Standard Chartered Bank Nigeria
Access personal loans up to ₦35M with up to 60 months repayment and rates as low as 2.19% monthly. No collateral required for employed salary earners.
Standard Chartered Bank offers an unsecured personal loan designed to support employed individuals who earn a salary in Nigeria. With up to 60 months for repayment, you can access as much as ₦35 million without any need for collateral. One of the key highlights is the competitive interest rate—starting as low as 2.19% per month—which makes it a compelling option for eligible working professionals seeking quick funding.
Eligibility for the loan requires you to be between 21 and 60 years old, work for an approved employer, and earn a minimum monthly salary of ₦120,000. If you meet these requirements, you can enjoy the flexibility of repaying over a five-year period while enjoying transparency in charges and repayment.
How to Apply: Step-by-Step Summary
Start by completing the loan application form and submitting the required documents, which include your last three months’ bank statements, three recent pay slips, and a letter of awareness from your employer confirming the arrangement to pay your salary into your Standard Chartered account. Submit these to the bank for processing and await feedback on your approval status.
Key Advantages
One clear advantage of this personal loan is that you do not need to present any form of collateral, making it accessible to more employed Nigerians. Additionally, the low monthly interest rate paired with a high maximum loan amount can support individuals looking to consolidate debt or finance large personal projects with peace of mind.
Potential Drawbacks
The loan product is strictly available only to employed, salary-earning individuals, which means self-employed professionals are excluded. Also, you are required to have your salary paid directly into your Standard Chartered account, which may require some changes with your employer. These requirements could limit flexibility for certain applicants.
Verdict: Is It Worth Considering?
If you are a salary earner and need a significant loan amount with manageable repayment conditions, Standard Chartered’s offering is among the most consumer-friendly in the Nigerian market. Its straightforward process, low rates, and flexibility are very appealing.