Standard Chartered Bank Personal Loan Eligibility
Age of the Applicant 18 to 70 years
Eligible Salary 25,000 per month and above
Work Experience for Salaried 3 years and above
Business Stability for Self Employed 5 years and above
Minimum CIBIL Score 650
Maximum Loan on Property Value Up to 90%
Maximum EMI as percent of income 65%
Eligibility with Co-applicant Up to 3 earning family members may be added to get higher loan eligibility

check your eligibility

rupee-icn
rupee-icn
rupee-icn
Years
+91

Standard Chartered Bank Personal Loan Eligibility

The Standard Charted Bank offers various attractive schemes on Personal Loan. A Personal Loan can be required by an individual to fulfill their personal needs as well as business needs. A Personal Loan is generally taken in case of an urgent finance requirement.

However, the rate of interest on the Personal Loan is higher as the Personal Loan is for a shorter tenure. The secured loan such as a Home Loan does not levy such a higher rate of interest. There are many variants offered by the bank when it comes to a Personal Loan. One can choose the desired variant as per one's preferences. Each variant has something attractive to offer for the borrower. Personal Loans are simple and do not require any security or collateral. The individual must meet the basic eligibility criteria of the bank to get the Personal Loan.

Standard Chartered Bank Personal Loan Eligibility Criteria

Standard Charted Bank provides the Personal Loan starting from 1 Lakh to 30 Lakhs. The amount of the loan depends upon one's eligibility, income, and repayment capacity. A period of 12-60 months can be chosen by the borrower to repay the loan to the bank. No guarantor or any collateral is required to get this Personal Loan.

Salaried and self-employed individuals both can apply for the Personal Loan with Standard Chartered Bank.

Eligibility Salaried Individuals Self-employed Individuals

Age

Minimum 23 years to Maximum 58 years

Minimum 21 years to Maximum 60 years

Loan Amount

1 Lakh to 30 Lakhs

1 Lakh to 30 Lakhs

Income

Minimum 50,000 per month

Minimum 50,000 per month

CIBIL Score

750 and above

750 and above

Loan tenure

Minimum 1 year to Maximum 5 years

Minimum 1 year to Maximum 5 years

Interest rate

10.89% - 21%

10.89% - 21%

Prepayment Charge

Up to 5% of principal outstanding

Up to 5% of principal outstanding

Processing Fee

Up to 2.25% of the sanctioned loan amount

Up to 2.25% of the sanctioned loan amount

Guarantor

Not required

Not required

Factors Affecting Standard Chartered Bank Personal Loan Eligibility

Several factors affect the applicant's eligibility to get the Personal Loan from the Standard Chartered Bank. This Bank prefers an individual with a good repayment capacity with regular past payment record to give the Personal Loans. Here are some of the other factors that can have an effect on an applicant's eligibility:

  • Age:The basic criteria have to be met in order to apply for the loan. An Individual should be of minimum 23 years and maximum 58 years to apply for the Personal Loan. The Personal Loan offered by Standard Charted Bank is of maximum 60 months.

  • Net Income: An individual should have a net income of 50,000 per month to avail the Personal Loan. The loan EMI should not affect your standard of living. The capacity to pay to pay the EMIs is judged by the net income earned.

  • FOIR: Standard Charted Bank considers FOIR (Fixed Obligation to Income Ratio) as an important parameter to know the loan eligibility of an applicant. All the fixed obligations such as rent, current EMIs, and so on are taken into account while estimating your eligibility. A minimum FOIR of 0.45 is required to be eligible for the Personal Loan with Standard Chartered Bank. You can use the Standard Charted Personal Loan Calculator to find and compare your eligibility. This information will help you to apply online for a Personal Loan without any hassle.

  • Co-applicant: You can also add a co-applicant to apply for Personal Loan. Adding a co-applicant will increase your eligibility and your repayment capacity as well. Just make sure the co-borrower has a good credit score, income, and limited fixed obligations.

