated loans automatically for you.

A debit order with your new monthly payment will be set up and the agreed payment amount will automatically be deducted from your bank account on a monthly, bi-weekly or weekly basis.

Loan consolidation and debt review is used for different purposes.

Loan consolidation can help you simplify your loans and potentially reduce your monthly instalments before you’re in financial distress (which is when you’re unable to pay one or more of your loan repayments or other contractual obligations).

It’s also a fast and highly automated process and you can apply on the Banking App, at your nearest branch or by reaching out to your Banker.

Debt review is a formal process to restructure debts and negotiate with multiple credit providers with the help of a Debt Counsellor.

If you’re in financial distress, you can use debt review to reduce your total monthly instalments.

If you’re struggling to make monthly repayments and a loan consolidation is not the right fit, you can explore our Debt Care Centre for more information.

You can consolidate 3 of your fixed-term personal loans.

Fixed-term personal loans usually have a fixed monthly debit order and payment, should be repaid within the agreed period of time (term) and don’t allow you to use the funds you’ve already paid back.

This means that credit cards, overdrafts and revolving loans can’t be consolidated. However, you may be able to borrow additional funds during the Loan Consolidation process. You can use these additional funds for any purpose, including settling your other credit accounts yourself.