Standard Chartered Personal Loan Interest Rates

Standard Chartered Bank offers personal loan interest rates starting from 10.89% to 21% p.a. The maximum loan amount that you can avail is Rs.30 lakh depending on your profile and the repayment tenure ranges between 1 year and 5 years. Be it wedding or higher education, your dreams can come true with Standard Chartered personal loans which are offered at low interest rates. Find out the Standard Chartered personal loan interest rates for salaried and self-employed customers.

Features and benefits of availing a personal loan from Standard Chartered Bank

Some of the features and Benefits of availing a personal loan from Standard Chartered Bank are given below:

• You can apply for a personal loan by visiting Standard Chartered Bank’s official website. Regardless of whether you are a customer of Standard Chartered Bank or not, you can apply for a personal loan from the bank. The overall process of applying for a personal loan online is simple, hassle-free, and saves a lot of time.
• If your repayment tenure is 3 years, 4 years, or 5 years, then you get a waiver on your last EMI.
• You also get to enjoy 50% off on your processing fee if you avail a personal loan from Standard Chartered Bank online. You can save up to Rs.30,000 on your processing fee if you apply for a personal loan online.
• You can apply for a Standard Chartered Bank personal loan regardless of whether you are a salaried individual or a self-employed person.
• You do not require a guarantor or any form of security while applying for a Standard Chartered personal loan.
• You can use the Standard Chartered Bank login portal to check the status of your personal loan. Once, the loan amount gets credited to your bank account, you can use the same portal to pay the EMIs.
• The documentation process is simple and hassle-free. You can submit a copy of your Aadhaar Card, Pan Card, passport, driving license, ration card, or voter ID card as proof of identity. You can submit a copy of your telephone bill, electricity bill, passport, insurance policy, etc. as proof of your address.

Factors that affect your Standard Chartered Bank Personal Loan rates

There are many factors that affect your Standard Chartered Bank Personal Loan rates, some of which are mentioned below:

• Employment details: The details of your employment, like if you’re a full time or part time employee of an organization, or if you’re a pensioner and are not currently working in any organization but drawing a pension could have a bearing on interest rates. The interest rates will vary for each borrower depending on the employment or profession.
• Relationship with the bank: It is possible for Standard Chartered Bank to offer borrowers a lower interest rate based on its relationship with them, based on their relationship with them. This consideration may be due to past actions like their loan repayments. Banks may also offer valued customers a lower rate of interest.
• Age: Owing to the way younger applicants live their lives and follow the lifestyles the way they do, banks generally charge a potential borrower a higher rate of interest.
• Period of loan: The loan tenure also influences the rate of interest they offer. If loan tenure is short, the rate of interest is generally higher in comparison to a loan taken for a greater number of years.

Illustration

1. Mr. Masood earns a monthly salary of Rs.25,000 and has a credit score of only 610. He avails a loan of Rs.2 lakh from Standard Chartered Bank with a repayment tenure of 1 year. Due to his low credit score, he is charged with an interest rate of 22% and a processing fee of 2.5%. The monthly EMIs that he will have to pay are given in the table below:

For Salary of Rs.25,000 Per Month

2. Ms. Gopal earns a monthly salary of Rs.50,000 per month and has a credit score of 750. She avails a personal loan of Rs.2 lakh for a tenure of 1 year from Standard Chartered Bank. Due to her impressive credit score she is charged a relatively lower interest rate of 11.97% and a processing fee of 1% on her loan. The monthly EMIs that she will have to pay are given in the table given below:

For Salary of Rs.50,000 Per Month

Standard Chartered Bank Personal Loan Top-up Loan Interest Rate

Standard Chartered Bank offers existing bank customers with the option of topping up their personal loan to meet their financial requirements. The top-up loan amount, interest rate and tenure is based on the terms and conditions set by Standard Chartered Bank.

Steps to apply for a Standard Chartered Bank personal loan top-up

Existing Standard Chartered Bank personal loan customers can apply for a top-up by following the steps mentioned below:

• Visit the official website of Standard Chartered Bank.
• On the main page, click on personal loan top-up.
• The page will be redirected to the personal loan top-up application form.
• Fill in the required details – type of loan you’d wish to avail, personal details and contact details.
• Click on ‘continue’.
• If found eligible, the customer care team of Standard Chartered Bank will get in touch with you.

FAQ’s

1. How much time will it take for my personal loan to get approved?

It will generally take 4-7 days for the bank to approve your loan and credit the loan amount to your bank account.

2. A friend of mine and I took personal loans of Rs.2 lakh for a tenure of 1 year from Standard Chartered Bank, yet I was charged a higher interest rates as compared to my friend who was charged a lower interest rate. Why?

The reason why you were charged a higher interest rate despite both you and your friend availing the same loan amount for the same repayment tenure is mostly because of your credit score. It is possible that your friend has a credit score of 750 and above due to which he/she was charged a lower interest rate. If you wish to be charged a lower interest rate, you must ensure that your credit score is 750 and above.

