Highlights
- Grab the lowest personal loan interest rates starting at SCB
- With attractive interest rates enjoy the pocket-friendly EMIs
Are you searching for the best lender offering personal loans at attractive interest rates? Look no further! Standard Chartered Bank provides personal loans with competitive personal loan interest rates starting at 11.49% per annum. Whether you need Rs. 1 lakh or up to Rs. 50 lakh, Standard Chartered’s loan options help ease your financial burden, making repayment more manageable.
Standard Chartered Bank Personal Loan Interest Rate Details 2024
With its headquarters located in London, England, Standard Chartered is a worldwide banking and financial services business of British descent. With a wide network of more than 1,200 branches and outlets across more than 70 countries, this bank offers some of the best financial products, including Personal Loans, designed to cater to a wide range of financial needs. Here’s a clearer breakdown of the current interest rates for better understanding:
|
Particulars |
Details |
|---|---|
|
Interest Rates |
11.49% per annum onwards |
|
Loan Amount |
INR ₹1,00,000 to ₹50,00,000 |
|
Loan Tenure |
1 year to 5 year |
|
CIBIL Score |
750 and above |
| Company Type | Loan of < 3 Lakh | Loan of 3-5 Lakh | Loan of 5-8 Lakh | Loan of 8-10 Lakh | Loan of More than 10 Lakh | Processing Fee |
|---|---|---|---|---|---|---|
| CAT A | 11.99% | 11.50% | 11.25% | 11% | 11% | 1% |
| CAT B | 11.99% | 11.50% | 11.25% | 11% | 11% | 1% |
| CAT C | 11.99% | 11.50% | 11.25% | 11% | 11% | 1% |
| CAT D | 11.99% | 11.50% | 11.25% | 11% | 11% | 1% |
| Unlisted Company with EPFO Deduction | 12.50% | 12% | 11.75% | 11.75% | 11.50% | 1% |
Preclosure Grid:
| Pre closure Grid | Charges |
|---|---|
| Upto 12 Months | NA |
| 13 to 24 Months | 5% |
| 25 to 36 Months | 4% |
| > 36 Months | 3% |
Advantages of Standard Chartered Bank Personal Loan
These are the main advantages of Standard Chartered Bank Personal Loan that are helpful-
- Fulfill your Life Goals - Whether you’re buying a car, planning a wedding, or covering medical expenses, a personal loan can provide the flexibility you need to manage large payments without stress.
- Easy to Access - To get a personal loan, apply for it by completing the online application form and uploading the necessary documents. Under this, you can enjoy the advantage of instant approval tailored to your eligibility status.
- Loan Amount – You can avail of loan amounts ranging from INR 1 lakh to INR 50 lakhs, based on your credit history and income. With Standard Chartered, you’re supported throughout the process, ensuring a solution that fits your financial needs perfectly.
- Flexible Loan Tenures - Choose a personal loan tenure ranging from 12 to 60 months, tailored to your needs. This flexible approach ensures less stress and more financial comfort for you.
- No physical interaction needed - Get instant approval on your application and complete your KYC effortlessly through a seamless online video process.
Factors Affecting Standard Chartered Bank Personal Loan Interest Rate
Your Standard Chartered Bank Personal Loan rates are determined by several factors, some of which are listed below:
- Employment Details - Interest rates may be impacted by the specifics of your employment, such as whether you work for a company full-time or part-time, or whether you are a pensioner who is not employed by a company but receives a pension. Each borrower will have a different interest rate based on their career or profession.
- Relationship with the Bank - Based on its relationship with customers, Standard Chartered Bank can give borrowers a reduced interest rate. Their debt repayments in the past, for example, may have contributed to this concern. Banks may also provide personal loans to their most devoted clients at a reduced interest rate.
- Age - Banks typically charge a potential borrower a higher interest rate because of the way younger applicants live their lives and follow the lifestyles that they do.
- Loan Tenure - The length of the loan has an impact on the interest rate that is offered. When a loan is taken out for a shorter period than when it is taken out for a longer period, the interest rate is often higher.
Calculating EMIs on Standard Chartered Bank Personal Loans
To quickly and simply calculate your EMIs for a personal loan from the Standard Chartered Bank, use the Wishfin online Standard Chartered Bank Personal Loan calculator.
You can simply put the following details -
- Loan Amount
- Tenure
- Interest Rate
The equal monthly payments (EMIs) for a ₹5,00,000 personal loan with an interest rate of 11.49% per annum for terms of one to five years are shown in the table below. To better meet your needs, you can modify the loan amount and other information.
|
Tenure (In Years) |
EMI (at 11.49% Interest rate) |
EMI (at 18% Interest rate) |
|---|---|---|
|
1 |
₹44,305.19 |
₹45,840.00 |
|
2 |
₹23,417.83 |
₹24,962.05 |
|
3 |
₹16,485.63 |
₹18,076.20 |
|
4 |
₹13,042.06 |
₹14,687.50 |
|
5 |
₹10,993.79 |
₹12,696.71 |
What Should You Do in Order to Fetch the Lowest Interest Rate from Standard Chartered Bank?
You can get a low-interest deal from Standard Chartered Bank if you bear the following points in mind:
- Maintain High Credit Score: A credit score above 750 shows strong financial discipline, which leads to an increase in your chances of qualifying for a lower interest rate.
- Show Stable Income: A consistent and reliable source of income reassures lenders of your repayment capability. If you have a higher income level that may also help you to negotiate better rates.
