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How to Apply For a Temporary Loan at Standard Bank in South Africa 

By Oluchukwu Ikemefuna

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Before we go into the nitty-gritty of how to apply for a temporary loan at Standard Bank, let’s examine some brief information about Standard bank. Standard Bank was established in 1862 as The Standard Bank of British South Africa. Boasting 161 years in the banking industry and over 15M clients, Standard Bank is Africa’s largest bank, dedicated to driving innovation and development in Africa. 

Standard Bank offers temporary or short-term loans to customers, as well as recurring loans. Their loan options are flexible, personalised, affordable and easily accessible, providing millions of South Africans with financial solutions.

Today, we shall consider the temporary loan at Standard Bank in South Africa, and how you can apply for it without hitches. 

Also read: How to Apply for UIF in South Africa 2024

How Can I Apply for a Temporary Loan at Standard Bank in South Africa?

How Can I Apply for a Temporary Loan at Standard Bank in South Africa?

You can apply for a temporary loan at Standard Bank in South Africa through any of their digital platforms: online banking, mobile app, or mobile banking. You can also visit a bank branch, however applying on your smartphone from the comfort of your home is easier.

Their digital platforms are user-friendly, thereby creating a seamless application and monitoring process. All your documents can also be submitted online – as pdf. Below is a step-by-step guide on the application process for a temporary loan at Standard Bank:

Step 1 – Read The Terms of Service 

Standard Bank provides a transparent loan application system where the terms of engagement are visible to the public, even before you start your application. 

Ensure you thoroughly read these Terms of Service, as well as the Privacy Statements before you forge ahead. If you are satisfied with the terms, you may proceed to step 2. On the other hand, if the terms and privacy policy do not suit your interests, this is where you draw the line.

Step 2 – Prepare Necessary Information 

Before you start your online application for a temporary loan at Standard Bank, ensure you have all the loan requirements. This will enable a quicker application process. Here’s what you will need: 

  • Proof of employment with a minimum monthly income of R3000 for a temporary loan and R8000 for a revolving loan
  • Your bank statement showing a legal source of income within the past three (3) months 
  • Proof of residency (usually a utility bill or lease agreement) 
  • A valid South African ID number or Smart card
  • One (1) month’s payslip 
  • A mobile phone and swift Internet 
  • Proof of age – 18 years or older 

Step 3 – Request a Quote

Request a personalised quote for a temporary loan at Standard Bank. This will be deduced based on the information you fill out on the Quote Request Form, which includes: 

  • Name 
  • Surname 
  • South African ID number 
  • Phone number 
  • Monthly income before deduction 
  • Monthly expenses 

Fill out the form and acknowledge that you have read, and accept the Terms of Engagement, by ticking the box below the form.  Also acknowledge that you are not insolvent, under debt review, administration or sequestration.

Step 4 – Apply

There are three (3) methods by which you can apply for a temporary loan at Standard Bank in South Africa: online banking, mobile app, or mobile banking.

Through Mobile App

  • Sign into your Standard Bank App
  • Click “More” 
  • Select “Open a new account”
  • Click “Personal Lending” to see how much you qualify for
  • Follow the application steps 
  • Wait for verification, approval and disbursement. These might take a few working days. 

Via Internet Banking

  • Sign into Internet Banking
  • Click “Borrow”
  • Follow the application steps 
  • Wait for verification, approval and disbursement. These might take a few working days.

Application through Mobile Banking

  • Dial *120*5626# on your phone
  • Choose option 3 on the menu
  • Follow the application steps
  • If your application is successful, you will receive an SMS shortly 
  • A Standard Bank agent will get in touch with you.

Also read: Smart ID Online Application South Africa 2024

How to Apply for a Revolving Loan at Standard Bank in South Africa 

Standard Bank in South Africa allows customers to top up their existing loan by applying for a revolving loan. This is highly beneficial, as you do not need to start a fresh application for a new loan. However, you need to clear at least 15% of the principal sum on your existing loan first. You should also earn at least R8000 as a monthly wage. 

