A personal loan is one of the most efficient and fast methods to fulfil your urgent financial needs. You can opt for a personal loan without any security providing you are fulfilling the required eligibility criteria. Among the available several lenders, Standard Chartered Personal Loan is one of the most popular ones from which customers can avail of the required loan amount without any worry. The reason behind so many people choosing this loan option as their first preference is its hassle-free application process, affordable interest rates, flexible tenure, etc.
As everyone knows that in the case of a personal loan, interest rates play a pretty crucial role. The higher the interest rates, the higher will be EMI amount i.e. repayment amount. The reason: EMI amount consists of a portion of principal amount and interest amount. Standard Chartered Personal Loan interest rates start from 11.49% per annum and depend on several factors such as applicant’s age, employment type, employment history, location, monthly income, and credit history. In this article, we will be telling you about the steps that you need to follow in order to apply for this loan, the features of this personal loan, etc. Do read to know more about it!
Steps to Apply for Standard Chartered Personal Loan
As we said earlier, Standard Chartered provides a simple and easy application process with which individuals can fulfill their fund requirements. We are showing the application process below. Have a look!
- First of all, you will need to visit the official website of Standard Chartered where you will see the section of the Personal loan. Here, you will see the ‘Apply Now’ button.
- On clicking this, you will be redirected to a page where you will need to fill in a few details such as your city of residence, availability of existing relationship with Standard Chartered Bank, employment Type, email ID, and mobile number.
- After filling in these details, you will go to the next section of ‘View Quote’ where you can get yourself to know about the interest rate, tenure, principal amount, and much more.
- In the last step, you will need to complete all the process by clicking on the ‘Apply Online’ by submitting your application.
- After submitting the application, representatives from Standard Chartered Bank will contact you regarding your Standard Chartered Personal Loan application. Once everything is assessed and you are eligible for the desired loan amount, you will get the same into your bank account.
What is the Standard Chartered Personal Loan Eligibility Criteria?
Before applying for Standard Chartered Personal Loan, it is important to understand what are the conditions that are necessary to be eligible for it. Well, we are showing them below. Have a look!
- An applicant should be between 22 and 58 years of age. It means an individual who is above 58 years of age cannot apply for this loan.
- Monthly income is one of the important factors that define your eligibility criteria. The net monthly salary of an individual should be greater than INR 22,000 per month.
- With the Standard Chartered Personal Loan, individuals can apply for a loan amount ranging from INR 1 lakh to a maximum of INR 50 lakh. However, the final loan amount will be decided by the bank after assessing the applicant’s monthly income.
- If you want to make a part prepayment of your outstanding principal balance before the fixed tenure, you can do it too. But it cannot be more than 25% of your overall outstanding balance in a year.