Standard Chartered Personal Loan Interest Rate

Standard Chartered Bank Personal Loan Interest Rates Feb 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 @11.25%*
 Salaried   Self Employed - Professional   Self Employed - Business 





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Factors affecting Standard Chartered Personal Loan Interest Rates

Standard Chartered Personal loan is dependent on various factors and varies from person to person. These factors are
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.
Borrower Class - 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 from the bank.
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 - Standard Chartered Bank classifies various organisations into different categories. Standard Chartered rates varies based on the company your work for.
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 - Feb 2017
21st Dec 16 Standard Chartered Private Equity invests in IFMR Capital
Standard Chartered PE invests Rs. 340 crore in IFMR Capital Pvt. Ltd., a Chennai based non banking financial company. The funding will help the company in expanding its lending business in the segments of affordable housing finance, micro finance, small business loans, vehicle loans and agricultural loans.
04th Aug 16 Standard Chartered India loss narrows to 25 million dollar in H1
Standard Chartered Bank narrowed its losses in India to 25 million dollar in the first six months of 2016. The bank earned 25 million dollar loss in the first half of this year which is lower than the 276 million dollar loss it reported in the corresponding period last year. Globally, however, the bank earned a 1 billion dollar profit with 13% drop in operating cost in the first half of the current year.
06th Jun 16 Standard Chartered to hire people to build up retail lending segment
Standard Chartered Bank plans to step up recruitment in India in the next few quarters as part of efforts to build up the lucrative but competitive retail lending segment to return to growth. The new staff will be mostly from rivals with experience in front end operations to help build relationships quickly, launch new products and get new clients in areas like wealth management. The bank plans to expand the its retail book with mortgages, personal loans and lending to small entrepreneurs through its network of branches in India. The bank will also invest in technology in the front and back ends, especially in mobile and online banking as part of this retail thrust.
09th Mar 16 Standard Chartered makes retail banking paperless
Standard Chartered Bank announced the global launch of a digital tablet-based sales-and-service tool that brings the bank to clients. Seamlessly integrated with the Bank back end infrastructure, Retail Workbench will allow sales staff to open an account for a client in any location and makes banking services like loan approvals and credit card issuance fast, simple and completely paperless. Retail Workbench is now going live in six markets in Malaysia, India, the UAE, Bangladesh, Nigeria and Kenya and is a part of the bank last year announcement that it will invest 1.5bn dollar in technology over three years
24th Feb 16 StanChart India posts Rs 6729 Cr loss
Standard Chartered Bank, one of the largest foreign banks in India, has posted a loss in 2015 due to rising bad loans and slow growth in loans and deposits
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