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  • Installment Loans

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  • Most of the conventional lending products are installment loan products. Loans like personal loans, car loans, home loans, mortgages, etc. are typically offered as installment loans. The other type of debt is a revolving debt. A credit card is an example of a revolving debt or open-ended credit.

    Instalment loan is offered by Standard Chartered Bank in India and it is called as Business Instalment Loan. It is an Unsecured Loan are the primary source of business for almost every lender. Installment loans typically come with lower risks, when compared to non-installment loans. They are less-risky for both the lender and the borrower.

    Installment Loans Interest rate

    Attractive interest rates are offered depending on the loan amount, credit assessment and other parameters. The details will be provided by the sales officer. The interest rate starts from 17.5% per annum.

    Eligibility criteria for Installment Loans

    The following people are eligible for availing Business Instalment Loan:

    • Sole proprietor or proprietorship firms
    • Partnership firms
    • Private limited companies
    • Closely held public limited companies
    • Doctors
    • Architects
    • Chartered Accountants
    • Business Consultants

    Documents required for Installment Loans

    The documents required for applying for Business Instalment Loan are as follows:

    • Bank statement for the last 6 months.
    • 2 years profit and loss statement, balance sheet and income tax returns statement.
    • Documents of entity, identity and address proof.
    • VAT/GST statement for the last 1 year
    • Other documents as specified by the sales officer.

    Prepayment of Installment Loan

    The prepayments is not allowed in the first 1 year of the loan. The loan can be prepaid after one year and you will be charged a 5% pre-closure fee on the outstanding amount at the time of closure. Service tax will be additionally applicable.

    Features of Business Installment Loans

    The features of business instalment loan is:

    • Easy to apply and the application process is quick and simple.
    • You will be allowed to borrow up to Rs.75 lakh.  
    • The loan can be taken for a period of up to 60 months. The minimum period for which you can take the loan is 12 months. 
    • You will be allowed to borrow up to Rs.75 lakh. The minimum loan offered is Rs.10 lakh.
    • The loan can be taken for a period of up to 36 months. The minimum period for which you can take the loan is 12 months.
    • The loan doesn’t require you to provide any collateral or security to approve your Business Instalment Loan.

    FAQs 

    1. How much time does it take for the bank to disburse the loan amount? 
    2. If you are availing an installment loan from Standard Chartered Bank and a loan amount of Rs.5 lakh, then the bank will take at least two weeks to disburse the loan amount. If your loan amount is above Rs.5 lakh and up to Rs.25 lakh, then the turnaround time for the disbursal of the loan amount will be three weeks. If you are availing a loan amount above Rs.25 lakh, then the time taken by the bank to disburse the amount will be six weeks.  

      The time taken to disburse the loan amount will differ from bank to bank depending on the loan amount, repayment tenure, and other factors. 

    3. When can I get a line increase on my existing loan? 
    4. You can avail the incremental funding option after you have repaid your EMIs on time for 10 months straight. 

    5. Can I prepay the loan? 
    6. The option to prepay the loan will not be available during the first 12 months of the loan. You can prepay your loan where a pre-closure charge of 5% will be levied on the outstanding loan amount at the time of closure. 

    7. What is the security / collateral that I need to provide? 
    8. This is an unsecured loan product and hence you will not be required to pledge any security or collateral in order to avail an installment loan. 

    9. How can I apply for an installment loan? 
    10. You can either visit the official website of the bank from you wish to apply for an installment loan and apply for it provided you upload the required information and documents. The bank will verify the documents and if they are found to be correct, the loan amount will be disbursed to your bank account.  

    You can also visit the official website of BankBazaar and apply for an installment loan of your choice by providing the necessary documents and information. You can also apply for an installment loan offline by visiting the nearest branch of the bank from whom you wish to avail an installment loan. Make sure that you carry all the relevant documents. A representative from the bank will help you with the process of applying for an installment loan.

     
        

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