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Mini Guide To Get Standard Chartered Bank Loans

Standard Chartered Bank provides a wide variety of loans – home loans, personal loan, and credit facilities that are tailored as per the customer need at different stages of life. Customers can apply for the loan online or at the branch. To apply for the loan click on the Borrow tab at the home page. Select the type of loan required and click on the Apply Now button. Follow the steps as suggested to obtain a decision on the eligibility for obtaining the loan. The best part of applying for loans online with Standard Chartered Bank is you can save up to 50% on the processing fee unlike banks such as Punjab National Bank which charges same processing fee whether you apply online or offline.

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Standard Chartered Bank (SCB) Personal, Home & Business Loans

Standard Chartered Bank provides personal loans that can be used for various purposes such as celebrate a marriage, purchase gold, furnish the house and other personal reasons. This bank also provides great offers on SCB Credit Cards to their valuable customers. Both salaried and self-employed individuals are eligible to obtain the personal loan. The minimum and the maximum amount of personal loan that can be obtained ranges from Rs.1 lakh to 30 lakhs based on the income, repayment ability and the eligibility of the customer. The loan payment tenure varies from 1 year to 60 months. Loan processing fee of 2 percent has to be paid before the loan is sanctioned. Generally, the processing fee will be deducted from the loan amount that is given to the borrower. An interesting feature of Standard Chartered Personal loans is the loan approval process is simple and quick. After providing the required documents, the loan is sanctioned within 4 to 7 working days. The loan can be obtained without requiring to provide any security or a guarantor has to sign the loan document. Personal interest rates start from 11.99% which is similar to other banks like IndusInd and HDFC Banks.

Individuals dreaming of owning a house can fulfill it by availing the home loan from Standard Chartered Bank. The benefits of Standard Chartered home loans is variable and or semi-fixed interest rates and no additional charges except for the processing fee to be paid at the time of taking the loan. Housing loan is provided for the purchase of new house, a house that is under construction, extension of the existing house or for the renovation of a house. Salaried and entrepreneurs with regular income are eligible to obtain the Standard Chartered home loan. Individuals paying high-interest rates for their housing loans with other banks can transfer their loan to Standard Chartered Bank and save their money. The loan tenure varies from 5 years to 25 years.

Additional benefits provided for the borrowers of home loan are home loan protector which saves the family members from repayment of the loan in case of death of the borrower, home protector provides insurance to the house as well as the belongings inside the house, and tax benefits of up to 2,00,000 can be availed under sec 24(b) of the Income Tax Act, 1961.You can also apply for home loan with Standard Charted Net Banking without visiting the bank. Housing loan interest rate starts from 9.0% which is less compared to Federal Bank. Borrowers of home loan are also eligible for a top-up loan which is extra finance offered on top of the home loan. The top up loan amount can be 100 percent of the home loan amount disbursed. The tenure of the top up loan is same as that of the house loan.

Standard Chartered Bank provides an unsecured Business loan as a capital to start a business or for the entrepreneurs planning to expand the business. Applying and obtaining the approval for a business loan is simple and fast. The loan will be sanctioned without the requirement of a guarantor. The loan amount can be very high up to Rs.75 lakh to meet the business needs of small scale to large scale entrepreneurs. The loan tenure is up to 60 months.  The business loan will be sanctioned against a property. The eligible loan amount is decided after estimating the investment required for the purchase of machinery, financial obligations of the entrepreneur, and the credit record. The interest rates for business loans vary depending on the type of the business loan – 17.25% for business installment loan and 13.5% for guaranteed installment loan. The business loan interest rates are similar to those offered by Axis Bank Loans  and ICICI Bank Loans. Existing customers of Standard Chartered Bank and Priority Sector Lending (PSL) customers who plan to avail the Business loan are provided with special benefits.

