BANKING

How to get Standard Chartered Loan

Published

1 year ago

How to get Standard Chartered Loan

In the ever-evolving finance and financial services landscape, securing a loan often serves as the link between aspirations and achieving those dreams and making them a reality. If you’re looking at the possibilities of getting a loan to finance your financial goals and dreams, one of the esteemed names in the world of banking, Standard Chartered may be the institution to help you achieve your financial dreams goals: “How to get Standard Chartered Loan.”

In this guide, we’ll discuss and take you through the steps on how to get a Standard Chartered loan, the benefits of Standard Chartered loans, and the possible types of loans you can get from Standard Chartered Bank. From understanding the loan options available at Standard Chartered to meeting the loan eligibility criteria you’ll learn all in this guide. Read on to if you wish to get a loan from Standard Chartered Bank.

About Standard Chartered

Standard Chartered Bank PLC has a rich global history in its over five decades of operation, the bank re-entered Nigeria on 15 September 1999 as a wholly owned subsidiary of Standard Chartered Bank Plc. This re-entry is after its initial operations dating back to 1894 were truncated after the Nigerian civil war and the bank’s shares of ownership nationalised.

Standard Chartered Bank is committed to its customers with the wide variety of products and services it provides in Retail; Wealth Management; Commercial; Corporate and Institutional; Private, Digital and Transaction Banking business. Standard Chartered has in its employ over 900 staff across its more than 22 branches of operation nationwide. Standard Chartered brings its global expertise to bear in its banking operations in Nigeria.

How to get Standard Chartered Loan

Does Standard Chartered Give Loans

Yes, Standard Chartered Bank provides a wide range of loans to its millions of customers around the globe in the areas where the bank has operational offices and branches. The different types of loans provided by standard chartered are designed to meet various needs of the borrowing public.

Types of Loans Offered By Standard Chartered

Standard Chartered has different types of loan products it offers to its customers, depending on the financial needs of the loan applicant. The main types of loans available at Standard Chartered Bank include:

Personal Loan: This is a loan that is designed for individuals to help them fulfil their financial goals and dreams, this is a loan that is unsecured and is given at a very low-interest rate of 1.083% per month. This loan has a repayment period of up to 60 months.
Overdraft Loan: This is a loan that allows you to overdraw from your account every month up to a maximum of 1.8 million Naira. This loan is for customers with a salary account with Standard Chartered Bank. The overdraft loan allows customers to overdraw 50% of their monthly salary up to a maximum of 1.8 million Naira.
Long-Term Loans: This is a type of loan that is designed for borrowers where the borrowers go into a contract with Standard Chartered Bank, for a period of financing between 5 years to 7 years. This loan is structured in a way that it is meant to finance specific transactions and assets.
Smart Business Loan: This is a loan that is designed to provide businesses with loans up to a maximum of 20 million Naira with no collateral for the sake of business expansion. This loan is available to new and existing customers of Standard Chartered Bank.
Trade & Working Capital Solutions: This loan is designed to provide financing for businesses to help such businesses grow and expand. This loan is also designed to provide transactional and operating capital to businesses and business owners.
Wealth Management Overdraft: This loan is open to customers of Standard Chartered Bank with an investment or investment portfolio with Standard Chartered Bank to borrow funds up to a maximum of $1,000,000. You can borrow this amount without fear of losing your returns on your current existing investment with the bank.
Business Mortgages: This loan is designed to help you fund the purchase and ownership of residential, commercial or industrial property. This loan has a tenor of up to 20 years and allows you to borrow up to 80% of the cost of the property meaning you have to pay a 20% deposit for the property purchase.
Secured Wealth Lending: This is a loan that is designed for your investment with Standard Chartered to work hard for you. This loan is secured and provides funds to customers using the customer’s financial assets as collateral for the loan.

