Standard Chartered Bank Nigeria
Personal loan up to ₦35 million with no collateral, flexible repayment up to 60 months, and rates as low as 2.19% per month for salaried individuals.
If you’re a salaried professional in Nigeria seeking easy access to funds, the Standard Chartered Personal Loan might be worth considering. This offer is strictly for employed individuals whose pay is routed through their bank. You can borrow from ₦175,000 up to ₦35 million, with no collateral required. The monthly interest rates are competitive, starting from 2.19%, while loan terms stretch up to 60 months, giving ample room for repayment.
Eligibility requirements include being a Nigerian between 21 and 60 years old, earning at least ₦120,000 per month. Employment with an approved company is mandatory. With such flexible criteria, many professionals can qualify if their salary and documents are in order.
How to Apply for Standard Chartered Personal Loan
- Fill out the application form and provide your last three months’ bank statements and pay slips.
- Ensure your salary is domiciled with Standard Chartered Bank.
- Your employer must issue a letter of awareness confirming your salary pays into the bank.
- Submit all documents for quick processing and await their decision.
Pros of Standard Chartered Personal Loan
This loan stands out because it’s fully unsecured, so you don’t need collateral to qualify. The clear terms allow you to plan your repayments efficiently, and the top-up feature means you can access more funds while repaying.
Another plus is the absence of pre-liquidation charges, making it easy to pay off your loan earlier if your finances improve. It’s also simple to consolidate or transfer loans from other banks.
Cons of Standard Chartered Personal Loan
The main drawback is the strict requirement to receive your salary through the bank during the loan period, which may be limiting for some professionals not ready to switch banks.
Additionally, this loan is only open to employees of reviewed and approved companies, shutting out many small business owners and self-employed Nigerians from applying.
Final Verdict
The Standard Chartered Personal Loan is well-suited for employed Nigerians who want a flexible, collateral-free borrowing option. Its competitive rates and lenient early repayment policy are attractive, but strict eligibility and salary routing requirements limit its accessibility. If you meet the conditions, this loan is a solid financing choice.