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To obtain a loan from Standard Bank, several factors are considered:

1. Credit Score: This evaluates your ‘creditworthiness’ based on your past handling of debt and repayments. A good credit score indicates responsible financial behavior, potentially leading to better interest rates.
2. Income: Your earnings determine the amount of credit you can responsibly manage. Standard Bank assesses whether you earn enough to repay the loan while covering other expenses.
3. Requirements of the National Credit Act: Standard Bank adheres to the regulations of the National Credit Act, which limits interest rates to a maximum of 24.5%. A good credit score may qualify you for a lower interest rate within this range.

How obtaining a loan from Standard Bank works:

When you borrow money through a personal loan, you repay it in monthly instalments over a predetermined period, typically with added interest. The interest rate and repayment period vary depending on the loan amount and your preferred timeframe for repayment.