Standard Chartered Personal Loan EMI Calculator
Several situations in life may occur suddenly and a person may need a good amount of money to cope up with the situation. To meet such urgent financial requirements in the case of education, medical emergency, travel, wedding, and so on, you can opt for the Personal Loan. The Personal Loan is the way to borrow the required money and pay back the same along with interest during convenient loan tenure.
The EMI calculator is the easiest way to compute the equated monthly instalment (EMI) for a loan by feeding the loan amount, tenure, and the interest rate. The EMI helps an individual plan monthly finances and cash flows so as to service the loan without too much burden.
One of the easiest ways to calculate EMI is with the help of online EMI calculators available. All you need to do is just provide the loan amount, interest rate and tenure and you will get the exact EMI amount instantly. This helps one to plan out monthly expenses and finances accordingly.
Standard Chartered Bank Personal Loan EMI
The fixed amount paid by the borrower against the loan taken is called EMI. The borrower is required to pay this amount on a fixed day of every month until the loan is completely paid off. Standard Chartered Bank offers convenient and reasonable Personal Loans. The lowest EMI is of 2,169 per Lakh for the duration of 60 months and 10.89% is the lowest interest rate offered by the bank.
Standard Chartered Bank Personal Loan EMI Calculator Results at Different Tenures
Here are the Personal Loan EMIs calculated using the EMI calculator for different loan amounts and tenures @10.89% interest rate:
|Loan Amount ()||2 Years||3 Years||5 Years|
As per the above table, one can conclude that the loan EMI differs as per the interest rate offered and duration of the loan. The EMI is higher for the shorter duration loans (2 years) and lower for higher duration loans (5 years). The principal component and interest component are included in each EMI. Even if the EMIs are constant, the proportion of these component changes depending upon the principal amount repaid. With every EMI, the proportion of the principal component keeps on increasing and the interest components are reduced.
Factors Affecting Standard Chartered Bank Personal Loan EMI
- Loan Amount: The amount borrowed from the bank is called the loan amount. The Standard Chartered Bank provides the loan of minimum amount 1 Lakh and it can go maximum up to 30 Lakhs. If an individual applies for a higher loan amount, the EMI will also be higher.
- Interest Rate: The total cost of loan is increased due to the higher interest rate. The interest rate also has an effect on EMI. Higher the interest higher the EMI amount. The rate of interest for the salary account holders at Standard Chartered Bank can be lower than the others. The lowest rate of interest offered by Standard Chartered Bank is 10.i9%. It is always recommended to do a complete comparison of rates and market research before applying for the loan.
- Loan Tenure: Loan tenure is the period in which a borrower can repay the loan amount to the Standard Chartered Bank. The Personal Loan EMI gets reduced with longer tenure loans. The maximum loan tenure at the Standard Chartered Bank is 5 years.
Personal Loan Calculation Formula
The formula used to calculate Personal Loan EMI is as follows -
P = Loan amount to be borrowed and can range from a minimum of 1 Lakh to a maximum of 30 Lakhs
r = Rate of interest/month. The going rate of interest for Standard Chartered Bank Personal Loan is 10.89%
n = tenure in months. For Standard Chartered Bank, this can be 12 months to 60 months
Tips to Decide the Right Amount of EMI
- Decide the amount you need to borrow: It is very essential to fix a loan amount before approaching a bank for the Personal Loan. The estimation of the loan amount will help you plan your further steps. The Personal Loan being an unsecured loan does not require submission of any collateral or security. However, the rate of interest for Personal Loans are generally high therefore, it is advisable to take the loan of the minimum amount. In addition, long-term loans mean huge interest out goes hence, you can apply for the lowest tenure based upon your capacity to pay the EMIs.
- Review your current obligations: A perfect evaluation of the current monthly expenses, fixed obligations including prospective EMIs is always lucrative. This will help you estimate the EMI amount that you can pay without much stress and affecting your lifestyle. After finding the right EMI amount you can also choose the loan tenure you would prefer to repay the loan.
- Calculate your Standard Chartered Bank Personal Loan eligibility: The assessment of the repayment capacity of an individual based on the monthly expenses and fixed obligations helps you to determine the Personal Loan eligibility.
- Multiplier based loan amount eligibility: The Personal Loan eligibility at Standard Chartered Bank is calculated by applying the multiplier to the net take home salary. This is the simplest method of calculating the eligibility. This method is used by most of the banks. The formula used in the loan amount eligibility calculation is Loan Eligibility = (Your Net Salary) x (multiplier of 9 to 18). The internal categorization of your employer company based on its stability, size, reputation, and the bank does growth in turnover, and the multiplier is applied accordingly.
- FOIR based loan amount eligibility: In order to find the maximum EMI amount an individual can pay based on their current monthly income and monthly expenses standard Chartered Bank used Fixed Income Obligation Ratio (FOIR). A certain ratio is applied to the income in order to estimate the monthly expenses and takes into account the other current EMIs too in order to find out the fixed obligations. The proportion of the fixed income to fixed obligations gives FOIR. The maximum FOIR to lend a Personal Loan at the Standard Chartered Bank is 0.45. Based on FOIR the estimation of the EMI amount one can comfortably pay is done from the bank. It can differ from your own assessment of the EMI amount. It is better to repay the other short-term loans in order to improve your Personal Loan eligibility.
Based on the above two methods the loan amount will be calculated by the Standard Chartered Bank. The lower loan amount from the above two methods will get sanctioned from the bank.
Standard Chartered Bank Personal Loan Details
Purpose of Loan: The Personal Loan is taken from Standard Chartered Bank to meet necessary financial requirements such as any emergency, medical problem, education, travel, wedding or any other personal finance requirements.
