Standard Chartered Bank has simplified personal loan access through its SC mobile app, eliminating the need for physical paperwork.
Customers seeking loans must apply directly using the SC mobile app. Navigate to the “Apply for Products” section and select “Personal Loans and Overdrafts.”
Customers can borrow between R3,000 and R300,000 and choose a repayment plan between 12 and 72 months.
A monthly service fee of R69 will apply to all loans. In addition, a one-time initiation fee ranging from R419.75 to R1,207.50 (VAT inclusive) will be charged.
Interest Rates
The interest rates are personalized up to a maximum of 17.5 per cent.
“Our interest rates are personalized up to a maximum of prime plus 17.5% per the NCA regulation. The Annual Percentage Rate (APR) for your loan is also a maximum of prime plus 17.5%.”
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Early in the month, Standard Chartered Bank said it would impose fees on real-time gross settlement (RTGS) transfers made through its SC Mobile App or Online Banking Portal starting April 22, 2024.
The bank’s tariff guide outlines Sh500.00 for RTGS transfers in Kenyan shillings, £3.5 for transfers in British Pounds, $5 for transfers in US Dollars, and €4 for transfers in Euros.
