Standard Chartered offers a Personal Loan for all of your personal requirements. You can use the loan for your child's higher education, to purchase consumer durables or a personal computer, a car or a two wheeler, to meet the expenses of family functions like weddings, christening, etc., to go on a vacation, to consolidate your existing debt into a cheaper debt - or to make just about any personal payment.
Standard Chartered Bank provides personal loan starting from Rs.1 lakh to Rs.30 lakhs depending on the eligibility, income and repayment capacity. The borrower can repay the loan over a period of 12-60 months. He need not provide any collateral. No guarantor is required to obtain the loan.
|Age||21 to 60 years||21 to 60 years|
|Income||Rs.22,000 per month (minimum)||-|
|Guarantor||Not required||Not required|
|CIBIL Score||750 and above||750 and above|
|Minimum Loan Amount||Rs.1 lakh||Rs.1 lakh|
|Maximum Loan Amount||Rs.30 lakhs||Rs.10 lakhs (for entrepreneurs)|
|Minimum Loan Tenure||1 year||1 year|
|Maximum Loan Tenure||5 years||5 years|
There are many factors that affect the applicant's eligibility. Banks prefer to give loans to those who are capable of repaying the loan and who do not default on making the payments. Some factors that affect an applicant’s eligibility are:
When an applicant applies for a loan with Standard Chartered Bank, the bank runs a credit check on the applicant. If the CIBIL Score is above 750, the bank will further consider your application and go through your credit report.
The bank will check your credit report and take into consideration the loans that you have taken previously and closed. It will check the credit payment history to check how efficiently you have repaid the loan and if you have defaulted in making payments. It also considers the types of loans (secured and unsecured loans) you have taken.
If you have agreed to settle for a loan due to certain financial constraints, then it gets recorded in the credit report and stays in the report for 6 years. The settlement of the loan is considered as a negative remark and hence the Standard Chartered Bank might not offer you a personal loan as they might be unsure about your capacity to repay the loan.
You can do the following to increase Standard Chartered Bank personal loan eligibility:
A. Applicant must be at least 22 years old but not more than 58 years of age.
A. Yes, the applicant's net monthly salary must be a minimum of Rs.22,000.
A. Yes, the applicant must submit valid ID proof like passport, pan card, driving license, voter ID and ration card with photo. He must also submit address proof like passport, telephone bill, ration card, electricity bill, driving license, life or medical insurance policy, rental agreement, apartment allotment letter.
A. The minimum amount sanctioned towards personal loan is Rs.1 lakh and the maximum amount is Rs.30 lakhs.
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