- The loan can be availed by both salaried individuals and self-employed
- The minimum age group of the borrower should be 23 and maximum 58 years
- Lowest EMI of 2,169 per Lakh
- The minimum Loan amount is 1 Lakh and maximum is 30 Lakhs
- Loan Tenure ranges between 1 to 5 years
- Interest rates range starts from 10.89%
Processing Fees: The processing fee of up to 2.25% of the sanctioned loan amount is charged by the bank. The borrowers need to pay the processing fee at the time of loan application.
Special Schemes: Various customised Personal Loan schemes and attractive interest rates are offered by the Standard Chartered Bank to the special categories of borrowers. These borrowers include those working with the large reputed organisation, defense personnel, government employees, bank employees, and so on.
How to Use MyMoneyMantra's Personal Loan EMI Calculator?
A combination of the loan amount, interest rate, and loan tenure are considered while estimating the EMI amount by the Standard Charted Bank. The Standard Chartered Bank EMI calculator uses "reducing balance basis" method to assume that the payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.
The MyMoneyMantra's Personal Loan EMI Calculator is a convenient, easy and accurate to use the method to estimate your EMIs on Personal Loans. The web page is user-friendly and easy to browse even for non-tech savvy people.
You need to follow the following simple steps to get EMI on the website:
- Select the EMI calculator option under the financial tools tab of the MyMoneyMantra's website.
- Input the three loan parameters necessary to compute EMI - Loan Amount, Interest Rate, and Tenure.
As soon as you enter the loan parameters on the MyMoneyMantra EMI calculator, based on the EMI calculation formula, the website does a complex set of calculations and you instantly get your fixed EMI amount. Various combinations of loan amounts, interest rates, and tenures can be tried so that you can arrive at an EMI that suits your monthly budget and cash flows.
Once you decide the loan parameters and the EMI, choose the "Check your Loan Eligibility" option. On entering personal details like age, monthly income, expenses, employer details, and PAN Card details, based on eligibility you get different quotes for the loan along with the EMI payable, processing charges, and terms and conditions. Choose the best option that suits you. You can directly apply for a loan online through the MyMoneyMantra website.
How Your Personal Loan EMI Changes in Case of Prepayment?
Standard Chartered Bank allows an option to prepay your outstanding loan amount as a lump sum after 6 months of starting the loan. After repayment of the Personal Loan, the outstanding loan now is reduced and hence you get to choose between the following two options:
- Reduce your loan tenure and keep EMI unchanged: This option allows you to close your loan since the loan tenure is now lower. This option generally suits borrowers who have stable monthly expenses in the coming months so that they can comfortably service the Personal Loan EMIs. An advantage of this option is that total interest outgo gets reduced on reduced tenure.
- Reduce the EMI and keep your loan tenure unchanged: This option allows you to reduce your EMIs based on the current outstanding loan amount. This option increases the monthly available surplus in the hands of a borrower who can use it for any other purpose. Borrowers who anticipate higher monthly personal expenses in the coming months can reduce their monthly EMI obligations by choosing this option.
FAQs on Standard Chartered EMI Calculator
Question - Should I calculate Standard Chartered loan EMI before taking a loan?
Answer - It is generally advisable to know the accurate EMI before taking a Personal Loan. Knowing your EMI before starting loan helps you in multiple ways like:
- Helps you check whether you can comfortably service the EMI amount based on your monthly surplus.
- Plan future expenses according to EMI so that there is no trouble with future cash flows.
- Plans at prepaying your Personal Loan in the future can be made in case you know EMI.
Question - What is the minimum EMI per lakh on Personal Loans by Standard Chartered Bank?
Answer - Based on current interest rates, Standard Chartered Bank offers a Personal Loan at an annual interest rate of 10.89%. Based on this rate, the lowest EMI on per Lakh loan amount is 2,169. However, there are cases when preferred Standard Chartered Bank salary account holders, preferred customers working for reputed organisations can get attractive Personal Loan interest rate and favorable terms and conditions.
Question - Does Standard Chartered Bank have any fees for prepayment?
Answer - Standard Chartered Bank offers you an option of prepayment (in full) after 12 months at foreclosure charges of 5% of outstanding principal amount.
Question - What are the processing charges on a Standard Chartered Bank Personal Loan?
Answer - Personal Loans from Standard Chartered Bank have a flat processing fee of 2.25% of the loan amount.
Question - If I have a bad credit score, will I get the Personal Loan from Standard Chartered Bank?
Answer - No, Standard Chartered Bank provides a loan to responsible borrowers. Applicants with bad credit score will not be provided with a Personal Loan from Standard Chartered Bank. An applicant must have a good credit score to avail a Standard Chartered Bank Personal Loan. You need to have a CIBIL score of 700 and above to get a Personal Loan from Standard Chartered Bank.
Question - How does a Personal Loan repayment happen?
Answer - A fixed amount called EMI - Equated Monthly Installment is deducted directly from the borrower's bank account for the entire tenure of the bank loan as a form of repayment. For this purpose, you need to present a few post-dated cheques and sign an ECS mandate in favor of the Standard Chartered Bank.
Question - Can I have a co-applicant while applying for a Personal Loan with Standard Chartered Bank?
Answer - Yes, you can add a co-applicant to take a Personal Loan from Standard Chartered Bank. They consider the income of both the applicants while deciding on the Personal Loan eligibility. The loan amount offered by the bank can increase in case both the applicants have a good credit history.
Latest News on Standard Chartered 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 a significant growth of 40 percent in Personal Loans segment. Earlier it was 29 percent. 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 Crores as 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 ten years and the loan is provided on an interest rate between 8.7 percent to 9.10 percent. 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 tenors. The MCLR is now is the range of 8.70% and 9.65%. These rates will be effective from February 7.