Standard Chartered Bank offers Personal Loan for any of your personal requirements 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 Bank 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-Payment Charges||1% – 5% of the Principal Outstanding|
Standard Chartered Bank lends a minimum of Rs. 1 Lacs to maximum of Rs. 30 Lacs within 4 to 7 working days and the Annual Interest Rate charges ranging from 10.99% to upto 18.65%. The loan term is 12 months to upto 60 months with a Pre-Payment Charges of 1% to 5% of the Principal Outstanding.
Standard Chartered Bank is a good fit for you if?
If You’re Existing Standard Chartered Customer – 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.
Why Choose Standard Chartered Bank?
Concession on Processing Charges – 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.
Waiver of Last EMI – 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
No Security or Collateral required to avail this loan – 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.
Bickering Free Documentation Process – 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.
What to watch out for?
Minimum Loan Amount of Rs. 1 Lac – 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
High Income Criteria – 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.
High Penal Charges – 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 Bank charges Rs. 150 only per EMI delay beyond 5 days.
High Documentation & Administration Charges – 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.
Compare Standard Chartered Bank Personal Loans to Other Banks
|Bank Name||Standard Chartered||Citibank||HSBC|
|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 amount50% 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 Citibank 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.
Am I Eligible?
- The minimum age of the applicant should not be less than 21 years to more than 58 years at the time of loan application.
- The minimum net monthly income of the applicant should not be less than Rs. 22,000.
Standard Chartered Bank Personal Loan
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.
- You must have KYC Documents along with Passport size photograph
- Processing fee cheque is also required.
- If you are Salaried Employee, you are required to have latest 1 month salary slip
- If you are Self Employed, you must have latest IT returns with computation of income / Certified Financials, Last Business Continuity proof.
Standard Chartered Bank Personal Loan Rate of Interest
|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.
How to Apply for Standard Chartered Bank Personal Loan?
- Click on ‘’APPLY NOW’’ button given above.
- Provide all the required information such as
- Select your existing relationship with Standard Chartered Bank
- Select your city of residence
- Select employment type and mode of credit, for example Salaried : SCB Salary A/C
- Your email ID
- Your mobile number
- Then, tick on “I authorized Paisa.co to contact me. This will override registry on DND / NDNC’’.
- Submit it by clicking on ‘’PROCEED’’
- View Quote and then APPLY ONLINE.
- Wait for the approval from Standard Chartered Bank
At Standard Chartered Branch
- Walkin to the nearest Standard Chartered Branch along with Loan Application and KYC Details. You can click here to download Personal Loan application form for Standard Chartered Bank.
- Fill in your details in the form
- Submit this application form from at any of your nearest Standard Chartered Branch.
At Standard Chartered Customer Care
- By dialing 1800-345-1000
- By Dialing 6601-4444 / 3940-4444 for Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, Pune.
- By Dialing 6601-444 / 3940-4444 for Allahabad, Amritsar, Bhopal, Bhubaneswar, Chandigarh, Cochin / Ernakulam, Coimbatore, Indore, Jaipur, Jalandhar, Kanpur, Lucknow, Ludhiana, Nagpur, Patna , Rajkot, Surat, Vadodara.
- By Dialing 011 – 39404444 / 011 – 66014444 for Gurgaon, Noida
- By Dialing 1800-345-1000 for Jalgaon, Guwahati, Cuttack, Mysore, Thiruvananthapuram, Vishakhapatnam, Mathura, Proddatur, Dehradun, Saharanpur
- By Dialing 1800-345-5000 for Siliguri
After I Applied?
Check Personal Loan Status
- Click here to go to the personal loan status tracking page of Standard Chartered.
- Enter your application reference number including # symbol
- Enter your mobile number and then click on ‘’SUBMIT’’.
- If you forgot your reference number then click on ‘’FORGOT REFERENCE NUMBER’’ and then enter your email ID to retrieve your application reference number.
Once I’m Approved?
Check Personal Loan Sanction Letter
Check Loan Statement
Check Loan Agreement
Get Interest Certificate
Fees & Penalties
|Type of Charges||Applicable Charges|
|Processing Charges||Zero to upto 2% of the loan amount|
|Foreclosure ChargesAllowed after first 12 EMIs||1% to 5% of the principal outstanding|
|Part-payment ChargesAllowed 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.
How can I pre-close my Standard Chartered Personal Loan? And what are the applicable charges?
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 –
- If loan is pre-closed within 12 months from the date of loan sanction, a 5% fee over the principal outstanding would be levied on the borrower.
- If loan is pre-closed between 13 months to 24 months from the date of loan sanction, a 4% fee over the principal outstanding would be levied on the borrower.
- If loan is pre-closed between 24 months to 36 months from the date of loan sanction, a 2% fee over the principal outstanding would be levied on the borrower.
- If loan is pre-closed after 36 months from the date of loan sanction, 1% fee over the principal outstanding would be levied on the borrower.
Part-prepayment Charges are as follows –
- A 2% of prepaid amount for part-payment made within 12 months, if current outstanding is up to Rs. 5 Lacs.
- A 2% of prepaid amount for part-payment made within 20 months, if current outstanding is above Rs. 5 Lacs to Rs. 10 Lacs.
- A 3% of prepaid amount for part-payment made within 25 months, if current outstanding is above Rs. 10 Lacs to Rs. 15 Lacs.
- A 3% of prepaid amount for part-payment made within 35 months, if current outstanding is above Rs. 15 Lacs.
In case the Pre closure charges are lower than the Part Payment charges, then the preclosure charges will apply. Additionally, if it is nil then 1% Part Payment fee will apply.
Maximum of 25% of Part Payment is allowed in a year post completion of 12 months of the loan.
What are the charges applicable for the late payment of the monthly EMI?
Standard Chartered Bank would charge a fixed fee of Rs. 495 with an additional interest rate of 2% per month on the overdue amount.
Is there any concession offered on Standard Chartered Personal Loan?
There is a 50% discount on processing fee for online applications.
Can I change my repayment instrument? And what are the applicable charges?
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.
How can I repay my personal loan?
You can repay the loan in the following ways –
- ECS facility, click here to download the form
- PDCs in the name of Standard Chartered Bank.
- Direct Debit (only for Standard Chartered Bank Account holders). Click here to download the form.
Standard Chartered Bank Customer Support?
- 6601-4444 / 3940-4444 for Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, Pune .
- 6601-444 / 3940-4444 for Allahabad, Amritsar, Bhopal, Bhubaneswar, Chandigarh, Cochin / Ernakulam, Coimbatore, Indore, Jaipur, Jalandhar, Kanpur, Lucknow, Ludhiana, Nagpur, Patna , Rajkot, Surat, Vadodara.
- 011 – 39404444 / 011 – 66014444 for Gurgaon, Noida
- 1800-345-1000 for Jalgaon, Guwahati, Cuttack, Mysore, Thiruvananthapuram, Vishakhapatnam, Mathura, Proddatur, Dehradun, Saharanpur
- 1800-345-5000 for Siliguri
How to pay my personal loan EMI?
- Click here to go the Standard Chartered Bank Billdesk page.
How interest rate is being calculated on my personal loan?
Standard Chartered Bank calculates interest rate on daily reducing balance, which is charged on the monthly statement.
Current MCLR rate?
9.15% for one year
Can I avail Top-up on my existing personal loan?
Yes, you may avail Top-up after 6 months from the date of disbursal of existing loan.