Standard Chartered Bank Personal Loan Highlights
|Interest rate||Starting at 11.00% p.a.|
|Loan Amount||Up to Rs. 50 lakh|
|Loan Tenure||Up to 60 months|
|Processing Fees||2.5% of loan sanctioned|
|Minimum Eligible Age||21 years at the time of application|
|Foreclosure Charges||Up to 5% of principal prepaid (allowed after 12 EMI payments)|
Standard Chartered offers personal loans to individuals seeking finance to fund their personal or business expense including going on a vacation, purchasing consumer durables or gadgets, paying medical bills, renovating home, etc. Standard Chartered personal loans can be availed for amounts ranging from from Rs. 1 lakh to Rs. 50 lakh and can be repaid within flexible tenure of up to 60 months.
- Loan amount: Standard Chartered Bank offers personal loans starting from Rs. 1 Lakh to Rs. 50 Lakh, depending on the eligibility, income and repayment capacity of the applicant
- Flexible tenure: Standard Chartered offers personal loan borrowers the option to repay loans within a period ranging from 12 months to a maximum of 60 months so that borrowers can choose a tenure as per their repayment capacity and requirement
- Minimum documentation: Keeping in mind the convenience of its customers, Standard Chartered bank provides loans featuring a simple paperless documentation process that allows the customers to upload their loan application and supporting documents online
- Low processing fees: With Standard Chartered Bank personal loans, you pay processing fees up to 2.5% of the loan amount only. You may also be eligible for additional discount in case of online application.
- Last EMI Waiver: Standard Chartered personal loans are currently available with a facility of waiver of the last loan EMI in case loan tenure is 36 months, 48 months or 60 months.
The interest rate of Standard Chartered Personal Loan starts from 11.00% p.a. and varies from person to person based on applicant’s credit score, employer (listed/unlisted company salaried employee, self-employed, etc.), loan amount, age, etc.
The following are some of the key eligibility criteria for a personal loan offered by Standard Chartered Bank:
- You should be at least 21 years old
- You should either be a salaried professional or a self- employed individual
- You should meet the minimum monthly salary criteria set by the bank
Documents Required for Loan Application
The mandatory documents required to apply for Standard Chartered Personal Loan are mentioned below. However, the bank may also ask some additional documents, if required.
- Identity proof (any one): Aadhaar, PAN, Passport, Driving License, Voter ID Card, Photo Ration Card
- Address proof (at least one): Passport, Telephone Bill, Ration Card, Electricity Bill, Life/Medical Insurance Policy, Driving License, Rental Agreement, Apartment Allotment Letter etc.
How to Apply For Standard Chartered Personal Loan with Paisabazaar.com?
With a few simple steps, you can apply for a Standard Chartered Bank personal loan through Paisabazaar.
- Fill Paisabazaar’s personal loan application form to compare and apply for a loan
- Fill your details including income, employer, profession, etc. to know the suitable personal loan offers as per the chances of approval
- Either select the personal loan offer from Standard Chartered Bank (if applicable) or call Paisabazaar for assistance
- Get instant conditional e-approval on a Standard Chartered Bank personal loan online. Also, you will get a call from our customer care team to guide you through the application process if you are having any issues
Personal Loan Verification Process
The key steps involved in the verification process of a personal loan are as follows:
- After you have submitted your online application with Paisabazaar, the details are forwarded to the prospective lender. Next you will receive a verification call from the bank’s representative to schedule document pick up
- Next, your documents are verified and when your loan is approved, a bank representative will call again with the final proposal
- Next you are asked to sign the loan agreement and typically disbursal occurs within 4-7 working days of submission of application dcuments. However a shorter or longer disbursal time may be applicable depending on various factors such as loan principal and interest rate
Check Standard Chartered Personal Loan Application Status
The following is a step by step guide to help you check the status of your Standard Chartered Bank personal loan application online:
- Go to the “Track your online application status” page on the Standard Chartered Bank official website
- Enter your application reference number and mobile number as on the loan application (both fields are mandatory) then click on “Submit” to know the status of your Standard Chartered personal loan application.
Fees and Other Charges
The following are some of the key fees and charges apart from interest rate associated with your Standard Chartered Bank personal loan application:
|Processing fee||Up to 2.5% of the loan sanctioned|
|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 + GST|
|Swap charges||Rs. 500 + GST|
|Documentation and administration charges||In case of top up loans, documentation charges starting at 2.5% of the net loan amount are payable|
How to Login on Standard Chartered Portal?
If you are registered user of the Standard Chartered Bank internet banking platform, you can follow the following steps to log into your banking account:
- Go the home page of Standard Chartered Bank India official website and click on “Online Banking Login” under the “Login” menu
- Enter the username and password along with captcha, then click on ‘login’
- Once logged in you can see key details of all your Standard Chartered accounts including personal loan account and perform a range of banking services
Standard Chartered Personal Loan Statement
There are various ways you can check your personal loan statement online. The following are some key ways to go about it:
- You can login to Standard Chartered Internet Banking using the steps mentioned above and view/download your personal loan statement.
