Offering loan amounts of up to Rs. 30 lakh, Standard Chartered Bank personal loans ensure that you get financial assistance as and when it is needed. Be it expenses for a marriage, home renovation, medical bills, purchase of consumer durable/gadget or any other personal need, you can easily apply for a Standard Chartered Bank personal loan from the comfort of your home or office and conveniently repay it within a flexible tenure ranging from 36 to 60 months.
Standard Chartered Bank Personal Loan Eligibility Criteria
- You should either be a salaried professional or self- employed individual
- You should be at least 21 years old
- Your minimum monthly income should meet the criteria set by the bank
- You must have a stable source of income (verifiable proof of job or business)
Standard Chartered Bank Personal Loan Eligibility Calculator
To know if you are eligible for Standard Chartered Bank Personal Loan, you can use a Personal Loan Eligibility Calculator available at Paisabazaar. In order to check your eligibility, all you need to do is to fill a short online form asking for basic details like desired loan amount, current profession, monthly income, current city of residence, etc. and click on ‘Proceed’ to view the best personal loan offers from various Paisabazaar lending partners.
How to Improve Your Standard Chartered Bank Personal Loan Eligibility?
- Build and maintain a high credit score: Your credit score reflects your past credit behaviour and plays an important role in influencing your personal loan eligibility. If your score is low, it is necessary to build it to increase your creditworthiness and improved your chance of being approved for personal loans
- Payoff outstanding debt such as existing loans and credit card bills (if any): Before you apply for a personal loan, ensure to pay off as much of your existing debt such as outstanding loans and credit card bills as possible. This will decrease your debt-to-income ratio. If your debt-to-income ratio is below 60%, your chances of being approved for a new loan will improve
- Do not apply for more than one loan at the same time: Submitting multiple loan applications at the same time will increase the number of hard enquiries listed on your credit report and you will come across as a credit hungry individualto prospective lenders. This may lead to rejection of your personal loan application which can further decrease your credit score
- Maintain job stability: If you keep switching jobs frequently, lenders might question the stability of your income source and may not approve your personal loan application. However, if you are working with a renowned organisation for more than an year, most lenders would consider you as a reliable borrower and sanction your personal loan application easily
Q1. What is the interest rate of Standard Chartered Bank Personal Loan?
The interest rate of Standard Chartered Bank Personal Loan starts from 11.99%.
Q2. What is the minimum personal loan amount that an individual can avail from Standard Chartered Bank?
The minimum personal loan amount that an individual can avail is Rs. 1 lakh.
Q3. How do I repay Standard Chartered Bank Personal Loan?
You can repay the personal loan in EMIs using direct account debit through Standing Instruction (if you are a Standard Chartered Bank account holder), ECS facility or post- dated cheque favouring Standard Chartered Bank.
Q4. Can I foreclose my personal loan and how?
Yes, you can foreclose your personal loan after paying at least 12 EMIs and after giving the bank a 21 day notice. You will also have to pay a foreclosure charge of 5%.
Q5. Does Standard Chartered Bank allow partial pre-payment?
Yes. Standard Chartered Bank allows you to pre-pay up to 25% of the outstanding principal amount every year in case you are seeking part prepayment option instead of a foreclosure of your personal loan.
Q6. How soon will my loan be disbursed by the bank?
Standard Chartered Bank usually disburses personal loans with 4-7 days of receiving all relevant application-related documents.