Standard Chartered Bank Personal Loan - Frequently Asked Questions

What are the purposes for which Standard Chartered offers personal loan?

Standard Chartered offers personal loans for various requirements such as buying your dream car, exploring the world, celebrating a grand occasion like wedding, educational needs etc.

What is the minimum amount of personal loan Standard Chartered offers?

The range of Standard Chartered personal loan starts from Rs.1,00,000 and goes up to Rs.30, 00,000 based on your income, eligibility, and repayment capacity. The minimum amount of loan is Rs.10 lakhs for entrepreneurs.

hat is the maximum amount of personal loan Standard Chartered offers?

Standard Chartered offers maximum Rs.30 lakhs as personal loan for salaried individuals.

What is the interest rate for Standard Chartered personal loans?

The interest rate of Standard Chartered personal loans start from 12.% and goes up to 16.00% on a monthly reducing balance basis.

Does Standard Chartered charge additional amounts besides interest rates for personal loans?

Yes, you will have to pay a minimum processing fee of 3% on the loan amount to the bank. There are documentation charges which will be deducted from the loan amount at the time of disbursal.

Does Standard Chartered personal loan require any security, collateral or guarantors?

No. To avail Standard Chartered personal loan, you don’t have to provide any security, collateral or guarantors.

For how long, does Standard Chartered offer personal loan? What is its tenure?

Standard Chartered offers personal loans for long tenures. You can repay the loan over a period of 12 to 60 months. However, loan tenures differ from customer to customer.

How many days does Standard Chartered take to approve a personal loan?

Generally, Standard Chartered takes 4-7 working days to disburse your loan after the receipt of the required documents.

  • Can I check my Standard Chartered personal loan status online?
  • Where do I get an Standard Chartered personal loan application form?
  • Can I get my Standard Chartered personal loan statement online?

Yes, you can download your personal loan statement online form Standard Chartered.

What do you mean by an e-Statement?

E-Statement means the electronic version of loan statement. You can view and download it online and get it printed when required.

Do I need to open an account with Standard Chartered to apply for its personal loan?

Opening an account with Standard Chartered is not mandatory to avail a personal loan. However, Standard Chartered may encourage you to start a banking relationship with it which will help you to enjoy a host of value-added services.

Am I eligible for special interest rates, if I have an account with Standard Chartered?

Yes, you will get special interest rates if you are an existing customer of Standard Chartered. Your application will be processed on priority with nominal documentation.

Does Standard Chartered charge any processing fee on its personal loans?

No. Standard Chartered charges no processing fee for personal loans.

Does Standard Chartered charge any prepayment fees?

Yes, you can pre-close your personal loan by paying a pre-closure charge of 5%. You can pre-close your loan at any time after completion of 12 EMIs. However, you have to give a 21 day notice to the bank.

How can I apply for a Standard Chartered personal loan?

Applying for a personal loan from Standard Chartered can be done through the following methods:

  • Calling the Standard Chartered phone banking number
  • Writing in with a request to the bank’s customer care centre
  • By visiting the nearest Standard Chartered branch

How much can I avail if I apply for a Standard Chartered personal loan?

Customers can apply for personal loans ranging from a minimum of Rs 1 lakh to a maximum of Rs 30 lakhs. However, this is subject to the customer’s eligibility, his or her income, the customer’s capacity to repay the loan.

What is the interest rate offered by Standard Chartered for personal loans?

Standard Chartered offers interest rates starting from 12% rising up to 16% on a monthly reducing balance basis.

What is the tenure of a Standard Chartered personal loan?

In general, Standard Chartered offers personal loans with a loan repayment period of 12 months to 60 months. However, this could be increased for customers with a select profile.

What are the additional charges that I could incur if I avail of a Standard Chartered personal loan?

The bank charges a standard processing fee of 3% of the loan amount, which is to be paid at the commencement of the loan. Documentation charges are also applicable during this time, and both these fees and charges are deductible from the amount of the loan at the time of disbursal.

How quickly can I expect my personal loan to get approval?

