Standard Chartered Personal Loan

Overview

Standard Chartered has become one of the leading banking groups functioning in the UAE. It is a bank for people & companies who are looking for a trade, investment and wealth creation. The bank offers a host of conventional and Islamic products & services for private, retail, commercial, & corporate banking. The main objective of the bank is to offer their customers an outstanding value by providing efficient, knowledgeable, and reliable services in a helpful & responsive manner.

One of the products of the bank is personal loans. Standard Chartered Personal Loan helps in fast forwarding the plans of the borrower. They can avail cash when they require it the most. Upon disbursal of funds, the borrower gets a maximum of 2,500 AED as cashback. With an easy and convenient application process, the applicant can borrow up to twenty times their monthly income at attractive rates of interest.

Features & Benefits of Standard Chartered Personal Loan

Following are the features and benefits of Standard Chartered Personal Loan.

Salary Multiples

The borrower can access a maximum of 500,000 AED (up to twenty times) of their salary at an attractive rate of interest.

Cashback

The borrower can avail a maximum cashback of 2,500 AED post disbursal on their approved amount when they apply online.

Flexible Tenure

The Standard Chartered personal loan offers the convenience of making repayments monthly up to four years.   

Take-Over Facility

The applicant can use the take-over facility to transfer their pre-existing loan with some other bank to the Standard Chartered Bank.

Top-Up Loan

The borrower can avail a top-up for additional finance during the tenure of their loan, only if they have made repayments regularly.

Installment Deferment Facility

The Standard Chartered Bank personal loan offers the borrower an option of postponing their monthly payments two times in one year. This installment deferment facility can be availed on the basis of eligibility.

Minimum Balance

The bank may waive off the requirement of minimum balance on the borrower’s transaction account during the tenure of the loan (as per the eligibility).

Convenient Banking

The Standard Chartered Bank offers 24/7 phone banking, mobile banking, and online banking service to its customers. This allows the borrower to manage their money and complete their transactions from wherever they are.

Eligibility & Documents Required for Standard Chartered Personal Loan

Eligibility Criteria

Category

Details

Age Criteria

21 years (minimum)

Company retirement age during loan maturity or 65 years, whichever is less (maximum)

Minimum Income

30,000 AED per month

Note: In case the age is more than 60 years during the loan maturity, a company retirement age proof is needed. This could be written on the salary transfer letter, company letter or employment contract.

Documents Required

Category

Details

ID/Address Proof

Valid Visa for UAE Residence, Passport, Emirates ID (original)

Bank Statements

3 months’ statements

Salary Proof

Salary transfer letter and salary certificate (for take-over loans)

Other Documents

Liability Letter (for take-over loans)

Interest Rates on Standard Chartered Personal Loan

The Standard Chartered Personal Loan charges an attractive rate of interest at 7.05 percent per annum (reducing).

Frequently Asked Questions

Q.1. How can I apply for Standard Chartered Bank Personal Loan?

Ans: You may apply for this personal loan by visiting the nearest branch of the bank or through online banking.

Q.2. How long does the bank take to disburse the loan funds?

Ans: Standard Chartered usually takes 3-5 business days for sending the loan funds after you sign the application for your loan & submit all the documents required. There should be no additional document or information required.

Q.3. What is the amount of installment that I have to pay per month?

Ans: Your personal loan is payable in monthly fixed installments. The monthly payment amount is based on the amount you have borrowed, the interest paid (total) on your loan, and the repayment tenure you have selected.

Q.4. Is salary transfer compulsory for availing a personal loan?

Ans: Yes. Transferring your salary is compulsory for availing Standard Chartered Personal Loan.

Q.5. Why is a pre-approved offer I am seeing today, different from the offer I saw earlier?

Ans: Offers that are pre-approved, depend upon your credit worthiness & various other factors prevailing at the time of receiving the offer. Factors such as eligibility and credit worthiness may change with time. Consequently, the pre-approved offers that you have received might vary from an offer received earlier.

Q.6. Do I have the option of paying back my loan early or making additional payments without any penalty being charged?

Ans: You can pay back your loan early or make additional payments. However, you will have to bear an early settlement charge or partial settlement charge of 1.00 percent of the value that is settled.

Q.7. Can Automatic Payments be set up for Personal Loan?

Ans: In the case of Salary Transfer, the payment is automated. The bank can collect the installment for every month from the Payroll account directly.  

Q.8. What happens if I have made a late payment or do not have sufficient funds for making the monthly payment?

Ans: If you have made a late payment or do not have sufficient funds for making the full monthly payment, you will have to bear a late payment charge of two percent of the amount delayed (minimum 50 AED and maximum 200 AED).

Q.9. Do I have the option of changing my due date for payment?

Ans: Yes. You have to submit the request form Equal Monthly Installments Date Change to the Standard Chartered Bank. For further details, you can consult your Relationship Manager or contact the bank’s 24/7 phone banking team.

Q.10. What is the condition for availing top-up loan?

Ans: You can avail the top-up loan facility during the tenure of your loan, only when you have made repayments regularly.

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