Standard Chartered Bank, like its contemporaries, offers an attractive scheme of personal loan to individuals seeking finance to fund their personal or business expenses. These loans are generally of a shorter term and come at higher rate of interest than a secured loan like a Home equity Loan. The bank has many variants when it comes to offering a personal Loan and each variant promises something attractive for the borrower. These loans are simple loans which do not demand any security or collateral and are offered to the applicants one they meet the basic eligibility criteria of the bank.
SCB Personal Loan Interest Rate:
|Type of Fees||Charges Applicable|
|Interest Rate||10.99% onwards|
|Processing Fee||Up to 2.25% of the Loan Amount|
|Pre-Payment Charges||0-12 Months: 5% of the Principal Outstanding
12-24 Months: 4% of the Principal Outstanding
25-36 Months: 2% of the Principal Outstanding
More than 36 Months: 1% of the Principal Outstanding
|Late Payment Fees||Rs. 495|
|Interest on arrears||2% per month|
|*Swap Charges||Rs. 500|
|Documentation and administration charges||In case of top up loans, the bank charges certain documentation charges standing at 2.5% of the net loan amount.|
*Swap Charges: Swap Charges are for replacement of the ongoing payment method like the ECS/Standing Instruction to a new ECS/Standing Instruction.
Features and Benefits:
- These loans provide a tenure period ranging from 12 months to a maximum of 60 months i.e. 5 years, depending upon the business profile of the applicant.
- These loans can be availed by individuals, whether salaried, non-salaried or self- employed. Also called unsecured loans, these loans do not demand any security or collateral against the amount sanctioned. They can be simply availed by meeting certain pre-requisite conditions in the form of the inherent eligibility criteria.
- The interest rate of Standard Chartered Personal Loan is competitive as compared to the other Indian Banks. Interest Rate starts from 10.99% onwards.
- Standard Chartered Bank offers personal loan amount from Rs 1 Lakh to Rs 30 Lakh, depending on the eligibility, income and repayment capacity of the Loan Applicant.
- The rate of interest charged on the loans is not very high. This makes the loan cheaper as the required EMIs are lower and easily affordable for the borrowers.
- Bank provides for repayment of the loan through Electronic Clearing Service (ECS), PDC and Auto Debit Facility i.e. the EMI amount is debited directly from the applicant’s bank account.
- Keeping in mind the convenience of its customers, Standard Chartered bank provides loans with a simple documentation process. It follows this method to protect its customers from unnecessary burdens of arranging too many documents.
- It may so happen that the customer may require extra funds during the tenure of the loan. For that situation, the bank provides the facility to the customer to avail of extra funds if he is an existing personal loan customer in the form of top up loans. However, these top up loans can be availed only after completion of a minimum of 9 months from the disbursement of the original loan amount.
The bank provides with the facility of EMI Calculator for eligibility. The Loan Amount is sanctioned depending on the borrower’s repayment capacity, income, location and age.
- The minimum age to apply for a personal loan from Standard Chartered is 21 years
- Minimum income required to apply for a Personal Loan is Rs. 50,000.
- Application Form with a self-attested photograph: The basic requirement is the Application form which has to be filled correctly by the applicant stating all the required information. The borrower should ensure that the furnished details are duly supported by the other required documents. The form should also contain a clear photograph of the individual signed across by the applicant.
- An Identity Proof for which the Driving License, the passport copy or the Voter’s ID Card copy can be furnished. All these documents have the photograph of the applicant and his name which goes towards establishing the identity of the borrower in the eyes of the bank. It is required in case of both salaried and Non-salaried employees.
- Address Proof: Copy of Ration Card / Electricity or Telephone Bill / Rental Agreement / Passport / Medical insurance policy / Apartment allotment letter. The applicant needs to submit any one of the above mentioned documents which state the correct address of the applicant needed for the verification process of the bank. However, the documents should not be more than 3 months old.
- The borrower’s age proof would be required which can be the Pan Card or the Passport Copy. These documents are the acceptable certified documents which would state the age of the borrower correctly.
- Signature proof: PAN card / Driver’s license / Passport copy / Banker’s attestation Bank account statements. Any one of the document can be submitted. However, the applicant’s signature in the provided document should be clear and understandable. The applicant needs to maintain the same signature throughout the loan period.
- Last 3 months’ bank statement or latest ITR or Form 16. These documents establish the financial position of the applicant at the time when he makes the application. The financial position of the applicant is required to establish his creditworthiness. In case of salaried professionals, last 3 months bank statement, where the salary is credited. It is required in the case of non-salaried professionals.
- Latest Salary Slip or current dated Salary Certificate with latest Form 16 is required in case of salaried employees to check their current level of income and match it against the minimum required level of income as per the eligibility standards.
