Apply Online for Standard Chartered Personal Loan to Cut Down on Processing Fee

Standard Chartered Bank is constantly in the lookout for mass consumers to tap into their respective needs via products such as personal loans. It’s a product that has in to fulfill all your needs and wishes without any hassle. If the Standard Chartered Personal loan can ensure a glittering wedding in one place, the instant cash needs can also be fulfilled with the same. Further, the loan can lessen your borrowing cost with a reduction in the processing fee if you apply it online. So, it’s all good with the bank’s personal loan on offer. Let’s read out all its details.

Standard Chartered Personal Loan Interest Rates, Processing Fee & Other Details

The loan comes with an interest rate ranging from 12%-17% per annum. On the other hand, the processing fee is charged up to 3% of the loan amount. But, on applying online, the fee can reduce by as much as 50%. The minimum and maximum loan amount are ₹1 lakh and ₹30 lakhs, respectively. The loan eligibility is, however, based on the income, repayment potential and credit score of an applicant. You don’t need to keep any security with the bank to obtain a personal loan.

Standard Chartered Personal Loan Interest Rate Calculator

Your job does not end with knowing the interest rate alone. You also need to figure out the cost resulting from the interest rate charged on the loan. The cost comes in the form of EMI that constitutes both principal and interest portions. You can use the calculator online to compute both EMI and interest payment over the course of a loan. For calculation, you just need to enter the loan amount, interest rate and tenure at their respective spaces in the calculator.

Above you saw the interest rates ranging from 12%-17% per annum. Therefore, you should look to get the rate settled to 12% or close to it so that the borrowing cost reduces.

Should You Calculate Your Amortization Schedule?

Not bad, if you get a hang of the repayment break-up in the form of principal and interest payments year-on-year and month-on-month. It only helps you plan your repayment better by adjusting your spends accordingly. Since a credit history holds prominence to one’s approval to different credits in the future, a smooth repayment is going to be the differentiator. And, how can the smooth repayment be ensured? Well, it can be done via checking the schedule thoroughly and planning your repayment accordingly.

How to Apply for Standard Chartered Personal Loan?

You can apply for a loan online by giving away a few personal and professional details. All you need to do is to visit the official website of Standard Chartered Bank, navigate to its ‘Personal Loan’ segment and share the details. Upon receiving your application, the bank would check the details thoroughly before approving the loan. The details shared would be matched with the relevant documents picked from your office or home. So, while furnishing the details, be sure all your entries are correct to the best of your knowledge.