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Standard Chartered Bank Loan Calculator & EMI Rates

Having a correct estimate of the loan amount that can be obtained, helps the borrower adjust the expenses well and pay the monthly installments without fail. Standard Chartered Bank loan calculator provides the EMI to be paid for a specific loan amount basing on the existing interest rate and the number of years chosen by the borrower. Also use secured  SCB Mobile App to check the interest rates.

SCB loans emi calculatorIf the recommended EMI rates do not meet the borrower needs, then the EMI that can be conveniently paid can be found by adjusting the tenure. However, the tenure has to be within the set limit for the specific type of loan. If you have any issues with loans then you can contact SCB Customer Care for online assistance with out visiting the bank personally.

FAQ’s Related to Standard Chartered Bank Loans

  1. How to save on processing fee to be paid while applying for a loan?

View Answer
A savings of up to 50 percent can be enjoyed by applying for the loan online. Customers can save up to 30,000 on the processing fee. It should be noted that the discount offers change with time. Check the website for the latest offers and avail them to save on the loan processing fee.

2. What is the Top Up Loan?

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The additional loan provided to the borrowers of home loan is termed as Top up loan. The top-up loan is provided as an additional amount to the existing home loan to meet the additional funding required to purchase home appliances or support the child education. The interest rates on the top up loan are low and are perfect to meet the expenses.

3. How is the EMI on personal loan calculated?

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The equated monthly installments to be paid on the loan is calculated depending on the loan amount being provided to the borrower, tenure and the existing interest rate.

4. Is it possible to take a second loan if the borrower has already taken a personal loan?

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Yes. The borrower is eligible to take a second loan if 6 months has passed since taking the first loan. To know more about the eligibility, it is recommended for the borrower to apply for the loan online and talk to a loan advisor.

5. What is the processing time for a business loan?

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The processing time depends on the loan amount. For a credit limit of Rs.5 lakh, the loan will be processed within two weeks and nearly 6 weeks if the credit limit is Rs.25 lakhs. To avoid delay in the processing of the documents, the borrower is recommended to provide the requisite documents and provide all the required details in the application.

6. For what purposes a personal loan can be used?

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A personal loan can be used for multiple requirements such as the children education, celebrate a marriage, purchase home accessories, a car, enjoy a vacation or clear a long-term debt or for any other personal needs.

7. Who is eligible to obtain a personal loan?

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The borrower staying in India and has a constant salary source sufficient to repay the monthly installments is eligible for borrowing the loan. Loan eligibility information can be known by applying for the loan online.

8. What are the advantages of the top up loan compared to the personal loan?

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The interest rates and processing fee of the top up loan are less than the personal loan. The repayment plan is simple and is long almost equal to the housing loan. The top up loan can also be availed while transferring the existing loan from other banks to Standard Chartered Bank.

9. What are the different ways of applying for a business loan?

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A business loan can be applied online by submitting an application form, after which an advisor will call the borrower. Other means are by calling the customer care executive at – 39401616 or 66011616 with a city code added before the number, contacting the branch office, and by sending an SMS to [email protected].

10. Is it possible to take a home loan jointly?

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A home loan can be availed jointly along with a spouse, parent, or children. The immediate relative has to be co-applicant of the loan. Siblings can also be part of the loan if they are co-owners of the house. Standard Chartered Bank also provides the feasibility to include private limited companies or partnership firms as part of the loan applicants.

11. What is eligibility for obtaining a business installment loan?

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A business loan is sanctioned for sole proprietors, partnership organizations, private limited companies, public limited companies, and for professionals such as doctors, chartered accountants, architects, and engineers to set up their own unit.

12. What are advantages of Standard Chartered Bank Business Loan?

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The advantages of availing business loan from Standard Chartered Bank are low-interest rates, new current account to handle the daily business transactions, business banking products, forex and cash management products, and trade and working capital products.

13. What is a Guarantee installment loan?

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It is a business loan offered for a period of 5 years up to an amount of 75 lakh. The loan is guaranteed under the CGTMSE scheme with a guarantee fee paid every year. The interest rates are also low.

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