About Standard Chartered Personal Loan
Standard Chartered Bank offers you exciting schemes to take up their Standard Chartered Personal Loans. Standard Chartered Bank is India’s largest international bank, with operations in the country since 1858. They offer you great schemes with friendly repayment options, very competitive rates of interest and ensuring that the loan is processed very smoothly makes it a very good option to choose when applying for a personal loan. With Standard Chartered Bank there’s no need to provide security, collateral or any guarantors when you apply for an unsecured personal loan. Standard Chartered Bank also provides you with an option to take a top-up loan over and above the loan already taken.
Standard Chartered Bank offers different personal loan under various scheme mentioned below:
- Personal Loans - These loans are provided to an applicant without security, collateral, or guarantors.
- Personal Loan top-up for the previous loan taken - You can also check with the bank on the option to top-up a pre-existing loan
- Personal Loan against Securities - This is an overdraft facility provided against secured investment portfolios made by you. This can be against shares, mutual funds, bonds etc.
- Personal Loan against Term Deposits -This is an overdraft facility provided against Fixed deposits, designed to give you the liquidity you need without affecting the return on these deposits.
Standard Chartered Bank Personal Loan Interest Rates
Standard Chartered Bank provides you with the Standard Chartered Bank Personal Loan whose interest rate for 2015 stands at 12.99% to 16.50%, based on a monthly reducing balance. There is a 3% processing fee charged when you apply for a personal loan, but there’s no requirement to provide security, collateral or any guarantors. This loan can be applied for by salaried and non-salaried employees, and the documentation process is very simple and easy. The maximum amount offered based on your income is Rs. 30 lakhs for salaried applicants and Rs. 10 lakhs for entrepreneurs.
Standard Chartered Bank Personal Loan Interest Rates 2018
| Particulars |
Salaried |
Self-Employed |
| Interest rate |
11.97% to 22.50% p.a. |
11.97% to 22.50% p.a. |
| Loan Amount |
Max loan up to Rs 30 lakhs |
Max loan up to Rs 10 lakh |
| Loan Tenure |
Min.: 12 months; Max.: 60 months |
Min.: 12 months; Max.: 60 months |
| Lowest EMI |
Rs 1,102 (calculated at lowest loan amount taken for the maximum loan tenure) |
Rs 1,102 (calculated at lowest loan amount taken for the maximum loan tenure) |
| Processing Fee |
Up to 2.5% per annum of sanctioned loan amount + Applicable GST |
Up to 2.5% per annum of sanctioned loan amount + Applicable GST |
| Age |
Applicants must not be below 21 years of age and not above 58 years of age at the time of applying for the loan. |
Applicants must not be below 21 years of age and not above 58 years of age at the time of applying for the loan. |
| Prepayment Charges |
Up to 5% per annum of principal outstanding loan amount + applicable GST |
Up to 5% per annum of principal outstanding loan amount + applicable GST |
| Foreclosure Charges |
NA |
NA |
How to calculate your Standard Chartered Bank Personal Loan EMI?
Thanks to BankBazaar calculating your EMIs will not be as difficult as they used to be. You can now check your EMIs and plan your repayment accordingly. Login to the website and enter the details of your loan like amount, interest rate, tenure of the loan, processing fees (if any), etc. The BankBazaar website will calculate the EMI and display a result that is simple and easy to understand.
Let’s take an example:
Ms. Michelle takes a personal loan for the amount of Rs. 1, 00, 000 from Standard Chartered Bank, with an interest rate of 13.00%. The tenure of her loan is 4 years resulting in a monthly EMI of Rs.2,683. In the table below you can see the payments on a yearly basis which Ms. Michelle pays back to Standard Chartered Bank.
Loan amortization table:
| Year | Principal paid (Rs) | Interest paid (Rs) | Balance amount (Rs) |
| Year 1 | 20,379 | 11,814 | 79,621 |
| Year 2 | 23,192 | 9,001 | 56,429 |
| Year 3 | 26,393 | 5,800 | 30,036 |
| Year 4 | 30,036 | 2,157 | 0 |
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 values 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: Loan tenure with the bank also influences the rate of interest they offer. If loan tenure is for a shorter duration, the rate of interest is generally higher in comparison to a loan taken for more number of years.
Please note: Banks offer a varying interest rate at their sole discretion and are subject to change.
How your CIBIL score can affect your Standard Chartered Bank Personal Loan rate?
Your CIBIL score is very important and should never be neglected, as CIBIL report shows your credit history or repayment capabilities and of course your credit score. Standard Chartered Bank may offer you a lower rate of interest depending on your score in comparison to other borrowers with a lower score. Any scores of 750 and above are considered very good scores, and it is possible to improve your score by paying your bills on time.
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Key things you should know about Standard Chartered Bank Personal Loan interest rates
- The personal loan interest rate charged by Standard Chartered Bank is subject to the repo rate of the Reserve Bank of India, and may come down further, but not immediately.
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Standard Chartered Bank personal loans do not require any security, guarantor, or collateral of any kind. Providing the bank with any kind of security will not affect the rate of interest offered to you.
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It is possible for two borrowers to have different interest rates for the same amount, thanks to different CIBIL scores.
