Get Business Loans Online - Standard Bank Application

Standard Bank is one of the most reputable financial entity in our country. The great variety of products and financial services they offer assist South Africans on their economic management. Of course, the product we’re interested in refers to loans. Today, I’ll focus on the business loan products they can help you with. I’ll go around requirements, types of business loan you can choose and easy application. So, if you are decided to improve your company and you think Standard can help you, the following lines are written for you.

How does the COVID-19 Loan Guarantee Scheme Works at Standard Bank?

These last few months have turned into a nightmare for many business owners, not only in South Africa, but in the whole world. The COVID-19 has turned our world outside down and it is not easy to cope with this new scenario. This can be also true for small and medium companies that are being negatively impacted by the pandemic since the start of the lockdown.

For this reason, the Government decided to launch a Loan Guarantee Scheme to help these companies remain operational throughout these difficult times. The whole idea of this program is to help them pay all the obligations involved in their businesses.

Standard Bank offers these loans to their customers and application forms are already available online for you to fill in. The loan consists of three payouts that can be repaid in up to 66 months and includes a payment holiday that can extend to six months. 

Does Standard Bank have loan products aimed to help Small Business?

Perhaps, one of Standard Bank’s principal features is the myriad of loans they offer for businesses. Therefore, it might be possible for this company to finance your small business. Apart from that, they give such a personalized service, they try their best to suit the loan to your business situation.

One of their products is the Business Revolving Loan. As this loan repayment term is fixed, you will be able of managing your expenses better because you will be aware of how much money you need to spare for your monthly installments. Another advantage is that you will have more funds once you pay a previously established portion of the loan. This is the perfect opportunity to get your business up and improve your ratings with Standard Bank. If you do, you should expect regular improvement in your business.

If you decide to go for this loan, you must think about open a business account at Standard as this is a requirement to apply for this specific credit plan.

What is the Best Standard Bank Business Loan to Start a Business?

When a business owner needs to decide on the characteristics they want for the credit, they must have several details in mind. Some of the most relevant are:

• The period the company is when asking for the loan. If it’s starting or well-established, for instance.

• The type of company. This means, what service or products your business is offering.

• What you need the loan for.

As you are starting your business, you might benefit from Standard Bank Fixed Term Business Loan.  This product offers your company instant funds right into your account which will help you move quickly to have your business ready to go. The payments for this loan are flexible. I can explain it very simply this way: you start paying the interest rate on monthly basis, and then you cancel the capital. All this will be arranged before you sign the contract, of course. In addition, understanding what’s involved on business management, Standard Bank structures your installments taking into consideration your company’s cash flow.

As each business may work under its own term as regards their surroundings, you must make the best to suit your business loan to your budget.

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What are the requirements if you want a Business Loan from Standard Bank?

When Standard Bank goes over a loan application to finance a business, they verify information about the company and the owners. We shouldn’t forget the bank lends money waiting to recover it later and to have a profit from the operation.

Documents you need to present might differ slightly according to the bank, but for Standard Bank business loan, you ought to tell them:

• your cash flow estimate

• your profit and expenses forecast.

• Your company’s current financial statements.

• Your business plan explaining what’s your business main activity, the products your company offers, and details about how you manage it.

• How you plan to spend the loan.

• Information about the collateral you offer for the loan.

These items refer to your business, clearly. As regards the owners of the company, this is the information Standard Bank needs:

• Credit checks.

• Contribution made by each owner.

• Information about each member or partner’ declaration of liabilities and assets.

What do you need to present to go over a business loan application at Standard Bank if you don’t bank with them?

If you bank with Standard Bank things will move smoothly when you apply for a business loan, but if you bank with another entity, it doesn’t mean you can’t take advantage of these loans. All you have to do is to add bank statements for the last 3 months from your bank account and your company’s. Besides, you need to ask your current bank facilities letter and your collateral information to make Standard Bank knows everything they need about your business’ finance. Standard Bank account holders won’t have to worry about this as the bank already has that information, of course.

Is it true Standard Bank Business Loans can be taken in just 3 minutes?

Yes! As a matter of fact, this is true. Standard Bank has placed its effort on improving the application time to get credits for business, as they perfectly understand time is money when leading a company. All the same, you shouldn’t forget you must be cautious about it, as with any loan. Standard Bank wants to help you avoid having an economic crisis when, for instance, waiting for a creditor to pay. So, do your best to use this benefit wisely to manage your business accounts and take your company to a better financial status. I will make clear, though, requirements to meet are still important and key to be approved for a business loan at Standard Bank, so don’t forget to give them a look. Also, it will be useful for you to know beforehand if your chances of getting financial assistance form Standard Bank are high or low.

How to use an online calculator to know if you can afford Standard Bank business loan repayment?

Entering a business loan might result scary due to the financial commitment you’re accepting. In order to calm you down, I want to show you the benefit of taking advantage of loan simulators

First, here you have an example: if you need R30000 to make your business turn over a new leaf, and you expect to pay the loan in 60 months, the total cost to pay will be affected by the interest rate you’ll get. Let’s take a 20,50% rate just to illustrate this case. This loan example repayment installment might be R8133.

Now, if you play with the calculator you can get your quote higher or lower to find out the approximated cost before asking for your business loan.

To conclude, we all know leading a company is not piece of cake. There are plenty of little details to take care of at the same time. If you need funds to make your business better, Standard Bank can clearly give you a hand. Remember, it’s important you trust on your lender. So, before I end up these lines, I want to recommend you compare other bank’s business loans before deciding.  For example, you can look at Absa Business loans to find out if you are making the right decision.