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  • Loan on Standard Chartered Bank Credit Card

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    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.

    Types of Loan on Credit Cards

    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.

    Features and Benefits

    • Zero paperwork required for the loan.
    • Easy installment billing.
    • Lower interest rates.
    • The minimum loan amount is Rs.30,000.
    • Monthly EMI which will be billed in your Credit Card Statement.
    • Wide range of tenure options.
    • The maximum loan amount is 70% of the credit card limit.
    • Low processing fees.
    • Option to pre-close the Indus Easy Loan whenever you wish.

    Eligibility of the Loan on Credit Card

    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.

    How to Apply for a Loan on 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:

      • Visit the website of Standard Chartered.
      • Click on the ‘net banking’ option
      • Log in to your account and click on your registered credit card.
      • Select the option of ‘loan on credit card’.
    • To apply for the loan through mobile banking, the steps to be followed are:

      • Download Mobile Banking application from the Google Play Store or Apple’s App Store.
      • Log in to Mobile Banking app by entering the customer ID and MPIN.
      • Click on the tab of ‘Credit Card’.
      • Choose the option of ‘Loan on Credit Card’.

    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.

    Repayment of the Indus Easy Loan on Credit Card

    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.

    Frequently Asked Questions (FAQs)

    How and when will I receive the loan amount from the bank?

    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.

    What should be done if I lose the credit card after receiving the loan amount?

    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.

    What is the maximum loan amount given under the loan on credit card?

    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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