What are the required documents for a Personal Loan?

The following documents are required:

  • Signed application form
  • Bank statements for the last 3 months
  • Pay slips for the last 3 months
  • Copy of driver's license, international passport, national ID or voter's card
  • Copy of company or staff ID card
  • Marriage or birth certificate (where applicable)
  • Letter of undertaking from employer to domicile your salary with Standard Chartered Bank
  • Utility bills or address verification documents
  • Important Information Documents (IID)
How much can I borrow?

You can borrow up to NGN 10 mn depending on the organisation you work for and your income. You will be advised at the time of application.

How long do I have to repay the loan?

You have up to 72 months to repay the loan depending on the organisation you work for and your income. You will be advised at the time of application.

Do I have to receive my salary through your bank to be eligible for the loan?

Yes. We require you to domicile your salaries and allowances with the bank. You will be required to instruct your employer to do so and your employer must confirm this in writing.

How much do I need to earn to qualify for the loan?

In order to qualify, you must earn a minimum of NGN 50,000 if you work for a private organization or a Government agency or parastatal. You must also be a permanent and confirmed employee of the organisation.

If I have a loan running with another bank, can I transfer it to Standard Chartered?

Yes. In order to do this, you will go through the normal application process. In addition, we require a letter from the Bank bank where your loan is stating the outstanding balance of your loan that is required to be settled. Standard Chartered Bank will pay this amount directly to the Bank from the proceeds of your new loan.

What is the security or collateral for this loan?

This loan is unsecured. All that we require is for you to receive your salaries and allowances through Standard Chartered Bank throughout the period of the loan. In addition, you are required to take out a mandatory credit insurance policy which will guarantee the repayment of the loan in the event of death or disability. The insurance premium is 0.5% per annum.

If I have a loan running, can I Top up if I require additional funds?

Yes. This can be done 6 months from the date you took the initial loan. However, if you get a pay rise, you can also apply for a Top up immediately. A good repayment history is also required and we can work with you on this.

Can I pay down the loan before maturity?

Yes. A fee is applicable for loan liquidation before maturity. You will be advised of the fee at the time of application.

Can I use the loan for any purpose?

Yes. This is an all-purpose loan and can be used for any purpose of your choice.


Can I take out a mortgage to buy land and then build my own house?

Standard Chartered currently offers mortgages for the purchase of already completed residential properties only.

I want to purchase a house in Kaduna where my account with your bank is domiciled?

We currently finance the purchase of residential property in Lagos and Abuja only.

I want to buy a house and the proof of ownership provided by the vendor / seller is an agreement signed by his father who is the original owner of the house?

We accept the following proof of ownership:

  • A government issued Certificate of Ownership
  • A registered Deed of Assignment, Sublease or Conveyance
What is the minimum loan amount I can get and how long?

The minimum loan amount we offer is NGN 6mn for a minimum of 5 years.

What do you mean by equity contribution or loan to value?

Equity contribution refers to the part of the purchase value of the property the buyer must provide. It is currently a minimum of 20% of the value of the property being purchased i.e. for a property worth NGN 10 mn, the buyer must provide a minimum of NGN 2 mn and the bank provides NGN 8 mn. Conversely, loan to value refers to the portion the bank finances that are up to a maximum of 80% of the market value of the property or the forced value (whichever is lower).

What are perfection charges, and must I pay them when I am granted the loan?

Perfection fees are the fees paid to the government for the transfer of ownership of title from the original owner to the customer and also the registration of Legal Mortgage to note the Bank's interest. Yes, you will be required to pay these fees upfront as it is a condition precedent to drawdown of the mortgage facility.

How do you calculate interest on the mortgage?

Interest is calculated as a percentage of the principal amount outstanding on a daily basis i.e. on a reducing balance basis. The interest component of your monthly repayments is therefore larger at the start of the loan and reduces progressively over the life of the loan.

Are interest rate fixed for the entire term of the loan?

The interest rate for our mortgage is floating in line with prevailing market conditions.

How much must I earn to be able to secure a mortgage?

minimum you must earn to qualify for a mortgage is NGN 150,000.

What is EMI?

EMI refers to equated monthly instalments. It is computed using a formula which spreads interest and principal repayments into equal monthly amounts over the tenure of the loan.

What is DBR?

DBR refers to your debt burden ratio. This is the percentage of your monthly net income (after tax and other deductions) which we would permit you to use to service your mortgage facility.

I earn a housing allowance which is paid in bulk annually. Can I use this to service my loan repayments?

Yes you can. However, we will still require that you make monthly repayments of interest and principal (EMI) and your DBR.

Can I settle my loan before it matures?

Yes you can, but it will attract an early settlement fee of 3% of the outstanding loan amount, in excess of 65% of the loan, paid within 5 years. Liquidation after 5 years will not attract any early settlement fee.

I am about to retire from government service and want to purchase my government owned house. Can you provide a mortgage for this?

Yes, as long as you are less than 60 years of age and the tenure of the loan you can take will expire before you clock 60 years. Our mortgage facilities are provided to individuals who are 23 years and above and under 60 years at maturity of the loan.

I started at my job 2 years ago and I want to purchase my first house in Lagos. Can you provide financing for this?

Yes we can, if you are confirmed on the new job or you have a total of 7 years work experience including the time you have spent at your new job.


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