  • CIBIL Score: The CIBIL Score captures your credit behavior and payment track record forms your previous lenders and Credit Card, providers. CIBIL is very important to determine your credit score and your eligibility to get the Personal Loan. The Standard Chartered Bank will have a comprehensive look at all your running loans, payment record, Credit Cards while checking your eligibility for the Personal Loan. Higher credit scores mean the chances of your Personal Loan being approved from Standard Chartered Bank is more. A minimum credit score of 750 is required to be eligible for the Personal Loan with Standard Chartered Bank. Following factors may affect your credit score:

    • Late payments on past loans: The delay in payment of your existing loans or past loans can have the negative effect on your CIBIL score and may decrease your chance of getting the loan sanctioned from the bank.

    • The high number of unsecured loans: It is essential to maintain a balance between secured and unsecured loans. The higher the proportion of unsecured loans the lesser are your chances of securing a good CIBIL score.

    • Usage of credit limit: The credit behavior of a person is determined with the usage of the Credit Card limit and bills. More withdrawals and exceeding card limit indicate the potential financial stress on the borrower and will have a negative effect on the credit score.

    • Multiple loan applications: The CIBIL Score will be reduced if you apply for a Personal Loan from multiple banks. If your Personal Loan application at Standard Charted Bank is rejected, it is recommended to improve the creditworthiness and increase the credit score thereafter, apply for the Personal Loan.

Other Factors Affecting Standard Chartered Bank Personal Loan Eligibility

Various other factors can affect the approval of the loan from the Standard Chartered Bank. Here are some of them:

  • Job stability and profession: It is very important to have job stability to improve eligibility to apply for the Personal Loan from the Standard Chartered Bank. The current work experience and total work experience is evaluated and assessed while considering the application for a Personal Loan. A minimum experience of 36 months is required by the Standard Chartered Bank to consider your application. It is also essential that an individual is working for a minimum of 3 months with the current organisation.

  • Residence place and stability: There are a few areas that are considered as negative by the bank. Hence, the location or residence of a borrower is very important to apply for the Personal Loan. The bank has a list of pre-decided areas where the bank lends a Personal Loan. Depending on the past credit, behavior of the borrowers a negative list of areas is also prepared by the bank. The Standard Chartered Bank will check your residential stability on the basis of duration you are staying at the particular address. If you are staying in your own residence, the chances of your loan approval are higher. Minimum residence stability to be considered for the loan is of 12 months.

  • Industry type: Several industry segments and profession are considered as negative and to which the bank does not prefer to give the loan. The Standard Chartered Bank has a negative list of the profession. Hence, the chances of your loan approval depend upon your profession and the industry you work in.

  • Salary mode: The salary transferred to the bank account is considered as secure and stable income with proper income proofs. So if an individual is earning good in cash or cheque bank may not consider your application, as they will need a concrete proof of your income to justify the loan amount. Therefore, to apply for the Personal Loan with the Standard Chartered Bank salary transfer mode is preferred best.

How to Increase Standard Chartered Bank Personal Loan Eligibility?

Following are the ways to increase Standard Chartered Bank Personal Loan eligibility:

  • Maintain a good credit history: It is very important to pay all your EMIs and dues on time and not default your repayment. You should find ways to pay back the loan.

  • Get lower EMIs on existing loans: Refinance the existing loan with a lower rate of interest or an extended tenure. This will help you to lower your burden of EMIs. Make sure to make all the payments on time.

  • Prepayment: If a small outstanding balance is left on loan, it is recommended to close the loan. This will help to gain higher disposable income and a higher loan amount as well.

  • Have both secured and unsecured loans: It is important to have a balance of both types of loan. Build equal assets and credit. The secured loans are favorable and will increase your eligibility for a loan.

  • Do not apply for too many loans: One should not apply for the loans at multiple banks. All banks run a credit check and the same is recorded in the credit report. This will affect your credit report badly and the chances of your loan being approved get less.

  • Do not have too many Credit Cards: It is unfavorable to have too much credit. Even if, you do not use your Credit Card frequently it will lower or hamper your credit limit. Thus, close those cards which are not in use.

Documentation Required for Standard Chartered Bank Personal Loan

  • Application Form with a self-attested photograph: You should fill the application form correctly and provide all the details as stated in the form. You should make sure the details are supported with all the necessary documents required. A clear photo of the applicant is also required with the form with a cross signature over it.

  • Identity proof: Documents such as Driving License, Voter ID Card, Passport, PAN Card, Photo Ration Card, and so on can be furnished. All these documents establish your identity for the bank and have the photo of the borrower on it. This is required for both salaried and non-salaried individuals.

