Overview about Standard Chartered Personal Loan Calculator
Standard Chartered Bank is an international bank with presence in around 67 countries. It was formed in 1969 after the merger of the Standard Bank of British South Africa with the Chartered Bank of India, Australia and China. In India, bank set up its first branch in the erstwhile Bombay and Calcutta in 1858, and currently has 99 branches in 42 cities.
Standard Charterer’s banking portfolio includes retail loans, deposits, credit cards, and investment and insurance products. The bank offers personal loans and top-ups on personal loans. These are unsecured loans that can be used to meet expenses of personal emergencies, wedding expenses, to go on a foreign trip or for debt consolidation. The bank will not enquire the reason you need the loan for, and it needs no collateral security.
How does the Standard Chartered Personal Loan EMI Calculator Work?
An EMI Calculator works on the following formula:
E = P x R x (1+R)^n/((1+R)^n-1)
Here, E stands for Equated Monthly Instalment (EMI)
P stands for the principal loan amount
R stands for the monthly rate of interest
n stands for the duration of the loan
BankBazaar’s EMI Calculator also factors in processing fees and pre-payments to give a more accurate result.
How to Use BankBazaar Standard Chartered Personal Loan Calculator:
When you take a loan from a bank, you need to repay it regularly. This repayment is done every month through EMIs. An EMI is a fixed amount you pay monthly to the bank you borrowed from, and it is calculated by factoring in the loan amount, interest rate, and loan duration. Before you take a loan, you should know whether you will be able to repay the loan in the EMIs decided by the bank. A bank will not tell you the EMI schedule until the loan is sanctioned. In such a case, the best way to find out the approximate EMI you’d be expected to pay, is to use an EMI Calculator.
An EMI Calculator is a financial tool that ascertains your liability quite precisely. To use the calculator you need to input the correct numbers corresponding to loan term, amount and interest rate. BankBazaar’s EMI Calculator is one of the best available online as it not only gives you a detailed amortisation schedule and analysis of the interest payments and total repayment amount, but also factors in the processing fees and pre-payments.
The interest rate on Standard Chartered personal loans ranges from 12% to 17%. The loans are available for a tenure of up to 5 years. The processing fee charged is up to 2.25% of the total loan amount and the pre-payment charges are up to 5% of the outstanding amount.
To use the BankBazaar EMI Calculator, go to the home page of BankBazaar and select the Menu tab on the top right corner. The calculator nestles under ‘Finance Tools’. Enter the loan amount, duration of loan, interest rate and processing fees of Standard Chartered personal loan. You can also enter the pre-payments you plan to make, with the pre-payment frequency, amount, charges and when the pre-payment would start.
After entering all the values, click on ‘Calculate’. The results will show you the EMI payable, the total amount payable as interest, the total amount you will be paying back to the bank, amortisation table and pre-payment analysis.
For example, let us say you are borrowing Rs.6 lakh as personal loan for a period of 5 years, at an interest rate of 17% and processing fee of 2.25%. You decide to make pre-payments of Rs.50,000 every year starting from 12 months. When you enter all these numbers into the BankBazaar EMI Calculator, you will get the following results:
EMI – Rs.14,912
Total interest payable – Rs.2,29,461
Processing fee – Rs.13,500
Total amount payable to the bank – Rs.8,48,961
Pre-payment analysis: You save Rs.78,731 and tenure is reduced by 1 year.
Other EMI Calculators available online can only show you the EMI, interest payable and total amount payable.
Features and Benefits
The advantages of using an EMI Calculator are:
- Ease of access: EMI Calculators are available online and are a convenient tool as they can be accessed from anywhere, on either laptops/PCs or smartphones/tablets with an internet connection.
- Ease of use: You can input values as per your needs into an EMI Calculator. It is very simple to use and you do not need any specialised knowledge of finance or technology to operate an EMI Calculator.
- Detailed results: BankBazaar’s EMI Calculator gives a detailed analysis of your loan and EMI, and is as accurate as the tool can be.
- Amortisation table: The meticulous break-up of EMIs and outstanding amounts on a month-to-month basis helps you understand the whole repayment process clearly.
Standard Chartered Bank Personal Loan FAQs
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How accurate are EMI Calculators?
An EMI Calculator depends on what values you input for its calculation. The bank usually has a few extra charges that cannot all be factored into the estimations by a simple online calculator. This means that the results of an EMI Calculator may not be accurate to the T, but they give you a fairly good estimate to help you make the right decisions about a personal loan.
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Are there separate EMI Calculators for each type of loan?
No. The BankBazaar EMI Calculator can be used to calculate the EMIs of any kind of loans, as long as you input the values related to those loans.
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Is it easier to use EMI Calculators on the bank websites?
EMI Calculators are not specifically customised to any bank. Even those on the bank websites function the same way as BankBazaar’s EMI Calculator. In fact, bank calculators will not give you as many details in their analysis as BankBazaar’s EMI Calculator does.Â
