Standard Chartered Bank Personal Loan - Fees and Charges

Standard chartered bank decides the base rate keeping in mind, the cost of the current and savings account (CASA) along with the 6-9 months term deposit rate, and other factors which are common amongst all of the bank’s loan customers. The existing bank rate of the bank stands at 9.50% p.a.The bank, depending upon various factors such as the credit worthiness of the customer, the quality of the property being kept as collateral, nature of the applicant’s business and the risks involved in the operating sector, account behavior, relationship with the bank, costs and other related factors, decides the percentage of margin to be kept in between the variable rate of interest and the base rate. The margin may fluctuate according to the changes in these factors.

Services Fee and Charges
The bank levies certain service fee and charges against the loan that it issues. The list of Charges is given below:

  • Processing Fees: The bank charges a processing fee standing at the rate of 2.25% of the sanctioned loan amount, in case of new loans.
  • Prepayment Fees: The bank levies a prepayment fee standing at the rate of up to 5% of the original loan amount for all personal loans disbursed till 30th September 2004, and for all loans disbursed post 30thSeptember 2004, it charges a prepayment fee up to 5% of the original loan amount.
  • Late Payment Fees: The applicant must make sure that the EMI’s are paid well on time; otherwise the bank levies a late fee of Rs.495 per instance.
  • Interest on arrears: The bank charges an arrear fee standing at 2% per month.
  • Swap Charges: The bank charges a Swap fee of Rs.500 per instance.
  • Documentation and administration charges: In case of top up loans, the bank charges certain documentation charges standing at 2.5% of the net loan amount.

The above mentioned charges are exclusive of service taxes. Service tax of 14% will be charged over and above the mentioned charges.
However, the maximum interest rate cannot exceed 27% p.a.
The bank adopts a healthy repayment and prepayment facility. It ensures that the repayment of the loan is convenient for all the applicants. Hence, it has a proper schedule laid down for the same. The details for which are given below:
 Repayment:
The bank allows for the repayment of the loan by the ways of Equated Monthly installments (EMI’S). EMI’s are calculated on the basis of accrued interest and principal to be paid monthly at the specified date.

  • The installments are payable immediately after the disbursement of the loan, irrespective of the fact that whether the disbursed amount has been put to use by the applicant.
  • The repayment of the loans can be done through ECS, PDC’s or standing instructions on the applicant’s account.
  • The repayment of the loan has to be done on a regular basis in order to avoid late fee charges.
 
Loan Application

 

It is a type of unsecured loan and helps to meet your current financial needs. You don't need any security/collateral while availing it. Personal Loan is your solution for instant cash and can be used for travelling, wedding, medical emergency, home renovation, or anything else.

 

Home Loan is a Secured loan offered against the security of a house/property which is funded by the banks and NBFCs the property could be a personal property or a commercial one. Home loans consist of an adjustable or fixed interest rate and payment terms.

 

Loan Against Property belongs to the secured loan category where the borrower gives a guarantee by using his property as security. Banks and financial institutions offer this LAP, which can either be a residential/commercial building or a piece of land.

 

A Business Loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest. Banks and other financial institutions are there to provide you with suitable lending assistance.

Different Purposes for Personal Loan through LoanMoney

Marriages are made in heaven and its celebration is one of the happiest and memorable events for married couples and their families. Wedding loan is available to people looking to meet their wedding expenses in order to make the wedding a grand success.
Debt consolidation/ Financial Restructuring is a process to streamline one’s financial stability and debt. Thus by consolidating many small debts with one debt, one gets favourable payment off terms and lower burden of EMI.
Home is the place where your story generates. Home Renovation Loans are designed for the purpose of renovating a house and can be taken by a person who owns the property to be renovated.
A Medical Loan is extended by a bank or a financial institution under the category of personal loans. A medical loan can be used for multiple emergency purposes such as an operation, surgery, procedure, therapy or for any concern related to health.
The Education Loanaims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. Students enrolled in career-oriented courses e.g. medicine, engineering, management etc, can avail this.
Balance transfer is the process where a customer transfers his outstanding principal amount to another bank or financial institute primarily for a better rate of interest and also for better features. Balance transfer reduces your interest rates and finally ensure saving.
Travel loan is a kind of Personal Loan that you can apply while planning a travel. It can help to cover the costs associated with your holiday, such as airfares, accommodation, hotel fares, tour packages, travel gears/accessories, or any other type of expenses associated with your travel.
The Credit Card Payment Loan is designed to allow you to take control of your finances and pay your credit cards off faster. This is made possible by consolidating your high-interest card balances into one monthly payment at a fixed rate and term.

Disclaimer: LoanMoney is not a Loan Providing Organization. We are facilitating the Loan Process from various Banks & NBFC. The rate, eligibility criteria, term & conditions of various banks are subject to change as per bank discretion. We try our best to keep the data up-to-date, but we can't guarantee the accuracy of data provided in this site. LoanMoney help you to embark on your dream at the right time with many Banks/NBFC's Loan opportunities available! Follow a few simple steps to help LoanMoney team understand your requirements.

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