Standard Chartered Personal Loan Interest Rate

Standard Chartered Personal Loan

Standard Chartered Bank gives personal loan to borrowers who need funds to meet their urgent requirements. Benefits of taking personal loan from Standard Chartered Bank are:

• High amount of loan available on personal loan
• Fast track loan processing
• Superior service
• Standard Chartered Bank has been rated 4.3/5.0 by customers for its service quality on MyLoanCare
• Standard Chartered Bank has over 100 branches in India where you can avail service
• Standard Chartered Bank offers special schemes and discounts for employees of large companies

Standard Chartered Bank Personal Loan Details

• Purpose of Loan: Standard Chartered Bank personal loan can be used for any personal expenses which include travel, vacation, education, medical and other personal finance requirements. Bank does not allow speculative use of personal loans.
• Key Features
• Loan available for both salaried and self-employed professionals.
• Borrowers within the age group of 23 and 58 years.
• Loan amount of minimum ₹ 1 Lakh to ₹ 30 Lakh.
• Loan Tenure 12 to 60 months.
• Standard Chartered personal loan rate of interest is in the range of 10.99% to 19.00%.
• Lowest EMI of ₹ 2,174 per lakh.
• Processing Fees: 1.00%.
• Preclosure charges: Standard Chartered Bank personal loan preclosure is Allowed with Nil charges
• Part payment charges: Not allowed
• Other Charges: Late EMI payment charges, EMI bounce charges, loan cancellation charges, which are disclosed by the bank at the time of signing the loan agreement.
• Special schemes: Standard Chartered Bank offers customised personal loan interest rates and schemes for special category of borrowers, including borrowers working in reputed companies, banks or government employees etc. Some of the special personal loan schemes of Standard Chartered are:
• Loan for Personal Expenses
• Personal Loan for Salaried
• Personal Loan for Self Employed

Standard Chartered Personal Loan Top Up

Top up on personal loan is an additional loan that can be availed from your existing bank on your running loan or at the time of balance transfer of your loan to a new bank. You can get top up on personal loan from Standard Chartered Bank if you have a regular repayment track record on your existing personal loan. Top up loans are available at similar interest rates as that on your existing personal loan. Current interest rate on Standard Chartered personal loan top up starts at 10.99%.

Standard Chartered Personal Loan Interest Rate Calculator

You can get the best personal interest rates from Standard Chartered Bank subject to an assessment of your loan amount, salary, other obligation company you work with and loan tenure. The following factors determine the personal loan rate of interest you can expect to get from Standard Chartered:

• Loan Amount - This is the amount borrowed by a borrower from the bank. Generally, banks offer lower interest rates for higher amount. Standard Chartered Bank offers loan between ₹ 1 Lakh and ₹ 30 Lakh.
• Salary - Income defines your capacity to repay the loan. Higher salary bracket individuals are offered loans at lower interest rates. The interest rate of the bank varies with your net monthly income.
• Employer Category - Standard Chartered Bank has an internal list of companies falling into categories that are ranked from high to low company categories based on company’s size, reputation and existing relationship with the bank. Employees who belong to companies in higher company categories get attractive discounts and low interest rate loans.
• Relationship with the Bank - 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 the benefit of a low Standard Chartered Bank loan interest rate.
• Loan Tenure - Personal loans are of shorter tenure ranges from 12 months to 60 months as they are taken to meet their immediate requirements.
• Repayment Capacity - Before giving a 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 the repayment track record of previous loans taken. CIBIL also captures information of credit card bills payment.

Standard Chartered Bank also offers loan to defense, armed forces and government employees. Personal loan interest rate for government employee and defense personnel varies from private salaried employees

In addition to Standard Chartered Bank’s personal loan interest rate, you need to compare other charges on the bank’s personal loan before taking a decision to borrow from the bank include:

• Part Payment Charges - Part Prepayment on Standard Chartered’s personal loans is Not allowed
• Preclosure Charges - These are to be paid in case you want to repay your entire loan amount before the end of tenure period. Standard Chartered Bank allows preclosure of personal loan after 12 EMI's at preclosure charges of Nil charges.
• Processing Fee - Standard Chartered charges a processing fee of 1.00% of loan amount with applicable tax. The processing fees is non-refundable for most of the banks.
• Other charges: Once your Standard Chartered Bank personal loan application is accepted or sanctioned, bank will provide you a statement of other charges applicable on your loan account. Some of these charges are interest charged on late payment, EMI cheque bounce charges and loan cancellation charges, which are payable only if you delay in EMI payments, cheque bounces or you decide to cancel your loan after sanction

Standard Chartered Personal Loan Process

If you want to get a loan from Standard Chartered Bank, the process to get the loan is fairly easy. All you need to do is to apply for a personal loan at MyLoanCare. We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, Citibank. Your loan application will be processed online and Standard Chartered’s representatives will get in touch with you instantly to take the loan process forward. You will also get the free services of MyLoanCare’s personal loan advisor who will ensure that the lending process is quick and you get the best personal loan from Standard Chartered.

You can also do a comparison of Standard Chartered Bank Personal Loan Interest rates and other charges using MyLoanCare comparison tool. Click here to go to the comparison tool. Once you apply online, you can check the real time status of your personal loan application in your customer account section of MyLoanCare. Once the loan is disbursed, you can start repaying the loan using netbanking or auto debit facility.

Documents Required

• Filled up loan application form
• 2 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

Standard Chartered Bank Personal Loan during Coronavirus

Standard Chartered Bank has not changed its Personal Loan Interest Rate during the Coronavirus period with lowest rate continues to be at 10.99%. However, interest rate can be expected to come down post the RBI repo rate cut of 75 bps announced on 27th March 2020. You may expect some delay in getting a loan from Standard Chartered Bank during the COVID-19 outbreak due to social distancing norms.

Compare Personal Loan Interest Rates of Standard Chartered Bank with other Banks

Frequently Asked Questions on Standard Chartered Personal Loan