How does revolving credit work

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.
How do I apply?
  • 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.


Category: Credit

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