Standard Chartered Loan Interest Rate

Standard Chartered Bank loan interests are very competitive to the lending rate obtainable in the banking industry in Nigeria. To obtain a loan with Standard Chartered Bank the interest rate ranges from 1.08% per month to 17% per annum or more depending on the type of loan you’re seeking from Standard Chartered Bank.

Standard Chartered Loan Eligibility

The different types of loans offered by Standard Chartered Bank have their specific eligibility criteria requirements. The eligibility requirements for the different types of loans are listed below:

Personal Loan

Bank statements for the last 3 months
Your salary account must be domiciled with Standard Chartered
Pay slips for the last 3 months
Letter of Awareness from employer to domicile your salary with Standard Chartered Bank
You have to be between 21 and 60 years of age
You need to be earning a minimum salary of ₦30,000

Overdraft Loan

You must have your salary account domiciled with Standard Chartered Bank
You must have a good credit bureau history
You must earn a minimum qualifying salary of ₦50,000
You must be 21 years or older

Long Term Loans

You need to have an account with Standard Chartered Bank
You have to be of legal age to apply for this loan

Smart Business Loan

You need to have a functional business
Your business has to have an account account with Standard Chartered Bank
You need to have a standalone board resolution to be able to request for this loan

Trade & Working Capital Solutions

You need to be a functional business
Your business needs to have an account with Standard Chartered Bank
Your business needs to have the necessary licenses and regulatory approvals

Wealth Management Overdraft

You need to have an investment or investment portfolio worth more than $1,000,000 or its equivalent with the bank
You must have an account with Standard Chartered Bank to be able to monitor your account activities

Business Mortgages

You have to deposit at least 20% of the cost of the property you wish to acquire
You need to have an account with Standard Chartered Bank for easy monitoring of your loan facility and funds movement

Secured Wealth Lending

You need to have an investment or investment portfolio of financial assets with Standard Chartered Bank
You need to hold an account with Standard Chartered Bank
You must be between 18 years old and 70 years old at the time of applying for this loan
You have to meet the relevant terms and conditions
You need to have any of the acceptable collaterals including Fixed Deposit; Mutual Funds*; Bonds & Treasury Bills

Standard Chartered Loan Application Process

The application process for any of the loans offered by Standard Chartered Bank is easy to follow. The application steps for the loans offered by Standard Chartered Bank are listed below:

You have to download and complete the loan application form depending on the type of loan you wish to request from the Standard Chartered Bank loan website
Then submit the completed application form to Standard Chartered
For the business loan types of loans you will need to have your Corporate Account Opening Form, Account Opening Checklist and Guide Form, and Standalone Board Resolution

Benefits of Standard Chartered Loan

Getting Standard Chartered Bank loans comes with several benefits. Some of the main benefits of Standard Chartered loans include:

Personal Loan

The loan tenor is very comfortable and guarantees easy repayment
The loan interest rate is very low and affordable
The loan requires no security
You are not charged pre-liquidation charges

Overdraft Loan

The overdraft interest rate is very flexible according to the amount of overdraft you use
There are no maintenance charges on the overdraft drawn
You do not require a minimum account opening balance to use an overdraft
This loan provides you with easy access to cash whenever you need it

Long Term Loans

This loan has a flexible repayment plan
Loan disbursement is very fast to enable you to meet your financial goals
You have 24/7 access to your account anywhere through Straight2Bank

Smart Business Loan

You do not need a collateral for this loan
You have access to top up this loan after the first 12 months if you make regular repayments
The repayment options are flexible and can be structured to suit your business for up to two years
This loan is available to new and existing clients and there is no waiting period for this loan during the application

Trade & Working Capital Solutions

This loan helps you to have access to bonds and guarantees from Standard Chartered Bank to help your business finance a wide range of contractual obligations
This loan can help you fund part of your import financing of products and services
This loan helps you fund part of your export financing
This loan helps you to grow your business by leveraging Standard Chartered Bank’s extensive international network
The loan grants you instant access to funds on approval of your loan request
This loan provides financing facilities including overdraft and trade services to beneficiaries

