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Personal Loan Balance transfer to Standard Chartered Bank

Refinance Standard Chartered Bank Personal Loan

Last Updated 08th Apr 2021

Interest Rate 11.50%
Processing Fee 1.00%
Lowest EMI per lakh ₹ 2,199
Loan Tenure 5 years
  • Standard Chartered Bank Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to Standard Chartered Bank.
  • Avail top up from Standard Chartered Bank at the time of loan balance transfer to fulfil additional fund requirements.
  • Now apply for Standard Chartered Bank personal loan balance transfer at 11.50%.
  • Standard Chartered Bank offers attractive interest rates, top up facility and many more benefits on balance transfer.
  • Compare Standard Chartered Bank Personal Loan Balance Transfer offers with different banks to choose the right option..
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Standard Chartered Bank Personal Loan Balance Transfer

Standard Chartered Bank Personal loan balance transfer is a situation where an individual transfers outstanding principal of personal loan from one account to Standard Chartered Bank to reap the benefits of better interest rates, extended loan tenure, augmented loan amount and various other features.

Balance transfer is also referred to as refinancing.The interest rates on Standard Chartered Bank balance transfer ranges from 11.50% to 18.00%, while the repayment tenure ranges between 12 Months to 60 Months.

Standard Chartered Bank Personal Loan Balance Transfer Calculator

The decision to transfer the personal loan to Standard Chartered Bank must be taken keeping in mind the interest rate of the current Bank and Standard Chartered Bank.Further, the balance transfer charges, EMI paid and the profit incurred due to the balance transfer must be considered. Individuals should proceed with the Standard Chartered Bank balance transfer only when the gains due to balance transfer are greater than the cost incurred due to the same.

Standard Chartered Bank Personal loan balance transfer calculator is the online calculator which helps borrowers to determine the savings on his or her EMI as well as interest payable. Borrowers are required to enter the information such as the entire loan amount, interest rate in current and potential bank, overall tenure of the loan and no. of EMIs already paid to the existing lender to calculate the savings on EMIs. You can also calculate balance transfer personal loan eligibility at MyLoanCare and identify offers with lower personal loan rates compared to your existing personal loan rates.

Benefits of transferring Personal Loan to Standard Chartered Bank

The benefits of transferring the Personal loan to Standard Chartered Bank are as follow:

  • Standard Chartered Bank offers a lower interest rate on personal loan balance transfer. Lower interest rates will help the borrower to reduce the interest burden.
  • Standard Chartered Bank Balance transfer provides the borrower the opportunity to negotiate the tenure of the loan according to their requirement. longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provide the borrower the facility to avail the top up facility and fulfil their cash requirement.
  • There are chances that the borrower might not be satisfied by the services offered by their existing bank in that case they can transfer their personal loans to the Standard Chartered Bank and avail better facilities.
  • Standard Chartered Bank offers additional features like waiver of last EMI, zero processing fees, lower interest rates, etc depending on past repayment history and income dynamics.

Standard Chartered Bank Eligibility Criteria and Documents required

Eligibility criterion of the Standard Chartered Bank is mainly dependent upon the repayment history , CIBIL Score and income dynamics. Some basic Eligibility criterion of the Standard Chartered Bank Personal loan balance transfer are mentioned below:

  • Any salaried and self employed above the age of 21 years.
  • Maximum age of the borrower must not exceed 65 years.
  • Individuals should have a personal loan in another bank.
  • Individuals must have a work experience of at least 2 years.
  • CIBIL score must be at least greater than 700.

Documents required for Standard Chartered Bank Personal loan balance transfer are as follow:

Salaried Individuals
  • Identity proof : Aadhar, Driving license, Passport
  • Address proof : Electricity bill, Aadhar, Voter ID
  • PAN Card
  • Salary slips for past 6 months
Self Employed
  • Last 3 years balance sheet
  • P and L account statements
  • TAN Card
  • Last 6 months current account statements
  • Applicant’s savings account statements

Compare Standard Chartered Bank Personal Loan Balance Transfer with Other Banks

Comparison on the basis of interest charged on personal loan balance transfer of the different banks is given below:

Bank Name Minimum Rate Maximum Rate Processing Fees
ICICI Bank 10.75% Nil Upto 2.25% of Loan Amount
SBI 9.60% Nil 1.00%
Axis Bank 10.40% Nil Upto 1.75%,Min Rs.4,999
Kotak Bank 10.45% Nil Starting from Rs.999
Bajaj Finserv 12.99% Nil Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% Nil 2%, Min Rs. 250
Yes Bank 10.70% Nil Upto 2.50%
IDFC First Bank 10.49% Nil Upto 2.00%

Compare Standard Chartered Bank Personal Loan with Other Banks

FAQs

How can I transfer my personal loan to Standard Chartered Bank?

