Standard Chartered Bank Ltd. gives loans to individuals, satisfying its Standard Chartered Personal Loan eligibility criteria, to expand their business, wedding, family vacation, consumer durables, etc. According to market experts’ Standard Chartered Personal Loan review, it offers loan on easy terms and Standard Chartered Personal Loan interest rate. We, at money superbazaar, will talk of these factors, as well as its loan processing and competitive Standard Chartered Personal Loan rate of charges and other fees.

Standard Chartered Personal Loan Interest Rate:

Standard Chartered Personal Loan is offered on Standard Chartered Personal Loan rate, calculated on base rate, which currently stands at 8%, w.e.f. from December 21, 2010

A key feature to be noticed here that Standard Chartered Personal Loan interest rate varies with each individual borrower’s risk profile, creditworthiness or credit rating, repayment capacity, tenure premium and account-behavior.

However, Standard Chartered Personal Loan rate of interest cannot exceed 25% per annum.

Standard Chartered Personal Loan Eligibility:

Both salaried as well as self-employed individuals are eligible for Standard Chartered Personal Loan as has been stated in Standard Chartered Personal Loan eligibility norms on bank’s official website as well as in Standard Chartered Personal Loan review.

Quantum Of Standard Chartered Personal Loan:

Maximum amount of loan that can be sought is on following basis:

• Salaried Persons: Rs.30lacs
• Self-Employed Rs.10lacs

Procedure To Be Followed While Applying For Standard Chartered Personal Loan:

Along with filled-in application form, following documents have to be submitted, at your nearest branch:

a)       Identity Proof: Valid passport/ PAN Card/ Driving Licence

b)       Address proof: Life or Medical policy/ Valid pass port/ Ration card

No Securities as collaterals are needed, nor are guarantors required to avail of this loan.

Easier documentation and loan processing, vis-à-vis other banks, according to Standard Chartered Personal Loan review ensures client satisfaction. Existing personal account holders can top up with ease.

2% of the loan amount (maximum), is charged as processing fee. This coupled with documentation fees of rs.1500 will constitute upfront fees that will be deducted from loan amount at the time of sanction.

The upfront fee is not dependent on Standard Chartered Personal Loan rate, and is constant, for all who satisfy Standard Chartered Personal Loan eligibility criteria.

Loan will be approved within 4-7 working days, after getting relevant documents submitted.

Tenure Of Standard Chartered Personal Loan

According to Standard Chartered Personal Loan review, loan tenure ranges from 12 to 60 months, based on customer-profile.

Repayment Options Of Standard Chartered Personal Loan:

Repayment Options of EMIs, comprising of principal amount and interest calculated on Standard Chartered Personal Loan interest rate, can be done through various options, ranging from ECS, PDCs favouring Standard Chartered Bank or Direct Account Debits (only for existing Standard Chartered account holders.)

Default In Loan Payment:

Charges on EMI bounce 1^st time: Rs.350

Charges on EMI bounce 2^nd time: Rs.500

Pre-Closure Of Standard Chartered Personal Loan:

Pre-payment charges, to be paid by lenders, for loans disbursed after 30-09-2004 is at 5% on amount that is left outstanding.

Product Page URL:  you may visit following link at bank’s official website to know more:

http://www.standardchartered.co.in/personal/loans-mortgages/en/personal-loan.html

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