How to Apply for Standard Chartered Personal Loans in the UAE

How to Apply for Standard Chartered Personal Loans in the UAEPolicybazaarAverage Rating / 5 ( reviews)
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Standard Chartered is one of the biggest market players in the banking finance industry. The company offers a plethora of financial services and products that are shariah-compliant in the UAE. One of these services is the standard chartered personal loan that is available at attractive rates of interest to cater to a wide range of needs of different customers in the UAE.  

The standard chartered personal loan is available for both expatriates as well as UAE nationals along with various offers that make them quite popular amongst customers not just in the UAE but across the globe. The overall application process of personal loan is quite simple and user-friendly. Furthermore, the best part about the standard chartered personal loan is that its approval requires minimal documentation and is disbursed within 24 hours of approval.  

If you are looking forward to getting a standard chartered personal loan in the UAE, we’ve come up with a new blog to guide you through the entire process. In this thread, we will shed light on how can you apply for a standard chartered personal loan in the UAE. Moreover, we will be sharing some tips and tricks that will make the process easier for you, so stay tuned.

Eligibility for Standard Chartered Personal Loan

The eligibility criteria for standard chartered personal loan in the UAE are as follows-

  • The applicant must fall in the age bracket 21-65 years in order to apply.
  • The minimum salary requirement for application is AED 15000.
  • The salary of the applicant should be transferred to standard chartered account. 

Documents Required for Standard Chartered Personal Loan 

Here’s a quick rundown on the documents required to apply for standard chartered personal loans in the UAE. 

  • Valid visa and passport for expatriates residing in the UAE
  • Salary transfer certificate confirming the transfer of salary to standard chartered account 
  • Bank statements from the past three months 
  • Emirati ID 
  • Salary slip/ Salary certificate 
  • Letter of liability

Application Process

The standard chartered personal loan application process can be completed online as well as offline based on the convenience of the applicant. Whether applying online/offline you will have to fill a form that would consist of various fields. Once you are done filling the form the bank will contact you after receiving the application for standard chartered personal loan.  

Fees and Charges associated with Standard Chartered Personal Loans

The fees and charges associated with standard chartered personal loans are as follows-

Details of fee

 Charges in AED

Processing fee

1.05% of the total loan amount

1.05% of the top-up loan amount

Min- AED 525 Max- AED 2625

Early redemption fee

1% of the outstanding principal amount

ID (installment deferment fee)

AED 105

Late payment fee

2% of the delayed balance

Min- AED 50, Max- AED 200

Re-scheduling charges

AED 262.50

Features and Benefits of Standard Chartered Personal Loan

The main features and benefits of the standard chartered personal loans are as follows-

1.  Maximum loan amount

Applicants applying for standard chartered personal loan in the UAE can opt for loan amounts up to 20 times their salary. The best part is that the loan is offered at competitive rates of interest that makes it the right choice for all types of applicants. 

2. Cashback Scheme

Standard chartered personal loan comes with several perks when applied online and one of those perks is the cashback scheme. Borrowers get a cashback of a maximum AED 2500 once their loan amount is disbursed by the financial institution. 

3. Repayment Tenor

Debtors can enjoy flexible repayment tenor up to 48 months. 

4. Take-Over 

Applicants who have already opted for loans from other financial institutions can make use of the take-over facility where standard chartered manages to transfer their loan from other banks to SC without any hassle. 

5. Top-up Loans

Applicants applying for standard chartered personal loans in the UAE can opt for top-up loans during the tenure of their loan. An important point to be kept in consideration here is that one can apply for these top-up loans only if they have been making regular repayments for their primary loan.

6. ID (Installment Deferment) Facility

The standard chartered personal loan comes with the facility of installment deferment that allows borrowers to delay the payment of their scheduled installment twice in a financial year. The facility of installment deferment is available on the basis of eligibility.  

7. Minimum Balance 

During the active tenor of the loan, the financial institution waives off the minimum balance clause for its customers in the UAE. 

8. Easy Banking

Standard chartered personal loan comes with easy banking facility that allows borrowers to access services via online platforms, mobile phones, etc. 

In a Nutshell

The standard chartered personal loan is your one-stop solution for all needs, whether it is paying for home renovation or upgrading your car. With this guide, we hope you can easily apply and enjoy benefits offered by standard chartered personal loans in the UAE.

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