Wealth Management Overdraft

You do not require any other collateral aside from your pledged investment with Standard Chartered
You have access to competitive interest rates
This loan is available to customers in multiple currencies including NGN, USD, GBP and EUR

Business Mortgages

This loan offers a competitive interest rate
The repayment period of three a loan is very comfortable and flexible at 20 year repayment period
You are allowed to borrow up to 80% of your proposed property cost

Secured Wealth Lending

With this loan, you have access to multiple currencies to operate with including NGN, USD, GBP and EUR
With this loan, you can improve your personal liquidity position with no restrictions
With this loan, you can increase your portfolio returns and hedge your risks more

Cons of Standard Chartered Loan

Standard Chartered Bank has a plethora of benefits, but there are also some downsides to Standard Chartered Bank loans. Some of the cons of Standard Chartered loans include:

The maximum amount of overdraw available is small compared to the size and value of Standard Chartered Bank
The business loans have fees and charges that can pile up and become burdensome to the business finances
Many of the loan offerings do not have a specified interest rate stated on the bank’s website

Conclusion

Standard Chartered Bank offers loans with highly competitive interest rates compared to the lending and market rates. Standard Chartered is a bank that is committed to the growth of its customers hence the bank provides favourable criteria and terms of application to individuals and businesses seeking loans with the Bank. If you wish to get a loan that will help you achieve your financial goals without straining you or your business financially Standard Chartered Bank is the bank to go to. See

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BANKING

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises (SMMEs) and Boost Trade

Published

2 months ago

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African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises

The African Development Bank Group (www.AfDB.org) and Standard Bank Group (SBG) on Monday signed a landmark financial agreement to enhance funding for small, medium, and micro enterprises (SMMEs) and expand trade across Africa.

The agreement includes a R3.6 billion investment in a social bond and a $200 million Risk Participation Agreement (RPA) for Standard Bank of South Africa Limited (SBSA). This initiative strengthens Standard Bank’s lending capacity, ensuring greater access to finance for SMMEs, a critical driver of economic growth and job creation in South Africa.

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises

The social bond investment promotes inclusive economic development, particularly for SMMEs with a turnover below R300 million and loan sizes under R40 million. This financing will support up to 4,000 businesses, helping them scale operations, create jobs, and contribute to economic resilience.

Kenny Fihla, Deputy Chief Executive Officer of Standard Bank Group and Chief Executive Officer of SBSA, welcomed the investment, stating: “This landmark partnership strengthens our ability to support SMMEs, the backbone of South Africa’s economy. With approximately 3.2 million SMMEs accounting for 60% of jobs, ensuring access to finance is crucial. This initiative aligns with our Sustainable Finance Framework and our commitment to financial inclusion.”

In addition to the social bond, the $200 million RPA enhances trade finance across Africa, focusing on Low-Income Countries and Transition States. This agreement enables local banks to increase lending by sharing risk, bridging the trade finance gap, and promoting intra-African trade.

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises (SMMEs) and Boost Trade

Leila Mokaddem, Director General for Southern Africa at the African Development Bank, highlighted the broader impact: “This collaboration marks a significant milestone in our long-standing partnership and is a testament to our shared commitment to supporting SMMEs’ growth and enhancing trade finance across Africa. Expanding financial inclusion and trade opportunities empowers businesses to drive economic transformation and regional integration. The Standard Bank Group remains a strategic partner in our shared vision for economic development on the continent.”

This initiative aligns with the African Development Bank’s Ten-Year Strategy (2024–2033), which prioritises industrialisation, regional integration, and improving the quality of life in Africa. It also supports Standard Bank’s Sustainable Finance Framework, reinforcing both institutions’ commitment to fostering green and inclusive growth.

“We are proud of this transaction, demonstrating our shared commitment to sustainable financing. By supporting businesses, we create long-term economic opportunities and financial resilience,” stated Ahmed Attout, Director of the Financial Sector Development Department at the African Development Bank.

