Currently, Standard Chartered Bank offers two types of business loans; Business Installment Loan and Guaranteed Installment Loan , which are explained further.
Business Installment Loan
- The interest rate charged on Business Installment Loan starts from 17.25% p.a. onwards
- Applicants can avail Interest refunds of up to Rs. 50,000 in a year on making timely payments on the loan amount and maintaining the minimum balance in the current account
- Customers get access to various SME related offerings such as foreign exchange and cash management offerings, trade and working capital solutions, and other banking products
Guaranteed Installment Loan
- The interest rate charged on Guaranteed Installment Loan starts from 14% p.a. onwards
- It can be bundled with Business Installment loan. Hence maximum loan amount that can be applied for becomes Rs. 100 lakh
- The loan is covered under CGTMSE scheme . Customers only have to pay a nominal guarantee fee
Standard Chartered Bank Business Loan – Tenure
The maximum tenure offered on Standard Chartered Bank business loan is 4 Years .
Customers must pay the loan amount before the end of their repayment period or face hefty fines. Moreover, if customers fail to repay the loan amount then they may be labelled as Defaulter. This will greatly lower the customer’s credit score thus, lowering their ability to apply for a loan in the future.