Standard Chartered Bank

Standard Chartered Bank Personal Loan

Years

Apply Standard Chartered Bank Personal Loan @ 10.99%
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Interest Rate

10.99%-19.00%

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Processing fee

Upto 0.5%

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Loan Tenure upto

5 years

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EMI per Lakh

2,583

About Standard Chartered Bank

Standard Chartered Bank is India's largest international bank. The British multinational banking and financial services Company has its origin in India from past 150 years. Headquartered in London, the banking giant runs a mammoth network of more than 1,200 branches across more than 70 countries.

With 100 branches in 43 Cities, the robust network of Standard Chartered Bank in India is poised to consistently cater to diversified demands for Corporate & Institutional Banking, Commercial & Private Banking, and Retail Banking in the country.

The Standard Chartered PLC is well-known for its innate commitment for customer satisfaction with bespoke financial products to meet the needs of its individual and business customers.

Standard Chartered Bank Personal Loan Interest Rates March 2019

Interest rate

10.89%

Loan tenure

5 Years

Loan turn around period

1-7 Days

Processing Charges

0 % 

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

750 per instance

Lowest EMI

2,169 Per Lakh

Why Apply for Standard Chartered Personal Loan?

Standard Chartered Personal Loan is ideal for those looking out for fast and flexible loans for personal goals. From self employed individuals to salaried employees, both can rely on StanChart Personal Loans for quick financing for a variety of needs, such as higher education, medical expenses, health care, wedding, travel and so on.

With Standard Chartered Loans, expect:

  • Bespoke Personal Loan up to 30 Lakh*
  • Unsecured financing; No collateral required
  • Hassle free online application
  • Instant approval
  • Zero processing fees
  • Flexible monthly instalments
  • Tenure ranging from 12 to 60 months
  • Last EMI waiver*
  • Loan Top-Up facility Available
  • Cashback offer
  • Doorstep service
*Subject to clear terms and conditions.

Standard Chartered Personal Loan: Features and Benefits

Standard Chartered Personal Loan comes with a host of benefits and flexible features to serve retail customers. From self employed to salaried employees, all can enjoy fast credit with minimum hassles.

FEATURES:

Loan Amount
Standard Chartered Personal Loans are available as Unsecured Loans for 1 Lakh to 30 Lakh to borrowers seeking fast loans for a variety of reasons. For Personal Loans above 30 Lakh, the approval is as per the applicant's credit profile and bank's discretion.  

Tenure
Standard Chartered Personal Loans up to 30 Lakh are available for 1 year to 5 years, according to the requirement of the borrower.

Interest Rate
Being one of the largest international banks in India, StanChart offers Personal Loans at competitive interest rates.

Eligibility
Self employed or salaried employees between the age group of 21 years to 58 years are eligible to apply for StanChart Personal Loans. The minimum monthly income bar is low at 22000 per month. Besides your credit history and score would also matter in determining your loan eligibility.

Turnaround Time
MyMoneyMantra assists borrowers to apply for loans without any hassles. We guide them through the entire loan process and ensure that they get hold of all the documents in the shortest possible time. As the bank official visits you for the documents, expect 4-7 working days to get the loan disbursal after the submission of the required documents.

BENEFITS:

 Quick and Easy Loan Processing

Keeping customer satisfaction as its top priority, Standard Chartered Bank ensures fast and easy loan processing for borrowers. There is minimal documentation requirement, i.e., for personal and income verification only. With MyMoneyMantra as your loan advisor, you can expect fastest loan approval by initiating an instant loan application online.

100% Unsecured Loan, No collateral or guarantor required

It is ensured that you do not need to submit loan security or search for a guarantor for Personal Loan. This helps first time borrowers to avail fast credit.

Loan Top-Up facility

With Loan Top Up facility, an existing Personal Loan customer gets the ease of raising an emergency Top Up Loan by extending the amount on the previous Personal Loan account without any documentation or further formalities.

Ease of Repayment

The borrower gets the freedom to choose any of the repayment options from ECS, PDCs or Account Debit.

Last EMI Waiver

This is one of its kinds benefit you get along SC Personal Loan. As you successfully repay your loan, you are entitled to receive a waiver on the last EMI for loans up to 36 / 48 / 60 months, or 2% cash back on EMI paid.

Doorstep Service

Standard Chartered Bank extends world-class customer service to its clients. You can avail doorstep service for loan documentation, swap decision, top-up application and many more.

Standard Chartered Personal Loan: Interest Rates, Fees, & Other Charges

Standard Chartered Personal Loans are available for 1 lakh to 30 Lakh at competitive interest rates, beginning from 10.99% to 19.00% per annum for salaried & self employed individuals. The instalment is calculated on a monthly reducing basis and thus extends ease of repayment to the borrower.