Kenny Fihla reaffirmed the significance of the collaboration:

“By providing much-needed capital, we are helping enterprises overcome challenges and thrive. This partnership illustrates the power of collaboration in driving meaningful economic and social change in Africa.”

BANKING

The International Islamic Trade Finance Corporation (ITFC) Maintains Leadership in Global Ranking of Islamic Syndications for 4 Consecutive Years

Published

2 months ago

Christopher

The International Islamic Trade Finance Corporation (ITFC) Maintains Leadership in Global Ranking of Islamic Syndications for 4 Consecutive Years

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB), has reinforced its position as a key player in the Islamic syndications market, achieving prominent rankings in the 2024 Bloomberg and Refinitiv League tables.

The International Islamic Trade Finance Corporation (ITFC) Maintains Leadership in Global Ranking of Islamic Syndications for 4 Consecutive Years

For the fourth consecutive year, the ITFC top-tier performance reflects a strategic focus on delivering impactful trade finance solutions. For 2024, Refinitiv ranked ITFC as Globally # 1 Bookrunner and Mandated Lead Arranger (MLA) in their Islamic Syndications League table. Additionally, and Bloomberg also ranked ITFC among the top Bookrunners and MLA in the Islamic Syndications League table. These rankings are a testament to the ITFC ability to consistently deliver value-driven results and maintain a strong position among leading international and regional financial institutions.

The recognition from Refinitiv and Bloomberg confirms that ITFC is a key player in facilitating trade among OIC member countries. This not only reaffirms the ITFC status as the pre-eminent provider of trade solutions but also underscores its remarkable ability to draw investments from a wide spectrum of global investors and financial institutions.

Additionally, it emphasizes the positive impact on the lives and livelihood of people inherent in the ITFC business operating model, demonstrating its effectiveness in meeting the unique financial needs of OIC member countries.

The Refinitiv and Bloomberg League tables rank banks and financial institutions based on their performance in loan syndications, bonds, and mergers and acquisitions (M&A) transactions. The rankings, including arrangers, bookrunners, administrative agents, and advisors, are published quarterly and annually.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$83 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.

BANKING

Afreximbank and Kenyan government ink milestone agreements to promote industralisation

Published

2 months ago

Christopher

Afreximbank and Kenyan government ink milestone agreements to promote industralisation

Afreximbank will finance the development and operationalisation of industrial parks (IPs) and special economic zones (SEZs) to bolster the country’s industrialisation and export manufacturing

African Export-Import Bank (Afreximbank) (www.Afreximbank.com), Africa’s foremost trade development Bank, today in Mombasa, Kenya, ratified a series of initiatives designed to support Kenya’s industrialisation and export-led development agenda. Under the terms of the initiatives, formalised at a signing ceremony with the Kenyan authorities, Afreximbank will finance the development and operationalisation of industrial parks (IPs) and special economic zones (SEZs) to bolster the country’s industrialisation and export manufacturing.

Afreximbank and Kenyan government ink milestone agreements to promote industralisation

The proposed industrial parks, to be developed by Afreximbank through its affiliate company, Arise Integrated Industrial Platforms (Arise IIP), will create and sustain an environment in which export-oriented industries can thrive, by leveraging economies of scale, shared infrastructure and access to global markets.

Two projects to be undertaken by Afreximbank, with the support of the Government of Kenya and other strategic collaborators, are the development of the Dongo Kundu Integrated Industrial Park and the Naivasha Special Economic Zone II (Naivasha II), for which, having secured leases of the relevant land, Afreximbank intends to leverage the expertise and experience of Arise IIP, a special economic zone developer with experience in the development of integrated industrial parks in Africa.

Both the Dongo Kundu Integrated Industrial Park and the Naivasha Special Economic Zone II are included in the Fourth Medium Term Plan (2023-2027) of the Kenyan government’s Vision 2030, entitled “Bottom-Up Economic Transformation Agenda for Inclusive Growth”, reflecting the high priority which state institutions are giving to measures that strengthen, expand and accelerate Kenya’s capacity to export value-added goods within Africa and globally.

