Standard Chartered bank, which is India's largest international bank, has been operating here since 1858. Exciting schemes, friendly repayment provisions and competitive interest rates are reasons to apply from Standard Chartered Bank, wherein your personal loan application will be smoothly processed. There is no need for collateral, security or guarantors to be provided for unsecured personal loans from Standard Chartered Bank. Loan top-up facility is also available. On BankBazaar you can check your eligibility for a Standard Chartered personal loan by sharing a few details about yourself and you can also apply online. Continue reading to view more details about this loan.
|Interest Rate (Monthly reducing balance)||12.00% to 17.00%|
|Pre Closure Charges||Preclosure permitted after 1 year. 2% of principal outstanding (plus ST)|
|Loan Tenure||1 year to 5 years|
|Guarantor Requirement||No guarantor required|
Being the largest international bank in India, Standard Chartered (Standard Chartered Bank) has branches spread across to 42 cities in India. The bank has been operative in India since 1858, over 150 years. Standard Chartered offers a wide range services such as personal banking, priority banking, NRI banking, private banking, corporate and SME banking. Under its personal banking, Standard Chartered offers home loans, personal loans, loans against securities etc. Like all other banks in India, Standard Chartered understands the importance of personal loans in your life to fulfil your dreams. Hence, the bank offers personal loans to fulfil your various desires like exploring the world, buying your dream car, getting world class education, organising a grand wedding etc. Standard Chartered Bank provides personal loans at affordable rates. You can get up to Rs.30 lakhs of personal loan to fulfil your aspirations.
Standard Chartered personal loan comes with many attractive features which make it the favourite bank of many customers. These features include:
There are many reasons why Standard Chartered personal loans has become the preferred choice for many to fulfil their requirements. Standard Chartered offers:
Standard Chartered personal loan can be availed by both salaried and self-employed individuals. The Personal Loan Eligibility criteria
Standard Chartered (SC) Bank offers personal loans to meet multiple contingencies, with the interest on these loans being extremely competitive. The final interest payable by an individual is computed on the basis of standard slabs, with MCLR and Base Rate being the most commonly used ones. Changes in these slabs could have an impact on the rate charged by the bank.
All borrowers who avail a personal loan from SC Bank after 01/04/2016 will be charged an interest which is computed on the basis of MCLR. This follows a notification by the RBI, with the benchmark taking operating costs and current financial trends into account while computing the interest.
|MCLR Benchmark Tenure (Period)||Benchmark Rates (MCLR)|
Standard Chartered Bank typically provides personal loans at a starting interest of 11.99% per annum. This means that a certain percentage will be added over and above the current MCLR benchmark, with the final interest determined after taking factors like the quantum of finance, borrower’s relationship with the bank, repayment tenure, etc. into consideration.
|Base Rate||9.50% per annum, effective October 5, 2015|
Individuals who availed a loan before MCLR benchmarks were introduced can continue with their existing benchmark or migrate to MCLR. Borrowers who choose to continue with the base rate benchmark will be charged an additional interest over and above the current base rate. The final interest depends on a number of factors, with SC Bank having the authority to modify interest on a case to case basis.
Note: All interest rates mentioned above are as of June 15, 2016. These rates are subject to change without prior notice, at the sole discretion of Standard Chartered Bank. Borrowers should check rates prevailing at the time of loan application.
Applying through BankBazaar enables you to enjoy many added benefits. BankBazaar, being the largest online platform for your financial needs, helps you to compare and choose your financial products. You can enjoy the following extra benefits if you apply through BankBazaar.
Instant Approval: You can get instant approval on your loan application if you apply through BankBazaar.
Personalized quotes: You can Compare Personal Loans offered by various banks on BankBazaar and choose among them comparing their interest rates, processing fee and EMI amount.
Assured Confidentiality: BankBazaar does not disclose your personal and financial information to anybody. Your application form directly goes to your chosen lender. There is no third party involved in the whole process.
Best interest rates assured: Having tie-ups with many major banks in India, BankBazaar can offer you the best interest rate on your personal loan.
Online tracking: BankBazaar keeps you updated about each and every step of your application form. You can track it online at BankBazaar and get notification via Email and SMS.
Instead of contacting Standard Chartered personally, you can apply for your Standard Chartered Personal Loan at BankBazaar. Applying through BankBazaar is easy, simple and hassle free. For that, you need to follow the following steps:
At BankBazaar Calculating Personal Loan EMI is very easy. It has a unique EMI calculator which enables you to get the accurate amount of your monthly EMI instantly. You can get your EMI amount by filling in the following information:
When you put this information in the Personal Loan EMI Calculator, it will immediately display your monthly EMI liability for the loan.
Standard Chartered offers personal loans for various requirements such as buying your dream car, exploring the world, celebrating a grand occasion like wedding, educational needs etc.
The range of Standard Chartered personal loan starts from Rs.1,00,000 and goes up to Rs.30, 00,000 based on your income, eligibility, and repayment capacity. The minimum amount of loan is Rs.10 lakhs for entrepreneurs.
Standard Chartered offers maximum Rs.30 lakhs as personal loan for salaried individuals.