Steps for the personal loan balance transfer to Standard Chartered Bank are mentioned below:

  • Apply for the foreclosure letter and No Objection Certificate (NOC) from the existing lender.
  • Start the Standard Chartered Bank personal loan balance transfer process and submit all the relevant documents and repayment history of the loan.
  • After getting the sanctioned letter from the Standard Chartered Bank start the loan agreement with the bank.
  • Take a disbursement of the outstanding loan amount from the Standard Chartered Bank in favour of the earlier lender.
  • Once the previous lender receives the outstanding loan amount, it will cancel all the cheques and close your personal loan account.

Which bank is best for personal loan balance transfer?

The decision to transfer the personal loan should be based on the current interest rate on your personal loan, the cost involved in the balance transfer, interest rate on the loan of the bank to be transfered the personal loan and saving due to balance transfer. Currently, Standard Chartered Bank charges lowest interest rate on personal loan balance transfer.

How do I check my Standard Chartered Bank personal loan balance?

You can check your personal loan balance of Standard Chartered Bank by below mentioned ways:

  • By visiting the Standard Chartered Bank branch.
  • By calling the customer care of the Standard Chartered Bank.
  • By logging on into the Standard Chartered Bank mobile application and checking the personal loan status.
  • Via internet banking.

How do I know my Standard Chartered Bank loan application?

You can get update about Standard Chartered Bank loan application via the ways mentioned below:

  • Net banking : You are required to login into Standard Chartered Bank net banking and visit the loan status segment. The loan status segment will update about the loan application.
  • Visiting the Standard Chartered Bank : You can also visit the Standard Chartered Bank branch to track your loan application process. The bank will ask for some basic documents before disclosing the loan application details.

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Standard Chartered Personal Loan News - Jun 2021
  • 2021-04-07 : IIFL Home Finance signs co-lending agreement with Standard Chartered Bank
    IIFL Home Finance and Standard Chartered Bank have entered into a co-lending arrangement for extending credit. Under this agreement, IIFL Home Finance and the Standard Chartered Bank will co-originate these loans and the IIFL Home Finance will service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing.
  • 2021-02-22 : Standard Chartered digital initiatives bolstered bank loan and deposits portfolio
    Digital initiatives like Video KYC and Virtual credit card aided Standard Chartered Bank to increase its loan and deposits portfolio. The digital initiatives have helped Bank in providing efficient and seamless banking services to all its clients especially the new-age ones.
  • 2019-03-15 : Standard Chartered Bank to launch digital SME platform in 2019
    Standard Chartered Bank has announced that it will launch an open platform for Small and Medium Enterprises (SMEs) in India. The goal is to help SMEs grow by providing access to a range of financial and business solutions. The platform will offer solutions to business including business loans, supply chain financing and logistics. The platform will be available to clients in India in the second half of 2019. In addition to this, the bank is also planning to achieve a significant boost across its personal loans segment.
  • 2018-12-04 : Standard Chartered Bank plans to boost its personal loans portfolio to 40%
    In a bid to cope up with the stress in the corporate segment, Standard Chartered Bank is planning to achieve a significant growth of 40 percent in personal loans segment from 29 percent earlier. In addition to this, the bank will also stress upon other loan portfolios and products including mortgage loans, personal loans, credit cards as well as SME loans.
  • 2018-07-24 : Standard Chartered Bank lends Rs 3500 to Vedanta
    Standard Chartered Bank has loaned Rs 3500 crore to help finance the purchase of Electrosteel. This loan is for ten years and the loan is provided on interest rate between 8.7 percent to 9.10 percent. Vedanta was officially declared the successful bidder for Electrosteel and In June, the acquisition process was completed with the new management taking control.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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