  • Address Proof: Copy of Ration Card, Electricity or Telephone Bill/ Rental Agreement/ Passport/ Driving License/ Medical or Life Insurance Policy/ Apartment Allotment Letter needs to be submitted by the applicant with the correct address and other address details. The verification of the applicant address will be done by the bank. The documents should be the latest max 3-month old.

  • Age Proof: The certified documents, which would state the age of the borrower correctly will have to be submitted with the bank. The age proof of the borrower is required by the bank.

  • Signature Proof
  • Income Proof
  • Processing Fee Cheque

Why Apply for Standard Chartered Bank Personal Loan through MyMoneyMantra?

MyMoneyMantra is a very simplified website to help prescreen your loan application conveniently. MyMoneyMantra's website is very easy to use to apply for a loan. MyMoneyMantra will suggest you the appropriate loan lender who is willing to offer the loan to you, based on your data submitted on our website. It also suggests the lowest rate of interest that you can avail from the bank. This helps you to decide which bank you should opt for a Personal Loan rather than applying at those banks where chances of your loan application being rejected are more. This helps to increase the probability of your loan being sanctioned.

Why Use the MyMoneyMantra Personal Loan Eligibility Calculator?

MyMoneyMantra features a fast, easy to use, instant, online Personal Loan Eligibility Calculator. All you need to do is just provide a few details on our website. The personal data such as salary, age, income, home loan, EMI and other similar details are to be filled on our website. Thereafter, we will instantly provide you the Personal Loan amount you are eligible to avail from the bank.

FAQs on Standard Chartered Bank Personal Loan Eligibility

Question - What are the eligibility criteria that one needs to fulfill in order to avail Standard Chartered Bank Personal Loan?

Answer - 23 years is the minimum age of the applicant required to get a Personal Loan from Standard Chartered Bank and 58 years is the maximum age for salaried employees.

Question - What should be the minimum net monthly income of an individual to avail the Personal Loan from Standard Chartered Bank?

Answer - 50,000 per month is the minimum income for a salaried employee that is required for the Personal Loan from Standard Chartered Bank.

Question - How much work experience is required to avail the Personal Loan from Standard Chartered Bank?

Answer - The applicant must have at least work experience of 3 months to get the Personal Loan from the benefit of Standard Chartered Bank.

Question - What is the maximum Personal Loan amount an applicant can apply for?

Answer - 30 Lakhs is the maximum loan amount an applicant can apply for the Personal Loan from Standard Chartered Bank.

Question - Will CIBIL Score affect my Personal Loan application approval from Standard Chartered Bank?

Answer - Yes, CIBIL Score has a great impact on the Personal Loan. A good score indicates good repayment record and your chances of getting the loan are high. The minimum CIBIL score for the personal score is 750 and above. Most of the banks avoid giving loans to individuals having a low credit score. A good credit score can also get you low-interest rate and better loan terms.

Latest News on Standard Chartered Bank Personal Loan

2018-12-04: Standard Chartered Bank has plans for boosting its Personal Loans portfolio by 40% 

In order to cope up with the stress in the corporate segment, Standard Chartered Bank is planning to achieve significant growth of 40% in the Personal Loans segment. Earlier it was 29%. In addition to this, the bank will also stress upon other loan portfolios and products such as mortgage loans, Credit Cards, Personal Loans, as well as SME loans.

2018-07-24: Vedanta gets 3,500 Crore as a loan from Standard Chartered Bank

Standard Chartered Bank has loaned 3,500 Crores to help finance the purchase of Electrosteel. In June, the acquisition process was completed with the new management taking control. The loan of 3,500 Crores is for the duration of 10 years and the loan is provided on an interest rate between 8.7% to 9.10%. Vedanta was officially declared the successful bidder for Electrosteel.

2018-02-22: Hike of 10 Basis Points seen in Standard Chartered Bank MCLR

Standard Chartered Bank hiked its MCLR by 10 basis points in the two and three-year tenures. The MCLR is now is the range of 8.70% and 9.65%.These rates will be effective from February 7.

OTP is sent to your mobile number

Enter OTP

Resend OTP

×

Get Personal Loan up to 40 Lakh Chat
& get instant approval