The interest rate of Standard Chartered personal loans start from 12.% and goes up to 16.00% on a monthly reducing balance basis.
Yes, you will have to pay a minimum processing fee of 3% on the loan amount to the bank. There are documentation charges which will be deducted from the loan amount at the time of disbursal.
No. To avail Standard Chartered personal loan, you don’t have to provide any security, collateral or guarantors.
Standard Chartered offers personal loans for long tenures. You can repay the loan over a period of 12 to 60 months. However, loan tenures differ from customer to customer.
Generally, Standard Chartered takes 4-7 working days to disburse your loan after the receipt of the required documents.
Yes, you can check your Standard Chartered Personal Loan status online. If you are applying through BankBazaar, you can check it on BankBazaar’s website.
You can download your application form from the website of Standard Chartered. Also, you can collect it from your nearest branch. However, if you apply through BankBazaar, then the BankBazaar team will do all this on your behalf. You do not have to take the trouble of doing any paperwork.
Yes, you can download your personal loan statement online form Standard Chartered.
E-Statement means the electronic version of loan statement. You can view and download it online and get it printed when required.
EMI means equated monthly instalments. You can check your Standard Chartered personal loan EMIs at BankBazaar by using its unique EMI calculator that will provide you the exact amount instantly.
Opening an account with Standard Chartered is not mandatory to avail a personal loan. However, Standard Chartered may encourage you to start a banking relationship with it which will help you to enjoy a host of value-added services.
Yes, you will get special interest rates if you are an existing customer of Standard Chartered. Your application will be processed on priority with nominal documentation.
No. Standard Chartered charges no processing fee for personal loans.
Standard Chartered offers 24/7 customer care service to address your loan related queries. You can call them anytime and get your queries resolved. Also, you can visit BankBazaar and avail the services of our customer-friendly helpdesk, which will answer all your queries and resolve all your problems.
Yes, you can pre-close your personal loan by paying a pre-closure charge of 5%. You can pre-close your loan at any time after completion of 12 EMIs. However, you have to give a 21 day notice to the bank.
Applying for a personal loan from Standard Chartered can be done through the following methods:
Customers can apply for personal loans ranging from a minimum of Rs 1 lakh to a maximum of Rs 30 lakhs. However, this is subject to the customer’s eligibility, his or her income, the customer’s capacity to repay the loan.
Standard Chartered offers interest rates starting from 12% rising up to 16% on a monthly reducing balance basis.
In general, Standard Chartered offers personal loans with a loan repayment period of 12 months to 60 months. However, this could be increased for customers with a select profile.
The bank charges a standard processing fee of 3% of the loan amount, which is to be paid at the commencement of the loan. Documentation charges are also applicable during this time, and both these fees and charges are deductible from the amount of the loan at the time of disbursal.
Once the bank receives the required documents from your end your loan is likely to be rolled out within 4 - 7 business days.
No. No security, collateral or guarantors are required to be presented while applying for a Standard Chartered personal loan.
It is mandatory that the following documents are presented to apply for a Standard Chartered Personal loan:
Additional documents may be required at the bank’s behest.
No. The personal loan must only be used for the purpose you have mentioned in the loan application. The loan amount cannot be used for the purpose of investment.
You can make repayments towards the loan through a variety of options such as ECS, PDCs or Account Debit.
Standard Chartered will disburse the loan to the customer in any of the following ways:
Yes. Standard Chartered allows for top-ups on its personal loans
EMIs stand for Equated Monthly Instalments, which are made up of both principal as well as interest components
You can visit the Standard Chartered official website and use the EMI calculator to ascertain the EMIs you will have to make to repay your loan.
Repayment by post-dated cheques is possible provided the following conditions are met:
If you are unable to make payments towards your instalments on or before the relevant due date then:
You may pay out the loan before it reaches maturity under the following conditions:
The loan may be cancelled as per your discretion provided you notify the bank with an advance notice in writing. However, Standard Chartered reserves the right to charge you a cancellation fee.
There are a number of additional services that may be offered to you such as:
Please note that signing up or option for any additional services is dependent on your acceptance of the terms and conditions tied to these additional services.
Yes. Repayments towards the loan can be made through an account with another bank provided the following conditions are met:
Have you been thinking about what happened to your Standard Chartered Bank personal loan application? You can stop wondering and find out instantly. You can simply go to the official website of the bank and enter vital details regarding your loan to track the status of your loan. You can monitor the status of your personal loan application through a reference number or without a reference number. While entering your loan application reference number, you will have to enter the ‘#’ symbol. You will also be required to key in your mobile number. For tracking without a reference number, enter your registered email ID and mobile number.
Do you have any doubt about your personal loan borrowed from the international bank, Standard Chartered Bank? You can call the bank’s customer care helpline number and get answers to all your questions. The bank has exclusive customer care numbers for different cities. You may also send an email to the bank with full details about your query or complaint. You may also send an SMS to the bank that offers 24-hour customer care to its personal loan customers and customers of other products. In case you are not happy with the bank’s solution, you can get in touch with the bank’s Principal Nodal Officer.
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