Standard Chartered Personal Loan Interest Rate

Standard Chartered Bank Personal Loan Interest Rates Mar 2017

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Last Updated 18th Nov 2016
Salaried
Interest Rate 11.49% - 20.00% Check Special Offer
Lowest EMI Rs. 2,199 per lakh
Loan Tenure From 12 months to 60 months
Loan Amount Min Rs. 100,000 and Max Rs. 1,500,000
Processing Fee 0.50% to 1.00%
Age Min 23 years and Max 58 years
Prepayment Charges Not allowed
Foreclosure Charges Allowed after 12 EMI's, prepayment charges may apply
Apply Personal Loan Online @11.29%*
 Salaried   Self Employed - Professional   Self Employed - Business 





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Standard Chartered Personal Loan
Standard Chartered Personal Loan Interest Rates
MyLoanCare Standard Chartered Personal Loan Interest rate calculator works on various inputs like:
Loan Amount - Generally banks offer lower interest rates for higher amount. However Standard Chartered offers loan between minimum and the maximum loan amount.
Salary - Higher salary bracket individuals are offered loans at lower interest rates. Standard Chartered interest rate varies with your net monthly income.
Employer Category - Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. Standard Chartered has a list of company categories of salaried individuals to which they avail personal loan. So, higher company category leads to low rate of interest.
Relationship with the Bank - Standard Chartered Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get benefit of low interest rates from the bank.
Loan Tenure - Standard Chartered Personal loans are of shorter tenure ranges from 12 years to 60 years and carry high rate of interest compared to longer term loans.
Repayment Capacity - Before giving loan to the borrower, Standard Chartered Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.
Standard Chartered Personal Loan Eligibility
Eligibility of personal loan in Standard Chartered relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
  • Age: Age plays an important role to know your eligibility and repayment capacity. Standard Chartered offers personal loan to salaried individuals who are atleast 23 years old at the time of loan approval and maximum 58 years at the time of loan maturity.
  • Income: Standard Chartered Bank Loan eligibility significantly depends upon your income. Usually bank set minimum levels of income to apply for personal loan. Standard Chartered Bank asks for net monthly income of minimum Rs. 50,000.
  • Job stability and Profession: Job stability is important to improve your status and eligibility for personal loan from Standard Chartered Bank. In case you are salaried, you must be in a full time job for at least 36 months of which not less 3 month must be with your current company. If you are working with a reputed company, probability of getting personal loan from Standard Chartered Bank increases as the income is considered to be more stable and bank offers low interest personal loan to the employees of reputed companies.
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your personal loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your personal loan eligibility.
  • Loan Amount: Standard Chartered Bank gives you personal loan depending upon your income. Standard Chartered Bank gives you an amount ranging from Rs. 100,000 to Rs. 1,500,000. To improve chances of approval, apply for a loan amount that you can comfortably service.
Standard Chartered Personal Loan EMI
Personal Loan EMI of Standard Chartered Bank is a fixed amount that you pay each month towards the repayment of your personal loan till the end of tenure. Lowest EMI offered by Standard Chartered Bank is Rs. 2,199 per lakh loan amount at lowest personal loan interest rate of 11.49%. Personal Loan EMI of Standard Chartered Bank depends on factors like:
  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
  • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

Documents Required for Standard Chartered Personal Loan

Personal loan Standard Chartered Bank documents for salaried employees

  • Filled up loan application form
  • 1 Passport Size Photo
  • Income Tax PAN Copy
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID
  • Residential Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (upto 3 months old)
  • Income Documents - 2 years Form 16, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit
Illustration on Personal Loan Standard Chartered Bank
Maximum Annual Percentage Rate (APR) 11.89% to 20.4%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: Rs. 100,000
  • Time period: 12 months to 60 months
  • Standard Chartered Bank Personal Loan Interest Rate: 11.49% to 20.00%
  • Processing Fee payable to Standard Chartered Bank: Upto Rs. 2,000. Current offer for processing fee is 0.50% to 1.00%
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From Rs. 2 for a 60 months Rs. 100,000 loan at 11.49% (lowest rate, longest time period) to Rs. 9,263 for a 12 months Rs. 100,000 loan at 20.00% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 11.89% to 20.4%
  • Total cost payable over loan tenure: Rs. 13,161 for 12 months loan to Rs. -97,880 for 60 months loan
Standard Chartered Bank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure - 12 months. Rate of interest depends upon company categorization, income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of Standard Chartered Bank.

