Compare & Choose from the Best Personal Loan OffersStandard Chartered Bank Personal Loan Highlights – May 2022 | |
| Interest rate | 11.49% 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 |
Table of Contents :
Standard Chartered Bank Personal Loan Interest Rates
The interest rates for Standard Chartered Bank start @ 11.49% p.a. The final interest rates offered to the personal loan applicants depend upon the age, monthly income, job profile, employer’s profile, loan repayment history, etc.
Comparison of Standard Chartered PL vs Other Lenders
| Banks/NBFCs | Interest Rates (per annum) |
| Standard Chartered | 11.49% onwards |
| HDFC Bank | 10.25% – 21% |
| SBI | 9.60% – 13.85% |
| ICICI Bank | 10.25% onwards |
| Axis Bank | 10.25% onwards |
| Kotak Mahindra Bank | 10.75% onwards |
| IndusInd Bank | 10.49% onwards |
| IDFC First Bank | 10.49% – 23% |
| Bajaj Finserv | 13.00% onwards |
| Tata Capital | 10.99% onwards |
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% |
Types of Standard Chartered Bank Personal Loan
Marriage Loan
- Purpose: To meet the financial requirements for wedding with instant loan approval
- Loan Amount: Up to Rs 50 lakh
- Tenure: Up to 5 years
Travel Loan
- Purpose: To meet the personal requirements for travel with instant loan approval
- Loan Amount: Up to Rs 50 lakh
- Tenure: Up to 5 years
Payroll Overdraft Service
- Purpose: To offer overdraft on the salary accounts for dealing with financial emergencies
- Interest Rate: 15.5% p.a.
Eligibility Criteria for Standard Chartered Bank Personal Loan
Marriage/Travel Loan
- Age: 22-58 years
- The applicant should be earning (whether salaried or self-employed) with net monthly income of more than Rs 22,000
Payroll Overdraft Service
- Profession: The applicants should be payroll clients of Standard Chartered Bank
- Minimum Monthly Income: Rs 50,000
Also Read: Eligibility criteria for a personal loan
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
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
Personal Loan at Attractive Interest Rates Apply Now
FAQs
Q. What is the total time taken for the disbursal of Standard Chartered Personal Loan?
A. 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.
Q. Does the Standard Chartered Bank Personal Loan interest rates vary from person to person?
A. 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.
Q. Are there any restrictions on making part-prepayments on Standard Chartered Bank personal loan?
A. Personal loan borrowers of Standard Chartered Bank cannot part-prepay more than 25% of their outstanding principal in a year.
Q. Can I cancel the personal loan applied at Standard Chartered Bank?
A. 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.
Q. Do I need to provide any security or guarantor while applying for personal loans?
A. The applicants applying for Standard Chartered Bank personal loans do not require to provide any security or guarantor.
