Updated 19.09.2022

Standard Bank Loans

Need extra cash for your personal needs? Standard Bank is one of the established and reliable institutions where you can borrow money.

Standard Bank Loans

What is a Standard Bank Personal Loan?

Whenever you need additional cash to fund personal expenses, a Standard Bank Personal Loan can be a good option to consider. It’s flexible, affordable, and have amicable terms suitable to most customers.

Standard Bank offers three kinds of Personal Loans:

  • Term Loan

Borrow money and repay it at a fixed monthly term that you’re comfortable committing to. 

  • Revolving Loan

This gives you access to extra funds without the need to reapply for credit. Standard Bank will require you to pay only 15% of the current balance to be able to borrow money again.

  • Overdraft

Sometimes, it’s hard to avoid going over your budget. An overdraft allows you to draw more money from your account when necessary.

This type of personal loan requires a minimum monthly income of R8 000 and is available to transactional account holders of Standard Bank.

Once approved, you’ll have 24/7 access to the overdraft facility. You can also easily adjust your credit limit through the internet or AutoPlus ATMs. 

For those who don’t have a Standard Bank account yet, there’s a 2% discount on interest rates for qualified applications. Standard Bank takes the offer further by providing an additional 1% discount should you transfer your salary account with them.


To understand the product more, here are the important points to know about Standard Bank Personal Loans: 

  • Loanable amount

The minimum loanable amount is R3 000 and the maximum is R300 000. The borrowed money will be deposited straight into your Standard Bank account.

  • Monthly repayment

Standard Bank Personal Loans have flexible terms. You can choose to repay the debt from a minimum of 12 months up to a lengthy 72 months. 

  • Interest rates

The maximum annual percentage rate (APR) for Standard Bank Personal Loans is 24.75%. This applies to those with poor credit rating, which is still lower when compared to other banks. For best rates, make sure you have a good credit record so you can bargain for lower interest rates.

  • Monthly Income

For Term Loans, the minimum monthly income requirement is R3 000. For Revolving Loans and Overdrafts, the minimum increases to R8 000.

  • UCount Rewards

UCount Rewards is Standard Bank’s loyalty rewards program for account holders that use personal credit, debit, or check services that the bank offers. 

Standard Bank extends the usefulness of its rewards program by letting you pay your monthly instalments with the points you earned. 

  • Credit insurance

Insurance on your loan helps you pay off the remaining debt in the advent of retrenchment, temporary or permanent disability, or death. 

The minimum coverage you can get is R20 000. Standard Bank may fully settle your outstanding debt in case you’re stricken with a dreadful disease or disability. It’s possible to cover any outstanding balance up to R300 000.

If you get retrenched or become temporarily disabled, you may claim up to 12 months’ worth of instalment on your debt. However, this will only apply if you’ve been repaying the loan without missing a beat for more than 12 months.

  • Fees

The service fee for the Standard Bank Personal Loan is R69 per month. There’s also a one-off initiation fee that ranges from R419.75 up to R1207.50, inclusive of VAT. 

For overdrafts, the monthly service fee will only apply to loans over R500. 

Standard Bank doesn’t ask for early termination fees in case you decide to pay off the debt earlier than the agreed term.


Standard Bank offers a free calculator tool that will help you gauge the amount of loan you can qualify for. You’ll also get a rough estimate of the projected monthly repayments through the calculator tool. The breakdown of each instalment will also be displayed to help budget your money better.


Standard Bank Loan Requirements

To apply for a Standard Bank Personal Loan, you must satisfy the following conditions first: 

      You must be at least 18 years old.

      You satisfy the minimum monthly income depending on the type of personal loan you’re applying for.

Here are the documents and other requirements you need to submit upon application:

      A valid South African ID or a smart card

      Proof of residence like billing statement issued within the last 3 months.

      Last 3 months’ worth of bank statements. If you’re a Standard Bank account holder, you can skip submitting this requirement.

      Previous month’s payslip.