The effective rate of interest on Personal Loan depends on MCLR, Bank Spread Rate and other factors such as the quantum of finance required, repayment tenure, applicant's credit profile & score, employment/ business stability, net monthly income, existing loans and documents' availability.

Effective 1st April 2016, RBI directed Standard Chartered Bank to benchmark its loan interest rates to MCLR rate, based on marginal cost of funds. Earlier, loan interest rates were fixed to Base Rate. Currently, MCLR for Standard Chartered Bank for different tenures ranges from 8.05% to 9.70%.

Effective MCLR as on 6th October 2018

Tenor Tenure wise MCLR

Overnight

8.05%

1 month

8.75%

3 months

9.05%

6 months

9.10%

1 year

9.15%

2 years

9.60%

3 years

9.70%

Interest Rates, other charges, etc

Effective Interest Rate

10.99 % p.a to 19% p.a

Processing Fee
(For new loans only, not on Top-Up Loans)

Up to 2.25 % of the loan amount

Pre-Closure Fee

Up to 5% of the principal outstanding

(check detailed grid below)

Part Payment Charges

Up to 5% of the principal outstanding

Late Payment Fees

495 per instance

Interest on arrears

2 % per month

Swap Charges

500 per instance

*GST applicable on all taxable rates *Documentation & Administration Charges on Top Up Loans up to 2.25 % of the net amount

Pre-Payment & Part Payment Grid

Number of EMI repaid Charge on Principal Outstanding

0-12

5%

12- 24

4 %

25- 36

2 %

>36

1 %

Types of Personal Loans Offered by Standard Chartered Bank

Standard Chartered Personal Loan Top UP

Standard Chartered Top-Up Loan On existing Personal Loan is an add-on credit facility that you receive from your bank. Generally, bank pre-approves Top-Up Loan to credible customers and inform them via email. The regular repayment track record of the customer is the primary factor for Top Up. There are no loan processing charges; however a small administrative fee would be levied on the same.

You can also avail Top Up Loan while balance transferring your other bank loan to a new bank. The rate of interest runs as per your current Personal Loan Interest Rate.

PayRoll Overdraft

Overdraft is an exclusive credit facility for customers of Standard Chartered Bank. A customer can raise instant overdraft for emergency cash requirements for a short duration of time. Salaried clients, salary account holders and current account holders can avail of the facility.

Payroll Overdraft account is offered to payroll customers of Standard Chartered Bank. The limit is based on a multiplier of customer salary which should be at least 50000.

There is no joining fee, and interest is charged at 15.5% per annum on a daily reducing balance. There are no fixed EMIs, and thus overdraft facilities help you use amount according to your financial situation. You just need to pay a minimum amount or 5% of outstanding principal amount every month.

The overdraft facility is extended for 12 months and grace period to pay minimum due value (after the statement is generated) is 14 days. After this, the amount is directly swept from the Savings Account. There is no utilization fee for the same. Other expenses include one-time activation fee of 500 (+GST), an annual fee of 1000 (+GST).

Standard Chartered Personal Loan: Eligibility Criteria

To be eligible for Standard Chartered Personal Loan, you need to fulfil basic eligibility criteria:

  1. The minimum age of the applicant should be 21 years, and maximum age should not be above 58 years at the time of maturity of the loan.

  2. The applicant needs to have a stable source of income, whether be a salaried employee or a self-employed individual.

  3. The minimum net income should be 22,000/- per month or above.

  4. They should have valid documents as identity proof, address proof, and income proof.

Documents Required for Standard Chartered Personal Loan

The documents required for Standard Chartered Personal Loan include:

  1. Duly filled application form with self-attested photographs

  2. Documents for verification of identity, age, and residence

  3. Bank Statements
  4. Income documents
  5. Cheque for processing fee

Documents for Standard Chartered Personal Loan

PURPOSE OF DOCUMENT Salaried Self Employed

ID Proof (Any One)

Aadhaar Card/ Passport/ Pan Card/ Driving License/ Voter ID Card/ Ration Card

Address Proof (Any One)

Passport/ Utility Bills like Telephone Bill, Electricity Bill/ Ration Card/ Driving License/ Life Insurance Policy/ Medical Insurance Policy/ Rent Agreement/ Apartment Allotment Letter

Income Proof

Salary Slips of last 3 months,

Salary Certificate issued by employer, Form 16

Updated Bank statement, Last ITR, Last Year's Balance Sheet, P& L Account Statement

Age Proof

Birth Certificate/ Voter ID Card/ Passport/ PAN Card/ Driving License

Other Requirements

*Signature Proof

*Cheque for the processing fee

Other Products by Standard Chartered Bank

Loans Against Deposits

Standard Chartered Loans Against Deposits are Secured Loans against Bank Deposits. It is a quick and hassle-free credit line option at an attractive rate of interest.

