Often asked questions regarding borrowing

Often asked questions regarding borrowing

Automotive Loans

Our interest levels differ as they are competitive, both for brand New and cars that are used currently one of the better on the market. Ask our consultants in regards to the present price.

Yes, you’ll want a merchant account with us to savor the autoloan center. 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 if you have don’t have an account.

As soon as your application for the loan is gotten during the branch, we shall acknowledge receipt of one’s application through SMS in 24 hours or less.

Yes, you will have to sign up for comprehensive insurance on your car or truck. The lender has negotiated a rather appealing rate with our insurance lovers to really make the premium very reasonable. The lender shall fund the insurance coverage combined with the loan. Stipulations use.

Yes, it is important to use a car-tracking device on the vehicle. This can aid in monitoring the motor automobile in the event that its taken. The device that is car-tracking be set up during the dealership though an approved supplier of this bank.

The lender will fund the purchase and installing of the device that is car-tracking. Stipulations apply.

The automobile shall be jointly owned and registered in your and the financial institution’s name. When the loan happens to be paid back, the financial institution shall facilitate transfer associated with the automobile for you.

Mortgage

Home financing is that loan advanced into the client because of the financial institution to the purchase or construction of a house. The consumer gives the bank together with his / her property being a protection.

A adjustable interest is where the attention price modifications every once in awhile on the basis of the prevailing economic environment.

Yes. The financial institution enables you to produce lump amount payments into the home mortgage account. You nevertheless have to advise us whether you need the quantity to be reproduced being a money payment.

There clearly was an arrangement cost that the client is anticipated to cover upon acceptance associated with loan. It really is 1% of this loan amount (minimum KES 10,000.00).

Do you know the costs connected with mortgage loan?

  • Valuation charges: this really is paid into the valuers for the valuation associated with the property and it is in line with the worth of the house.
  • Appropriate costs: this really is paid to your advocates when it comes to registration and preparation of this protection papers when it comes to loan. It’s in line with the loan quantity.
  • Stamp Duty: this might be compensated towards the commissioner of lands for the enrollment for the transfer from the ownership of name documents in the property. It really is in line with the price of the property or the value of the home as decided by the national government Valuer.
  • Fire insurance coverage: it is insurance cover taken from the home to pay for against fire. Premiums are paid yearly towards the insurance provider supplying the address which is in line with the value of the home.
  • Life insurance coverage: it is insurance cover taken up to cover consumer in case of death or permanent impairment while servicing the loan. It really is paid yearly and it is in line with the outstanding loan stability.

If We have a life insurance coverage with another reputable insurance carrier do i need cash call auto loans to utilize the Bank’s insurance carrier?

No, as a person, the option is had by you to chose your insurance carrier ( subject to the financial institution’s approval).

If you are experiencing trouble in having to pay your loan, please come and consult with us. Whenever trying to get your home loan, the insurance coverage choices offer that is available a chance to go for a Retrenchment cover.

Salary Solution

The benefits that are key:

  • Solitary application form for many services and products
  • Only 1 collection of documents are needed

Just exactly What fees and fees connect with Salary possibilities?

There are not any split charges for the Salary Solution, but you will be susceptible to 2.5% arrangement costs and insurance charges. The costs relevant from the constituent items use ??“ relate to our tariff that is current guide details.

Salary Overdraft

There are not any month-to-month charges or fees in the overdraft facility. Interest costs are levied only if you employ the overdraft and just for the true wide range of days together with quantity that the center is used.

As soon as your overdraft application is gotten at the branch, we shall acknowledge receipt of the application through SMS. It can take a day for all of us to counsel you in the status of one’s overdraft application and we also would normally process your center in 3 times supplied most of the papers have now been submitted combined with application.

Yes, you need to bank with us. If you do not have a free account with us, it is possible to submit an application for the overdraft by having a page of verification from your own boss that they can transfer your income to your newly opened Standard Chartered active Account and we will then set your salary overdraft.

No, insurance coverage cover is necessary with this overdraft facility.