 Standard Bank Loan Application Process

Standard Bank makes it easy to apply for their Personal Loan by providing an online channel that’s convenient to access. Alternatively, you can use the Standard Bank mobile application to apply and get an idea of how much you’ll qualify for.

The Standard Bank Personal Loan is always open even for non-Standard Bank account holders. The recommended method is through an online application where you can determine how much loan you can qualify for. After submitting the loan request, Standard Bank will call you back and guide you in completing the application process.

Once the loan is approved, you’ll immediately receive the money in the enrolled bank account. 

Standard Bank Loan Reviews

Here are the reviews and testimonies by previous clients regarding the Standard Bank Personal Loans:

  • Customers were pleased with the pleasant experience and service that the Standard Bank staff provided during loan application in a certain branch. The staff were attentive to customer needs and were able to provide the assistance needed regarding their loan queries.
  • Standard Bank employees have been praised because of their professionalism and excellent customer service. From opening a Standard Bank account to providing after-service support, every transaction was smooth, clear, and swift. 
  • Some customers said that they didn’t receive the loan immediately, contrary to what the bank is advertising. Instead of minutes, or even days, the application took weeks to complete. The customers even had to submit the requirements in person at a Standard Bank branch, defeating the convenience of submitting online applications.
  • Some customers got incorrectly debited for a loan they already paid in full months ago. Another reported a worse case of admin error wherein a loan paid for more than a decade suddenly appeared to be unpaid. The customer involved has also been threatened by the bank to settle the decade-long debt.

 Overall, the rating for Standard Bank Personal Loan itself is good. It’s flexible, affordable, and convenient, which makes it a top choice among South Africans. However, when it comes to customer service, the bank garnered mixed reviews. The bank needs to work on this to raise its average user rating.


 Tips When Applying for a Standard Bank Personal Loan

Here are the top tips to remember before and when applying for a loan:

  • Look for alternative options

Before you even apply for a personal loan, make sure you’ve exhausted other options to get extra cash to finance your needs. Loans can be costly and crippling if you can’t repay them on time. It’s always better to owe money to your family or friend who will charge you with little to no interest over a lender with stricter repayment terms.

  • Take out one loan at a time

Apply for loans one at a time. Forwarding multiple applications to different lenders simultaneously will look like you’re desperate to get money. Lenders will think that you’re a high-risk client and give you higher interest rates in case they accept your application.

  • Choose the appropriate type of personal loan

There are different Standard Bank Personal Loans available at your disposal. Select between term loan, overdraft, and revolving loan depending on the purpose, repayment period, and the amount you want to borrow.

If you’re not sure which is best for your situation, you can give the bank manager the details so they can guide you on the type of loan to apply for.

  • Use your UCount Rewards efficiently

If you’re a frequent online shopper, make sure you purchase using your Standard Bank credit, debit, or cheque card to collect maximum points. You can also earn points by fueling your vehicle at Caltex stations.

Instead of using your UCount Rewards points on discounts and redeeming the points by buying unnecessary items, utilize them to help repay monthly instalments on your Standard Bank Personal Loan. 

  • Read the fine print

Always read the fine print to know every detail there is about the loan. This way you won’t get surprised by hidden charges and become a victim of provisions that are outright unfavourable to you.  

Ask what the total repayable amount will be and know if there’s a time limit on when you need to pay back the loan. Before you sign a debt contract, make sure you’ve shopped around to get the best deal possible.


Standard Bank Contact Details

If you have questions or concerns regarding Standard Bank Personal Loans, you can contact them through the following channel:

You can also use the mobile app to contact Standard Bank for queries, complaints, and suggestions. 

 Final Thoughts

Standard Bank is one of the few institutions that provide several kinds of personal loans to suit varying customer needs. They’re all flexible and affordable, which makes them a favorite among South Africans.

Although Standard Bank’s customer service isn’t that consistent, the trustworthiness of their loan products is top tier. Standard Bank Personal Loans are definitely worthy of being shortlisted in your loan options.