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Make your dreams come true with our Personal Loans.
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Personal Loan is a quick and easy way for you to access extra cash when you need it. You can get the funds you require (and are eligible for) as an unsecured loan availed on fixed terms, with each repayment going towards repaying both the interest and the principal. Standard Chartered Personal Loan features a simple pricing structure that supports our belief in ‘easy to understand’ banking.
A ‘secured’ loan is secured against an asset, usually property. An ‘unsecured’ loan is where there is no asset offered as security. The best examples of ‘unsecured’ loans are Personal Loans and Credit Cards.
A fixed interest rate loan has an interest rate that stays the same for the full loan term. For example, your fixed interest rate Personal Loan repayments will not change due to interest rate changes throughout the life of the loan thereby giving you greater control over your monthly budget.
You can apply online and get an instant in-principle decision in minutes. A Bank representative will get in touch with you once you have submitted your application online successfully to complete the documentation requirement if applicable. You can expect the loan to be disbursed, subject to final Policy and verification checks of the Bank, within 7 days from the time you submit your documents and signed application form, although it may take longer in some cases.
The loan amount will depend on various factors like your income, credit history, etc.
You can avail of loans ranging from INR 1,00,000 to INR 50,00,000 depending on your eligibility, income and repayment capacity.
The loan can be repaid over a period of 12 to 60 months. Tenors are only available for select profile of customers.
No security, collateral or guarantors are required for obtaining a personal loan.
The repayment is done through monthly EMI – Equated Monthly Installments, which comprises of both principal and interest components.
EMI is paid monthly by registering a repayment mandate – NACH. Basis the mandate registration between Standard Chartered bank and the beneficiary bank the EMI gets deducted monthly from the mentioned account.
Credit rating is a method most lenders use to assess whether your request for loan can be accommodated. We’ll rate the information you provide on the application form together with other factors such as your employment history and how you manage other accounts with us, if any. We also use other information from Credit Information Agencies such as CIC, who keep records on your borrowing and payment habits. This includes details on how much credit you have outstanding as well as information on how many missed or late payments you may have made.
You can use a Personal Loan for any purpose such as, home improvements, planning your dream wedding or tidy up your finances with a balance consolidation loan. However, as per RBI regulations, you are legally bound not to utilize the Loan for any antisocial, unlawful, or speculative purposes. Nor should you use the loan funds for purchase of gold in any form, including gold bullions, gold coins, gold jewellery, gold exchange traded funds, and gold mutual funds.
Interest is calculated on the unpaid daily balance of your loan and is charged to the loan monthly. The interest rate applied each day is equal to your annual interest rate at the time, divided by 365/ 366 as applicable.
A Top up Loan allows you to access additional funds after you have availed your first loan with Standard Chartered bank subject to meeting the policies.
Outstanding balance is the total amount you have remaining on your Personal Loan at a specific given time, excluding accrued interest and fees.
Yes, once your personal loan is approved a processing fee of upto 2.25% of the sanctioned amount can be charged. For more details please refer to the Schedule of charges on our Personal loan page
Yes. You can pre-pay your Personal Loan. You have two options to make a pre-payment –
Full Pre-payment – You do a Full Pre-payment by settling the entire loan outstanding in one single payment.
Partial Pre-payment – If you opt to make partial prepayment of your outstanding amount, it is a Partial Pre-payment. To make prepayments in full or part, you need to call our phone banking.
