How Standard Chartered Personal Loan Interest Rate Is Determined?

To get rid of your financial problems you can apply for a personal loan from Standard Chartered Bank, it offers you a loan up to INR 30 lakh with an attractive rate of interest. You can manage your wedding expenses, medical costs, etc. using Standard Chartered personal loans. The loan interest rate is starting from 10.99% and depends on the individual income, credit history and CIBIL score. To compute your total payable interest rate you can use the Standard Chartered Personal loan EMI calculator. To know about the loan benefits and charged interest rate read the given article. 

Why is the standard chartered personal loan interest rate high when you have a low income?

Personal loans are unsecured loans and can be charged with a higher rate of interest if the applicant doesn’t meet the eligibility criteria. You get a high-interest rate on borrowed amount when your monthly income is low, you can balance meet the minimum income by adding a co-applicant. Because it can increase your loan capacity and the loan interest rate is also lowered on the borrowed amount. The co-applicant must have a good flow of income and a strong CIBIL score. A healthy CIBIL score makes you more reliable for the loan amount and if you have a high CIBIL score then you can negotiate for lower Standard Chartered Personal Loan Interest Rate

Use Standard Chartered Personal Loan EMI Calculator and compute interest rate

The customer gets access to the EMI calculator using which they can calculate their equated monthly loan installments and annual interest rate on the loan amount. To use the calculator you just need to mention a few details such as loan amount, interest rate and repayment duration. And your loan EMI and interest rate would be generated within a second. For instance, if you have borrowed a loan amount of INR 25 lakh at an interest rate of 11.25% for 5 years then the estimated EMI would be INR 53,117. You also get a waiver on your last EMI if you successfully pay your loan EMIs on time without any due charges.  

Submit  a processing fee and few documents and get Standard Chartered Personal Loan

You can apply for the loan by visiting your nearby Standard Chartered Bank branch or using its internet banking services. So, choose any application method whichever suits you the best and get the desired loan amount at a lower Standard Chartered Personal Loan Interest Rate. you make the payment of the loan amount and applied interest rate using ECS, NACH, PDCs or auto-debit payment methods. 

But, first need to complete the application process by submitting a few documents such as Aadhar card, PAN card, Driving License, salary slip, ITR report, bank statement or form 16. When you submit the required documents then you need to pay a processing charge for the loan amount that is 3% of the borrowed amount. You get a message on your registered mobile number regarding the loan approval and sanction. Now, pay your debts and manage payments of your medical expense and education funding with Standard Chartered personal loans.