Standard Chartered Bank offers Personal Loan for any of your personal requirement with a Minimum of Rs 1 lacs to upto Rs. 30 Lacs for Salaried and Self Employed Individuals who are having Salary of Minimum Rs. 22,000 per month. Time of Funding is 4 to 7 working days with a Annual Interest Rate ranging from 10.99% to 18.65% and the Loan Term is 12 Months to 60 Months. The Processing Fees is Zero to upto 2% of the loan amount (50% off on online application). Pre-Payment Charges are 1% to upto 5% of the Principal Outstanding.
|Standard Chartered Personal Loan at a glance|
|Annual Interest Rate||10.99% - 18.65%|
|Loan Term||12 Months - 60 Months|
|Loan Amount||Rs. 1 Lac - Rs. 30 Lacs|
|Time of Funding||Within 4 to 7 working days|
|Pre-Closure Charges||1% - 5% of the Principal Outstanding|
|Personal Loan Type||Applicable Interest Rate|
|Standard Chartered Bank Personal Loan||10.99% - 18.65% per annum|
The applicable interest rate for personal loan in Standard Chartered Bank is ranging from 10.99% to upto 18.65% per annum while in case of federal bank, the interest rate for personal loan is ranging between 11.75% to upto 14.65% per annum and 10.99% to upto 15.99% in case of CitiBank, and between 12.50% to upto 16.60 % in case of State Bank of India.
|Age||21 Years to 58 Years|
|Income||Rs. 22,000 per month|
If you are a existing customer,Personal loan from Standard Chartered Bank is benefits such as special interest rate, minimal documentation and prioritize application processing.
Standard Chartered Bank provides a large amount of concession which is 50% discount on processing charges for online application which is really profitable, so by applying for a personal loan from this bank, you don't need to spend more money in these types of charges.
You are allowed to avail waiver on your last EMI of the personal loan if the availed loan is for the following tenure ranges – 36 months, 48 months or 60 months. Or, you can avail 2% cashback on the paid EMI.
There is no requirement of security, collateral and no guarantor is required for applying Personal Loan from Standard Chartered Bank which seems to be a quick process without any burden of something pledged as a security.
You can easily apply for personal loan from Standard Chartered Bank without any difficulty as the process of applying for this type of loan is quick and does not take much of your time.
The minimum personal loan can be borrowed is limited to Rs. 1 Lac; Hence, not suitable choice if you want funds less than Rs. 1 Lac. as Citibank lends a minimum loan amounting Rs. 25,000.
You must have minimum monthly income of Rs. 22,000 which is really very high as compare to other banks as minimum income required for applying personal loan from ICICI is Rs. 17,500 per month for applicants residing in Delhi and Mumbai. Rs. 20,000 per month for applicants residing in Hyderabad, Chennai, Kolkata, Bangalore and Pune.
Standard Chartered Bank is the only bank who charges an overdue interest plus an additional flat fee which makes this bank the most expensive in terms of Penal Charges. It Charges 2% on the overdue amount and additionally a flat fee of Rs. 495 while Indusind charges Rs. 150 only per EMI delay beyond 5 days.
Charges levied on documentation and administration are equal to 2.5% of the loan amount. Considering that borrower take the loan of Rs. 30 Lacs, the documentation and administration charges would be equal to Rs. 75,000 which is quite a huge amount.
|Bank Name||Standard Chartered Bank||Citibank||HSBC Bank|
|Typical APR||10.99% - 18.65%||10.99% - 20%||10.99% - 17.84%|
|Loan Term||12 Months - 60 Months||12 Months - 60 Months||6 Months - 60 Months|
|Maximum Lending Amount||Rs. 30 Lacs||Rs. 30 Lacs||Rs. 30 Lacs|
|Processing Fee||Zero to upto 2% of the loan amount
50% off on online application
|0.25% to 3% of the Loan Amount||Up to 2.5% of the loan amount|
|Time to Funding||Within 4 to 7 working days||Within 48 hours of approval||Within 15 days|
|Pre-Closure||1% - 5% of the Principal Outstanding||Up to 4% on total principal outstanding||Up to 3.75% of Principal Outstanding|
Coming to the comparison part, Standard Chartered Bank offers maximum of Rs. 30 Lacs for lending personal loans within 4 to 7 working days, while CitiBank offers maximum of Rs. 30 Lacs within 48 hours of approval and HSBC can lend upto Rs. 30 Lacs within 15 days of approval. The typical APR ranges from 10.99% to upto 18.65%, 10.99% to upto 20% in case of Citi and 10.99% to 17.84% in case of HSBC. The loan term in Standard Chartered is 12 months to 60 month and the processing fees is Zero to upto 2% of the loan amount (50% of the online application), while in CitiBank, the loan term is 12 months to upto 60 months and the processing fees is ranging from 0.25% to 3% of the Loan Amount and in case of HSBC, the term of loan is 6 months to upto 60 months and the processing charges are upto 2.5% of the loan amount.
It provides Personal loan for both Salaried and Self-Employed (Professionals and Businessmen). You can avail loan amounting from Rs. 1 Lac to maximum Rs. 30 Lacs. The Interest Rate starting from 10.99% to upto 18.65% per annum. The Processing charges equal to 2% of the loan amount. 50% discount on processing fee on online application. The tenure ranging from 12 months to 60 months. You may get last EMI waived off if your personal loan tenure is 36 / 48 / 60 months. Or, get 2% cashback on the EMI paid.
|Type of Charges||Applicable Amount|
|Processing Charges||Zero to upto 2% of the loan amount|
Allowed after first 12 EMIs
|1% to 5% of the principal outstanding|
Allowed after first 12 EMIs, once in a year
|2% to 3% of the principal outstanding|
|Penal Charges||Flat fee of Rs. 495 + 2% per month on the overdue amount|
|Swap Charges||Rs. 500|
|Documentation and Administration Charges||2.5% of the loan amount|
The processing charges of personal loan in Standard Chartered Bank is Zero to upto 2% of the loan amount and the foreclosure charges ranging from 1% to upto 5% of the principal outstanding allowed after first 12 EMIS, once in a year. The Part- Payment charges ranging from 2% to 3% of the Principal Outstanding allowed after first 12 EMIs, once in a year and the Penal Charges are Flat free of Rs. 495 with 2% per month on the overdue amount, Swap Charges are Rs. 500 and the Documentation & Administration Charges are 2.5% of the loan.
You can pre-close your personal loan anytime you have the funds available with you. You need to send a request to Standard Chartered Bank for pre-closure at least 21 days prior to the day when you want to make the preclosure.
Pre-payment Charges are as follows –
Part-prepayment Charges are as follows –
Standard Chartered Bank would charge a fixed fee of Rs. 495 with an additional interest rate of 2% per month on the overdue amount.
There is a 50% discount on processing fee for online applications.
Yes, you can change your repayment instrument with new instructions any time you want. A Rs. 500 swap charge will be applicable for each swap.
Yes, you may avail Top-up after 6 months from the date of disbursal of existing loan.