- Processing Fee Cheque: The bank charges a minimal amount for processing the loan. An applicant has to submit the same along with other documents at the time of loan application.
Standard Chartered Personal Loan Prepayment
Prepayment is a facility offered by the bank wherein the customer can repay the entire loan amount before completion of the original tenure. However, certain things are to be kept in mind before opting for this option.
- This facility can be availed only after completion of twelve months of availing the loan i.e. a minimum of 12 months gap has to be kept between the loan issuance date and the repayment date.
- The applicant has to give the bank 21 days’ notice in advance.
- The applicant has to prepay the amount in accordance with the quote provided by the bank.
- In case, the applicant fails to give the bank a prior notice, then he/she will have to pay an amount equivalent to one month’s interest on the loan or the amount as decided by the bank.
- The interest, fees and other charges are calculated till the last day of the prepayment month. The prepayment charges stand at 5% of the principal outstanding amount. These charges are exclusive of service tax. Service taxes and other statutory taxes as applicable will be levied above the mentioned charges.
- The customer has to make the prepayments in full i.e. the principal amount along with all the accrued interests and charges along with any other applicable fee at one go. He/she cannot opt for part prepayment option.
Terms and Conditions:
- The bank also provides its customers certain additional services such as balance transfer program, funds transfer programs or other services which are available with the bank at the given time. However, in case of any inconsistency between the banking agreement terms and the terms of the additional services, the original agreement term will prevail unless otherwise stated in the additional services agreement.
- The top up loans issued in accordance to the existing loans are treated as a separate loan.
- The availed funds can only be used for the mentioned purpose. An applicant cannot use the funds for further investment.
- In case the applicant wishes to cancel the loan, he/she can do so by paying a minimal cancellation fee.
- The interest rate or the default rate of the loan may vary depending upon the prevailing market rates. These fluctuations will affect the installment amount and the number of installments.
- The bank at any point of time can demand immediate payment of the loan in full along with all the accrued interest, charges and fees in connection with the loan.
- The bank at its sole discretion may choose to use the given installments to set off the accrued interest rather than using the amount against the outstanding principal amount i.e. the bank may use a larger proportion of one or more installments towards the settlement of interests accrued instead of the principal amount to be paid by the borrower
How to apply for Standard Chartered Bank Personal Loan?
Personal Loan with Standard Chartered can be applied online as well as offline. One can apply for a Personal Loan at Paisabazaar.com where, they can easily compare the different interest rates and features of all the banks at the same time and apply for the one that suits their requirement the most.
Standard Chartered Bank Personal Loan EMI Calculator
One can check the EMI for their Personal Loan at Paisazabazaar.com so a detailed comparison is also shown of all the Indian Banks.
How EMI Calculator on Paisabazaar.com works?
- Personal Loan EMI Calculator calculates EMI for Personal Loan on the basis of inputs given by the Loan Applicant. The EMI Calculator asks for the following details:
- Loan Amount
- Loan Tenure
- Interest Rate
On sharing the above details, www.paisabazaar.com will tell you the monthly EMI that will be invested every month on the Personal Loan.
Standard Chartered Customer Care
Loan Applicants can call on the below mentioned Phone number for personal banking:
|Cities||Phone Banking Numbers|
|Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, Pune||66014444 / 3940 4444|
|Allahabad, Amritsar, Bhopal, Bhubaneswar, Chandigarh, Cochin / Ernakulam, Coimbatore, Indore, Jaipur, Jalandhar, Kanpur, Lucknow, Ludhiana, Nagpur, Patna, Rajkot, Surat, Vadodara||66014444 / 3940 4444|
|Gurgaon / Noida||011-66014444 / 011-3940 4444|
|Jalgaon, Guwahati, Cuttack, Mysore, Thiruvananthapuram, Vishakhapatnam, Mathura, Proddatur, Dehradun, Saharanpur||1800 345 1000 (For domestic dialling within India only)|
|Siliguri||1800 345 5000 (For domestic dialling within India only)|
Frequently Asked Questions (FAQs)
Q. What is the Interest Rate on the Personal Loan by Standard Chartered Bank?
Ans: The Interest Rate starts from 10.99% onwards
Q. What is the minimum and maximum Personal Loan Amount?
Ans: Standard Chartered Bank offers Loan Amount starting from Rs 1 Lakh to Rs 30 Lakh to Salaried and Self-Employed Individuals.
Q. How much time does it take for Personal Loan disbursement?
Ans: After approval, the bank takes 4-7 working days to disburse the Loan Amount after all the documentation is complete.
Q. Is there any security required for applying for a personal loan?
Ans: No security or collateral is required in order to apply for a Personal Loan