Bank Information and Reviews
Standard Chartered bank offers a variety of local and foreign currency banking solutions to meet clients’ transactional, borrowing, and investment needs. They offer international banking services across the world’s busiest markets like Asia, Africa, and the Middle East.
As with all legit banks, Stanchart Kenya is regulated by the Central Bank of Kenya. As a British-owned subsidiary, it has literally been the first in almost all banking innovations.
Thus the first bank in Kenya to be awarded the ISO 9002 certification in technology systems, the first ATM Automated Banking Centre in Kenya, and for 24-hour convenience, first to introduce unsecured Personal Loan and first to introduce Priority Banking facilities in Kenya for more affluent customers amongst others.
What we Know about Standard Chartered Bank
Standard Chartered has been around since time immemorial. From snatching awards in retail to corporate and commercial sectors. Since 2006, their presence in the Kenyan market for over 100 years is unparalleled. Not to mention they are among the first banks to offer both local and foreign currency services.
As a matter of fact, there is a perception that its services are reserved for the bourgeoisie. But then again, depends on where your decimal point is placed.
With that said, have a looksie at an overview of their personal loans and see if it fits.
What Loans does Standard Chartered offer and what are they Best known for?
Standard Chartered offer a series of loans to Kenyans and is known for its impeccable professional services, as well as their spotlessly clean banking halls and, branded sweets! (Not the cheap kind.)
Anyways, the type of loans you can get from Standard Chartered Bank are below:
- Personal Unsecured loans,
- Car loans,
- Salary Overdraft,
There might be other loan services available. Please check in with the Standard Chartered group for enquiries or contact them through the below communication channels on the contact section.
The exact cost of a loan with Standard Chartered & a representative example?
Bank loans differ from the now conventional, mobile loans. Not only are costs different but the amounts are much larger. However, as a guiding amortisation calculation, if you borrow 1,000,000 for 2 years and 6 months from Standard Chartered bank:
For the 1st year, the total interest paid will be, 111,295.31 on the outstanding loan of 1,000,000.
2nd year = total interest paid will be 163,585.97 and the outstanding loan at 636,848.57
6 remaining months=your Total interest and the outstanding loan will be at 169,532.25 and 225,610.06 respectively.
*Calculation is indicative, contact the SC for a direct and definitive cost.*
Can you download the Standard Chartered Banking App?
Nowadays, every business has an app feature for seamless service. Banks have obviously joined the bandwagon and inculcated mobile apps to reduce the queues in banking halls. On the plus side, registration to the SC mobile banking app is free.
Have a look at the services available on the Standard Chartered mobile banking app.
- Balance inquiry and mini statements.
- Paying bills.
- Money transfers. Internal and External.
- Applying for loans and credit cards.
- Internal and external money transfer. ( For Mpesa charges Ksh.75)
Alternatively, visit their website and leave your details on the ‘click to chat’ pop up or open an account directly.
How can you get a Personal Loan from Standard Chartered Bank?
To get a personal unsecured loan from Standard Chartered, you will need to fit the following requirements. The requirements are but are not limited to
- A Gross salary of Ksh.15,000/ month for employee schemes Ksh.40,000 for non-scheme customers.
- Proof of income (Certified copy of payslip)
- Introduction Letter from employer on company letterhead
- Last 6 months bank statements (for new accounts)
- Copy of ID/passport.
How does Standard Chartered Determine your Eligibility and Cost of Credit?
Your credibility and cost of credit with SC are determined by the 5C’s of borrowing. That is:
- Character: Reflected by the applicant’s credit history.
- Capacity: Applicant’s debt-to-income ratio.
- Capital: Amount of money an applicant has.
- Collateral: An asset that can back or act as security for the loan.
- Conditions: The purpose of the loan, the amount involved, and prevailing interest rates.
Amounts, Terms and Interest Rates from Standard Chartered Bank.
Amounts in the category of borrowing limits for SC start as low as KSh.100,000 and stretch to a maximum of KSh.70,000,000. Whew!
Whereas terms for borrowing and repaying of the above amounts begin at 6 months
up to 72 months.
In contrast to other bank loans in the market, SC interest stands at 12.5% being the lowest to 17% as the highest.
Disbursements and Repayments at Standard Chartered.
Borrowers need to have an existing account with SC. If not, a salary transfer to SC is required.
After signing the loan application, disbursement occurs within 3-5 working days with all documents verified and approved.
In addition, repayment of personal loans at SC is on a fixed monthly instalment basis depending on, the amount borrowed, repayment period selected, and total interest paid on the loan.
What Unique Features does Standard Chartered have to offer?
Each bank has its own unique and attractive features. As a matter of fact, with SC you also benefit for,
- Loan protection insurance.
- Multiple currency loans.
- No security.
- Balance transfer.
How to Contact Standard Chartered Bank
Consequently, if you prefer to call, find them using +254 0203293900 / 0703093900.
All options considered, also opt for a walk-in visit to:
Client Contact Centre, Standard Chartered@Chiromo,
Level 4, 48 Westland’s Road