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Standard Chartered Bank Personal Loan Highlights |
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| Interest rate | 12.00% p.a. onwards |
| Loan Amount | Rs 1 lakh-Rs 50 lakh |
| Tenure | Up to 5 years |
| Processing Fees | Up to 2.25% of loan amount |
| Minimum Monthly Salary | Rs 22,000 |
Note: Rates as of 26th September 2023
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Table of Contents :
Standard Chartered Bank Personal Loan Interest Rates
Standard Chartered Personal Loan interest rates start from 12% p.a. The lender claims to set its interest rates of its personal loan applicants based on their credit history, loan amount, loan tenure, income status, employer’s profile and banking relationship with Standard Chartered Bank. Note, many lenders also check credit scores of their personal loan applicants while setting their personal loan interest rates.
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Personal Loan Interest Rates Offered by Different Lenders
| Banks/NBFCs | Interest Rates(p.a.) | |
| Axis Bank | 10.49% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.49% onwards | Apply Now |
| HDFC Bank | 10.50% onwards | Apply Now |
| ICICI Bank | 10.50% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
| Bajaj Finserv | 11.00% onwards | Apply Now |
| Federal Bank | 11.49% onwards | Apply Now |
| DMI Finance | 12.00% - 40.00% | Apply Now |
| L&T Finance | 12.00% onwards | Apply Now |
| Kreditbee | 12.25% - 30.00% | Apply Now |
| MoneyTap | 12.96% onwards | Apply Now |
| Piramal Finance | 12.99% onwards | Apply Now |
| Aditya Birla | 13.00% onwards | Apply Now |
| MoneyView | 15.96% onwards | Apply Now |
| Cashe | 27.00% onwards | Apply Now |
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Standard Chartered Bank Personal Loan Fees and Charges
| Processing Fee (for new loans, not for top-up loans) | Up to 2.25% of loan amount |
| Swap Charges | Rs 500 |
| Interest on arrears | 2% per month |
| Penal Interest | Rs 495 |
| Pre-payment/part payment charges | 0-12 months- 5% |
| 12-24 months- 4% | |
| 25-36 months- 3.5% | |
| >36 months- 2.5% |
Also know the processing fees for personal loan charged by various lenders
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Types of Standard Chartered Bank Personal Loans
Marriage Loan
- Purpose: Standard Chartered Bank offers online Personal Loan for Marriage with instant approval to finance the wedding-related expenses of its applicants.
- Loan Amount: Up to Rs 50 lakh
- Tenure: Up to 5 years
Travel Loan
- Purpose: Consumers can avail online Personal Loans for Travel with instant approval to meet their travel expenses.
- Loan Amount: Up to Rs 50 lakh
- Tenure: Up to 5 years
Payroll Overdraft Service
- Purpose: It is a variant of Personal Loan Overdraft facility which is offered to the payroll customers of Standard Chartered Bank.
- Interest Rate: 15.5% p.a.
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Eligibility Criteria for Standard Chartered Bank Personal Loan
Personal Loan For Marriage/Travel
- Minimum age of the applicant should be 22 years at the time of loan application and maximum age of the applicant should be 58 years at the time of loan maturity.
- Applicants having net monthly income more than Rs 22,000 are eligible for Standard Chartered Bank Personal Loans
Payroll Overdraft Service
- Applicants should be payroll clients of Standard Chartered Bank.
- Minimum monthly income requirements for availing Standard Chartered Bank Payroll Overdraft Service is Rs 50,000.
Additionally, Standard Chartered Bank may also factor in the credit score of its applicants, just like other lenders do while evaluating the personal loan eligibility criteria of their applicants.
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Documents Required for Standard Chartered Bank Personal Loan
- ID Proof: Passport, PAN Card, Voter ID, Driving License, Ration Card
- Address Proof: Telephone bill, electricity bill, ration card, passport, rental agreement, driving license, Life insurance/Medical insurance, Apartment Allotment Letter
- Last 1 month salary slip for salaried applicants
- Latest ITR with income computation/certified financials, last business continuity proof
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Standard Chartered Personal Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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FAQs
1. What is the total time taken for the disbursal of Standard Chartered Personal Loan?
Ans. Standard Chartered Bank has not specified the time taken to disburse personal loans. Most banks/NBFCs usually take 2-7 working days for the disbursal of personal loans. However, Standard Chartered claims to offer instant approval to personal loan applications through online channels. Such online personal loan applications might have quicker disbursal than personal loan applications made through offline channels.
2. Does the Standard Chartered Bank Personal Loan interest rates vary from person to person?
Ans. Lenders usually set the personal loan interest rates for their personal loan applicants based on the credit score, repayment history, age, employment profile, etc. Similarly, Standard Chartered Bank also offers personal loans at varying interest rates to their personal loan applicants based on their repayment capacity, credit history, age, etc.
3. Are there any restrictions on making part-prepayments on Standard Chartered Bank personal loan?
Ans. Personal loan borrowers of Standard Chartered Bank cannot part-prepay more than 25% of their outstanding principal in a year.
4. Can I cancel the personal loan applied at Standard Chartered Bank?
Ans. Yes, you can request the bank to cancel the personal loan within 7 days of sanction of loan amount into the nominated account. The bank can use its discretion to cancel the loan without levying any cancellation charges.
5. Do I need to provide any security or guarantor while applying for personal loans?
Ans. The applicants applying for Standard Chartered Bank personal loans do not require to provide any security or guarantor.