What are the Interest Rates and Terms and Conditions of Standard Bank Youth Loans?
Are you about to start a new life? Do you want to become a professional or you have just graduated and you want to start a new business? Good job. This is what you need: youth loans from Standard Bank. Although they are not defined as such, there is a wide variety of options when it comes to lending, and in this post you will get data about rates, terms and conditions, quotes and even more about the different loans available for South African’s youth.
Let’s take a look at the different options that you can consider to get money to make your dreams come true:
a. STUDENT LOANS
If you have just finished school and you are looking into how to finance university, Standar Bank has some options for you. First, many of those who want to be professionals already have a job so as to make life easier. In this case, part time students can borrow money and return it in monthly payments. It is unlikely that such payments are fixed since the loan in subject to variable interest rates that modifies quotes. Secondly, there are others who are a hundred per cent dedicated to studying. In this case, Standard offers the possibility of paying only interest while studying and the rest once you get your degree and start working.
b. HOME LOANS
Those who are looking for their first residence can take advantage of the mortgages for first time buyers. Standard Bank offers plans that lend up to 104% of the home value you want to buy. This special program is thought so as to finance administration fees since you use part of it to pay for the purchase and the rest 4% to affront extra cost, such as transferences, deposits and even more. The maximum amount of money available is R 1 million and it can be repaid in up to 20 years. Interest rates are always under 25%.
c. VEHICLE LOANS
It is also necessary to have your own mobility. If you want independence, a vehicle is key and Standard Bank knows how to facilitate it. There are two options available: installment sale and financial lease. With the first option you are given the money to pay for the car and once the loan in paid off, you are the only owner of the car. With the second option, once you finish payments, you can return the vehicle to the bank. Such decision can be modified at the end of the loan without any problem. In case you want a new car, term can reach 84 month, but if you prefer a second-hand car, term just reach 72 months. Payments may vary since these loans depend upon variable interest rates.
d. BUSINESS LOANS
Imagine your office, a stuff working for you and update equipment. Everything can become real with the help of Standard Bank. You can borrow money from an amount of R50000 so as to start a new business from scratch. Similar to many programs of this company, business loans are subject to variable interest rates that can modify installments. That is why you have the possibility of making payments monthly, twice a month, every half a year and even once a year. Money can be used to purchase office equipment, machines, and even more.
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e. BUSINESS MORTGAGE
There are cases in which the first step to start a business is by getting a physical space to create an office. Fortunately, Standard Bank can also cover such need. Clients can borrow from a minimum of R100 000 to a máximum of R10 million to cover up to the 80% of the property value. The money can be financed in terms of to 240 months and it can only be used for certain markets, such as rooms for health specialist -doctors, vets or dentists-, rooms for architects, engineers or accountants, shops for potters, hairdressers and even houses for bed and breakfast, among others.
f. PERSONAL LOANS
As becoming independent can be a bit stressful, you will also need some vacations. A way to finance this among other personal needs such as furniture or home improvement is getting personal loans. Money can be financed with fixed or variable interest rates with periods that range from 12 to 60 months. It is important to know that interest rates are always near 10%, but it can increase is credit history is not good. Imagine you need, for example, R150000 that you want to return in a period of one year. As it is the shortest period, the minimum interest rate available is 8.25%. Therefore, you will make 12 payments of near R13123.
How can I apply for any youth loan?
There are many ways to start application for loans. First, and the most common, is by visiting offices in person. There, highly specialized people will aid you in getting the most convenient quote. Fortunately, there are offices in many cities of South Africa. Just to name one, if you have your residence in the area of Bloemfontein you can take advantage of the Standard Bank in the Bloemfontein Business Centre. To be more specific, it is located at 173 Nelson Mandela Avenue, 1St Floor. Its doors are open from 8.30a.m. to 3 p.m. At weekends, they are closed. Secondly, you can also call the bank by phone either for application or details. The phone number is 860 123 000, but if you want to ask for mortgages, you can dial up 0860 123 001. And finally, you can also use the online application available in the webpage. Via internet you can also send e-mails to representatives to this address: firstname.lastname@example.org. They will contact you ASAP.
In conclusion, Standard Bank has loans so as to purchase homes, properties for business and even to finance education, vacations and home improvements, among others no matter your age. Don’t hesitate to apply for the lending program that seems to suits you best so as to start enjoying you life without worrying about money.
Questions and answers
Are people under 18 eligible?
No, they aren´t.
Is online application available 24/7?
Yes, it is.
Is the stuff prepared to help?
Yes, they always look for the best financing for you.