- You can also make an in-person visit at the nearby Standard Chartered Bank branch/call up customer care to request a copy of your personal loan statement
Standard Chartered Personal Loan EMI Calculation
|Loan principal @ interest|
|1 year||2 years||3 years||4 years||5 years|
|2 lakh @ 11.99%||Rs. 17,768||Rs. 9,413||Rs. 6,641||Rs. 5,265||Rs. 4,447|
|3 lakh @ 12.12%||Rs. 26,672||Rs. 14,139||Rs. 9,982||Rs. 7,918||Rs. 6,692|
|6 lakh @ 13%||Rs. 53,590||Rs. 28,525||Rs. 20,216||Rs. 16,096||Rs. 13,651|
|9 lakh @ 13.5%||Rs. 80,596||Rs. 42,999||Rs. 30,541||Rs. 24,368||Rs. 20,708|
Comparison of Standard Chartered PL VS Other Lenders
The following is a comparison on Standard Chartered personal loan offer to personal loans offered by other top lenders in India:
|Particulars||Standard Chartered||HDFC Bank||Citi Bank||Axis Bank||ICICI Bank|
|Interest Rate||Starting from 11.00%||Starting from 10.50%||Starting from 9.99%||Starting from 11%||Starting from 10.50%|
|Tenure||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months|
|Loan amount||Up to Rs. 50 lakh||Up to Rs. 40 lakh||Up to Rs. 30 lakh||Rs. 50,000 to Rs. 15 lakh||Up to Rs. 20 lakh|
|Processing Fee||Up to 2.50% of the loan amount||Up to 2.50% of the loan amount||Up to 3% of the loan amount||2% of loan amount||Up to 2.25% of loan amount|
Standard Chartered Customer Care
- You can call the bank on the following numbers:
|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)|
- NRIs can call on the following numbers:
|United Arab Emirates||8000177750|
|United States of America (New York)||8773021657|
|Others||+91 80 42896753 (ISD rates apply)|
- Send an email to the bank at firstname.lastname@example.org
- Write a letter to Customer Care Unit, 19, Rajaji Salal, Chennai- 600 001
- Send a SMS to 99-8003-3333
- Lastly, you can visit the nearest branch of Standard Chartered Bank to get your query/issue resolved
Benefits of Applying for Personal Loan on Paisabazaar
- Convenient: Paisbazaar is a single platform that allows you to check personal loan offers from various banks and NBFCs at the same time and therefore eliminates the need to visit individual websites of various lenders
- Get offers as per chances of approval: At Paisabazaar, when you fill your basic details like salary, employer, loan amount you need, etc. you are redirected to possible lenders offering loan as per your eligibility. You can choose the desired lender as per your personal requirement
- Know your EMI: The EMI Calculator available at Paisabazaar allows an individual to estimate EMI payable by just providing the loan amount, interest rate and tenure even before applying for the loan
- Instant conditional online approval: Once you choose the desired lender and apply for the loan at Paisabazaar, you get instant conditional e-approval and your loan application is forwarded to the bank for further formalities
- Maintain a healthy credit score: A credit score tells a lender about your repayment history as a good credit score means that you have made all the repayments in the past on time. Therefore, it is necessary to have a good credit score
- Check your eligibility: Eligibility criteria of a personal loan may differ from lender to lender. Therefore, check if you are eligible to apply for a personal loan from a particular lender before you move forward
- Do not apply with multiple lenders simultaneously: If you apply with various lenders at the same time, you might appear as a credit hungry individual and hence might not get considered for a personal loan
- Pay all credit card bills: Before taking a personal loan, pay your existing credit card bills to income your debt-to-income ratio that should not be more than 50%
Frequently Asked Questions (FAQs)
Q1. What is the interest rate on the personal Loan by Standard Chartered Bank?
Standard Chartered Bank offers personal loans at an interest rate starting at 11.00% p.a. The actual rate charged however varies as per the applicant’s age, credit score, repayment ability, employer, etc.
Q2. What is the minimum and maximum personal loan amount offered by Standard Chartered Bank?
Standard Chartered Bank offers loan amounts starting from Rs. 1 Lakh to Rs. 50 Lakh for both Salaried and Self-Employed Individuals.
Q3. How much time does it take for Personal Loan disbursement?
After approval, the Standard Chartered Bank takes between 4-7 working days to disburse the loan amount after all the loan documentation is submitted.
Q4. Is there any security required when applying for a personal loan?
No security or collateral is required in order to apply for a personal loan from Standard Chartered Bank.
Q5. How do I repay the personal loan?
You can repay the personal loan in easy EMIs using NACH. If you are an existing customer of Standard Chartered Bank, you can also use the facility of direct account debit.
Q6. It is possible to prepay the personal loan?
Yes, you can prepay the personal loan by paying foreclosure charges equal to 5% of the principal amount foreclosed. You will also have to give a 21 day notice to Standard Chartered Bank before initiating prepayment.
Q7. Is it necessary to open an account with Standard Chartered Bank in order to avail a personal loan?
No, it is not mandatory to open an account with Standard Chartered bank if you wish to avail a personal loan. However, if you have an account with the bank, you may get a range of value added services that would be complementary to the loan.
Q8. Are there any special privileges for the existing customers of Standard Chartered Bank?
If you are an existing customer of Standard Chartered Bank, you may be able to get special interest rates, have to submit minimal documentation and your loan application may be approved faster. Do note that availability of these benefits is at the discretion of Standard Chartered Bank.