NAIROBI, Kenya, April 22 – The Standard Chartered Bank (SCB) has said that customers will now get to enjoy personal loans from the bank’s official mobile app.
In a statement, SCB has assured that no paperwork will be required to access the loans.
SCB has provided guidelines to customers on how they can access the loan.
One will be required to log into the SC mobile app, then navigate to the hamburger menu, scroll down, and select Apply for products.
Then, on the page catalog, select personal loans and overdrafts.
Customers will be able to access loans of up to R300,000 with a repayment period of 12 to 72 months.
“You can apply for a minimum loan amount of R3 000 to a maximum loan amount of R300 000. Our service fees are R69 per month for all loans and our once-off initiation fees range from R419.75 up to R1207.50 (VAT inclusive),” they stated on their website.
“Our loan repayment terms range from a minimum of 12 months to a maximum of 72 months,” the lender said.
According to SCB, the interest rates are personalized up to a maximum of 17.5 percent.
“Our interest rates are personalized up to a maximum of prime plus 17.5% as per the NCA regulation. The Annual Percentage Rate (APR) for your loan is a maximum of prime plus 17.5% as per the NCA regulation,” it added.
