Learn more about this flexible and practical South African Overdraft loan offered by Standard Bank and how to apply!
Standard Bank Overdraft Loan can be a perfect choice for someone who enjoys having the ability to choose the amount they want, while it can also be easily increased or decreased via Internet Banking or the Banking App. This means you get to have instant access to additional funds, with 24/7 access, making it a very flexible option that provides financial freedom.
You also don’t have to get worried about the minimum monthly repayments, as the facility is topped up when your income is deposited into your account. The personalized interest rate allied to the possibility to only pay interest on the amount that you’ve used during the month, end up being a major perk.
What Are The Benefits of Standard Bank’s Overdraft Loan?
- ✔️- Low Minimum Monthly Income Required: R8,000;
- ✔️- Maximum Loan Amount: R250,000;
- ✔️ – Interest Rate: Personalised;
- ✔️ – Months To Repay: Recurring;
- ✔️ – Increase Limit Online: you have the option to change your limit via Internet Banking or the Banking App;
- ✔️ – 24/7 Access: access money whenever you need it, as it’ss always available and linked to your bank account;
- ✔️ – You only pay interest on the amount you’ve used during the month;
- ✔️ – No minimum monthly repayments are necessary;
- ✔️ – Your interest rate is linked to prime, saving you money when the prime rate drops;
- ✔️ – Use your UCount Rewards to repay your loan by redeeming your Rewards Points;
- ✔️ – It can be insured, so whatever’s owed can be settled in the event of disability, dread disease or death.
Requirements
- A copy of your South Africa ID (or your passport if you are not a South African citizen);
- Proof of residence not older than 3 months;
- You must be over 18;
- You must earn R8,000 or more per month;
- Monthly Service Fee: R69 (only applies to Overdrafts over R500);
- Once-Off Initiation Fee: up to R1 207.50 (VAT included), depending on your Overdraft amount.
How Do I Apply For Standard Bank’s Overdraft Loan?
If you aren’t a Standard Bank customer you will have to open a transactional account first, in order to access their credit facility. After doing that, you can proceed to the next steps.
Apply on Internet Banking:
- Sign into Internet Banking;
- Click on the “Borrow” tab;
- Complete the affordability assessment and follow the simple steps;
- If your Overdraft has been approved, you will receive a final offer;
- Accept the offer.
Or
- Select “Manage” on your transactional account on your dashboard;
- Select “Overdraft Limit”, then click “Continue” and follow the prompts.
Or
- Click “Transact” on your Internet Banking home screen;
- Select “Manage” then click on “Overdraft Limit”;
- Follow the prompts to unlock your overdraft facility.
Or
- Click “Profile & Settings”, select ‘Overdraft Limit’;
- Click “Continue” and follow the prompts.
Apply on the Standard Bank App:
- Sign in and tap on your transactional account widget;
- Scroll down until you see the Overdraft tile (only visible to customers who qualify);
- Click “Apply” and follow the steps;
- Accept your offer.