- Negotiate: If you have a good credit profile or CIBIL Score and a strong repayment history, you have the right and advantage to negotiate with the bank for a more favorable rate.
- Choose a Suitable Loan Amount: Always try to borrow only when or what you need. Higher loan amounts may lead to higher interest rates due to increased risks.
- Leverage Existing Relationships: If you already hold an account with Standard Chartered Bank, because of your past relations with the bank you may be eligible for preferential interest rates or special offers.
Documents Required for a Personal Loan from Standard Chartered Bank
These are the list of documents that are essential for a personal loan from Standard Chartered Bank -
Personal documents
- Identity/Address Documents: Aadhaar, PAN, voter ID, driving license, passport, etc.
- Passport-sized photograph
Professional documents:
- Business registration
- Previous year IT returns that you have filed
- Tax audits, agreement leases, etc
Other Charges of Standard Chartered Bank Personal Loan
These are the additional fees and charges of the Standard Chartered Bank that may be applied to your personal loan application -
|
Particulars |
Salaried / Self-employed |
|---|---|
|
Processing Fee |
2.25% |
|
Pre-Payment charges |
|
|
0-12 months |
NA |
|
13-24 months |
5% of principal outstanding |
|
25-36 months |
4% of principal outstanding |
|
Over 36 months |
3% of principal outstanding |
|
Late Payment Fee & Swap Charges |
A fee of INR 495 + GST is charged on late payments. A fee of INR 500+ GST is charged on swap charges. |
Standard Chartered Personal Loan Balance Transfer Rates
If your existing personal loan is at a higher interest rate, all you need to do is switch to Standard Chartered Personal Loan. Yes, transferring your existing personal loan to Standard Bank allows you to enjoy an interest rate as low as 10.99% per annum. Refer the below table for further details.
| Loan Amount | Interest Rate (in p.a.) | Processing Fee | Pre Closure Charges |
|---|---|---|---|
| <= 500000 | 11.99% | 2% of the loan amount + GST | 2% of the principal outstanding |
| 500000 – 1000000 | 11.99% | 2% of the loan amount + GST | 2% of the principal outstanding |
| 1000000-2000000 | 11.25% | 2% of the loan amount + GST | 2% of the principal outstanding |
| >2000000 | 10.99% | 2% of the loan amount + GST | 2% of the principal outstanding |
*Part Prepayment option available for salary above ₹50,000, subject to a maximum of 25% in one calendar year
*No pre-closure allowed till 12 MOB
Standard Chartered Personal Loan Contact Number
In case you have any concern, query or complaint, you can get in touch with the customer care executives of Standard Chartered Bank. All you need to do is just dial 9873678914 either from your mobile or landline. These experts use their years of expertise to solve all your problems by giving you the best solutions. No matter what problem you have, these executives are always there to give you proper help and assistance.
Standard Chartered Personal Loan Payment
If you want to make the payment of your personal loan availed from Standard Chartered, there are various online and offline modes to do the same. You can either visit the bank branch to make the payment via cash or cheque. However, the online mode of payment surpasses other options in terms of speed and convenience. Yes, an individual can either do the payment online via NetBanking, which is fast and convenient OR ECS is another option that will automatically debit the required amount from an individual’s account.
Standard Chartered Bank Personal Loan Status
If you want to know the real-time status of your personal loan in Standard Chartered Bank, login to your account with all the required credentials to know same. This online facility allows you to know the status in no time so that you can further take the step smartly. Whether its approved, pending or rejected, no matter what is the case, you can anytime check the status of your personal loan online.
Compare Personal Loan Interest Rates from Different Banks
Below is a table showing the personal loan interest rates from various banks for 2024 to help you make the best choice.
FREQUENTLY ASKED QUESTIONS
1. What is the Standard Chartered Bank personal loan interest rate for salaried employees?
The personal loan interest rate set by Standard Chartered Bank is between 11.49% p.a. and 18% p.a.
2. Can I negotiate with Standard Chartered Bank on the personal loan interest rate?
You can negotiate over interest rates as long as you meet the requirements and have a positive working relationship with the bank.
3. What are the documents that are required for the personal loan from Standard Chartered Bank?
You will need to bring the necessary documents -
-Identity proof (such as your voter ID card, Aadhaar card, or passport),
- Address proof (such as your ration card, Aadhaar card, or passport),
- Evidence of income (such as Form 16 or bank statements, pay stubs, or an IT returns certificate), PAN card, and passport-size photos.
4. How can I find out the balance on my personal loan with Standard Chartered Bank?
To verify the balance of your personal loan, ask the bank's customer service to provide you with a repayment schedule.
5. What is the minimum salary for Standard Chartered personal loans?
If you meet the following requirements, you can apply for a personal loan from Standard Chartered:
- You must be between the ages of 22 years and 58 years,
- Monthly Salary should be at least Rs 22,000 per month, and have a minimal credit history.
6. How can I reduce the interest rate on personal loans from Standard Chartered Bank?
If you want to have a lower interest rate make sure that -
- You have to maintain a credit score or CIBIL Score above 750.
- Earn better to negotiate with the bank based on your earnings
- Maintain your solid credit history with timely repayments.
7. How to check personal loan eligibility in Standard Chartered Bank?
Here are the eligibility criteria which need to be followed -
- Age: 22 – 58 years.
- Minimum net salary: ₹ 25,000 per month.
- Minimum employment period: 36 months.
- Employment type: Salaried or Self-employed professional.
- Loan amount: Rs 1 lakh to Rs 15 lakhs.