Standard Chartered personal loans can prove to be a lifesaver if you are going through financial problems. Despite our sincere efforts to keep expenses under control, sometimes we have unavoidable financial obligations. If you don’t have sufficient cash, then looking for a loan is understandable. Standard Chartered Bank personal loan promises the quick release of the approved amount. Just apply loan online and get the required money in a few days. It helps people to arrange the much-needed cash for almost all essential bills and expenses. It’s time to know more about Standard Chartered loans in detail and consider their benefits.
Standard Chartered Online Personal Loan: Things You Need To Know
Standard chartered personal loan is well-designed financial assistance for all those people who are looking for instant cash. Just prove your eligibility for the loan and get funds starting from Rs 1 lakh to Rs 50 lakh. You can borrow the money for 1-5 years with fixed interest fees beginning from 11.99%. The processing fee of the loan is just 1% of the amount you get from the lender. With the help of this loan, it becomes possible for individuals to meet all financial commitments that demand hefty sums. So don’t worry if you have a specific financial responsibility and there is a shortage of funds. You can quickly meet all essential financial obligations with a Standard Chartered personal loan and lead a happy life.
What Are The Main Benefits of Standard Chartered Online Personal Loans?
A large number of credit borrowers in India submit their applications for Standard Chartered personal loans. Many of them become successful in getting the desired amount as a loan and meet all-important monetary requirements. Here are some essential benefits of this fantastic financial aid:
Attractive Schemes For Borrowers
Folks look for loans for multiple reasons. First, you must tell your requirement for money to the lender and discuss the possibility of personalized loan products as far as possible. Standard Chartered Bank is India’s most prominent and pioneering business band. It aims to fulfill the monetary requirements of a large number of Indian borrowers. Depending upon your specific needs, the bank offers you attractive loan schemes. You can take the desired money to finance marriage parties, renovate your home, pay hospital bills, and cover other necessary expenses.
Extended Repayment Period
Most people try to get a loan with an extended repayment period. It allows them to meet all essential financial obligations with great comfort. When you take a loan with prolonged repayment tenure, the bank divides the loan amount into equal EMIs. Every month, you get email and SMS notifications when the repayment date approaches. The bank will automatically deduct the repayment amount, including all applicable charges on the due date. Always keep in mind that extended repayment tenure helps you in many ways. Small EMIs don’t put additional pressure on your monthly budget. Even after making loan repayment, you have sufficient liquidity to meet all the essential needs of a particular month.
Standard Chartered Interest Rates: It’s Competitive & Fixed.
Standard Chartered interest rates start from 11. 99% and can go up to 15%. The loan’s interest rate depends upon the requested amount, the borrower’s credit score, employment condition, and overall monthly income. You must discuss it with the banker and get a loan package with the lowest possible interest fee. The good thing about Standard Chartered interest rates is that they don’t change during the repayment tenure. So, you can repay the loan without burning too much of your financial resources. If you make mistakes in loan repayment, the bank may apply additional interest fees on the borrowed amount. It may put extra pressure on your limited monthly budget. That is why timely repayment of the loan is a significant commitment that you shouldn’t miss.
Smooth Application Process
The ease of application for a loan is an essential factor that attracts people’s attention towards any loan product. You can apply for a Standard Chartered personal loan by visiting the nearest bank branch to use the Internet. The second method of application is quite popular among a large number of borrowers. Just open the website of Standard Chartered Bank and have a look at the loan product you want to take. It would be pretty helpful to gather information about the loan and calculate your requirement for the money. Then, navigate to the application section and fill an online application form with the required details.
You must check your application for all possible errors and missing information. Always keep in mind that Standard Chartered Bank doesn’t like applications with inaccurate information. Click the submit button to send your application to the banker. A team of specialists examine your application, verify details and invite you for further discussion. This is followed by the submission of documents, background checks, interviews, and other formalities. The bank may conduct several rounds of verification processes to discourage unlawful borrowing practices. You don’t need to lose your cool because of the strict verification process and background checks. It helps banks to issue loans only to suitable candidates. The approved loan amount is credited to your bank account once all formalities are completed.
No Requirement of Collateral or Guarantor
The placement of collateral or a guarantor lets credit lenders feel relaxed about the loan repayment. The general perception is that the borrower will repay the loan amount at the right time to save his assets from being seized by the bank. A borrower can take back his property by repaying the loan as agreed with the lender. In case of non-payment of the borrowed amount, the bank can confiscate the collateral to recover the unpaid loan amount. Always keep in mind that there is no such requirement with Standard Chartered instant loan. Meeting the eligibility criteria alone is sufficient to get the required loan amount from Standard Chartered Bank.
Top Up Personal Loan Is Available For Everyone.
If you have already taken a personal loan, You can take a top-up personal loan from Standard Chartered Bank if the requirement for additional cash emerges. The condition is that you must be paying your loan EMI as per the agreement and prove your eligibility for a top-up loan.
Standard Chartered Personal Loan Eligibility Criteria.
For Salaried People:
- Indian citizenship,
- Age- 23-58 years old,
- Monthly income- Minimum Rs 25,000 or more,
- Latest three month’s bank statements,
- The latest three months’ salary slips.
For Self-employed people
- Indian citizenship,
- Age- 22-58 years old,
- Proof of business continuity,
- Office registration and address,
- Tax returns, bank statements, etc.,
- Your business must be in running mode for a minimum of 2 years.
