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Requirements for a Standard Chartered salary based loan
- You should be employed by an approved company
- You should have been receiving your salary through Standard Chartered for 3 months
- If you have a new Standard Chartered account then you have to provide 2 months bank statements from your previous bank and at least one “salary credit through your Standard Chartered account”
- Your recent payslip
- A copy of your employment contract
- Your original national ID
- Proof of residence
Proof of residence can be a recent utility bill or letter from your employer stating your address.
- You should be aged between 21 and 65 to qualify
Loan conditions of Standard Chartered’s salary based loan
- Maximum amount to borrow
You can borrow a maximum of $500 000
- Interest rate
25% per annum
- Establishment fee or Origination fee
5% of the loan amount
- Maximum repayment period
The loan is repaid in monthly installments of between 36 and 48 months.
- Minimum amount of salary to qualify
You should be earning a salary of more than $4 500 to qualify for Standard Chartered’s salary based loan.
- Top-up loan
You can borrow more money through the salary based loan facility after 9 months.