A loan on your credit card can come in handy when you require an urgent need of cash. Like many other banks, Standard Chartered Bank also offers its customers with a loan against your credit card limit. The loan is pre-qualified if the loan amount is equal to your credit card limit. The bank offers loans with low processing fees, flexible tenure ranges.
Standard Chartered Bank offers a loan against the credit card limit where a loan will be sanctioned to you which will be equal to your credit limit, called ‘Loan against credit limit’.
However, the bank will reserve the right from time to time to determine whether a cardholder is eligible for the loan or not depending on the bank’s eligibility criteria.
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The primary eligibility criteria to avail the loan is to maintain a good credit score when it comes to your credit card. Apart from this, the credit utilization ratio, the payment history, and transaction history are major factors that are considered as important eligibility factors for the loan against the credit card.
You can apply for the loan on credit card through net banking or phone banking as well. You can also call the customer care number of the bank to request the loan.
To apply for the loan through net banking, here are the steps which you need to follow:
To apply for the loan through mobile banking, the steps to be followed are:
If you are not able to access net banking or phone banking due to restricted internet access, you can call on the customer care number of the bank at +94 112 480 480.
Once your application for the loan on credit card has been approved by Standard Chartered Bank, you will be contacted by the bank through email or call detailing the particulars of the loan. The loan amount, interest rate, the tenure range and repayment schedule of the loan will be sent to you along with the EMI to be paid on a monthly basis.
The EMI of the loan can be paid either via ELSS where the amount is directly debited from your savings account or you can visit the bank and pay the EMI with a cheque.
Standard Chartered Bank can transfer the loan amount via NEFT to the savings bank account of your choice or through cheque or demand draft. You will receive the amount within 7 working days from the date your loan request has been approved.
If you lose your card, you will need to call the customer care of the bank and alert them immediately so that the card can be blocked.
The maximum loan amount which is offered under the provision of loan on credit card is 70% of your credit card limit.
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