Standard Bank can grant up to R300,000 in revolving loans, with up to 12-72 months repayment term. Interest rates are personalised, and the required documents are the same as that of a regular temporary loan. You can apply for a revolving loan in any of the three ways discussed below: 

Via Mobile App

  • Sign in to the Standard Bank App
  • Click on “More” 
  • Select “Open a new account” 
  • Click “Personal Lending”
  • Select “Revolving Loan”
  • Click “See what you can get”
  • Complete the application process 
  • Await verification, approval and disbursement.

Apply through Internet Banking

  • Sign into Internet Banking
  • Click “Borrow”
  • Complete the affordability assessment process
  • Follow the next steps
  • Await verification
  • If there are no issues with the information you provided, you will receive a final offer
  • Accept the offer and await disbursement.

Application Via Mobile Banking

  • Dial *120*5626# on your phone
  • Choose option 3 on the menu
  • Follow the application steps
  • If your application is successful, you will receive an SMS shortly 
  • A Standard Bank agent will get in touch with you.

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Why Standard Bank?

Are you a first-time customer of Standard Bank in South Africa? Are you on the lookout for something to convince you to apply for that temporary loan? Below are some advantages of Standard Bank to guide your decision: 

  • Standard Bank adheres strictly to regulations stipulated in the National Credit Act, 2005. In compliance with the Act, for instance, the Annual Percentage Rate (APR) for a temporary loan at Standard Bank in South Africa is a maximum of 17.5%.
  • You can lend up to R300,000 on a temporary loan at Standard Bank, payable in up to eighty-four (84) monthly instalments.
  • There are diverse categories of a temporary loan at Standard Bank. Such include revolving loans, term loans and solar loans, catering to every customer’s needs.
  • You can apply for a temporary loan at Standard Bank in South Africa without leaving the comfort of your home; their seamless online process makes loan applications swift and convenient. 
  • Interest rates are personalised to suit what each customer can afford.
  • The terms of service for a temporary loan at Standard Bank are flexible and tailored to each customer.
  • Standard Bank is Africa’s largest and most trusted bank.

Frequently Asked Questions 

What Documents Do I Need to Apply for a Temporary Loan at Standard Bank in South Africa?

To successfully apply for a temporary loan at Standard Bank in South Africa, you would need a South African ID number, proof of employment with a minimum monthly income of R3000, bank statements dating at least three (3) months back, proof of age (you must be 18 years or above), and one (1) month payslip.

Do I Need Collateral to Apply for a Temporary Loan at Standard Bank in South Africa?

No. A temporary loan at Standard Bank in South Africa is unsecured, meaning the bank will not request any asset as collateral. However, you will be required to provide proof of payment, proof of South African residency, and some other basic documents. 

Can Standard Bank in South Africa Borrow Me Money? 

Yes. Standard Bank in South Africa offers up to R300,000 in loans to individuals and businesses. You can get a temporary loan at Standard Bank. You can also secure a revolving loan, a vehicle loan, a business term loan, an overdraft and more. At least one of these listed categories will be available to you, even if you do not have an existing account at Standard Bank.

Up to Standard

Talk about a bank that meets expectations, then you must be talking about Standard Bank. Over the years, Standard Bank has proven itself worthy of the expectations and praises that people regard it. No wonder they have maintained over 15M active customers, and counting. 

Would you like to be one of the Standard Bank customers? Then go ahead with your application for a temporary loan at Standard Bank, knowing you are in safe hands. Just as you are in safe hands when you decide to gain more financial insights from us. 

Follow us for more on X or Twitter, @SiliconAfritech.

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Oluwajuwon Oladiti
Oluwajuwon Oladiti

Oladiti Oluwajuwon is an ardent reader and a voracious writer who is passionate about informing the public with first-hand, authentic information. His writing expertise has spanned over 5+ years, an odyssey that began in 2018. Over the years, he has crafted pieces across multiple domains, including religion, education, politics, and tech. There are two principles at the core of his writing: information must be genuine and accurate, and there is nothing erudite about speaking in terms people don't understand. While maintaining technicality, messages must be passed in a way that resonates with the readers.

Oluwajuwon is also a software engineer who specializes in backend development with Python, and he has an unwavering passion for music, pop genre especially.

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