Loans Against Securities

Standard Chartered Loans Against Securities is an economical overdraft facility wherein you can use a credit line against DEMAT shares, mutual funds, and bonds at competitive interest rates and low processing fees. The interest is charged only for the amount utilised and thus it is an affordable method to raise quick funds for emergency requirements. There is no restriction on the use of funds.

Mortgage Loan Against Property

Standard Chartered Mortgage Loan Against Property is available to borrow up to 70% of market value of your residential or commercial property for personal expenses. The rate of interest is attractive and minimal documentation is required.

Home Loans

Standard Chartered Home Loan is offered at an attractive interest rate, starting from 9.11% p.a.  A borrower is entitled to a bouquet of benefits including Top-Up Facility; Home Saver Plan for smoother and faster repayment; Cash Back Offers on Repayments; Easy Refinance Option; Loan Insurance, Doorstep service and Tax Benefits.

A borrower can also apply for a Home Pack and have access to a home loan, a credit card and a current / savings account all together with Standard Chartered Bank.

How to Calculate Standard Chartered Personal Loan EMI?

You can instantly calculate Standard Chartered Personal Loan EMI online with the help of MyMoneyMantra EMI Calculator. It is quick and hassle-free, without any charge.

All you need to do is fill the Loan Details: Loan Amount, Interest Rate and Loan Tenure, and press the "Calculate" button to know about the monthly instalment for your borrowing.

You can use it multiple times to compare varied loan rates and tenures to find the best alternative according to your repayment capacity.

On the home page of official MyMoneyMantra website, you can access free financial tools: EMI Calculator, Balance Transfer Calculator, Prepayment Amount and How Soon I Can Pay off the Loan.

Standard Chartered Personal Loan: Customer Care

Standard Chartered Bank values customer satisfaction. You can call, write or SMS to reach out for your queries, complains and suggestions.

Toll-free contact number is 1800 345 5000

Send emails here: customer.care@sc.com

Write to:
Standard Chartered Bank
Customer Care Unit
19, Rajaji Salai
Chennai - 600 001

You can alternatively contact the bank by filling up an online Complaint Form on the official website.

Mobile Contact:

SMS "Service" to 9980033333 and you will get a reply within 24 hours. On failure of replying to the customer within 24 hours, SC assures to pay 100 (Terms and Conditions apply).

Further, you can write to Nodal Officers if you are not satisfied with the response from customer service: Nodal.Officer@sc.com

Frequently Asked Questions

How long does Standard Chartered Bank take to reply to a Personal Loan application?

The loan sanction and disbursal is solely at the bank's discretion. However, depending on your loan query, loan purpose, credit score, and other factors, the application can be responded within a few hours to a few days. However, Standard Chartered Bank generally disburses loan amount within 4 to 7 working days post the receipt of the required documents.

What are the benefits of availing a Personal Loan from Standard Chartered Bank?

Standard Chartered Bank offers Personal Loan at an attractive rate of interest with the lowest EMIs. You can borrow 1- 30 Lakh with minimal documentation and turnaround time. The customer support is world-class, and all the terms and conditions are clearly mentioned in the loan agreement. You can also opt for Balance Transfer facility and convert your expensive loan into a cheaper credit with Standard Chartered Bank.

What should be my credit score to avail a Personal Loan from Standard Chartered Bank?

Your credit profile basically determines your risk profile for the bank. So having a good credit score ensures that you get a Personal Loan at low-interest rate. As a rule of thumb, a credit score above 750 points is considered as a good score. However, you can manage to avail loan at a lower rate as well. Contact the loan advisor to understand how your score affects your interest rate.

Can I add income of my husband/wife while applying for Personal Loan?

Yes. By combining the income of your spouse, you enhance the loan eligibility. This helps you get sanctioned for the higher loan amount.

Do I need security, collateral or guarantors for a Personal Loan?

No. To be eligible for Personal Loan by Standard Chartered Bank, you do not need any security, collateral or guarantor.

What is the preferred way to repay Personal Loan?

You can use 3 methods to repay your Personal Loan: 1) Electronic Clearance Service or ECS facility, 2) Post-dated cheques favouring Standard Chartered Bank, 3) or a direct account debit (only for SC bank account holders).

Do I need to open an account with Standard Chartered Bank before applying for a loan?

Well, opening a bank account with Standard Chartered Bank is not an obligation for a loan applicant. Having a StanChart Account, however, can enable them to use other value-added services, but it is not a mandatory call.

Do I get a special privilege when I apply for Personal Loan as a Standard Chartered Customer?

As a Standard Chartered Customer, you could be pre-approved for low interest rate. Being a customer, you require minimal documentation, and the application is moved swiftly. You can also make use of standing instruction to debit your account for monthly instalments.

How do I avail Top-Up on my existing Standard Chartered Personal Loan?

