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Standard Chartered Loan Deferment

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First established in the UAE in Sharjah in 1958, Standard Chartered Bank has become a formidable name in the banking sector of the UAE. With its regional hub in Dubai, Standard Chartered provides services across the Middle East as well as Africa.

Standard Chartered has a diverse portfolio of offerings in the form of loans, deposits, accounts, cards, and others. For a hassle-free repayment of the loan, the bank offers various relief measures to borrowers, with loan deferment being one of them.

What is the Standard Chartered Loan Deferment?

Standard Chartered offers the loan deferment option to its borrowers. Here, borrowers are allowed to defer or delay their loan repayments if they are facing any financial difficulty. Keep in mind that the bank offers the loan deferment option to eligible borrowers as well as for certain issues.

Moreover, after the financial distress caused by the COVID-19 pandemic, Standard Chartered has introduced a special loan deferment for its borrowers. So if you have suffered a financial crisis due to the pandemic, you can apply for a loan deferment and delay the repayment for up to 3 months.

Standard Chartered Loan Deferment Process

If you want to apply for a loan deferment due to COVID-related financial stress or otherwise, you can request the bank for the deferment. For this, you would be required to submit an application by elaborating on your details and uploading the necessary documents in an email and sending it to covid.19relief@sc.com.

Standard Chartered would assess your eligibility and past loan history. Based on these factors, it may approve or reject the deferment. If approved, the bank will inform you of the same and the deferment period. 

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Standard Chartered Loan EMI Deferment

The loan EMI deferment is the same as loan deferment are the same. When you apply for a loan deferment, your EMIs are simply delayed. You can skip the EMI payments during the deferment period and resume them once it is over.

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How Does the Standard Chartered Personal Loan Deferment Work?

When you apply for a deferment, the bank assesses your past loan record, deferments that you have already availed of, and whether you qualify for the eligibility criteria.

If you get a deferment, your EMIs are pushed forward. It’s worth noting that interest would accumulate during the deferment period on the outstanding balance of the loan. This interest is added to the outstanding loan amount, which you will have to pay after the deferment tenure comes to an end.

Another aspect to take into consideration is that you may also have to pay a fee for deferment. Loan deferment fees usually vary, with AED 105 being charged for personal loan deferments. 

However, in the case of COVID-related deferments, no additional fee is charged for the delay.

Features & Benefits of Standard Chartered Personal Loan Deferment in UAE

Some of the major features and benefits of Standard Chartered personal loan deferment in the UAE are as follows –

  • In the case of COVID-related deferments, you can get a deferment for up to three months
  • The deferment is available for both regular and Islamic loans.
  • Besides personal loans, auto loans and home finance options also allow deferments

Fees & Charges for Standard Chartered Loan Deferment

For COVID-related deferments, there’s no additional fee for deferring the EMI payments. However, for normal EMI deferments, a fee of AED 105 (for personal loans) would be payable.

Can Standard Chartered Personal Loan Deferment Affect your Credit Score?

The credit score is affected if you miss the EMI payments before prior notice and approval. When you apply for a loan deferment, however, you formally request the bank to delay your EMIs for a few months. 

In this case, if the bank approves the deferment, it won’t report the specific EMIs as delayed to the Al Etihad Credit Bureau (AECB). Consequently, your credit score would remain unaffected.

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Key Takeaways

Standard Chartered offers loan deferment to its customers, both in the usual course of repayment as well as for COVID-related crises. You can apply for the deferment and get an EMI holiday in a financial crisis. While the deferment attracts certain fees in regular cases, it is done for free in case of COVID-associated deferments.

You also won’t have to worry about your credit score with loan deferments, as these EMIs will not affect your credit score as long as the bank authorises the deferment. Thus, you can avail of the Standard Chartered loan deferment option if you are facing financial adversity after getting the necessary approval from the bank first. 

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