Standard Chartered Bank Personal Loan
Standard Chartered Bank provides personal loans starting at 11.49% per annum for loan amounts up to 50 lakh with a repayment tenure of up to 5 years. These loans are unsecured, meaning they do not require collateral or a guarantor, making them accessible to a wider range of borrowers. However, this will attract higher interest rates as compared to secured loans. It's important that you always carefully consider your financial situation and compare different loan options before making a decision.
Features of Standard Chartered Bank Personal Loan
Online application
You can directly apply for a personal loan through the Standard Chartered Bank website. You do not need to be an existing customer of the bank to apply for the loan. Hence, you can save a lot of time by skipping the bank visit and completing the online application with the comfort of your home.
EMI waiver
You can avail a waiver on your final EMI for personal loan tenures of 3, 4, or 5 years.
Processing fee discount
You can avail a 50% discount on the processing fee when you apply for the personal loan through the bank’s website.
No collateral required
You can apply for a Standard Chartered Bank personal loan without a collateral or a guarantor. However, you must realise the fact that this will attract a higher interest rate against your personal loan.
Minimal documentation required
You can get a personal loan from Standard Chartered Bank quickly as the bank requires minimal documentation as part of your application process.
Standard Chartered Bank Personal Loan Details
| Interest Rate | 11.49% p.a. onwards |
| Processing Fee | 2.25% |
| Loan Tenure | 1 to 5 years |
| Loan Amount | Rs.1 lakh to Rs.50 lakh |
| Credit Score | 750 and above |
| Lowest EMI per Lakh | Rs.2,199 |
| Pre-Payment charges | Up to 5% of the principal amount |
Source: Bankbazaar
Standard Chartered Bank Personal Loan Fees and Charges
Standard Chartered Bank Personal Loan Eligibility
- Age: You need to be between the age of 22 to 58 years old in order to be eligible for the personal loan. If you are able to meet other criteria but fail to meet the age criteria, then automatically you are bound to be ineligible.
- Income: You need to have a minimum income of Rs. 22,000 in order to be eligible for the personal loan. However, you also need to be aware that in some cases, you may even be asked to have a minimum income of Rs.25,000 per month.
- Credit score: Your credit score is an extremely important part of your eligibility criteria for the personal loan. You are mandatorily required to have a minimum credit score of 650 in order to apply for the personal loan. A credit score of 700 or above is considered to be a healthy score and may help you to get a personal loan at a lower interest rate.
- Employment type: You are eligible to apply if you are a salaried or a self-employed individual. However, your income and company's reputation will also be carefully considered by the bank.
- Debt-to-income ratio: It is preferred if you do not have debt crossing 50% of your overall income
Standard Chartered Bank Personal Loan Documents Required
Your documents are extremely important in your personal loan application process. Hence, make sure that you keep a note of all the required documents and keep them available during the documentation process. Identity proof: (any one of the following)- Aadhaar card
- Passport
- Voter ID
- Driving Licence
- PAN card
- Electricity Bill
- Telephone bill
- Ration Card
- Rental agreement
- Passport
- Latest Salary Slip
- Bank Statements for the last six months
- Employment Letter
- Income Tax Returns (ITR) for the last two years
- Profit and Loss Statement
- Bank Statements for the last six months
Standard Chartered Bank Personal Loan EMI Calculator
Calculating your EMI manually can be a tedious task and often lead you to miscalculations. If you are not able to decide which loan amount will be most suitable for your pocket and want to try different combinations of loan amount, interest rate and tenure, then you should consider using a Standard Chartered Bank Personal Loan EMI calculator. By just entering the loan amount, tenure and interest rate, you can get access to a detailed overview of your EMI and then accordingly make informed decisions on the loan amount you would like to apply for.
Standard Chartered Bank Personal Loan Interest Rates vs Other Bank Loan
Banks/NBFCs | Interest Rates(p.a.) |
City Union Bank | 14.35% onwards |
Deutsche Bank | 11.00% onwards |
DBS Bank | 10.99% onwards |
Dhanlaxmi Bank | 13.30% onwards |
Karnataka Bank | 13.43% onwards |
Karur Vysya Bank | 13.15% onwards |
Jammu and Kashmir Bank | 12.20% onwards |
Punjab and Sind Bank | 11.25% onwards |
Abhyudaya Bank | 13% onwards |
HSBC Bank | 9.99% onwards |
IIFL | 12.75% onwards |
HDBFS | 10% onwards |
IOB | 10.85% onwards |
Ujjivan Bank | 11.49% onwards |
UCO Bank | 12.45% onwards |
Nainital Bank | 12.50% onwards |
South Indian Bank | 12.85% onwards |
Bank of Maharashtra | 10% onwards |
RBL Bank | 18% onwards |
SMFG | 13% onwards |
Note: Readers are advised to check the relevant bank's website for the latest updates.
Source: Paisabazaar; rates as of 21 October 2024
Standard Chartered Bank Personal Loan FAQS
How can I contact Standard Chartered Bank for a personal loan query?
You can contact Standard Chartered Bank using options provided by the bank: you can contact the 24-hour Customer Care Helpline, use the "help" option on the website, or visit any of the bank’s branches in person.
Am I eligible for a Standard Chartered personal loan if I am not an existing customer?
Yes, it is not mandatory for you to be an existing customer in order to apply for the personal loan. If you wish to apply for a personal loan from Standard Chartered Bank, you can easily apply online or visit a branch and submit your application.
How quickly is a Standard Chartered Bank personal loan disbursed?
Standard Chartered Bank personal loans usually get approved and disbursed within a few hours as soon as the verification process is completed. However, this process may get delayed by 1-2 days in some cases. If you are a pre-approved customer, the processing time is often faster.
Can I avail a top-up on my Standard Chartered Bank personal loan?
Yes, you can opt for a top up on your Standard Chartered Bank personal loan, if you are able to meet the bank’s requirements and conditions. However, various factors are considered by the bank before granting you a top up.