Frequently asked questions about borrowing
- What is your current interest rate for the Auto Loans?
Our interest rates vary and are competitive, for both New and Used Cars, currently one of the best on the market. Ask our consultants about the current rate.
- Do I have to have an account with you to apply for an Auto Loan facility?
Yes, you need to have an account with us to enjoy the autoloan facility. If you have don't have an account with us, you can still apply for the auto loan with a confirmation from your employer that thay will transfer your salary to the new Standard Chartered Current Account and we will process your loan.
- How long does it take for a loan to be approved?
Once your loan application is received at the branch, we will acknowledge receipt of your application through SMS within 24 hours.
- Do I need to have insurance on the car?
Yes, you will need to take out comprehensive insurance on your car. The bank has negotiated a very attractive rate with our insurance partners to make the premium very affordable. The bank will finance the insurance along with the loan. Terms and Conditions apply.
- Do I need to install a car-tracking device on the Car?
Yes, you will need to install a car-tracking device on the car. This will help in tracking the car in the event that it is stolen. The car-tracking device will be installed at the car dealership though an approved supplier of the bank.
The bank will finance the purchase and installation of the car-tracking device. Terms and Conditions apply.
- Do I need to register my car in the bank's name?
The car will be jointly owned and registered in your and the bank's name. Once the loan has been repaid, the bank will facilitate transfer of the vehicle to you.
- What is a mortgage?
A mortgage is a loan advanced to the customer by the bank towards the purchase or construction of a property. The customer provides the bank with his / her property as a security.
- What is a variable interest rate?
A variable interest rate is where the interest rate changes from time to time based on the prevailing economic environment.
- Can I make lump sum payments into my loan account?
Yes. The bank allows you to make lump sum payments into your mortgage loan account. You however need to advise us whether you would like the amount to be applied as a capital repayment.
- What bank charges apply when taking out a personal home loan?
There is an arrangement fee that the customer is expected to pay upon acceptance of the loan. It is 1% of the loan amount (minimum KES 10,000.00).
- What are the charges associated with a home loan?
- Valuation fees: This is paid to the valuers for the valuation of the property and is based on the value of the property.
- Legal Fees: This is paid to the advocates for the preparation and registration of the security documents for the loan. It is based on the loan amount.
- Stamp Duty: This is paid to the commissioner of lands for the registration of the transfer on the ownership of title documents on the property. It is based on the price of the property or the value of the property as determined by the Government Valuer.
- Fire insurance: This is insurance cover taken on the property to cover against fire. Premiums are paid annually to the Insurance company providing the cover and it is based on the value of the property.
- Life insurance: This is insurance cover taken to cover customer in the event of death or permanent disability while servicing the loan. It is paid annually and is based on the outstanding loan balance.
- If I have a life insurance with another reputable insurance company do I have to use the Bank's Insurance Provider?
No, as a customer, you have the option to chose your Insurance Provider (subject to the Bank's approval).
- What would disqualify a customer who has applied for a home loan?
- If he does not meet the bank's minimum requirements.
- If the property being offered as security is not acceptable to the bank.
- If I lose my job and am not able to service my loan, what will happen to my house?
In the event that you are having difficulty in paying your loan, please come and discuss with us. When applying for your mortgage, the insurance options available offer you an opportunity to opt for a Retrenchment cover.
- What are the benefits of Salary Solution and Salary Solution Lite?
The key benefits are:
- Single application form for all products and services
- Only one set of documents are required
- What fees and charges apply to Salary Solutions?
There are no separate fees for the Salary Solution, however you will be subject to 2.5% arrangement fees and insurance fees. The fees applicable on the constituent products apply – refer to our current tariff guide for details.
- What are the fees and charges on the overdraft facility?
There are no monthly fees or charges on the overdraft facility. Interest charges are levied only when you utilize the overdraft and only for the number of days and the amount that the facility is utilized.
- How long does it take for an overdraft to be approved?
Once your overdraft application is received at the branch, we will acknowledge receipt of your application through SMS. It takes 24 hours for us to advise you on the status of your overdraft application and we would normally process your facility in 3 days provided all the documents have been submitted along with the application form.
- Do I have to have an account with Standard Chartered Bank to apply for an Unsecured overdraft?
Yes, you need to bank with us. If you don't have an account with us, you can apply for the overdraft with a letter of confirmation from your employer that they will transfer your salary to your newly opened Standard Chartered Current Account and we will then set up your salary overdraft.
- Do I need to have credit life insurance on the overdraft?
No, insurance cover is required on this overdraft facility.