Standard Chartered Bank, like its contemporaries, offers an attractive scheme of personal loan to individuals seeking funds for their personal or business expenses. Personal loans from SCB can be availed for up to Rs. 30 lakh without any security or collateral.The loan is offered to the customers once they meet the basic eligibility criteria of the bank.
Standard Chartered Personal Loan - Interest Rates and Fees
|Type of Fees||Charges Applicable|
|Interest Rate||11.99% onwards|
|Processing Fee||Up to 3% 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.
Standard Chartered Personal Loan - Features and Benefits
Standard Chartered Personal Loan is convenient to avail and offers many benefits to the individuals:
- Flexible tenure: The personal loan provides a tenure period ranging from 12 months to a maximum of 60 months
- Easy to avail: These loans can be availed by individuals, whether salaried, non-salaried or self- employed. They can be simply availed by meeting certain pre-requisite conditions in the form of the inherent eligibility criteria
- Attractive Interest Rate: The interest rate of Standard Chartered Personal Loan is competitive as compared to the other Indian Banks and starts from 11.99%.
- Loan amount: 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
- Easy repayment options: Standard Chartered 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
- Minimum documentation: Keeping in mind the convenience of its customers, Standard Chartered bank provides loans with a simple documentation process
- Top- up loan: 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 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
Standard Chartered Personal Loan - Eligibility Criteria
- Your minimum age should be 21 years.
- You should either be a salaried professional or a self- employed individual.
- You should meet the minimum monthly salary criteria set by the bank.
Standard Chartered Personal Loan - Documents Required
- 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 filled 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: Copy of Driving License/Passport/Voter’s ID Card
- Address Proof: Copy of Ration Card / Electricity or Telephone Bill / Rental Agreement / Passport / Medical insurance policy / Apartment allotment letter.
- The borrower’s age proof would be required which can be the Pan Card or the Passport Copy
- 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
- 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 Standard Chartered bank wherein the customer can repay the entire loan amount before completion of the decided tenure. However, certain things are to be kept in mind before opting for this option.
- Prepayment facility can be availed only after completion of 12 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
How to Apply for Standard Chartered Personal Loan Online?
If you are planning to avail Standard Chartered personal loan, apply through Paisabazaar.com by following the below mentioned steps:
Step 1: Fill up an online application form
Step 2: Your application would be sent to the bank for review
Step3: The bank will process your loan application and will contact you for further formalities.
Why You Should Apply for a Personal Loan Through Paisabazaar?
- Extensive choice: At Paisabazaar, you can explore personal loans offered by various banks and NBFCs. This convenient feature available at Paisabazaar saves time and effort
- Compare before you choose: Paisabazaar not only allows you to explore personal loan by various lenders but also lets you compare the interest rate, loan amount, tenure, processing fee and other terms and conditions that are offered by them. This way, you get to choose the appropriate loan option as per your convenience.
- Quick to apply:The process to apply for a personal loan is completely digitalized at Paisabazaar. You can apply for the desired personal loan from the comfort of your home or office without any inconvenience.
- Complete assistance:The customer care team of Paisabazaar offers you full assistance throughout your loan application and approval process. If you have any query, you can get in touch with the executives to get an instant solution.
Standard Chartered Bank Personal Loan - EMI Calculator
- One can check the EMI for their Personal Loan using our Personal Loan EMI calculator that gives you monthly EMI amount on the basis of the following three basic details: Loan Amount
- Loan Tenure
- Interest Rate
On sharing the above details, the EMI calculator will tell you the monthly EMI that will be invested every month on the Personal Loan.
Comapre Standard Chartered Personal Loan VS Other Lenders
|Particulars||Standard Chartered||Axis Bank||HDFC Bank||Citi Bank||ICICI Bank|
|Interest Rate||Starting from 11.99%||15.75% to 24%||11.25% to 21.50%||Starting from 10.99%||11.50% to 19.25%|
|Tenure||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months|
|Loan amount||Rs. 1 lakh to Rs. 30 lakh||Rs. 50,000 to Rs. 15 lakh||Up to Rs. 40 lakh||Up to Rs. 30 lakh||Up to Rs. 20 lakh|
|Processing Fee||Up to 3% of the loan amount||2% of loan amount plus GST||Up to 2.50% of the loan amount||Up to 3% of the loan amount||Up to 2.25% of loan amount plus GST|
Standard Chartered Personal Loan - 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)|
Standard Chartered Personal Loan - Terms and Conditions
The additional benefits offered by Standards Chartered are:
- 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
- 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 instalment amount and the number of instalments
- 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 instalments 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 instalments towards the settlement of interests accrued instead of the principal amount to be paid by the borrower
Ques: Is it possible to compare personal loan options at Paisabazaar?
Ques: What is the customer care number of Email ID of Paisabazaar? ?
Ans: You can call on the toll- free number 1800 208 8877 (9am to 9pm) or you can send an email at firstname.lastname@example.org
Ques: How should I calculate the EMI at Paisabazaar?
Ques. What is the interest rate on the personal Loan by Standard Chartered Bank?
Ans: The Interest Rate starts from 11.99% and varies from individual to individual as per his age, credit score, repayment ability, employer, etc.
Ques. What is the minimum and maximum personal loan amount offered by Standard Chartered?
Ans: Standard Chartered Bank offers loan amount starting from Rs 1 Lakh to Rs 30 Lakh to Salaried and Self-Employed Individuals.
Ques. 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.
Ques. 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
Ques: How do I repay the personal loan?
Ans: 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.
Ques: It is possible to prepay the personal loan?
Ans: Yes, you can prepay the personal loan with pre-closure charges of 5% after completing 12 EMIs. You will also have to give a 21 day notice to the bank.
Ques: Is it necessary to open an account with Standard Chartered Bank in order to avail a personal loan?
Ans: 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 will get value added services that would be complementary to the loan.
Ques: Are there any special privileges for the existing customers of Standard Chartered Bank?
Ans: If you are an existing customer of Standard Chartered Bank, you will get special interest rates, would be asked to submit minimum documentation and your loan application would be considered on priority.