Standard Chartered Personal Loan

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 the home, etc. Standard Chartered personal loans can be availed for an amount up to Rs. 50 lakh and can be repaid within the flexible tenure of up to 60 months.

Features

• Loan Amount: Standard Chartered Bank offers personal loans up 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 of 1% of the loan amount. You may also be eligible for an additional discount in case of an 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.

Interest Rate

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.

Eligibility Criteria

The following are some of the key eligibility criteria for a personal loan offered by Standard Chartered Bank:

• You should be at least 22 years old
• You should either be a salaried professional or a self-employed individual
• You should meet the minimum net monthly salary criteria of Rs. 22,000

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 for 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 in 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.

Why Apply for Personal Loans through Paisabazaar

• Offers from Top Lenders: Paisabazaar has more than 40 Banks/NBFCs/Fintech partners that provide the best available loan offers at one place.
• Compare & Choose: You can check and compare personal loan offers from top lenders on Paisabazaar in just a few clicks.
• Personalized solutions & certainty of approval: Paisabazaar arranges personal loan offers according to your credit score and other eligibility factors which help applicants choose the best offer and provide them with the certainty of loan approval.
• Pre-Approved Loans: You also get personalised pre-approved personal loan offers from time to time at Paisabazaar based on your credit health. These loans come with low processing fees, low interest rates and almost no documentation.
  Unbiased Advice: Paisabazaar’s team of experts help users at every step by coordinating with lender Banks/NBFCs. In case you have any queries or need assistance, you get unbiased advice on our platform.
• Complete Digital Process: com is a digital-only organization that offers you completely digital processes to help you avail personal loans from the comfort of your homes. Even the paperwork is minimal and you get a completely digital experience.
• Document Pickup: In case physical documentation is required, a Paisabazaar representative will pick documents from your location on a mutually agreed date and time after you apply for the loan at no additional cost. You will not be required to physically visit the lender to submit your documents.
• End-to-end Assistance: Team Paisabazaar works in the background with the lenders and provides you all assistance right from selecting the loan option to getting the amount disbursed in your account.

Fees and Other Charges

The following are some of the key fees and charges apart from the interest rate associated with your Standard Chartered Bank personal loan application:

Standard Chartered Personal Loan EMI Calculation

The following is a representation of how much your Standard Chartered Bank personal loan monthly EMI can vary based on loan amount sanctioned, tenure and interest rate:

Comparison of Standard Chartered PL vs Other Lenders

The following is a comparison of Standard Chartered personal loan offer to personal loans offered by other top lenders in India:

Standard Chartered Personal Loan Customer Care

• Standard Chartered Bank customers can get their issues resolved and queries answered by contacting the city-specific customer services team.
• Send an email to the bank at customer.care@sc.com

• Write a letter to Customer Care Unit, 19, Rajaji Salal, Chennai- 600 001
• Send an SMS to 99-8003-3333
• Lastly, you can visit the nearest branch of Standard Chartered Bank to get your query/issue resolved

Also Read: Standard Chartered Personal Loan Customer Care

Important Points to Remember while Applying for a Personal Loan

• Maintain a healthy credit score: A credit score tells a lender about your repayment history. 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: The 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. 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.

Q2. 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.

Q3. 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.

Q4. 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.

Q5. 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.

Q6. 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 the availability of these benefits is at the discretion of Standard Chartered Bank.