Standard Chartered Personal Loan

• Interest Rate on Standard Chartered personal loan ranges from 11.50% to 18.00%.
• Lowest EMI per lakh works out to be ₹ 2,199 , as calculated on the lowest rate and longest loan tenure.
• Personal Loans by Standard Chartered are available for salaried working with government, private sector, MNCs and self-employed professionals such as doctors within the age group of 23 to 58 years.
• Loan amount can range from ₹ 1 Lakh to ₹ 50 Lakh
• Standard Chartered Personal Loan can be availed for a period of 12 months and can go up to 60 months.
• Processing Fees charged by Standard Chartered on personal loan is 1.00%%
• Standard Chartered Bank allows personal loan foreclosure and part prepayment after 1 months with charges of 5% charges before 12 months, 4% charges after 12 months.
• Schemes of Standard Chartered Bank as offered to different type of borrowers in 2021 are:
  • Loan for Personal Expenses
  • Personal Loan for Salaried
  • Personal Loan for Self Employed

There are various factors that impact your chances to get the best offers on Standard Chartered Personal Loan, as listed follows:

• Loan Amount - Standard Chartered Bank offers loans between ₹ 1 Lakh and ₹ 50 Lakh and charges lower rates on higher loan amount and vice-versa, so apply accordingly.
• Salary - Standard Chartered Bank offers personal loan to all customers with a net take home monthly salary of more than ₹ 25,000. The rate of interest is higher if you fall in the low salary bucket and lower if you fall in higher income bucket.
• Employer Category - Standard Chartered Bank has clubbed the companies in a high to low category based on internal assessment of company’s size, reputation, profitability etc. When you apply for Standard Chartered personal loan, the bank will decide on your interest rate based on the company category you fall in. MyLoanCare can also help you check which category of company you qualify in to help you get the best offer.
• Relationship with the Bank - Standard Chartered Bank offers special rates to the existing customer of the bank, who have a high likelihood of getting loans at lowest interest rate starting at 11.50%
• Credit Score - Standard Chartered Bank checks the CIBIL score of personal loan customers which has to be minimum of 650. Higher the CIBIL Score, higher is your chance of securing best offer.

You require the following documents to avail personal loan from Standard Chartered

• Filled up loan application form or an online form, if you are applying online
• 2 Passport Size Photo
• Identity Proof – One of the following: Driving License, PAN, Passport, Voter ID, Aadhaar Card
• Residential Address Proof – One of the following: Registered Rent Agreement, Passport, Leave and License, Utility Bill of last three months
• Income Documents – Copy of Form 16 of last 2 years, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

Standard Chartered Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

The step-by-step procedure to get a personal loan online from Standard Chartered Bank is mentioned below:

• Visit the official website of Standard Chartered Or contact your nearest Standard Chartered Bank branch.
• Now, fill personal, professional and financial details as required by the lender and submit the form.
• Once you have submitted the application form, Standard Chartered Bank will check your eligibility and provide you with information about the eligible amount you can avail.
• If you agree to process the application, then you would be required to submit the essential documents which can also be uploaded online.
• Finally, your documents will be processed by Standard Chartered Bank, and on successful approval of the loan, the funds will be disbursed to your Standard Chartered Bank account immediately.

You can also apply for Standard Chartered Bank personal loans by visiting their branch or by calling their customer care centre.Offline mode are mentioned below:

• Visit the nearest Standard Chartered Bank branch and fill in the application form with the loan amount required, your personal details, occupation information and your contact number.
• The Standard Chartered Bank representative will explain about the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.
• After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your Standard Chartered Bank Personal Loan application.
• On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.

Maximum Annual Percentage Rate (APR)

11.7% to 18.2%

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: ₹ 1,00,000 Time period: 12 Months to 60 Months Standard Chartered Bank Personal Loan Interest Rate: 11.50% to 18.00% Processing Fee payable to: Upto ₹ 1,000 Fee payable to MyLoanCare: NIL Total Monthly Cost – From ₹ 2,199 for 60 Months ₹ 1,00,000 loan at 11.50% (lowest rate, longest time period) to ₹ 9,168 for 12 Months ₹ 1,00,000 loan at 18.00% (highest rate, shortest time period). This is inclusive of principal repayment. Annual Percentage Rate (APR) of charge including all applicable fees: 11.7% to 18.2% Total cost payable over loan tenure: ₹ 1,07,338 for 12 Months loan to ₹ 1,32,956 for 60 Months loan

✅How much time will the Standard Chartered Bank take to take a decision on my personal loan?

Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days.

✅Why should I take a personal loan from Standard Chartered Bank ?

Below-mentioned is the reason why you must avail a personal loan from Standard Chartered Bank.

• High amount of loan available on personal loan
• Fast track loan processing
• Superior service

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

Personal loan interest rates in Standard Chartered Bank are 11.50% to 18.00%. Standard Chartered Bank personal loan interest rate for salary account holders are comparatively lower than that for other customers.

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

If you apply for loan from Standard Chartered Bank, your lowest Personal Loan EMI per lakh will be ₹ 2,199 which corresponds to lowest interest rate of 11.50% and longest tenure of 60 years.

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

Standard Chartered Bank personal loan has a minimum tenure of12 months to maximum 60 months.

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

Standard Chartered Bank offers you loan if you need a minimum amount of ₹ 1 Lakh to a maximum amount of ₹ 50 Lakh

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

Yes, you can add the income of your spouse to increase your Personal Loan Eligibility andto get a higher loan amount from Standard Chartered . In this case, the bank will check the CIBIL score of your spouse and ask for all income and bank statements of your spouse for the purpose of processing your application

✅How can I get Standard Chartered Bank personal loan?

You can get a personal loan from Standard Chartered Bankby directly visiting the nearest branch or can apply online at their website. While these two are the traditional methods of applying, you can easily apply for the loan at MyLoanCare website where you can do a thorough comparison of all loan details, rates and charges before deciding to proceed with Standard Chartered’s application process.

✅How can I check my Standard Chartered Bank personal loan status?

You can check the status of your loan online and offline. Once you have applied for a personal loan from Standard Chartered Bank, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at Standard Chartered Bank's website. In case you are unable to track your application online, you can get Standard Chartered Bank loan assistance at Standard Chartered Bank loan customer care centre and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

✅What is the importance of credit score if I wish to avail a Standard Chartered Bank personal loan ?

It is important to have a good credit score if you wish to apply for a personal loan from Standard Chartered Bank. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

✅Is there security or collateral needed to get a personal loan from Standard Chartered Bank?

No, Standard Chartered Bank does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

✅Can I close my Standard Chartered Bank personal loan after 1 year?

You can close your personal loan from Standard Chartered Bank after 1 months by paying charges: 5% charges before 12 months, 4% charges after 12 months

✅Can I negotiate with Standard Chartered Bank on the personal loan interest rate?

Yes, as a customer, you should negotiate for a rate discount when you apply. You may end up getting a better rate from the bank if you have applied for a high loan amount and are in a high income range working with a reputed company.

✅How to pay your Standard Chartered Bank personal loan EMI?

You can pay your Standard Chartered Bank personal loan EMI by using ECS facility or through Standing Instruction.Standard Chartered Bank also provides you the facility to pay your Personal Loan EMI online using net banking and mobile banking.