Everything you need to know about the Standard Bank Revolving loan. Standard bank introduced revolving loan for the convenience of its customers. A Revolving Loan offers customers access to money whenever they need it without the hustle of having to make another application or request for credit.
If you are in need of a loan to either repair your car, renovate your home, make contributions to a family funeral or any unexpected or emergency expenses, a Standard bank revolving loan can assist. You simply need to repay 15% interest of your loan. However, If you don’t bank with a standard bank, you will be eligible for a 2% discount on your interest rate when you switch your current account to Standard Bank, plus a further 1% if you move your salary.
How to qualify for Standard Bank Revolving Loan
If your monthly income is from R8000 you qualify to apply for the loan. You can apply for a loan from an amount of R6 000 up to the amount of R300 000. For the monthly service fee, you will pay R69 and the once-off initiation fee which depends on the loan amount, ranging from a minimum of R764.75 to a maximum of R1207.50 including VAT. Standard bank revolving loan interest rates are personalised and range from a minimum of 11% to a maximum of 17.50% as per the NCA regulation.
Depending on your needs Standard bank Revolving loan allows you to increase the limit, and you have 24/7 access to the funds, all you have to do is increase your limit on the Banking App or internet banking. It is easy and wastes no time to apply , the bank will give a quick approval. The amazing thing about the standard bank Revolving loan is that once you get approval, the funds will be paid straight into your bank account.
It will therefore be up to you to settle your loan at any time, you will not be charged penalties. To give you peace of mind, Standard bank offers optional loan insurance in the event of disability, retrenchment, dread disease or death.
To check how much you qualify for, click on the below here