How To Get A Loan From Standard Chartered Bank Nigeria Limited With Or Without Collateral in 2023
Standard Chartered Bank Nigeria Limited is a multinational bank that as been existing for several decades. It is a notable financial institution with different types of products and services. One of the services this Institution offers is loan, Standard Chartered Bank Nigeria Limited allows its customers to get a loan at a cool rates and easy repayment. If you’re one of those searching for how to get a loan from Standard Chartered Bank Nigeria Limited With Or Without Collateral” then,’ you are definitely on the right page.
Everything you need to know about loan offers by Standard Chartered Bank Nigeria Limited has been carefully analyzed on this page, all you need is to patiently read till the end.
About Standard Chartered Bank Nigeria Limited
Standard Chartered Bank Nigeria Limited is known as a subsidiary of Standard Chartered PLC, a British multinational banking and financial services company with operations in more than sixty countries split across the globe.
Standard Chartered Bank Nigeria Limited was established in the year 1894 when the Bank of British West Africa (BBWA) was established BBWA was later renamed Standard Bank of West Africa in 1965.
In 1969, Standard Bank of West Africa merged with Bank of West Africa to form Standard Bank of West Africa Limited.
In 1971, the bank was incorporated locally as Standard Bank of Nigeria Limited.
In 1999, Standard Chartered acquired a controlling stake in the bank and it was renamed Standard Chartered Bank Nigeria Limited.
Related: How To Get A Loan From UBA Bank In Nigeria With or Without Collateral in 2023
The bank has since grown to become one of the top leading banks in Nigeria, offering a wide range of financial services to individuals, corporates, and institutions.
Standard Chartered Bank Nigeria Limited Loan Types, Requirements, Borrowable Amounts, And Interest Rates
Personal Loans
Personal loans are loan which is set up to help meet the financial needs of chartered bank customers. This loan type can be used for any kind of financial need unlike business loans, mortgage loans, and assets loans.
However, these requirements must be met for you to successfully get this loan;
- You must be between the ages 21 to 60 years
- You must present your bank statements for the last 3 months
- You must present your pay slips for the last 3 months
- You must present a letter of awareness from the employer to domicile your salary with Standard Chartered Bank
- You must obtain, complete and submit your loan application form to the bank.
The loan amount you can get ranges from N175,000 to N20,000,000, total repayment must be done within the period of 48 months.
You can use the Standard bank loan calculator to calculate the Interest rate to determine the interest you’re likely to get on your loan.
Mortgage Loans
Mortgage loan is one of the loan services provided by Standard Chartered Bank for customers to purchase their dream homes.
The loan amount ranges from N1 million to N220 million, and the repayment period is up to 20 years.
The interest rate for mortgage loans is 18% per annum.
The requirements for standard chartered bank Nigeria limited are as follows;
- Completed loan application form.
- Proof of identification (national ID, passport, or driver’s license).
- Proof of income (salary account statement or business account statement) has to be presented
- Proof of address (utility bill, tenancy agreement or bank statement) has to be presented
- Collateral (for some loan types).
- Prove of N350,000 monthly salary or income has to be presented.
Overdraft Loan
Overdraft Loan is a loan type facilitated primarily for salary earners with a 12 monthly tenor based on 50% of the net monthly salary.
The borrowable amount can be up to the sum of N1.8,000,000, however, before you can assess this loan, you must meet the following requirements:
- You must have your salary account with Standard Chartered Bank Nigeria(SCB)
- You must have good credit bureau history
- Minimum Salary qualification ₦50,000 Government or private
How To Get A Loan From Standard Chartered Bank Nigeria Limited With Or Without Collateral
The steps below will guide you on how to get a loan from Standard Chartered Bank Nigeria Limited With Or Without Collateral easily.
Choose The Type Of Loan That Suits
I have analyzed 3 different types of loan offers by Standard Chartered Bank Nigeria Limited, out of these 3, you’ll need to choose one that suits your need.
Meet Requirements
Meeting the requirements for the specific loan type you’ve chosen is quite important, without meeting the loan’s requirements your loan will not be approved.
Gather All The Needed Requirements
Once you have determined your eligibility and are sure all the requirements are met, gather all the required documents, which may include your proof of identification, proof of income, proof of address, and collateral (if required), and visit the bank.
Obtain The Loan Application Form
Once you’ve obtained the loan application form, you will be required to fill in every necessary detail, ensure everything is filled accurately and submit it to the bank officer in charge.
Wait For Review & Response
After final review, your loan may either get approved or disapproved.
However, if approved, the loan will be disbursed to the designated bank account but if not approved, you may be told the reasons for disapproval, if it’s something that needs fixing, kindly do so and reapply.
Frequently Asked Questions ( FAQs) On How To Get A Loan From Standard Chartered Bank Nigeria Limited
The following are the related questions to how to get a loan from Standard Chartered Bank Nigeria Limited:
Can I borrow money from the standard chartered bank mobile banking?
Yes, you can apply for the loan on the standard chartered bank mobile banking app but you will still need to visit any of the bank branches near you to complete the process.
Where can I download Standard chartered bank mobile banking app?
The banking app for the standard chartered bank is available on most of the available app stores e.g Google Play Store, Palm store, Apple Store, etc.