Compare Personal Loan Interest Rates of Standard Chartered with other banks

Frequently Asked Questions on Standard Chartered Personal Loan

How much interest is charged by Standard Chartered Bank on personal loan?

Standard Chartered Bank offers an interest of 11.49% to 20.00% on personal loan.

What is the lowest EMI per lakh on Standard Chartered Bank personal loan?

If you apply for a personal loan from Standard Chartered Bank, your lowest EMI per lakh will be Rs. 2,199.

What is the minimum and maximum tenure of Standard Chartered Bank personal loan?

You can repay your personal loan from Standard Chartered Bank in a flexible period of minimum 12 months to maximum 60 months.

How much personal loan amount I can borrow from Standard Chartered Bank?

Standard Chartered Bank offers you personal loan if you need a minimum amount of Rs. 100,000 to a maximum amount of Rs. 1,500,000.

How much processing fee is charged by Standard Chartered Bank on personal loan?

Standard Chartered Bank charges a processing fee of 0.50% to 1.00% with applicable service tax.

Is age an eligibility factor to get personal loan from Standard Chartered Bank?

Yes, age is an important eligibility factor to get Standard Chartered Bank personal loan as you should be at least 23 years old at loan approval time and 58 years old at loan maturity time.

Are there any prepayment charges on Standard Chartered Bank personal loan?

You can take personal loan from Standard Chartered Bank with Prepayment charges vary by year: 2nd year - 4%; 3rd year - 3%, after 3 years - 2%.

Can I add my spouse's income while applying for personal loan from Standard Chartered Bank?

You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.
Standard Chartered Personal Loan News - Mar 2017
24th Mar 17 Punjab National Bank launches new branch in Jammu district
PNB with its aim to spread across the rural areas has successfully inaugurated a new branch at Khour, the border town of Jammu. Chief official of the bank has assured the local population of the city to provide best banking services including the loan facilities including personal loans for agricultural and allied activities. With the new branch, the bank has reached to total of 105 branches in the state of Jammu and Kashmir.
23rd Mar 17 ICICI Bank opens new branch in Guwahati
ICICI Bank has opened a 20th bank branch in Guwahati. The bank branch will offer comprehensive range of banking services including savings account, deposits and loans such as auto, gold, personal and business loan and credit cards. ICICI Bank has 4,504 branches as on 31st December, 2016 spread across the country.
23rd Mar 17 GE Capital to sell its stake in SBI credit cards joint venture
GE Capital, co partner of India’s leading bank State Bank of India in credit card joint venture is set to sell its 26 percent stake. The stake will be purchased by the leading private equity firm Carlyle Group for around 300 million dollars. The decision of selling the stake came after SBI has decided to infuse Rs. 1,160 crore to buy partial stakes of GE Company in two of its entities.
18th Mar 17 Deutsche Bank considering sale of Indian retail business
Deutsche Bank is planning to sell its retail business of India. The bank plans to utilize the sale proceeds for expanding its capital base. Deutsche Bank had sold part of its mortgage business in India in 2010 and a small unit of asset management in 2015. The bank has total assets of Rs. 693 billion and earned a profit of Rs. 23 billion for the year ending March 2017.
18th Mar 17 Card business of Citibank India grows on continuous technological innovations
Citibank India has been able to build a successful card business with its strong focus on continuous technological innovations. The bank has launched Pay in Points feature which enables customers to make payment via reward points and NoRedirect initiative that helps customers to directly make a payment at merchant’s website via OTP.
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