Loan on Standard Chartered credit card is an instant loan offered to the existing Standard Chartered credit cardholders. The loan is an easy alternative to fix your immediate fund requirements. It comes with exclusive features such as competitive interest rates, hassle-free processing, flexible tenure and easy repayment options. Read more to know about detailed features, eligibility and application process for Standard Chartered loan on credit cards.
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Features of Standard Chartered Loan on Credit Card
|Approval||Pre-approved loan. Also, offered as a welcome loan up to 50% of your credit limit when you avail the Standard Chartered credit card|
|Loan Amount||Get loan up to Rs. 10 Lakh (subject to eligibility and credit limit)|
|Documents||No additional documentation required|
|Tenure||Flexible loan tenure from 12 to 60 months|
|Repayment||Easy repayments as per your convenience. Get your EMIs billed as part of your monthly credit card statement|
|Processing||Hassle-free quick processing within 2 days|
|Interest Rate||Interest rate starting at 0.99% per month, charged on reducing balance method|
|Fund Transfer||Easy transfer of loan amount to any bank’s saving account via Demand Draft (DD) or NEFT|
Also Read: Standard Chartered Credit Cards
Eligibility Criteria for Loan on Standard Chartered Credit Card
All existing Standard Chartered credit cardholders can apply for this loan. However, chances of getting this pre-approved loan are higher if:
– you have a detailed and clear credit account history
– your credit utilization ratio is low
– you have a good repayment track record on your existing and previous loan EMIs and credit cards
How to Apply for Loan on Standard Chartered Bank Credit Card?
You can apply for this loan by:
– sending an SMS ‘DAL’ to 9223010121
– sending email ‘DAL’ to email@example.com
– by contacting the customer care at 080-39401166 / 080-66011166
Charges on Loan against Standard Chartered Credit Card
|Interest Rate||Starting from 0.99% per month|
|Processing Fee||1-2% based on eligibility|
|Pre-closure Charges||Minimum 4%|
Note: GST charges are applicable on monthly interest amount, processing fee and pre-closure charges.
When should you opt for a Standard Chartered Bank Loan on Credit Card?
- Standard Chartered Loan against a credit card is a good option for you if you require immediate funds for unexpected expenses such as medical emergencies, home renovation or to fund planned expenses of a wedding or vacation.
- Since the loan is pre-approved in nature, it is a good option in comparison to a personal loan, as you do not need to go through the documentation again, thereby, quick processing.
- Lastly, if you opt for a loan against your Standard Chartered credit card, your EMIs and interest outgo is clubbed along with your monthly credit card bills. Thereby, there is no hassle of managing multiple EMIs and expenses.
Things to Know
- The monthly payment due for this loan and the interest is included with your minimum amount due every month. GST charges are applicable on monthly interest amount, processing fee and pre-closure charges.
- If the outstanding balance along with the EMI exceeds the credit card limit, you need to pay the over-limit charge.
- In case your Standard Chartered Bank credit card is closed before all installments of the loans have been paid, the outstanding amount would be debited as one consolidated amount from your credit card.
- If the earlier credit card payments are overdue, the bank may foreclose the loan. The entire outstanding loan amount is debited in this case.
- If you don’t agree to the loan’s terms or charges, you can cancel your loan application and return the loan amount DD within 15 days. If the DD is not returned within this time, you will be liable to pay interest as applicable. Also, closing the loan account after this period would be considered as pre-closure.
- Note that you cannot partially prepay or close this loan.
Q. Can Standard Chartered add-on cardholders get a loan against a credit card?
No, add-on credit cardholders cannot apply for loan on Standard Chartered Bank credit card. This is because the credit history and repayment records of the primary account holder are associated with the card against which the loan can be availed. Thus, only primary account holders can apply for a loan against Standard chartered credit cards.
Q. Can I get a higher loan amount than my credit limit if I opt for Standard Chartered Bank loan on credit card?
Standard Chartered provides a loan up to Rs 10,00,000 against your credit card. However, note that the loan amount depends upon your credit limit. In case, you need a higher loan amount than you are eligible for based on your credit card terms, then the bank may access your credit history and make a decision.
Q. What is better Standard Chartered Personal Loan or Loan against Standard Chartered Credit Card?
Opting for a personal loan from Standard Chartered or a loan against credit card is a subjective choice. However, note that loan against a credit card could be an expensive option, as the annual percentage rate in case of a credit card is higher in comparison to personal loan interest rate.