Standard Chartered Bank
Unsecured personal loans up to ₦35 million for employed Nigerians. Low 2.19% monthly interest, up to 60 months repayment, flexible top-up and fast approval.
Standard Chartered Bank offers an unsecured personal loan product for employed Nigerians earning a salary. The loan amount ranges from ₦175,000 up to a substantial ₦35 million, all at a competitive monthly interest rate as low as 2.19%. The repayment period can extend up to 60 months, making it ideal for those looking to spread their payments and manage cash flow.
Eligibility for this loan requires you to be between 21 and 60 years, earn at least ₦120,000 monthly, and be an employee of a reviewed and approved company. No collateral or security is required, which makes the Standard Chartered Personal Loan accessible to a wide range of salary earners in Nigeria who want to finance projects or urgent personal needs.
How to Apply: Step by Step
First, make sure you meet the eligibility criteria: age, employment, and salary. Then, fill out a loan application form provided by Standard Chartered Bank. Attach your recent bank statements (last 3 months), pay slips for the same period, and a letter from your employer confirming your salary domiciliation with Standard Chartered.
Submit all required documents through any Standard Chartered branch or their digital channels. After submission, your application will be evaluated, and you may receive feedback in a matter of days if all requirements are met.
Pros of Standard Chartered Personal Loan
One major advantage is that no collateral is needed, so you can access funds solely based on your employment status and income. Additionally, the low monthly interest rate (from just 2.19%) means lower repayments compared to many other unsecured loan options in Nigeria.
You can borrow a high amount (up to ₦35 million), providing flexibility for both small and large financial needs. Repayment periods of up to 60 months offer further flexibility.
Cons of Standard Chartered Personal Loan
The loan is strictly available to employed individuals who can domicile their salary with Standard Chartered, which excludes self-employed persons. There’s also a minimum salary requirement that might be prohibitive to some potential borrowers.
If you’re not an employee at an approved organisation or do not wish to move your salary, you will not qualify. This limits accessibility for certain segments of Nigerian workers.
Verdict: Who Should Consider This Personal Loan?
For employed, salary-earning Nigerians seeking a convenient, collateral-free loan, Standard Chartered’s offer is one of the most competitive around. If you meet the eligibility and enjoy the prospect of quick processing and flexible repayment terms, this loan could fit your goals.