3. How do I repay my loans?

You can repay your loan by visiting Standard Chartered Bank’s official website and logging to the portal. You can pay your EMIs using your credit card, debit card, through net banking, through UPIs such as Google Pay, Phone Pe, etc. If you are a customer of Standard Chartered, you can authorise the bank to auto debit the required amount from your bank account on the date on which you are supposed to pay the EMI. You can also pay your EMIs using post-dated cheques or using the ECS facility.

4. Can I pre-pay my Standard Chartered Personal Loan?

Yes, you can repay your loan earlier. You can start paying your loan before the due date after you have completed the payment of 12 EMIs. There will be a pre-closure charge of 5%. You will have to give the bank a notice of 21 days before you are permitted to pay the loan amount before the due date.

5. As a customer of Standard Chartered Bank, can I apply for an additional loan amount?

Yes, you can apply for an additional loan amount provided you are a customer of Standard Chartered Bank and availed a personal loan 6 months back or earlier. You can visit the bank’s official website to check your eligibility. If you meet the criteria, you can apply for an additional loan amount online, post which you will receive a call from the bank’s advisor.

6. Will I enjoy any special privilege if I am a customer of Standard Chartered Bank and apply for a personal loan?

Yes, if you are a customer of Standard Chartered Bank who is applying for a personal loan, you will be given special privileges. You will be offered special interest rates and asked for minimum documentation. Your application will be given more priority and the loan amount will be deposited to your bank account faster. You can also authorise the bank to auto-debit the EMI amount from your bank account on the due date thus, saving you the hassle of being reminded to pay your EMIs every month.

7. What is the Standard Chartered Bank personal loan interest rate for salary account Holders?

The personal loan interest rate set by Standard Chartered Bank is between 10.89% p.a. and 21% p.a.

8. Can I close my Standard Chartered Bank personal loan after 1 year?

Yes, to be eligible for the Standard Chartered Bank pre closure, the personal loan account holder should have completed a year of payment of the EMIs. In addition, the customer has to give the bank a 21-day notice that he/she plans to pre-close the personal loan.

9. How can I close my Standard Chartered Bank personal loan online?

You can close your personal loan at the nearest branch of Standard Chartered Bank as there is currently no online pre-closure facility.

10. How can I close my Standard Chartered Bank personal loan before 1 year?

If you wish to close your Standard Chartered Bank personal loan before 12 months, you will have to send an underwriting to the bank requesting them for the closure.

11. Can I negotiate with Standard Chartered Bank on the personal loan interest rate?

Yes, provided that you’ve met the eligibility criteria and have a good relationship with the bank, you can negotiate on the interest rates.

12. Which documents should I carry at the time of visiting Standard Chartered Bank to apply for a personal loan?

You will have to carry relevant documents that will prove your identity (Aadhaar card, Passport, Voter ID card, etc.), address proof (Ration card, Aadhaar card, Passport, etc.), proof of income (Form 16, bank statements, salary slips, IT returns certificate), PAN card and passport-size photographs.

13. Is it possible for non- Standard Chartered Bank customers to get a personal loan from Standard Chartered Bank?

Yes, non- Standard Chartered Bank customers can apply for a personal loan.

14. How can I check my Standard Chartered Bank personal loan balance?

Request the bank customer care to issue the repayment schedule to check your personal loan balance.

15. How can I pay my Standard Chartered Bank personal loan EMI?

Personal loan customers of the bank can pay their Standard Chartered Bank personal loan via the Electonic Clearing Service (ECS) facilities or through Standing Instructions with the bank to set the auto-debit mode for the payment of the EMIs.

16. How can I pay my Standard Chartered Bank personal loan EMI through net banking?

Standard Chartered Bank customers have to link their loan account to their net banking account, and they can choose to make auto-debit payments.

17. How can I get my Standard Chartered Bank personal loan statement?

If you have a Standard Chartered Bank net banking account, you can choose to download the loan statement which will have a record of your past EMI payments. To check your personal loan balance, request the bank for the personal loan repayment schedule.

18. How can I pay my Standard Chartered Bank personal loan EMI online from another bank?

Link your personal loan account to your net banking account of another bank. You can then schedule your EMI payments using your net banking account.

19. How to get Standard Chartered Bank personal loan status on my mobile number?

When applying for a Standard Chartered Bank personal loan, ensure that you register your mobile number with the bank to receive statuses regarding your loan.

20. How can I track my Standard Chartered Bank personal loan application?

Using the application reference and your mobile number, you can track the status of your personal loan application on the website of Standard Chartered Bank and at the bank branch.

21. What is the Standard Chartered Bank personal loan disbursement time?

Standard Chartered Bank promises to disburse the personal loan in 4 –7 days from the submission of the documents.