Why waiting for Salary Payday, when you can quickly access Standard Chartered Bank Loan in Nigeria?
The bank has several loan options that have been structured not just to help salary income earners, but also for self-employed or business owners for their small and medium enterprises (SMEs).
To make it easier for you to understand better, Standard Chartered Bank has an online loan calculator to help you quickly check the amount you will be paying per monthly installments. Therefore, wherever you are in Nigeria, you can avoid visiting the bank for this kind of information you can get on their webpage.
Below are the Standard Chartered Bank Loan available for Salary Income Earners, Self-employed, and Business Owners:
TYPES OF LOANS OFFERED BY STANDARD CHARTERED BANK BANK
1. Personal Loan
Standard Chartered Bank Loan is an all-purpose loan designed for customers who urgently need money for personal or business needs.
Customers vying for this loan must have been receiving their salaries and allowances through the bank and with a good credit bureau history,. They must also be on a minimum salary of N50,000 if they work for private or government establishments.
This is a loan that requires documentation. The following documents are required: Signed application form, Bank statements for the last 3 months, Payslips for the last 3 months, Govt issued ID card, Letter of Awareness from employer to domicile your salary with Standard Chartered Bank.
Customers would be able to borrow up to twenty million naira only depending on the organization they work for and their monthly pay. During your Loan Application, you will be advised on how much loan you can collect at the moment.
The tenor of the loan is up to 60 months which will depend on your monthly salary and the firm or organization you are with.
This is an unsecured loan, so there is no reason to be bothered about any form of security or collateral. Your salary with the bank is as good as security, repayment will be served from your salary account.
If you are unsure about how the total cost of the loan, use standard chartered bank online loan calculator to get the estimated amount. The loan calculator can be found by clicking www.sc.com/ng/borrow/personal-loan.
To apply for a standard chartered bank personal loan, otherwise known as Smart Credit, simply go to www.sc.com/ng/borrow/personal-instalment-loan/apply/?step=basic_data and fill in all necessary information.
2. Overdraft Loan
Personal Overdraft Loan is a revolving facility targeted at salary income customers. However, before you are eligible to apply for an overdraft loan, you must have your salary account domiciled with the bank.
The age requirement for the loan is 21 years or older and customers must be earning a minimum salary of ₦50,000 working with government or private establishment.
Customers will be able to get 50% of their net monthly salary with the tenor up to 12 months. The amount utilized is cleaned up every month once salary is paid and the limit becomes available thereafter.
The interest rate is 1.25% per month while the late fee is 1% flat every month that borrowers default on the loan in addition to charging current rate of interest on outstanding amount.
Once your overdraft loan application is received, it will take about 24 hours for the bank to give you the status of your application.
Customers can visit any of their branches to apply for the overdraft loan or get in touch with Standard Chartered Bank Customer Care for further information.
Maybe you have pictured your dream house or you are trying to upgrade to a better one but not without the required amount to get it, a mortgage could be the likely solution to secure your future. Luckily, standard chartered bank has got your back.
Under the standard chartered bank mortgage, joint mortgage option is available. Opened only to your spouse, child, parent, or sibling. You are expected to make a 20% down payment of the total cost of the mortgage while the bank takes care of the rest. Meanwhile, a minimum monthly earning of ₦350,000 is required to get the home loan.
A maximum loan amount of ₦220M is available to you with a repayment period of up to 20 years. The bank charges 12.5% interest rate annually.
If you are unsure about how must you pay monthly, use the Standard Bank Nigeria Loan Calculator to know it. It is very easy to use. Just enter the loan amount, select the tenor and you should see the monthly payment instantly.
Customers are expected to complete documentation and also provide collateral. The collateral will be the property that is being financed by the bank.
If you have made up your mind to get a mortgage, you should visit the bank or click www.sc.com/ng/borrow/mortgage/apply/?step=basic_data to fill the mortgage interest form. However, if I were you, I would contact Standard Chartered Bank Customer Care via any of their platforms first. You must have other questions you want to ask.
4. Business Mortgages
Like I stated, even small and medium enterprises (SMEs) and companies can access standard chartered loans. If you find yourself as one and you want to access Business Mortgages, then it is all yours provided you are qualified.
Standard Chartered Bank offers business clients to acquire a residential, commercial, or industrial property.
The bank will provide 80% of the value of the property while you complete the rest. The loan tenor is 20 years and there is no maximum or capped loan amount. Therefore, you will need to negotiate with the bank for the loan amount you need for the purchase of the property.
Being a business loan meant for a corporate customer, you will be surprised to know that it comes with bulky documentation. The application forms are Corporate Account Opening Form, Account Opening Checklist and Guide Form, and Standalone Board Resolution.
Corporate or business clients needing a business mortgage to acquire property can visit any Standard Chartered Bank nearest to them. The forms can be gotten from customer care. However, if you are downloading online, it will save you a lot of time.
5. Trade & Working Capital Solutions
Trade and Working capital have some effects on any business, from paying your workers, paying for materials, and ensure that the business continues to run. Sometimes, business owners can run short of money and thereby looking for a loan facility to cover up.
Standard Chartered Bank Loan can help your business grow by providing you with instant cash. To apply for Trade & Working Capital Solutions, simply reach out to Standard Chartered Bank Customer Care Rep or visit the bank. You are expected to complete the Corporate Account Opening Form, Standalone Board Resolution, and Account Opening Checklist and Guide Form.
6. Term Loans
A big project at times could deserve a long term loan. This type of facility can be used in a company or establishment that wants to add another line of product. Term Loans are a structured form of borrowing intended to finance specific transactions or assets.
Standard Chartered Long Term Loan provides lending solutions to address your cash or expansion needs. Most long term loans are generally over a year in duration and sometimes much longer. If you are sticking with this bank, you can get 5 to 7 years to make good your debt obligation.
However, if you are opting for Short Term Loan, you can get the loan amount in local or foreign currency for a period not more than a year. A medium-term loan has a tenor from 1 year to 5 years. The principal and interest will be repaid over the tenure of the loan as per the agreed terms.
To apply for the loan, you will need to complete the following documents – loan application form, Standalone Board Resolution, and Account Opening Checklist and Guide Form. These forms can be downloaded from the bank’s official website. The bank can also provide you with the copies if you request them.
7. Wealth Management Overdraft
Corporate clients can access up to the equivalent of $1,000,000 facility without liquidating or losing returns on current investment. The funds can be received in dollars, pounds, euro, or local currency.
Wealth Management Overdraft requires no collateral but applicants will be required to go through the documentation process.
To get this facility, Call standard chartered bank’s hotline for a start, the numbers to dial are +2348001235000 (Toll-free number), 01 2704611 – 4 (When dialing in Nigeria), +234 1 2704611 – 4 (When dialing from overseas). The customer care will help out with all the necessary and important info you should know. If you are okay with it, you can proceed to the bank.