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Standard Chartered Personal Loan Interest Rate

Current Standard Chartered Bank Personal Loan Interest Rate

Last Updated 08th Apr 2021

Interest Rate 11.50% - 18.00%
Tenure Upto 60 months
Processing Fee 1.00%
Loan Amount ₹ 1 Lakh to ₹ 50 Lakh
Minimum Income ₹ 25,000
Eligible Age 23 to 58 years
Part Prepayment Charges Allowed after paying 12 EMIs with charges ranging from, 2% of the outstanding loan amount.
Foreclosure Charges Allowed after 1 months with charges ranging from, 5% charges before 12 months, 4% charges after 12 months of the outstanding loan amount.
  • Today’s Standard Chartered Bank personal loan interest rate starts at 11.50%.
  • Standard Chartered Bank offers the lowest personal loan rate of 11.50% to borrowers who are existing customers of the bank or are working with top corporations.
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Standard Chartered Bank Personal Loan Rates and Charges

  • Standard Chartered Bank offers personal loans to salaried individuals at a minimum rate of 11.50%.
  • Apart from the interest rate, the bank also charges processing fees and penalty fees for pre-payment, foreclosure, and late payment as Standard Chartered Bank personal loan rates and charges. As listed below:
Standard Chartered Bank Personal Loan Rates and Charges
Interest Rate 11.50% to 18.00%
Part Prepayment Charges Allowed after paying 12 with charges ranging from, 2% of the outstanding loan amount.
Foreclosure Charges Allowed after paying 1 months with charges ranging from, 5% charges before 12 months, 4% charges after 12 months of the outstanding loan amount.
Processing Fees 1.00%

Interest rates on Standard Chartered Bank Personal Loans Schemes

As on today, Standard Chartered BankPersonal loan interest rates are in the range of 11.50% to 18.00%, with lowest rates offered to existing customers of the bank with a strong CIBIL Score and for those working with reputed corporate with a stable employment history. The lowest rate on Standard Chartered Bank personal loan remains unchanged at 11.50% as on 08 Apr, 2021. The last revision on Standard Chartered Bank Personal Loan was announced on 08 Apr, 2021 when the rate was 11.50%. Standard Chartered Bank also runs special schemes in which it offers lower rates for defense, armed forces and government employees.Personal loan interest rate for government employee and defense personnel is different from private salaried employees.

Standard Chartered Bank Personal Loan Rate Comparison with Other Banks

Here is a comparison of Standard Chartered Bank Personal Loan with top lenders based on interest rate, loan tenure, amount, processing fee, and other charges. It is always better to compare various personal loan lenders before proceeding with the personal loan process.

Particulars Standard Chartered Bank HDFC Bank SBI
Rate of Interest Starting from 11.50% Starting from 10.25% Starting from 9.60%
Loan Tenure 12 - 60 months 12 - 60 months 6 - 72 months
Minimum Age 23 years 21 years 21 years
Processing Fee 1.00% Upto 2.50% Min Rs. 999 1.00%
Maximum Loan Amount ₹ 50 Lakh ₹ 75 Lakh ₹ 15 Lakh
Prepayment charges Allowed after 12 EMI's, 2% Allowed after 12 EMI's, 2-4% Not allowed
Pre closure charges Allowed after 1 EMI's, 5% charges before 12 months, 4% charges after 12 months Allowed after 12 EMI's, 2 - 4% Allowed after 6 EMI's, 3%

Standard Chartered Bank Personal Loan Balance Transfer Interest Rates

Standard Chartered Bank personal loan balance transfer facility is ideal for existing personal loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing of personal loan with Standard Chartered Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender. Currently Standard Chartered Bank offers the lowest personal loan balance transfer rate of 13.99%.

How to Get Low Interest Rates on Standard Chartered Bank Personal Loan?

You can get the lowest Standard Chartered Bank personal loan rate, by ensuring the below-mentioned things:

  • Ensure that you are aware of the Standard Chartered Bank personal loan eligibility and documentation requirements beforehand so that you do not end up paying a higher rate as compensation for lack of any document.
  • Ensure that you maintain a good credit score of 650. The higher the credit score, the higher is your chance of getting a low-interest rate.
  • Always check if you are eligible for a pre-approved offer from Standard Chartered Bank as that allows you to get instant loans at the best rates.
  • Compare lenders to get competitive interest rates. Further keep tracking the loan rates trends, Standard Chartered Bank may offer lower interest rates in the festive season.
  • If you are a high salary earning employee and work in a reputed firm, then leverage it. Standard Chartered Bank offers lower rates to employees working in top firms drawing high salaries.

FAQs

What is Standard Chartered Bank personal Loan interest rate?

Today, the lowest interest rate on Standard Chartered Bank Personal Loan is 11.50%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate.

How can I reduce my interest in Standard Chartered Bank personal loan?

You can reduce the interest to be paid on Standard Chartered Bank personal loan by any of the below-mentioned ways:

  • By maintaining a good CIBIL score
  • By showing all proofs of income
  • By maintaining a good debt to credit ratio
  • By applying at peak time when Standard Chartered Bank provides discounted personal loan offers

Is Standard Chartered Bank personal a floating rate loan or fixed-rate loan?

Standard Chartered Bankis offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the personal loan rates keep varying according to the market.

Did Standard Chartered Bank personal loan rate drop in 2021?

Presently, Standard Chartered Bank offers personal loans at an interest rate starting at 11.50%. There has been no change in personal loan rates of Standard Chartered Bank for a long time and continue to stand at 11.50%.

How do I check my eligibility to get a personal loan at a low rate from Standard Chartered Bank?

The lowest rate on Standard Chartered Bank is mostly offered to individuals with high CIBIL and high income. You can check the eligibility for the personal loan at Standard Chartered Bank official website. Apart from that you can also use MyLoanCare Personal Loan Eligibility Calculator.

What is the lowest personal loan rate in Standard Chartered Bank?

The lowest personal rate offered by Standard Chartered Bank on a personal loan is 11.50%.

What is the interest rate 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.

Can I ask for a reduction in the Standard Chartered Bank personal loan interest rate?

You can ask for a reduction in your Standard Chartered Bank personal loan interest rate. However, it depends upon the policy of the bank, whether it allows negotiation or not. Good credit score, high income, and existing relationship with the bank are some of the points which can contribute to the talks going your way.

Is there any need for security or collateral while availing Personal loan from Standard Chartered Bank?

No, there is no need for any collateral or security while availing a personal loan from Standard Chartered Bank. Standard Chartered Bank personal loan is an unsecured loan; thus, it does not require pledging of any asset as security to avail the loan.

How can I close my Personal Loan from Standard Chartered Bank early?

If you want to prepay your entire personal loan from Standard Chartered Bank, then you can do so by making a lump sum payment. However, you should also inquire about the prepayment and foreclosure charges based on the Standard Chartered Bank personal loan scheme availed by you, before making any decision.

How does Standard Chartered Bank calculate the interest on a personal loan?

The interest for Standard Chartered Bank personal loan is calculated based on the following methods:

  • Flat rate method:   Under this method, Standard Chartered Bank personal loan rate is estimated on the original loan amount throughout the original loan tenure. Thereby, the principal amount for calculation remains the same. This method is also called the fixed method of Standard Chartered Bank personal loan interest calculation.
  • Reducing rate method:  As per the Standard Chartered Bank personal loan reducing balance method the interest rate is calculated on the outstanding loan amount. Therefore, the principal component that is paid during the monthly EMI is not chargeable for interest calculation. In this case, the outstanding balance and the interest reduces with time, and the interest is charged only on the remaining principal amount.

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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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