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PERSONAL AND COMMERCIAL LENDING


 

Personal Lending

Unsecured Personal Loans

8%
  • Funding depends on calculated affordable repayments
  • Up to a maximum of £5,000
  • Repaid over a maximum of 3 years, depending on age of applicant
  • Agriculture Lending available
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Secured Personal Loans

7%
  • Funding depends on calculated affordable repayments
  • Customers are required to provide item(s) of security as collateral for loan
  • Repaid over a maximum of 3 years, depending on age of applicant
  • Agriculture Lending available
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Mortgages (Housing)

7%
  • Funding depends on calculated affordable repayments
  • Applicants are eligible to borrow 3 x their annual salary, if joint, 3 x annual salary of the highest earner + 1 x annual salary of the second person
  • Item(s) of security offered as collateral for loan could include the land, existing house, or house that is due to be built
  • Repaid over a maximum of 30 years, depending on age of applicant
  • New offers for first time home owners or mortgargors
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Rates of Interest

All interest rates are variable and can change without notice. The rate of interest on your loan will depend on:

  • Whether your loan is secured or unsecured
  • The amount applied for
  • The repayment period
Repayments

Repayments are debited automatically each month from your nominated Bank of St Helena current account. You must ensure that the account has sufficient funds each month to cover your monthly repayment. Repayments can only be made from the nominated current account with Bank of St Helena and no other account.

Bank of St Helena will consider shorter repayment periods at the customer’s request; based upon calculated affordable repayments. Applicants should also note that repayments must be made before completion of full time employment. 

Information Required

When you apply for a loan you will be asked to provide information about your income and expenditure. All information supplied will be held in strictest confidence. Please note that by applying for a loan, you authorise the Bank to take whatever steps it considers necessary to satisfy itself as to your creditworthiness. 

Who is eligible for a loan with us?
  • Has St Helenian Status by right of birth or descent.
  • Is a close or dependent relative or the life partner of someone who has St Helenian Status by right of birth or descent.
  • Is currently in full time employment or, if working under a contract of employment, is able to repay the loan in full prior to the contract expiring.
  • Has a current account with Bank of St Helena Ltd.

Commercial Lending

Unsecured Business Overdraft

7%
  • For working capital purposes only
  • A source of funding to support the daily operational requirements of a business
  • Agriculture Lending available
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Unsecured Business Loan

7%
  • Borrow up to £5,000 without the need to provide collateral (cannot be used for vehicle purchase)
  • Agriculture Lending available
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Deferred Business Loans

6%
  • Like a normal business loan, however, repayments are deferred for an agreed period
  • Agriculture Lending available
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Secured Business Loan

6%
  • Allows you to borrow a larger amount of money but collateral is essential
  • Agriculture Lending available
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Secured Business Overdraft

6%
  • For working capital purposes only
  • A source of funding to support the daily operational requirements of a business
  • Agriculture Lending available
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Short-Term Contract Finance

  • Discount Charge – 3% on amounts drawn
  • Faster approval time as a business plan or cashflow forecasts is not required
  • No asset-based guarantees are required as the contract will be the collateral
  • You will be in control of the repayments and can re-use the funds as much as you like for the duration of the facility
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Financial Support for Young Entrepreneurs

  • Interest Rate for Secured Financial Support 4.5%
  • Interest Rate for Unsecured Financial Support 5%
  • Applicants must be aged 18 – 25 years and setting up business for the first time
  • Repaid over a period of 5 years
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Rates of Interest

All interest rates are variable and can change without notice. The Rate of Interest on your loan will depend on:

  • Whether your loan is secured or unsecured
  • Amount applied for
  • Repayment period
 
Repayments

Repayments are debited automatically each month from your Bank of St Helena Business Account. You must ensure that the account has sufficient funds each month to cover your monthly repayment.

 

Eligibility
  • The applicant is currently operating, or plans to operate, a business on St Helena.
  • The Organisation is registered by the Companies Registrar of St Helena, where it’s legal form is that of a company.
  • The Organisation is a St. Helena-based voluntary organisation (e.g.clubs, societies and charities) whose legislation/ordinance allows it to borrow money from the Bank.
  • The Organisation is registered with the Commissioner of Income Tax.
  • The Organisation has a Business Current Account with Bank of St. Helena Ltd.
Agriculture Lending

Bank of St Helena Ltd is pleased to inform customers that from 01 September 2022, a lower interest rate will be applied to both personal and commercial loans seeking finance for agricultural activities. These are:

  • Secured Loan: 4.5%
  • Unsecured Loan: 5%

Bank of St Helena defines agriculture activity as the science or practice of farming, including cultivation of the soil for the growing of crops and the rearing of animals to provide food, wool, and other products.