Once the bank receives the required documents from your end your loan is likely to be rolled out within 4 - 7 business days.

Do I have to provide any security, collateral or guarantors in order to apply for a Standard Chartered personal loan?

No. No security, collateral or guarantors are required to be presented while applying for a Standard Chartered personal loan.

What are the documents required to apply for a personal loan from Standard Chartered?

It is mandatory that the following documents are presented to apply for a Standard Chartered Personal loan:

  • Completed application form with a recent photograph
  • Identity Proof (Passport copy, PAN Card, Driving License, Voter ID, Ration card)
  • Proof of age
  • Address Proof (Passport copy, Telephone bill, Ration card, Electricity bill, Driving license, Rental agreement etc)
  • Bank Statement
  • Income Tax returns
  • Processing Fee cheque

Additional documents may be required at the bank’s behest.

Can I use my personal loan to make investments?

No. The personal loan must only be used for the purpose you have mentioned in the loan application. The loan amount cannot be used for the purpose of investment.

What are the repayment options available to me?

You can make repayments towards the loan through a variety of options such as ECS, PDCs or Account Debit.

How will Standard Chartered disburse the loan to me?

Standard Chartered will disburse the loan to the customer in any of the following ways:

  • By depositing the loan amount in the nominated account
  • The loan amount may be disbursed by cheque should you request it. However, the cheque may only be valid for the period specified by the bank. In the event the cheque is not cashed, instalments towards the loan are still payable by the customer

Is top-up facility available on this personal loan?

Yes. Standard Chartered allows for top-ups on its personal loans

What are EMIs?

EMIs stand for Equated Monthly Instalments, which are made up of both principal as well as interest components

How can I calculate my EMIs I have to pay on my personal loan?

You can visit the Standard Chartered official website and use the EMI calculator to ascertain the EMIs you will have to make to repay your loan.

Can I make repayments via post-dated cheques?

Repayment by post-dated cheques is possible provided the following conditions are met:

  • You must provide the bank with post-dated cheques in the bank’s favour for an amount equal to each instalment amount
  • The cheques must be replaced by you should the bank request you to do so

What happens if I am unable to make the repayments?

If you are unable to make payments towards your instalments on or before the relevant due date then:

  • The loan plus all accrued but unpaid interest plus any other sum due to the bank is immediately due and payable
  • The bank will charge you a fee as set out in the tariff sheet or elsewhere in the banking agreement

Is pre-payment facility available on Standard Chartered personal loans?

You may pay out the loan before it reaches maturity under the following conditions:

  • 12 months have lapsed after drawdown of the loan
  • The bank is notified in advance in writing
  • You prepay 21 banking days after submitting the written notice
  • Prepayment is made in accordance with an early prepayment quote given by the bank
  • When making prepayment, all accrued by unpaid interest, fees and charges in connection with the loan will also have to be paid
  • If prepayment is made by cheque, the prepayment takes effect only when the cheque is cleared.

What if I decide to cancel the loan?

The loan may be cancelled as per your discretion provided you notify the bank with an advance notice in writing. However, Standard Chartered reserves the right to charge you a cancellation fee.

What are the additional services I can avail of if I apply for a personal loan through Standard Chartered?

There are a number of additional services that may be offered to you such as:

  • Balance transfer programmes
  • Funds transfer programmes
  • Any other services available throughout the year

Please note that signing up or option for any additional services is dependent on your acceptance of the terms and conditions tied to these additional services.

Is it possible to make repayments through an account with another bank?

Yes. Repayments towards the loan can be made through an account with another bank provided the following conditions are met:

  • You will be required to ensure a payment arrangement with the other bank is made wherein the exact instalment amount is transferred to your personal loan account on the relevant date. Proof will also have to be provided to the bank that such transactions are taking place
  • You will be required to provide Standard Chartered with the authority to debit the repayment amount from the account you hold with the other bank
  • Should the bank so request, one or more signed undated cheques will have to be provided in the favour of Standard Chartered with no amount entered, to be drawn as per the discretion of the bank

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