Standard Chartered Bank offers personal loans that are tailored to meet the financial needs of salaried and self-employed individuals. Whether it’s for a vacation, wedding, home renovation, medical emergency, or debt consolidation, the bank provides quick and hassle-free personal loans with competitive interest rates and flexible repayment options.
In this article, we will cover the details of Standard Chartered personal loans, including features, benefits, eligibility, and how to apply.
Key Features of Standard Chartered Personal Loan
- Loan Amount:
Standard Chartered offers personal loans ranging from ₹1 lakh to ₹50 lakhs, depending on your eligibility and income profile. - Interest Rates:
The interest rates on Standard Chartered personal loans typically range from 11% to 18% per annum. The exact rate will depend on factors like your credit score, income, and loan amount. - Flexible Repayment Tenure:
You can choose a repayment tenure ranging from 12 to 60 months, allowing you to repay the loan comfortably based on your financial situation. - No Collateral Required:
Standard Chartered’s personal loans are unsecured loans, meaning you do not need to pledge any security or collateral to get the loan approved. - Quick Disbursal:
The bank offers fast approval and disbursal of the loan amount, especially for pre-approved customers, making it ideal for urgent financial needs. - Minimal Documentation:
The documentation process is simple and hassle-free. You need to provide basic documents like identity proof, income proof, and address proof. - Balance Transfer Option:
Standard Chartered also offers a balance transfer facility, allowing you to transfer your existing personal loan from another bank at lower interest rates, reducing your EMI burden.
Benefits of Standard Chartered Personal Loan
- Flexible Loan Amounts:
Whether you need a small loan for a short-term expense or a larger loan for significant needs, Standard Chartered offers a wide range of loan amounts to cater to different requirements. - No Hidden Charges:
Standard Chartered is transparent about its fees and charges. The bank provides a clear breakdown of interest rates, processing fees, and other applicable charges. - Pre-approved Loans:
Existing Standard Chartered customers can benefit from pre-approved personal loans, where the loan is sanctioned quickly without extensive paperwork or credit checks. - Online Application:
You can apply for the loan online through the bank’s website or mobile app, streamlining the entire process from application to disbursal. - Part-prepayment Option:
Standard Chartered allows part-prepayment of your loan after a specified period, helping you reduce your overall interest burden.
Eligibility Criteria for Standard Chartered Personal Loan
The eligibility criteria for a Standard Chartered personal loan may vary depending on the applicant’s profile, but the general conditions include:
- Age:
The applicant should be between 21 to 58 years for salaried individuals and 21 to 65 years for self-employed individuals. - Income:
Salaried individuals must have a minimum monthly income of ₹25,000. Self-employed individuals need to show proof of a stable income source. - Employment Status:
Salaried individuals should be employed with a reputed company or organization. Self-employed individuals should have a consistent business track record. - Credit Score:
A good credit score (CIBIL score of 700 or above) is essential for loan approval. A high score can also help you secure a lower interest rate. - Nationality:
The applicant must be an Indian resident.
Documents Required for Standard Chartered Personal Loan
The documentation required for a Standard Chartered personal loan is minimal, making the application process quick and straightforward. The required documents include:
- Proof of Identity:
- Aadhaar Card
- PAN Card
- Passport
- Voter ID
- Proof of Address:
- Aadhaar Card
- Passport
- Utility Bills (Electricity, Water, Gas)
- Income Proof:
- Salaried individuals: Last 3 months’ salary slips and 6 months’ bank statements
- Self-employed individuals: Last 2 years’ ITR and bank statements
- Photograph:
A recent passport-sized photograph. - Loan Application Form:
A filled-in application form available on the bank’s website or at the nearest branch.
Standard Chartered Personal Loan Interest Rates & Charges
The interest rate on Standard Chartered personal loans varies depending on the applicant’s profile, income, and creditworthiness. Below are the standard charges:
- Interest Rate:
- 11% to 18% per annum, depending on eligibility.
- Processing Fee:
- Up to 3% of the loan amount.
- Prepayment Charges:
- Allowed after 12 EMIs, with a prepayment fee of up to 5% of the outstanding amount.
- Late Payment Penalty:
- 2% per month on the overdue amount.
- Loan Tenure:
- 12 to 60 months.
- Foreclosure Charges:
- Up to 5% of the outstanding loan amount, if the loan is closed before tenure completion.
How to Apply for Standard Chartered Personal Loan
You can apply for a Standard Chartered personal loan through the following methods:
- Online Application:
Visit the Standard Chartered Bank website or use their mobile app to fill out the loan application form. Upload the required documents and submit them for review. - Branch Visit:
Visit your nearest Standard Chartered branch to submit your loan application and documents. - Phone Banking:
You can also contact the bank’s customer service to initiate your loan application process.
Once your application is submitted, the bank will review your eligibility and documentation. Upon approval, the loan amount will be credited to your bank account.
Standard Chartered Personal Loan EMI Calculator
The EMI Calculator helps you estimate the monthly installment you need to pay for the personal loan. You can use the EMI calculator on Standard Chartered’s website by entering the loan amount, interest rate, and loan tenure.
Conclusion
A Standard Chartered personal loan is a great financial product if you are looking for quick funds with minimal hassle. With competitive interest rates, flexible repayment options, and a simple application process, it serves as a reliable solution for meeting your financial needs. Whether you’re planning a wedding, handling medical expenses, or consolidating debt, a personal loan from Standard Chartered can help you achieve your goals efficiently.
Before applying, make sure you meet the eligibility criteria and have the necessary documents ready to speed up the approval process.
