Standard Chartered Bank

Standard Chartered Bank Loans

Standard Chartered Bank is one of the oldest and most prestigious banks in the world, with a strong presence in Asia, Africa, and the Middle East. With a reputation for customer-centricity in service and sophisticated financial products, the bank has also entered into the loan business with various loan products to suit the needs of different customers. In this article, we will discuss all the aspects of the loan provided by Standard Chartered Bank: details of the loan, required documents for the application, criteria of eligibility for the customer, features and benefits of the loan, and in-depth description of the loan.

Loan Details

Standard Chartered Bank has various loan products that are differentiated to suit varied financial needs, including personal loans, home loans, car loans, and business loans. Each category of loan has specific features, interest rates, and repayment options to best suit the requirements of the borrowers.

Personal Loans: Standard Chartered offers all types of personal loans on an unsecured basis, which can be availed for various personal needs such as a medical emergency, education, travel, or renovation of the house. The loan amount generally ranges from INR 1 lakh to INR 50 lakhs, with flexible repayment tenures of up to 5 years.

Home Loans: It offers a loan to purchase a new home, construct a house, or transfer an existing loan from another bank. The quantum of loan can be up to 75-90 percent of the property value depending upon the profile and type of loan. Standard Chartered gives attractive interest rates and flexible tenures up to 25 years.

Car Loans: Standard Chartered Bank offers a car loan to purchase a new or pre-owned vehicle. You can get up to 85% of the on-road price of the car as a car loan, whose repayment tenures range from 12 months to 84 months.

Business Loans: Business Loans are sanctioned to SMEs, Small and Medium Enterprises, to meet working capital requirements or to expand operations and invest in new projects. The loan can either be secured or unsecured, and the amount may vary from a minimum of INR 5 lakhs to many crores based on the financial strength and requirement of the business.

Documents Required

Whenever applying for a loan with Standard Chartered Bank, the following documents are necessary for a borrower to validate his or her identity, income, and stability in terms of finance. Documents specific to each type of loan and borrowers’ profile may vary, but essentially include the following:

1. **Proof of Identity:** PAN card, Aadhaar card, passport, voter ID, driving license.
2. **Address Proof:** Utility bills such as electricity, water, and telephone bills, rental agreement, passport, and Aadhaar card.
3. **Proof of Income:**

•   In the case of salaried, the latest salary slips, Form 16, and bank statements of the last 3-6 months will be required.
•   In the case of self-employed, the last 2-3 years income tax returns, profit and loss statements, and bank statements are required.

4. **Business Proof (in case of Business Loans):** Business registration-related documents, financial statements, and GST returns.
5. **Property Documents (for Home Loans):** Sale agreement, title deed, property tax receipts, and NOC from the builder or society.

Eligibility Criteria

For a loan from Standard Chartered Bank, there are certain eligibility criteria to be satisfied by the applicant. As a matter of fact, different loan products have different eligibility conditions. The general ones are mentioned below:

**Personal Loans:**

– **Age:** 21 to 60 years.

– **Income:** A minimum of Rs. 25,000 per month is required; this differs with respect to location and profile.

– **Employment:** The applicant should be a salaried employee or a self-employed person with assured returns.

**Home Loans:**

– **Age:** 21-65 years of age-at the time of loan maturity

– **Income:** A minimum of Rs. 50,000 per month

– **Employment Type:** Salaried or self-employed-assured returns

– **Credit Score:** A good credit score, normally above 750

**Car Loans:**

• Age: Between 21-60 years.
• Income: INR 20,000 per month .
• Employment: Salaried, Self-Employed, or Businessman.
• Down Payment: Capable of paying a minimum down payment of 15-20% of the car’s price.

Business Loans

• Age: 25 to 65 years.
• Business Vintage: The business should be operational for at least 2-3 years.
• Income: The business has to show adequate cash flows to service the loan.

Credit History: There should be a good credit history.

Features & Benefits of Loan

The loan products available in Standard Chartered Bank have various features and benefits associated with them. