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Standard Chartered Personal Loan – Loan up to NGN 10,000,000

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The Standard Chartered Personal Loan helps you improve your quality of life as it needs no collateral to help you realize your dreams.

Whether you want to finance a postgraduate degree, buy a car or upgrade your home, Standard Chartered offers a fast and excellent financial solution.

The features provided in the Standard Chartered Personal Loan are up to NGN 10 million with monthly payments for up to 60 months, making it very convenient for the pocket.

 

Standard Chartered Personal Loan Terms and Conditions

Those interested in the Standard Chartered Personal Loan must have a net salary of at least 75,000 NGN per month, and if state-owned by the government, the amount changes to 50,000 NGN.

To apply you must have your employer’s confirmation letter and a valid ID. The other required documents are:

  • Bank statements from the last three months;
  • Copy of driver’s license, national ID, international passport or voter card;
  • IID – important information documents;
  • Application form already completed;
  • Payment receipts from the last three months;
  • Copy of team or company ID card;
  • Employer awareness letter to host your salary at Standard Chartered bank;
  • Where applicable, birth or marriage certificate.

 

How much does it take to qualify for a loan?

The minimum salary required to qualify for the Standard Chartered Personal Loan is NGN 50,000 for those working in government or parastatal agencies or private organizations (as it must be a permanent and confirmed employee).

The salary in the Standard Chartered bank account must be domiciled in order to receive the loan and must be confirmed in writing at the time of application.

If you have a loan with another bank, you can transfer it to Standard Chartered, which will pay the outstanding balance amount directly to the bank using the proceeds from your new loan.

 

Standard Chartered Personal Loan Information

As mentioned earlier, the Standard Chartered Personal Loan is not guaranteed, so the only requirement is to receive grants through Standard Chartered Bank.

You can also recharge a running loan for additional funds, which can be done after six months from the initial loan date.

If you wish you can repay the loan before the due date, and you can use it for any purpose that is of interest or accuracy.

Currently Standard Chartered finances the purchase of residential real estate in Abuja and Lagos.

 

Standard Chartered Personal Loan Details

The government-issued certificate of ownership is one of the proofs of ownership accepted by Standard Chartered, as are the following registered documents: assignment, sublease or transportation contract.

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The minimum amount to get the loan is NGN 6 million which can be made for the minimum period of five years.

To qualify for a mortgage you must earn at least 300,000 NGN.

 

What does loan to value or equity contribution mean?

The loan is the portion that the bank finances, reaching a maximum of 80% of the market value of the property.

The property contribution is the part of the purchase price of the property that the buyer offers, being at least 20% of the cost of the house purchased.

For a home worth NGN 10 million, the buyer has to provide at least NGN 2 million while the bank comes in with NGN 8 million.

 

What about the fees charged?

Perfection fees are paid to the government to transfer the title of ownership from the owner to the customer.

The fee is mandatory and must be paid in advance, as it precedes the mortgage withdrawal.

Interest on the mortgage is calculated as a percentage of the initial amount based on the reducing balance and your payment is monthly (being progressively reduced over the life of the loan).

It is important to note that the interest rate fluctuates according to market conditions.

 

What is EMI and DBR?

EMI is the proportional monthly installments, calculated using a formula that divides interest and payments in equal amounts over the months of the loan’s life.

Borrowers using the annual housing allowance to make their loan repayments still have to pay interest and EMI principal rate every month.

DBR is the debt ratio, a percentage of what you earn monthly on a net basis.

 

Other Conditions of Standard Chartered Personal Loan

Financing for the Standard Chartered Personal Loan is possible if you have a total of seven years of experience worked or are confirmed in a new job and you can even settle the loan before it matures.

For those who are retired from government services and want to buy a government-owned house, they must be under 60 years of age because the term expires before the person turns 60.

Standard Chartered offers mortgage facility for people between 21 and 60 years.

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