To get a Standard Bank personal loan (the Term Loan) you must be 18 or older with a valid South African ID or smart card, earn at least R3 000 a month, and supply proof of residence, a payslip and bank statements. Every application is assessed individually, so meeting the minimums does not guarantee approval. See the bank’s Term Loan page for the current terms.
A Term Loan is unsecured credit: you borrow a fixed amount and repay it in fixed monthly instalments at a fixed rate.
Eligibility Requirements at a Glance
- Be 18 years or older
- Hold a valid South African ID document or smart card
- Earn at least R3 000 per month for a Term Loan (R8 000 per month for a Revolving Loan or Overdraft)
- Provide proof of residence not older than three months
- You do not need to be a Standard Bank account holder to apply for a Term Loan
The Term Loan covers R1 000 to R300 000 over 12 to 84 months. The bank does not publish other eligibility conditions, such as a required type of employment, on its product pages, so confirm any further criteria with Standard Bank. Source: Standard Bank Term Loan.
Income and Affordability Requirements
The minimum income is R3 000 per month for a Term Loan and R8 000 per month for a Revolving Loan or Overdraft, according to Standard Bank’s personal loans FAQ. Earning the minimum does not mean you will be approved for the amount you want: the bank assesses each application individually, including your income against your existing commitments.
A longer term lowers the instalment but increases the interest you pay overall. Compare the total repayable amount at two or three terms before choosing.
Credit and Financial Requirements
Each application is assessed on your credit score, your income and the requirements of the National Credit Act, and rates are personalised. Standard Bank does not publish a minimum credit score or a maximum debt level, so there is no figure to aim for.
Costs on the Term Loan include a monthly service fee of R69 and a once-off initiation fee, which you can pay separately or add to the loan. In the bank’s own example, R30 000 over 36 months at 24.75% costs R1 423 a month including the R69 fee and a R1 207.50 initiation fee. That rate is illustrative, not a quote; personalised rates go up to prime plus 17.5%.
The Term Loan includes credit life insurance that covers retrenchment, disability or death. There are no early termination fees if you pay the loan off sooner.
Documents and Verification Required
For a Term Loan, Standard Bank lists:
- A valid South African ID or smart card
- Proof of residence not older than three months
- One month’s payslip
- Your last three months’ bank statements
The bank’s page does not say that existing customers are exempt from the bank statements. Existing customers mainly get faster payment: funds arrive immediately via Online Banking or the app, in 1 to 2 working days via a branch or Call Me Back, and in 2 to 3 working days for non-customers while documents are verified. Self-employed applicants should ask the bank which extra documents it needs, as its page does not list them.
How to Apply and Improve Approval Readiness
You can apply online, on the Banking App, by USSD (dial *120*5626), by phoning 0860 123 000 option 5, or at a branch. Online, in-app, branch and cellphone banking applications give you an approve or decline outcome immediately. Start at the Term Loan page.
- Get your free credit report and dispute errors before applying
- Close revolving accounts you no longer use
- Avoid several credit applications in a short window, as each enquiry is recorded
- Ask for the initiation fee, monthly service fee and total repayable amount in writing
- Take the shortest term you can comfortably afford and borrow only what you need
Frequently Asked Questions
Do I have to bank with Standard Bank?
No. You do not need to be a Standard Bank account holder to apply for a Term Loan, although funds reach non-customers more slowly.
Can I settle the loan early?
Yes. Standard Bank charges no early termination fees if you pay off a Term Loan sooner. Ask for a settlement quotation to see the exact balance.
Is there a minimum income?
Yes. You need to earn R3 000 per month for a Term Loan and R8 000 per month for a Revolving Loan or Overdraft.
What if I am declined?
Check your credit report for errors, clear any arrears, and reapply once your profile improves. Ask the bank for the reason for the decision.
What happens if I miss payments? (personal lending recoveries at Standard Bank)
Missed payments appear on your credit record, and the credit provider, its collection agents and attorneys will contact you. Unsettled arrears can lead to a judgment. If you are behind, use the bank’s arrears page, which lists 086 100 1868 for loans. If your account has been handed to lawyers, visit a branch or call 0860 123 000.
Confirm current criteria, fees and rates with Standard Bank before you apply. See loan requirements and browse all finance and funding requirements.