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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.
Check Here Also For Hassle Free Banking Experience
- Benefits of SCB Debit and Credit Cards
- Secured Net Banking Services by SCB
- How To Use SCB Mobile Banking App
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.
If 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
- How to save on processing fee to be paid while applying for a loan?
2. What is the Top Up Loan?
3. How is the EMI on personal loan calculated?
4. Is it possible to take a second loan if the borrower has already taken a personal loan?
5. What is the processing time for a business loan?
6. For what purposes a personal loan can be used?
7. Who is eligible to obtain a personal loan?
8. What are the advantages of the top up loan compared to the personal loan?
9. What are the different ways of applying for a business loan?
10. Is it possible to take a home loan jointly?
11. What is eligibility for obtaining a business installment loan?
12. What are advantages of Standard Chartered Bank Business Loan?
13. What is a Guarantee installment loan?