Speaking on the signing, the President of the Republic of Kenya, H.E. Dr. William S. Ruto said; “We have a responsibility to steer the country in the right direction, harnessing the immense potential of manufacturing, industrialization, agro-processing, and value addition within Special Economic Zones. The signing of these agreements today marks a significant milestone in Kenya’s development, expanding opportunities to enhance our manufacturing sector and create a more conducive environment for investment. We convene here today to sign an investment – and not a loan – undertaken by people whose faith in this country and its possibilities motivates their decision. This is our country, let’s continue to do whatever it takes to make it an attractive destination for those who want to invest.”

In his own comments, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said:

“Africa has been heralded as a land of opportunity, blessed with resources that power the world. Yet, we have struggled to translate this wealth into lasting prosperity for our people. For decades, we have watched as others reap the rewards of our natural resources, leaving us tethered to a cycle of dependency—exchanging our riches for aid and loans that kept us on the fringes of the global breadbasket.

“Those days are behind us. Today, Kenya takes a bold step to reshape this story in a profound and impactful manner. These Parks are an integral part of the Government’s plan to boost the country’s economic growth under the Vision 2030 development blueprint.

Today’s signatures are more than ink on paper—they are a promise to the people of Kenya, a pledge that the country will rise as a beacon of industrial might and self-reliance.”

Mrs. Oluranti Doherty, Managing Director of Export Development at Afreximbank, and Captain William K. Ruto, Managing Director of the Kenya Ports Authority, signed the Dongo Kundu Special Economic Zone agreement. Dr. Kenneth Chelule, Chief Executive Officer of the Special Economic Zones Authority, and Mrs. Doherty signed the Naivasha Special Economic Zone agreement, with H.E. Dr. William Ruto, President of the Republic of Kenya, and Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, witnessing the signing of both agreements for the State and for the Bank, respectively.

The Dongo Kundu Industrial Park within the Mombasa SEZ is expected, upon completion, to boost the area with a state-of-the-art industrial park that will contribute significantly to economic growth and industrialisation efforts in Mombasa County and in Kenya as a whole.

The Naivasha II Special Economic Zone – Naivasha II project is located at Mai Mahiu and will include a free trade zone, an industrial park, a logistics zone and a public utility area with a supporting road network. The project will occupy an area of approximately 5000 acres.

The Naivasha II project will also derive value from its strategic geographic position as it sits on the gateway to East and Central Africa through the Northern Corridor Transport System, which comprises both a standard gauge railway and a major highway. Moreover, the SEZ will be close to the Naivasha Inland Container Depot, which serves the East African hinterland countries of Burundi, the Democratic Republic of Congo, Kenya, Rwanda, South Sudan and Uganda.

Other dignitaries in attendance included Mrs Oluranti Doherty, Managing Director, Export Development, Afreximbank; Hon. Davis Chirchir E.G.H, Roads and Transport Cabinet Secretary; Hon. Hassan Ali Joho, Cabinet Secretary for Mining, Blue Economy and Maritime Affairs; Hon. Salim Mvurya, Cabinet Secretary for Youth Affairs, Creative Economy and Sports of Kenya and Honourable Lee Kinyanjui, Cabinet Secretary, Ministry of Investment, Trade and Industry. Additionally, Captain William K. Ruto, Managing Director, Kenya Ports Authority; Dr. Kenneth Chelule, Chief Executive Officer, Special Economic Zones Authority; His Excellency Abdulswamad Shariff Nassir, Governor of Mombasa County; the Honourable Benjamin Tayari, Chairman, Kenya Ports Authority, and Mr. Fredrick Muteti, EBS, Chairperson, Special Economic Zones Authority attended the event.

Distributed by APO Group on behalf of Afreximbank.

About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industralisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2023, Afreximbank’s total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.