You can apply for the loan online and attach the document along with the application. Even if you apply for the loan offline, the bank executives will ask for a few copies to verify your details. It may include-
- Personal identity proof,
- Address proof,
- Income proof,
- Credit score papers.
The bank may demand additional documents if it is required during the verification and background checking process. So, you need to keep your record in ready-to-use condition.
Methods To Impress The Banker And Get The Desired Loan Amount.
Standard Chartered Bank is quite selective when it comes to issuing a new loan. However, its representative will take all possible steps to verify the people’s profile and ensure they give loans to the right person. So you must gather more information about the loan and make no mistake while applying for it. Here are a few tips which are pretty helpful in loan application and approval.
What Is An Ideal Loan Amount For You?
Before applying for Standard Chartered loans, all borrowers must ask this question to themselves. A perfect loan amount helps you meet all requirements in time and repay the borrowed money comfortably. Calculate your need for additional gas and evaluate the resources you will use for loan repayment. It will help you to choose an ideal loan amount with great ease. The Standard Chartered Bank offers Rs 1 lakh to Rs 50 lakhs under personal loans. It doesn’t mean that you should borrow a considerable amount of loans and waste all of them. You must take this loan only when there is an acute shortage of much-needed funds.
Do You Have Stable Employment And A Regular Monthly Income?
This is the second question -Standard Chartered Bank will ask when you apply for personal loans. As the loan is free from collateral placement, your employment and monthly salary credits matter a lot. The bank will give more preference to borrowers with stable employment conditions and regular monthly income. It allows them to deduct the loan amount when the salary is credited to your bank account. That is why they will look at the overall wage. They can easily find out how much loan amount you can quickly pay off.
Existing Debt Burden
It wouldn’t be wrong to say that middle-class salaried individuals never hesitate to take loans to buy the required stuff. The trend of taking a loan has become quite common these days. Therefore, when people apply for loans, the bank always looks into their profile. They examine the current debt burden on individuals. With Obtained data, Bank executives can easily conclude whether you can bear the responsibility of a new loan or not. If you are already submerged under the loan’s heavy burden, the bank might decline your request to issue a new loan. On the other hand, it may work in your favor if you reduce the existing debt burden before applying for a new loan.
Your Approach To The Loan Application
Your approach to the loan application also matters a lot when you engage with Standard Chartered Bank for personal loans. Many people in India submit their applications for loans in different banks and start dealing with the first caller. Always keep in mind that Indian banks have an integrated network. They can easily find out how many applications you have submitted for personal loans. Don’t involve in such malpractices as it affects the chances of loan approval up to a great extent. Study more about standard charted personal loans and apply for them with the right approach. Correct submission of information, and documentation, and close cooperation with bank executives helps executives process your application quickly. Please answer all questions asked by bank executives and never try to mislead them. If you apply for the loan correctly and meet the qualifying criteria, the bank will approve your application.
Your Credit Score
You must maintain a credit score of 650 to apply for a Standard Chartered loan. The bank will happily process your application if you hold a credit score somewhere close to 700. Always keep in mind that the bank will not compromise on this issue. If your credit score is below the qualifying criteria, it’s better not to apply for the loan.
Frequently Asked Questions
Standard Chartered Bank personal loans are pretty popular among credit borrowers. Many people have lots of questions regarding loan products offered by Standard Chartered Bank. Some frequently asked questions are detailed here below-
How Much Money Can I Borrow If I Apply For A Standard Chartered Online Personal Loan?
The bank offers Rs 1 lakh to Rs 50 lakh to meet almost all essential monetary requirements. Moreover, the bank will give you the loan amount under your budget and repayment potential.
Can I Get Any Benefit If I Hold A Bank Account With Standard Chartered Bank?
If you hold an active bank account with Standard Chartered Bank, it becomes easier for bank executives to process your application quickly. That can easily look into the bank database and evaluate your credibility as a borrower. If you meet the loan’s eligibility criteria, the bank may offer you the requested amount with flexible terms and conditions, extended repayment tenure, and lower interest fees.
How To Check The Status of My Application For Standard Chartered Instant Loans?
When you apply for the loan, the bank gives you a reference number. You can track the status of your application using that referral code. You can also log in to the Standard Chartered Bank online and see the progress of your application. If you don’t use the Internet, call the bank to know more about your application.
What Mistakes Do I Need To Avoid While Applying For The Loan?
People make a lot of mistakes while applying for a loan. Such errors often proved to be quite costly. The bank not only rejects your application for the loan but also blocks your profile. Incorrect data in the application form, submission of fake documents, low credit scores, and failure to complete any formality are crucial reasons behind your application’s rejection. Avoid these mistakes and increase the chances for the approval of your application.
What Is The Formal Procedure To Repay The Loan Before The Completion Of The Repayment Period?
Generate a request to the banker and give 28 days’ notification for it. You can settle the loan after paying 12 EMIs continuously. You need to pay 5% pre-closure charges to the bank. Repayment of the loan is suitable for both the bank and the borrower. The bank gets the loan and all applicable charges before the repayment period. Borrowers can make their credit score better with prepayment. It is always good to reduce the debt burden as soon as possible. It allows you to divert resources to fund more meaningful activities in your life.
For needy individuals, Standard Chartered personal loans are more than financial aid. With its help, they can borrow funds starting from Rs 1 lakh to Rs 50 lakh. Seeing your urgency for funds, bank executives quickly process your application and announce their judgment in a few days. Salaried and self-employed professionals can get Standard Chartered online personal loans and eliminate financial problems in a jiffy. Happy Borrowing.