How To Apply For Loan In Standard Chartered Bank: Requirements, Procedures – The acquisition of financial assets and credit is a paramount factor for the advancement and success of both individuals and enterprises. The process of procuring a loan from a financial establishment can be tedious, particularly for individuals who lack expertise and familiarity with the essential prerequisites and procedures. This write-up is meant to enlighten intended loan applicants of the procedures and requirement for the application and acquisition of loan from Standard Chartered Bank.
Standard Chartered Bank, a significant international financial institution in Nigeria, provides an array of loan types. Be it personal, mortgage, automobile, or business loans, Standard Chartered Bank endeavours to cater to the varied financial requirements of its clientele.
This all-encompassing manual offers a comprehensive outline of Standard Chartered Bank Nigeria’s loan products, the necessary criteria for eligibility, the required documentation, the application procedure, and pointers for ensuring the approval of your loan request.
Types of Loans Offered by Standard Chartered Nigeria
Standard Chartered Nigeria offers both consumer and business loans to meet your financial needs. Some of the major types of loans on offer include:
Personal Loans: personal loans are unsecured and easily loans available for individuals who require funds for consolidating debts, covering medical expenses, or financing recreational activities. The range of amounts available for acquisition with these loans is between N1 million and N20 million.’.
Mortgage Loans: Ideal for financing your home purchase or construction. Mortgage loans come with flexible repayment plans of up to 20 years. The minimum loan amount is N20 million.
Vehicle Loans: For financing your new or used car purchase. Vehicle loans can be acquired in sums ranging from N5 million to N20 million, and the term for reimbursement can span from 1 to 5 years.
Business Loans: Business loans are provided for asset financing, working capital, invoice discounting, acquisition finance and other needs of SMEs and large corporations.
Eligibility Criteria for Standard Chartered Loans
To qualify for any of the above loans from Standard Chartered Nigeria, there are some basic eligibility criteria you need to meet:
- You must be a salaried individual or business with a steady source of income. For salary earners, your monthly net income should not be less than N250,000.
- Businesses should have verifiable records and income for at least 3 years.
- Businesses should be registered with CAC and have a TIN number.
- Good credit history with no defaults or bad loans.
- The age limit is typically 21 to 65 years for salaried individuals.
- The minimum post-qualification work experience is 1 year.
- Self-employed professionals like doctors, accountants etc. should have a practice history of 3 years.
Documents Required for Standard Chartered Loan
When applying for a Standard Chartered loan in Nigeria, you need to submit certain documents along with the application form. This enables the bank to verify your details and assess your repayment ability. Key documents required are:
For Salary Earners
- Duly filled loan application form
- Current salary slips for the last 3 months
- Bank statements for 6 months
- Employment confirmation letter
- Copy of staff ID card
- Copy of utility bill as address proof
- Passport sized photographs
- Copy of valid ID like national ID, driver’s license or voter ID
Self-Employed Applicants:
- Business registration documents
- Bank statements for 12 months
- Last 3 years’ financial statements of the business
- Tax identification documents
- Invoices, purchase orders from customers
- Utility bill as address proof
Business Loan Applicants:
- Business registration certificate
- Memorandum and Articles of Association
- Partnership Deed (for partnerships)
- 3 years of audited financial statements
- Last 6 months’ bank account statements
- Copy of CAC documents
- List of directors and owners
- Assets and liabilities statement
- Business plan/feasibility study
- Relevant licenses and permits
How To Apply
Step 1: Check Eligibility
First step is to review the eligibility criteria and document checklist to ascertain if you can qualify for the loan based on the guidelines by the bank. This helps avoid disappointment from loan rejection later.
Step 2: Select the Right Loan Product
Standard Chartered Nigeria offers personal, auto, mortgage and business loans. Choose the right loan product that aligns with your specific need. The loan amount, interest rate and repayment timeline vary for each product. Therefore, select the one option suitable to your immediate loan need.
Step 3: Gather the Required Documents
Once you have selected the loan product, gather all the relevant documents needed as per the checklist outlined earlier. Having all paperwork ready avoids delays in processing your loan application.
Step 4: Fill out the Loan Application Form
Standard Chartered provides both offline and online channels to apply. You can either manually fill the physical application form or apply online through the bank’s website. Provide accurate personal, employment and financial details.
Step 5: Submit the Application at the Bank Branch
Submit your completed loan application form along with copies of the required documents to your nearest Standard Chartered branch in Nigeria. An alternative is to apply online and upload soft copies of the documents as per the instructions.
Step 6: Credit Checks and Verification
The bank will undertake necessary credit checks, employment verification and other processes to authenticate your application details. This is done to assess creditworthiness and repayment ability.Standard Chartered Bank Loan
Step 7: Loan Approval
If your loan application is successful, you will receive the approval and offer letter within 2 weeks. The letter will highlight the loan amount sanctioned, applicable interest rate, repayment schedule and other terms & conditions.
Step 8: Documentation Formalities
Visit the bank branch to complete documentation formalities. This involves signing the loan agreement, disbursement request, EMIs mandate etc. Original documents also need to be submitted for verification.
Step 9: Loan Disbursal
Once all documentation is completed, the approved loan amount gets disbursed directly into your designated bank account within 7 working days. Repayment will begin as per the timeline mentioned in the offer letter.
Tips to Increase Your Chances of Loan Approval
Follow these tips to optimize your chances of getting your Standard Chartered loan application approved:
- Maintain a good credit score and clean repayment history
- Avoid multiple loan applications as they impact the credit score
- Provide accurate information and documents
- Know your repayment capacity before applying
- Build a relationship with the bank through existing accounts
- Have a higher net monthly income
- Give Details of collateral or security (if required)
- Apply for the loan amount as per your eligibility
Conclusion
In summary, Standard Chartered offers among the most competitive interest rates and flexible repayment options for personal, mortgage, auto and business loans in Nigeria. By meeting their eligibility criteria, submitting the required documents, and following their application process, salaried individuals and businesses can access financing conveniently. Ensure you evaluate the interest rate, fees, tenure, and repayment terms and compare various loan options before applying. This will help you make an informed borrowing decision.