Standard Chartered Bank (SCB) has announced that customers can now apply for personal loans from the bank’s official mobile app with no paperwork required to access loans.

In a statement, SCB has provided guidelines to customers on how they can access the loan.

You must log into the SC mobile app, navigate to the hamburger menu, scroll down, and select Apply for products.

Then, on the page catalog, select personal loans and overdrafts.

Customers will be able to access loans of up to R300,000 with a repayment period of 12 to 72 months.

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“You can apply for a minimum loan amount of R3 000 to a maximum loan amount of R300 000. Our service fees are R69 per month for all loans and our once-off initiation fees range from R419.75 up to R1207.50 (VAT inclusive).”

“Our loan repayment terms range from a minimum of 12 months to a maximum of 72 months,” SCB said on their website.

According to SCB, the interest rates are personalized up to a maximum of 17.5 percent.

“Our interest rates are personalized up to a maximum of prime plus 17.5% as per the NCA regulation. The Annual Percentage Rate (APR) for your loan is a maximum of prime plus 17.5% as per the NCA regulation.”