Financial problems take place in the life of almost all individuals. Sometimes, you don’t have sufficient cash, but unavoidable financial commitments knock at your door. For example- failure to arrange extra funds can lead to the loss of previous lives if one of your relatives is critically ill & need intense treatment care to get well soon. In the same way, lack of ample funds can postpone a marriage function & you may become a laughing stock for others. SCB personal loan promises the quick availability of the required funds during unfavorable situations. You get an adequate amount of money through this financial scheme. Therefore, you can meet all the necessary needs and lead an everyday life as usual.
Standard Chartered Bank has been meeting the monetary requirements of many people worldwide since the 1800s. The Bank operates in almost 70 countries of the world and has 1700 branches across the globe. It is a global Bank that aims to help people during unfavorable situations by offering them customized loan products. A standard chartered bank loan is a highly beneficial aid for financially troubled Indians. The Bank promises eligible candidates to provide cash from Rs 1 lakh to Rs. 50 lakh. The period of the loan is 1-5 years. The good thing is that the Bank doesn’t keep a close eye on the use of the borrowed money. So, you can call it a multipurpose loan. Individuals can use the funds to meet all necessary needs. The loan is available with a fixed interest fee which is 11%. Sometimes, the interest charges may go up to 15%. It depends upon person to person and other associated factors. It’s possible to close the loan before the repayment period. You can request the preclosure of the loan after one year. The Bank will ask for the pre-closure charges, 2% of the principal outstanding amount plus GST.
Important For All Borrowers: Determine Do You Need Standard Chartered Bank Loan?
All borrowers should mull over the possibility of taking an SCB loan. Are you fully aware of the loan product and its benefits? Gaining knowledge about a particular loan and its overall impact on your financial life in the coming days is very important. If you have an urgent need for money, only then apply for a SC bank personal loan. Please make yourself familiar with all terms & conditions of the loan and examine its usefulness in your case. If possible, seek unbiased advice from independent loan experts & decide to take a loan.
Loan Application & Acquisition: Step-by-step- Instructions For Borrowers
You need to put your heart and soul into applying for a Standard Chartered Bank personal loan and get the desired amount. The Bank is quite selective when they review the applications of many borrowers and decide the suitable candidates. Therefore, follow the below-mentioned instructions to apply for the loan and increase the chances of the approval of your application.
Standard Chartered Loan Eligibility: Prove You Are A Worthy Candidate.
First of all, applicants need to meet the qualifying criteria by fulfilling the following terms and conditions:
Eligibility Criteria For Salaried People
- Indian citizenship,
- Age-23-58 years,
- Stable Employment with central or state government, company, firm, or any recognized organization,
- Monthly salary- Rs 25000 or more,
- Details of the latest three month’s salary and
- An active bank account and the latest 3-month account statement.
Eligibility Criteria For Self-employed Individuals:
- Company Registration papers,
- Age-22-58 years,
- Office Address (verifiable),
- Details of your ownership and business continuity documents (at least for two years continuously),
- Details of current bank account deposits and withdrawals and
- Income Tax returns, GST TIN Number, Audit papers, etc.
Borrowers need to get the minimum qualifying score to get approved for the loan and receive the requested money. The qualifying score consists of several parameters. If you don’t achieve the minimum qualifying criteria, the Bank may reject your loan application.
Before applying for a loan, you should arrange documents related to your identity, residence, utility bills, bank account, credit score, employment, etc. The presence of all the required documents helps the Bank executive process your application quickly and verify all details mentioned in the application form. However, never use bogus documents in the loan application. By using fake documents for loan applications and acquisitions, you always remain in the line of fire. That Bank will reject your application during the background check process. Moreover, you may face legal consequences if the loan is issued against your name on bogus documents.
A Brief Overview of Your Credit Score
The credit score is one of the most important qualifying criteria for any loan. It’s a detailed overview of the transactions made by borrowers in the last ten years. It allows the banker to know people’s behavior concerning loans. The Bank can know the previous loans a borrower took, repayment details, pending EMIs of any loan, and the overall credibility of a person. You need to maintain a minimum credit score of 650 to qualify for a Standard Chartered Bank personal loan. Having a bad credit score is quite disappointing for anyone. The Bank will not approve your application if you happen to be a bad credit borrower. It doesn’t trust your repayment capability and always fears losing the loan amount.
Loan Application: Online Vs. Offline
The overwhelming number of Indians don’t use the internet in their day-to-day affairs. They love to visit the nearest branch of the Bank to apply for a loan. During the first interaction with the bank manager, you need to tell your requirement for the loan. The bank manager will let you know more about Standard Chartered loans. He will also tell you about the terms and conditions of the loan product and the cost of borrowing it. Once you have gained sufficient knowledge about the loan, submit your details to the banker using an application form. The application must carry all the details about you as a loan applicant. It must not contain any false information.
A team of executives will verify your details and take further steps accordingly. In the offline method of the loan application, you need to revisit the bank to complete different formalities. For this, you will have to take a break from daily life activities and devote more time to the Bank. That is why the growing number of Indians choose the internet to apply for Standard Chartered personal loans. You can get more information about the loan by visiting the website of Standard Chartered Bank. Independent loan experts also help you in this regard. Submit your application for the loan digitally on the Bank’s website and wait for results. The key to a successful application is that you shouldn’t make silly mistakes while applying for a loan. The online application method is characterized by convenience, privacy, the safety of sensitive data, etc. You can submit your application for the loan at any time and from any location. The Bank may call you in the next 8 to 10 days for further discussion and other formalities.
