How does revolving credit work
Revolving Credit Plan Loan (RCP)
A RCP is a loan with a fixed monthly repayment. A unique feature of this product is that it allows you to borrow again up to your original loan amount, once you have repaid 15% of the loan.What is the benefit?
- You can get a loan between R6000 and R300 000 depending on your affordability and risk profile.
- You can use the loan for any purpose.
- Once you have repaid 15% of the loan, you may borrow again up to your original loan amount and your repayments will remain unchanged.
- You can apply to increase the limit on your existing RCP when you require additional funds.
- The minimum repayment remains fixed for the life of your loan, which enables you to budget more effectively.
do I qualify?
- You need to be 18 years or older;
- You need to be a South African Citizen or a Permanent resident with a South African identity book;
- You need to earn a gross monthly income of at least R8000; and
- You need to have a transactional account (with Standard Bank or another bank) into which your salary is electronically deposited.
- To apply click here ; or
- Visit the nearest Standard Bank branch and bring along your:
- South African identity book;
- Latest salary slip
- Proof of residential address; and
- Two months bank statements, or
Standard Bank supports responsible lending. Speak to your Banker should you need help managing your debt.