Compare the best loans of South Africa and find the lowest rate
You probably are aware of the fact that foreigners sometimes find it hard to get the money they need when they are living in another country that is not their own. For that reason, if you are a foreigner and you are interested in obtaining a loan, you should keep on reading this article, as I will give you the solution, Standard Bank.
I will divide this post into three sections. In the first section, I will give you some tips you should bear in mind at the time of applying for a loan in South Africa. In the second section, I will give you information about two loans that are the most typical loans granted to foreigners. Finally, I will give you contact details of Standard Bank in South Africa so that it is pretty easy for you to get in touch with them.
Let’s start with some tips:
-It is very important to find the right banking institution to grant you the loan, so that you are appropriately guided by their representatives through the application process. The importance of that has to do with the ability to find the perfect deal and at the same time being able to negotiate the fees you will pay each month.
-In some cases the requirements will be to pay at least 20% of the total value of the loan in advance, which turns into a down payment.
-You need to submit documentation with data about your monthly expenses, your monthly income, your credit score with another institution and you should also put forward a reference letter by another bank. This is a good way through which Standard Bank can get to know in detail who the client is.
-You will need to submit documentation such as you Passport and your Visa, which are proofs you are residing now in South Africa. So, it is needed a copy of both of them.
Now, let’s focus on the loans foreigners can obtain: Personal Loans and Home Loans.
The main objective of this loan is that the client can take care of any personal need, such as their holidays, their education, their house and their debts and expenses.
The interest rates corresponding to Personal Loans are typically very competitive, so you can expect them to be lower than the ones proposed by other banks. And, you will be requested to make monthly payments.
The main advantage of a Personal Loan is that the application procedure is the fastest of all.
This is an opportunity for foreigners that would like to have their own house in South Africa or simply buy a property in order to rent it on a monthly basis. You can be granted a maximum of R 100 000 and you can finance it in convenient periods that consists on a maximum of 20 years or a minimum of 10. The interest rates tend to be set by the bank and will be fixed, so they will not suffer changes with the passing of time.
Regarding its requirements, the bank will request that you acquire their insurance named Credit Life Insurance, which will give you complete protection against any type of accident or damage. I strongly advise you to take advantage of that insurance since it will help you whenever you cannot pay the fees due to your health.
Another requirement is that you ask for the loan on your own and not in representation of your business or company and that you are at least 18 years old, which as you know is the majority of age required by banks.
Your income is going to play a crucial role at the time of applying for this loan: earning at least R 3 5000.
Finally, you will be requested to open a checking account with the bank, where you will receive the money granted and you will need to finance a Home Insurance in order to guarantee that the house you are acquiring is totally protected against personal accidents and damages.
If you would like to obtain a Home Loan, you can dial up this number from home: 0860 500 000. Thus, you can contact their representatives on the phone. That number is available every day from 09:00 am to 05:00 pm. Or, you can visit the bank´s physical offices, so you will need to find the nearest one.
How can you contact Standard Bank?
There is a branch specifically situated in Corner Duxbury And Lynnwood Road, Hillcrest Boulevard - Gp, Hillcrest, Pretoria, City Of Tshwane, 0001, South Africa. You can call this office by dialing up 27 860 123 000. This office opens Mondays from 8:30 in the morning to 03:30 pm and Tuesdays to Fridays from 08:30 am to 03:00 pm. It also functions on Saturdays from 08:30 am to 11:00 am.
You can try Standard Bank´s website if you want to obtain more details about the loans explained above, regarding features and requirements. And, you can also their calculator there so as to know your affordability.
There is a free telephone number you can call if you have general inquiries or you wish to apply for a Home Loan or a Personal Loan. This number is available 24/7 so you can call anytime no matter the day. Such number is 0860 123 000.
To conclude, foreigners that are currently in South Africa and are looking for financial solutions, can obtain the money thanks to Standard Bank. They have the same possibilities in terms of lending programs as South Africans. Try this bank and see how easy it is to obtain the funds you need in another country!