Revolving term loan
The revolving term loan is ideal for you if you are looking for long-term financing. After six months of good account behavior, this facility offers a revolving capability, allowing you to borrow money again without having to reapply for a loan. Due to the revolving nature of the product, it does not have a definite repayment period.
What does it offer me?
- You may revolve the facility.
- Highly competitive interest rates.
- Loan may be revolved (in multiples of E1,000.00) after six months of regular repayments, subject to good conduct on member’s transactional account.
- No handling of cash, as the loan is disbursed directly into your transactional or savings account.
- Structured repayments include loan, interest and insurance.
- Credit life Insurance embedded.
Who may apply?
To be considered for a Revolving term loan, you need the following:
- A net income of E3 000.00 per month.
- Have a transactional account with Standard Bank into which your salary is paid monthly.
- Repayments of your existing and new loans may not to exceed "installment to income ratio" in line with customer segment offering.
What do I need to apply?
To apply for a revolving term loan you should visit your nearest Standard Bank branch with the following documents:
- A valid Swazi identity document.
- Valid passport and work permit if you are an expatriate.
- Your last three payslips.
- Confirmation from your employer that your salary gets paid into your Standard Bank account.
- If you need to open a Standard Bank transactional account, we will provide you a letter for your employer instructing them to pay your salary into your Standard Bank account for the life of the loan.
- If you are applying for one of the revolving loans and are not already a Standard Bank customer, six months statements from your current bank must be provided.