Standard Chartered Bank Nigeria
Borrow up to ₦35 million with no collateral, pay flexibly over up to 60 months, and enjoy rates from 2.19% monthly. Fast, simple, and unsecured.
The Standard Chartered Personal Loan Nigeria offers employed, salaried individuals a chance to access funds up to ₦35,000,000 without collateral. This unsecured loan gives you the flexibility of up to 60 months to repay, with interest rates as low as 2.19% per month. The minimum salary to qualify is ₦120,000, and the application requires basic documents like your bank statements and pay slips for the last three months.
How to Apply: Step-by-Step Process
- Make sure you are employed and earn at least ₦120,000 monthly.
- Complete the official application form for the Standard Chartered Personal Loan Nigeria.
- Gather your last three months’ bank statements and pay slips.
- Get a letter of awareness from your employer to domicile your salary with the bank.
- Submit all documentation and await bank review and approval.
Pros of Standard Chartered Personal Loan Nigeria
This loan does not require any collateral, making it excellent for employed workers who might not own assets. The approval process is straightforward and designed for speed. Flexible repayment terms of up to 60 months mean borrowers can tailor payments to their financial situation. You also get top-up options if you consistently repay and need extra funds.
Cons of Standard Chartered Personal Loan Nigeria
This loan is only available to employed, salaried individuals, shutting out the self-employed or business owners. Mandatory salary domiciliation can be an inconvenience for those wishing to keep their main income with another bank. The interest rate, while competitive, is still significant for higher amounts or long tenors.
The Verdict
The Standard Chartered Personal Loan Nigeria stands out for its no-collateral requirement, high maximum loan amount, and extended repayment flexibility. If you have a stable salary and meet the eligibility criteria, this product could be a simple, reliable way to unlock funds. Make sure you understand the salary domiciliation clause and check the effective interest over your chosen term.