Manage your finances better with Standard Chartered Personal Loans
Personal Loans help in times when in need of an urgent cash flow. There could be multiple purposes why one would take up a personal loan – to pay for a medical expense, to plan a holiday trip abroad, for house renovation or simply to pay off another debt. In all of these situations, one would prefer that kind of a Personal loan provider who would charge the lowest interest rate along with other convenience features like easy repayment options, quick disbursal of loan etc.
Overview: Standard Chartered Bank, which started in the year 1969, has been into play since many years now and has been consistent in providing best quality services with best interest rates as well to its customers. The bank has a widespread network not only across the country but also around the globe in Asia, Africa and the Middle East. Unlike other loans that the bank provides, the Standard Chartered Personal Loan does not demand any type of security or collateral for the loan to be processed. It is given purely on merit and income documents provided by the applicant.
Let’s have a look at some of the Features and Benefits of the Standard Chartered Personal Loan:
- The minimum term of these personal loans is 1 year and you can take it for maximum 5 years.
- You have the flexibility of availing the Standard Chartered Bank Personal loan without any collateral security or guarantee against it.
- There are multiple repayment options for this loan- you can choose to pay either by having an ECS i.e. Electronic Clearing Service, Auto Debit facility or you can also pay through Post Dated cheque
- The Simple and easy documentation process makes it easier and faster to get the loan. The average turnaround time for the loan to be sanctioned is just 4-7 working days of providing the required documents
- The Standard Chartered Personal loan also provides the benefit of Top-up loans in case you require more funds after some time of taking the loan; however, the top up can only be taken after min 9 months completion of the loan period.
- Another interesting feature of this personal loan is that the interest is calculated on a daily basis; hence if you wish to prepay your loan, you can get the prorated interest calculated.
- The Standard Chartered EMI calculator will calculate for you your exact EMI per month depending upon the loan amount you want to opt for
- The Standard Chartered personal loan eligibility can also be gauged by the eligibility calculator tool that is available online and accordingly the loan is sanctioned. The loan amount varies from 1 lakh to 30 lakh and depends completely on the documents provided. The capping sanction amount for a salaried individual is Rs. 30 lakh whereas for a self-employed person, it is 10 Lakh
- The Standard Chartered Personal Loan Interest Rate ranges from 11.99% to 21%
- The Standard Chartered bank also provides a special benefit to its customers; it provides 50% discount on the processing fee in case if the loan is applied online
- There is also a provision to check an individual’s eligibility online and the bank provides the “Approval in Principle” benefit in less than three minutes.
Now that we know the benefits and features of this wonderful Standard Chartered Personal loan, let’s also look at what documents would be required to apply for this loan:
- The first document required to apply for a loan would be the Application form. You can download the application form from the Standard Chartered website or you can also visit any nearest branch to pick up your application form. The form needs to be duly filled, with all details mentioned accurately, written in capital letters and you also need to attach a photograph on the form itself.
- Identity Proof – for proof of Identity, you can provide any such ID card that carries your photo as well eg: – Adhaar Card, PAN Card, Voter’s ID card, Driving License etc. This is one of the mandates of the KYC process
- Address Proof- You can provide any legal document for your current residential address which could be either of the following documents: Adhaar Card, Voter’s ID card, Ration Card, Passport, Driving License, Any utility bills like Telephone bill, Water Bill, Electricity bill or you could also provide your Rent Agreement in case you are staying on rent.
- For Age proof, the only two acceptable documents would be the Passport or the PAN Card
- For the signature proof as well, the bank requires certain documents like Passport, PAN card or Banker’s attestation certificate stating your signature. The important thing to keep in mind is that you should have just one type of signature which should be used universally everywhere in all bank related documents, else you could be in a jeopardy as well.
- The financial documents of an individual are also very critical to determine his creditworthiness. Hence if he is Salaried, then his latest Form 16 or last three months’ Salary slip would be required. In case of a Self-employed individual, his ITR or Last three months bank statements would be needed.
- The bank charges a nominal charge for processing your Personal loan; hence a cheque for that amount would also be needed during the documentation proceedings.
Now that we know the documents required as well, how we proceed with the application of the Standard Chartered Personal Loan:
You can choose to apply on the bank’s official website; download the application form and fill it up and upload all the documents online itself. Alternatively, you could also visit the nearest Standard Chartered Bank and apply with all the relevant details. After the application is submitted, it generally takes about 4-7 working days for the loan to be sanctioned. Till such time, you could also track the application status by clicking on the Check Standard Chartered Personal Loan status tab on the website and enter your application number; it would fetch the relevant details for you.
Interest Rates of Standard Chartered Personal Loan:
The Standard Chartered is one of those banks with the lowest rate of interest for a personal loan. The current interest is 9.15% p.a. and it is on a floating basis.
- How does one calculate his personal loan EMI online?
Just click on Standard Chartered personal Loan EMI calculator and you can get the EMI calculated as per your loan requirement and other documents
- What is the minimum amount of loan that we can apply for?
The minimum loan amount is Rs. 1Lakh
- How many days does it take for the loan to be sanctioned?
Around 4-7 working days
- What documents can be given for age proof?
We can submit either PAN card or Passport for age proof
- What is the standard chartered personal loan interest rate?
The basic interest rate is 9.15% p.a. which depends upon payment history.