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 10.99% 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. What is Standard Chartered Bank personal loan interest rate?
Standard Chartered Bank personal loan interest rate starts at 10.99% per annum. However, specific interest rate applicable to a particular applicant is based on the person’s individual applicant profile, the loan amount, tenure desired, etc.
Q2. Who can avail a personal loan from Standard Chartered Bank?
All salaried as well as self-employed individuals can avail a personal loan from Standard Chartered Bank, provided they meet the bank’s eligibility criteria.
Q3. What is the tenure option available on Standard Chartered Bank personal loans?
Standard Chartered Bank personal loans come with a repayment tenure starting at 12 months and upto 60 months.
Q4. How long does Standard Chartered Bank take to approve personal loans?
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.
Q5. Do I need to provide any collateral, security or guarantor to secure a personal loan from Standard Chartered Bank?
No collateral, security or guarantors are required to avail a Standard Chartered Bank personal loan as this is an unsecured borrowing.