Standard Chartered Bank
Enjoy an unsecured personal loan up to ₦35M. Flexible repayment for up to 60 months. Competitive interest rates from 2.19% monthly. No collateral or preliquidation fees.
The Standard Chartered Personal Loan is designed for employed Nigerians seeking flexible funds without the stress of collateral. Loans range from ₦175,000 to ₦35,000,000. Approved applicants enjoy a competitive monthly interest rate starting from 2.19%. Enjoy up to 60 months for repayment, making budgeting easier and seamless. Applicants must be permanently employed and earn at least ₦120,000 monthly, with salary received through Standard Chartered.
How to Apply for Standard Chartered Personal Loan
- Download and fill the loan application form.
- Gather your last 3 months’ salary slips and bank statements.
- Obtain a Letter of Awareness from your employer for salary domiciliation.
- Submit all documents to a Standard Chartered branch or via email.
- Await review and approval notification.
Major Advantages
A standout benefit is the fully unsecured nature of the loan—no collateral required, making it accessible for more Nigerians. Flexible tenors up to 60 months keep monthly repayments manageable for salaried workers seeking comfort and convenience.
Competitive interest rates starting from as low as 2.19% monthly make this loan attractive compared to many alternatives. Free partial or full liquidation means borrowers can clear the loan at their own pace, penalty-free.
Potential Drawbacks
This offer is restricted to employees of approved organisations only. If you are self-employed or earn less than ₦120,000 a month, you will not qualify.
Applicants must agree to have their entire salary domiciled with Standard Chartered. This might not suit those unwilling or unable to reroute their salary payments to a new bank.
Overall Verdict
The Standard Chartered Personal Loan is ideal for employed Nigerians looking for a large, quick unsecured loan with minimal fuss. The offer stands out for its high maximum loan amount, flexible repayment schedules, and lack of collateral requirements. For those meeting the eligibility criteria, it remains one of the top personal loan offers in Nigeria in 2024.