If you need an additional amount on your Personal Loan, you can do so by applying for a Top UP Loan. To avail the facility, make sure your loan account is at least 6 months old. You can directly apply online on the bank site or via MyMoneyMantra.

How does MyMoneyMantra help me avail faster Standard Chartered Personal Loan?

MyMoneyMantra works a matchmaker for your cash lapses. We help you find the best credit facility according to your needs and budget. There is no fee involved, whatsoever. We take charge of your documents and assist you at each step while ensuring the low turnaround time.

Standard Chartered Bank Latest News

StanChart Eyes Digital Initiatives to Scale Up

India is one of the fastest-growing regions for wealth management and the second-largest business destination for StanChart within Asean and South Asia space. Scaling up its digital platform performance, Standard Chartered Bank eyes to reach out to more people and expand its wealth management business further in India.

Standard Chartered to Stop Financing New Coal Power Plants

As a part of its commitment to support the Paris Agreement on climate change, Standard Chartered Plc has said that it will stop financing new coal-fired power plants across the globe. The decision is reached at, after a 'detailed consultation with a range of stakeholders.' However, the banking major also said that its existing commitments are excluded from the new policy on coal energy.

Standard Chartered Partners with Huawei to Develop IoT Solutions to Expand Ecosystem Lending

Standard Chartered Bank has partnered with Huawei to develop Internet of Things (IoT) powered solutions to revolutionize the way Corporates communicate with banks for financing or payments. The new solution combines IoT and cloud capabilities so that the banks can track the movement of goods on a real-time basis. This will reduce operational risks and provide reliable data for financing decisions.

Why Apply for Standard Chartered Personal Loan on MyMoneyMantra?

MyMoneyMantra is your ally for easy and hassle-free loans. You can depend on MyMoneyMantra for bespoke and instant loans at affordable rate of Interest.

With experience of over three decades, MyMoneyMantra is a leading financial services provider of the country. By applying for a loan on MyMoneyMantra, you enjoy the following benefits:

  • 100% Free Loan Assistance:

MyMoneyMantra extends its loan support without charging any fees from the borrowers. Our advice comes free of cost.

  • Informed Decision:

By creating an individual ID on the MMM website, you can compare and choose the best credit decision. Our Loan Experts are trained to educate and help borrowers with Loan related FAQs.

  • Thorough Privacy & Security:

At MyMoneyMantra we value your privacy and ensure that all of your data is secure. You need not worry about your personal details while accessing any of the Financial Tools or filling Loan Application Form on our website.

  • Bespoke Deals

MyMoneyMantra believes in searching out the best loans according to customer needs and budget. You can compare and choose the best offer according to your needs. Irrespective of your credit profile and ticket size, we ensure tailored-loans from reliable banks and NBFCs.

  • Fast & Hassle Free Loan Processing

From initial Loan Search to Loan Comparison, to final Loan Selection, MyMoneyMantra guides you at each step. We have partnerships with more than 70 banks and NBFCs. We ensure the best lender and the best customer service for you.

  • Instant Approval

When MyMoneyMantra processes your loan application, you can expect instant approval and fast turnaround time.

  • Documentation Help

We help you collect documents with ease. There are no hassles, whatsoever.

  • Peace of Mind

As you apply for Standard Chartered Personal Loan on MyMoneyMantra, you can have complete peace of mind and enjoy financial freedom.

How to Apply for Standard Chartered Personal Loan on MyMoneyMantra?

Applying for Standard Chartered Personal Loan on MyMoneyMantra is a step-by-step online process. All you need to do is fill the required information and directly apply for the loan of your choice. The entire process is completed online within a few minutes. To satisfy all of your loan related queries, our Loan Expert would get in touch with you to guide and close the deal successfully.

Steps to apply for a Personal Loan on MyMoneyMantra

  1. You can either proceed through an OPT-IN form on the Home Page of MyMoneyMantra official website or choose the Loan Type from Top Menu and begin filling the loan application form.

  2. The Initial form requires you to fill the basic information involving: Required Loan Type, Required Loan Amount, Purpose of Loan, City of Residence, Your Personal Details, Employment Type, Monthly Income and Mobile Number.

  3. As you fill the information, a One Time Password (OTP) is generated and sent via SMS on the number submitted by you.

  4. Now fill the OTP and enter a list of loan deals as per shared preferences.
  5. You can compare and choose the best fit loan.

  6. Here you can either e-connect on MyMoneyMantra to the lender bank or press 'Apply' for the chosen deal.

  7. This will create a unique customer ID, and a Loan Expert would contact you via a phone call.

  8. If you have further questions or doubts, they will instantly respond to your queries. They can help you put together documents for the loan approval and assist you for the fastest loan approval.

  9. In all, you can apply for the loan according to your needs, budget, and pace on MyMoneyMantra.

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