Standard Chartered Finance Personal Loan Calculator
Calculate Your Personal Loan EMI Easily!
Minimum Salary 5000 AED
EMI Tenure up to 48 Months
Lowest Interest Rates
Get personal loan at Lowest Interest Rate
Securing funds to fulfil personal needs such as education, home rent, marriage, business expansion, and others can often prove to be a hassle at times. As these may require large amounts at a time, taking out a personal loan instead of going for the complete self-finance can be a good decision.
In the UAE, all the leading banks and financial institutions offer personal loans. One of them is Standard Chartered Bank, which is noted for its global presence as well as an array of excellent finance products. However, in the discussion over Standard Chartered personal loans in UAE, the name Standard Chartered personal loan calculator also comes to the forefront. This tool is of the utmost importance for applicants and potential borrowers in a myriad of ways.
Let’s understand how this calculator works in detail.
What is a Standard Chartered Bank Personal Loan Calculator?
Standard Chartered personal loan EMI calculator is simply a free online tool that assists users in calculating their monthly instalments for their personal loan plan. Customers can readily access the calculator on the official website of Standard Chartered Bank and use it to get the details. The monthly instalment is calculated as per provided the loan amount, loan repayment term, and other aspects.
Before applying for the loan, you can make use of the Standard Chartered personal loan calculator to get a general idea of how long the loan will last for and the monthly instalment amount you would need to pay each month. As a general rule, the monthly payment amount is low if your loan has a longer term and vice versa.
Why Use Standard Chartered Bank Personal Loan Calculator?
When taking out a personal loan, it's essential to consider how much you can borrow so that you can repay the amount in easy instalments without facing any difficulties. A personal loan calculator can help you get accurate information in this regard.
By utilising the Standard Chartered Personal loan calculator, you can deal with your future expenses more efficiently. Once you have calculated your monthly personal loan payment, it becomes convenient to plan how much you can spend on your daily needs as well as luxuries.
Another reason for using the online personal loan calculator in UAE is to find out which type of interest rate you must opt for. There are primarily two types of interest/profit rates provided by all banks in the UAE, i.e., reducing interest rates and fixed interest rates. While the interest is calculated on the total loan amount with the latter, the former takes only the outstanding loan amount (after each instalment) for the calculation of the interest amount.
In addition to all the explained merits, the Standard Chartered personal bank loan EMI calculator also allows borrowers to estimate additional loans, that is, the top-up loan. Numerous banks in the UAE offer additional personal loan top-ups to customers on top of their existing personal loans. However, it must be noted that this type of loan can be used only with existing loans from the same loan provider.
How Does the Standard Chartered Personal Loan Calculator Function?
To use the Standard Chartered personal loan EMI calculator, you would only need to provide it a few details such as the loan tenure and the loan amount. Within a few seconds of being provided with the necessary information, the calculator will flash the applicable instalment amount for your personal loan.
Using this calculator is fairly easy, as you can get the results by simply putting in the required information without doing any calculation by yourself. Moreover, this calculator presents only the precise results, meaning that you can easily avoid worrying about the correctness of the outcomes.
Factors Affecting the Monthly Instalment of the Standard Chartered Personal Loan
Getting a personal loan is only one part of the story, as you would also need to consider how you will pay back the full sum along with the interest over the specified time. For this, you should be aware of the impact of the major factors on the monthly instalment of your personal loan.
Discussed below are the three elements that impact the monthly instalment amount the most:
- Repayment Tenure of the Loan - This is the time period in which you are obligated to repay the total borrowed sum along with the interest/profit amount to the loan provider. Borrowers typically opt for a longer loan tenure to make the repayment easier, as the monthly instalment goes lower with an increase in the loan period. However, it’s worth noting that a longer loan tenure generally also means higher profit/interest amounts.
- Amount of the Loan - The loan amount is simply the sum of money that your bank has authorised for a personal loan. The loan instalment amount is directly related to the loan amount – a high loan amount means a high instalment amount as well.
- Interest Rates - Banks impose interest/profit charges on the loan amount whenever you take out a loan. The applicant's income, debt-to-income ratio, credit Score, and other variables are among those influencing this rate. Similar to the one above, this factor is directly related to the instalment amount. With a higher rate, you can expect a higher loan instalment amount as well.
Key Takeaways
Personal loans are generally easy to obtain compared to other loan types. Moreover, as they are mostly ‘unsecured’, you would be able to obtain personal loans in UAE without any collateral. However, you must still make a good choice when applying for a personal loan. This can be achieved by using the Standard Chartered personal loan calculator. You would simply need to access this calculator on the official website of the provider and provide it with the specified details to have your monthly instalment amount calculated and displayed on your screen.
You can always connect with us at policybazaar.ae if you need any additional help with the Standard Chartered personal loan EMI calculator or information on the Standard Chartered personal loan. We offer round-the-clock customer service to ensure easy access to help whenever required.
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