Applicants can avail a personal loan from Rs. 1 lakh to Rs. 50 lakh from Standard Chartered Bank to meet various personal financial needs. Standard Chartered Bank offers personal loans at an attractive interest rate starting as low as 11.00% p.a. The added benefits which have resulted in its popularity include quick processing times and minimal documentation. The following are details of the key documents required if you want to apply for a Standard Chartered Bank personal loan:
Standard Chartered Bank Personal Loan Documents Required
The following documents are needed to avail a personal loan from Standard Chartered Bank:
- Duly filled Loan Application Form
- Identity Proof: Aadhaar / PAN / Passport / Driving License / Voter ID Card / Photo Ration Card
- Address Proof: Passport/ Telephone Bill/ Electricity Bill/ Ration Card/ Driving License/ Rental Agreement/ Life / Medical Insurance Policy/Apartment Allotment Letter
- Income Proof: Latest 3 months’ salary slip, Form 16, Acknowledged Income Tax returns, etc.
Note: Any additional documents as deemed necessary based on the applicant’s profile may be asked by Standard Chartered Bank.
Follow the tips given below to increase your chances of Standard Chartered Bank personal loan approval:
- Know your lender’s eligibility criteria: Knowing and meeting the lender’s personal loan eligibility criteria helps increase the chances of approval for your personal loan.
- Maintain a good Credit Score: Having and maintaining a healthy credit score such as 750 or higher helps you secure a personal loan more easily as it indicates responsible credit behaviour and better repayment capacity.
- Avoid multiple simultaneous loan applications/enquiries: Avoid making multiple personal loan applications/enquiries with several lenders at the same time. This not only shows you to be credit hungry, but also increases the number of hard enquiries made on your credit report, which in turn adversely affects your credit score and thus, decrease the chances of approval of your personal loan.
- Having a steady job and stable employment history: Having a steady job and a stable history of employment indicates personal and financial stability and this can help you secure a personal loan more easily.
- Maintain a low credit utilization ratio: Credit utilization ratio is the ratio of the amount of credit availed to the available credit limit. Maintaining a low credit utilization ratio (usually 30% or lower) indicates a higher credit worthiness and thus, enables you to secure additional credit more easily.
Q1. After I submit the necessary documents, how long will Standard Chartered Bank take to disburse the loan amount into my account?
Once all the required documents are received and verified, the bank usually takes up to 5 working days to disburse a personal loan. This time period may however be longer in some cases depending on applicant profile, loan amount, etc.
Q2. Will I have to submit any other documents besides the ones mentioned above?
Yes, you may have to submit additional documents that Standard Chartered Bank may require depending on your individual applicant profile.
Q3. Will I have to submit my original KYC documents when a apply for a personal loan from Standard Chartered Bank?
No, generally self-attested copies of your KYC documents are to be submitted when you apply for a Standard Chartered Bank personal loan. However, it is advisable that you keep your original documents handy in case Standard Chartered Bank needs to cross-check the copies with the originals when you apply for a personal loan.
Q4. Which proof of income is valid for Standard Chartered Bank personal loans?
Salary slips, Form 16, Acknowledged ITR, etc. are the common documents that are generally accepted by Standard Chartered Bank as income proofs when you apply for a personal loan from them. However, the bank may require additional documents as deemed necessary depending upon your individual applicant profile.
Q5. Can I avail a personal loan from Standard Chartered Bank without documents?
Yes, you may be able to avail a personal loan from Standard Chartered Bank with minimal or no documentation if you have a pre-approved or instant personal loan offer.