Verification of Data, Background Checks, And Interviews
Get ready for data verification, background checks, and interviews when you apply for a loan. Standard Chartered Bank always wants to give personal loans only to the right people. That is why it will verify the supplied data and conduct background checks. These two formalities allow the bank to sort out suitable applicants from a large number of borrowers. In addition, the Bank conducts interviews to evaluate your requirement for the loan and make a decision accordingly. These formalities help Standard Chartered Bank to reduce the risk associated with credit lending. Furthermore, they ensure that they give the loan only to eligible candidates who can repay it as agreed.
Loan Release, Use & Repayment
Usually, Standard Chartered Bank may take 8 to 10 days to process your application for the loan. Nevertheless, the processing of your application depends upon the total number of applicants in a particular week or a month. Generally, out of 100 applicants, 77 face rejections from the Bank due to multiple reasons. If the bank approves your application, the approved fund will be credited to your bank account in the coming days. You can withdraw the money and meet all essential expenses in one go. It’s totally up to you to use the loan amount as per your requirement. Standard Chartered Bank doesn’t interfere when it comes to using the loan amount. Repaying a loan is easier if you have requested the Bank to activate automated repayment on your account. The repayment amount is automatically deducted from your bank account and sent to the banker digitally.
Sc Bank Personal Loan: Key Features & Benefits
SCB loans are prevalent among a large number of Indians who borrow funds regularly. Let’s discuss some essential benefits of Standard Chartered Bank personal loans:
You Can Get A Considerable Loan Amount Every Time
There are many financial commitments which demand instant cash injections in large quantities. Small loans available in the Indian market are not fit for such needs. By applying for Standard Chartered loans, applicants can get funds from Rs 1 lakh to Rs 5000000. So you don’t have to beg for financial help in case of sudden cash emergencies. Just take a loan from Standard Chartered Bank and bring your economic life back on the right track.
Standard chartered personal loan interest rate: It’s Fixed Throughout The Repayment Tenure.
The interest rate applied on loans is a cause of concern for all borrowers. The less it is, the more relaxed borrowers are. The more it is, the fewer borrowers will take a loan. The interest rate on Standard Chartered Bank personal loans starts from 11.00%. You must hold an active bank account in Standard Chartered Bank to get some relaxation in the interest fees on the borrowed amount. The loan amount, credit score, and income status impact the rate of interest on loans. Communicate with the banker regarding the interest rate and take all possible steps to get a loan with a low-interest charge.
No Collateral Requirement
Standard Chartered personal loans are free from lateral placement criteria. However, applicants must engage in employment and receive a regular monthly income to be eligible for the loan. Almost all salaried and self-employed individuals can apply for the loan and try their luck to obtain the required amount of money as a loan. For Standard Chartered Bank, your income from Employment or self-employment works as a guarantee.
Top-up loans are beneficial for those who have already taken a loan and need some extra cash. You can get a top-up loan from Standard Chartered Bank up to 75% of the total amount of the existing loan. The procedure of this loan is relatively straightforward. Just generate a request for the loan and complete a few formalities.
Frequently Asked Questions
Why Should I Apply For Standard Chartered Bank Personal Loans When Other Banks Offer The Same Loan Package?
In India, numerous banks offer personal loan products to a large number of people. Standard Chartered Bank personal loans stand out from the crowd because of their excellent benefits. You can get funds up to Rs 5 million for a maximum of 5 years without placing any collateral against the loan. The Bank doesn’t question the purpose of taking personal loans. So you can use the money to finance emergency and essential financial requirements. Simple application procedures, transparency in loan processing, quick release of funds, and convenient repayment option are the main benefits of taking SCB loans.
What Are The Benefits of the Preclosure of The Loan?
The idea of preclosure of the loan is not new in India’s market. There was a time when people preferred to take a loan with extended repayment tenure. But the perception has changed a lot in recent years. Now, people want to get rid of the loan as soon as possible after meeting the paramount financial commitment. Repaying the loan before its tenure can make your credit score stronger and win the trust of financial institutions in the future. Standard Chartered Bank permits you to close the loan after one year of its approval. It will demand a pre-closure charge which is 2% of the outstanding loan and GST.
What Is The Ideal Credit Score Which Makes Me Eligible For Standard Chartered Loans?
Applicants need to maintain a minimum credit score of 650 or more than it to get approved for the loan
Is It Possible To Postpone My Upcoming EMI Because of The Shortage Of Cash?
Standard Chartered Bank instructs all borrowers to make the timely payment of the loan. However, people have a shortage of cash in a particular month. In such a case, they can request the Bank to adjust the EMI at a later date. For this, the Bank will ask for fees. Therefore, never skip any EMI on your own as it amounts to non-payment of the loan. The Bank can impose penalties against you for this unprofessional behavior.
What Are The Ways To Know The Status of My Application?
You can log in to your account and see the status of your loan application. Calling the banker may also help you to get the same information. When you apply for the loan, you get a reference number. It is quite helpful in tracking the application status and taking the necessary action accordingly.
SCB personal loan is a lifesaver for many Indians when they are totally out of cash. Financial emergencies necessitate the temporary arrangement of funds. You can’t skip it as doing so can cause colossal damages. Can get a standard chartered bank loan in a few days (thanks to easy application, simple documentation, and fast processing) and say goodbye to all monetary difficulties and have the liberty to take a personal loan online from Rs 1 lakh to Rs. 50 Lakhs & cover all expenses with ease.