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Products and services > Personal Loan and overdraft > Introduction > Personal Loans > RCP
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Revolving Credit Plan (RCP)
A RCP is a revolving line of credit with a fixed monthly instalment.You may borrow again on the same loan once you have met the minimum revolve limit. RCP offered exclusively to customers with a gross monthly income exceeding of R6000.
Amount you could qualify for
- The minimum amount you may borrow is R6000 and the maximum you could qualify for is R100 000.
- The amount you qualify for depends on your income and your risk profile.
Cost
Repayment
- The minimum monthly repayments remain fixed for the lifetime of your loan.
- When the prime interest rate changes, your minimum repayment amount remains unchanged while the loan period increases or decreases. This enables you to budget more effectively.
- If you have extra funds you may pay them into your loan at any time to reduce the outstanding capital loan amount. Additional payments made into your loan can be withdrawn again once you have met the minimum revolve limit.
- The minimum repayment is recovered monthly from your transaction account through a debit order.
Interest rate
- The interest you pay on a loan is based on your risk profile. The rate is linked to the prime rate so that you receive the benefit when it declines.
- Interest payable is calculated on your daily outstanding balance but charged to your account once a month.
- Rates charged vary between the prime rate, Usury and NCA maximums.
Fees
- You will be charged a once-off initiation fee and monthly service fee.
Repayment period
- Since your monthly repayment remains unchanged, the repayment period of the loan will be affected by one or more of the following:
- Whether you revolve on your RCP;
- Deposits in excess of your minimum monthly repayment;
- Fluctuations in the interest rate.
Insurance
For RCP you have the option of taking out insurance. For a relatively small extra monthly charge you will have the peace of mind of knowing that your loan will be settled in full in the event of disability, dread disease or death.
To find out more about RCP loans
Call our share call number 0860 123 000 or visit your nearest branch. To find your nearest branch, click here
To Apply for or increase the existing limit on your RCP:
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Phone us on 0861 123 911 (Monday to Friday between 8am and 4.30pm) or apply online for a response within 2 business days, if:
- You have a Standard Bank transaction account (E Plan, PlusPlan or current account)
- Your salary is deposited into one of the accounts mentioned above.
- You have provided us with proof of your current residential address and identification, as required by the Financial Intelligence Centre Act (FICA).
- If you do not meet the above criteria, apply at your nearest branch.
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