Thursday, November 3, 2016

Personal Loan FAQ for Salaried employee in Standard Chartered bank India

What are the minimum and maximum loan amounts?

You can avail of personal loans ranging from Rs 1 lakh to 30 lakhs depending on your eligibility, income and repayment capacity.

What are the options for repayment tenures?

The loan can be repaid over a period of 12 to 60 months.

Are there any additional charges?

A processing fee and requisite documentation charges are payable upfront. This fee will be deducted from the Loan amount at the time of disbursal.

How much time will it take for my loan to be approved?

Your loan will be disbursed within 4-7 working days post receipt of the required documents. Loan sanction and disbursal is at the sole discretion of the bank.

Do I have to provide any security, collateral or guarantors?

No security, collateral or guarantors are required for obtaining a Personal Loan with Standard Chartered Bank.

What is EMI?

EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components.

How do I repay the loan?

You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility, post-dated cheques favoring Standard Chartered Bank or a direct account debit (only for Standard Chartered Bank Account holders).

Can I repay my loan earlier?

You can re-pay your loan with preclosure charges of 5% anytime after completion of 12 EMIs by giving the bank a 21 day notice.

Do I need to open an account with Standard Chartered Bank for availing and/or servicing the loan?

Opening an account with us is not mandatory to get loan in standard chartered.

Do I get special privileges as a Standard Chartered Customer?

As a Standard Chartered Customer, you will be offered special interest rates, asked for minimal documentation and your application will be processed on priority. You can also pay your EMI through standing instruction to debit your account.

How does Standard Chartered Personal Loan benefit me?

Standard Chartered offers a Personal Loan for any of your personal requirements. You can use it for your child's higher education, purchasing consumer durables or a personal computer, a car or a two wheeler, to meet the expenses of family functions, to go on a vacation, to consolidate your expensive debt into a cheaper debt - or just about any personal payment requirement!

Who can apply for Standard Chartered Personal Loan?

All resident individuals meeting our criteria can apply for a personal loan with Standard Chartered Bank.

I am an existing Standard Chartered Personal Loan customer. Can I get an additional loan amount?

Yes, you might be eligible for an additional amount if it has been 6 months or more since you have availed of your loan. To find out if you are eligible, please apply online and let standard chartered advisor call you.

How can I apply for Standard Chartered Personal Loan?

Its simple! Go to standard charted official website and select Personal loan option. Fill in your details in the  form and let our advisors call you and help you with your needs.

How much would I need to repay each month?

At the time of booking of your loan, the EMI (Equated Monthly Installments) is calculated based on the loan amount sanctioned, interest rate and tenure.