Standard Chartered Personal Loan Types and Interest Rates
Standard Chartered Personal Loan Interest Rates
|Particulars||Interest rates (p.a.)|
|Personal loan||12.00% p.a. onwards|
Note: Rates as of 3 October 2023
While Standard Chartered has not specified the differential interest rates of various personal loan schemes based on the employer’s profile, credit score, or monthly income of its personal loan applicants, most banks/NBFCs usually consider these factors while setting personal loan interest rates for their applicants. Let’s discuss some of the prime factors that influence the interest rates of your personal loan.
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What are the factors affecting personal loan interest rates?
Most banks and NBFCs consider credit scores when fixing their personal loan interest rates. Applicants with higher credit scores (preferably, 750 and above) have more chances of availing personal loans at lower interest rates compared to those with lower credit scores. Timely repayment of EMIs and credit card bills, avoiding loans or multiple credit card applications within a short duration and maintaining a minimum credit utilisation ratio helps you to maintain higher credit scores and thus improve your personal loan eligibility.
Moreover, errors in the credit report can negatively impact your credit score, which is why it is crucial to keep track of credit reports at regular intervals and take corrective measures in case of any errors to avoid this from happening.
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Most NBFCs and banks offer lower interest rates to applicants with higher monthly income. This is because, higher the income, the better is the repayment capacity of the borrower which lowers the risk of default for the lenders.
Most lenders also give preference to the employer profile of their personal loan applicants when fixing their interest rates. Banks and NBFCs usually offer personal loans to salaried applicants at lower interest rates than those set for personal loans offered to self-employed applicants. Salaried applicants of government organizations and PSUs are also offered personal loan at lower interest rates considering their higher job position and income security. The applicants working in reputed private firms and multinational companies are also offered lower personal loan interest rates as such organisations have higher capacity of tackling economic downfalls compared to the applicants employed in other private sector organisations.
Existing relationship with the lender
Many banks/NBFCs offer personal loans at concessional interest rates to applicants having existing deposit or lending accounts with them. Hence, applicants planning to avail personal loans should always look for the respective bank/NBFCs with whom they already have an existing banking or lending relationship to avail personal loan at lower interest rates.
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Tips to avail personal loans at low interest rates
- Maintain a credit score of 750 or above.
- Look for banks/NBFCs offering pre-approved personal loan
- Keep track of personal loan interest rates offered by top banks and NBFC, specifically during festive seasons.
- Enquire with different banks and NBFCs with whom you have deposit or loan accounts.
- Keep an eye on personal loan offers offered by various banks on online financial marketplaces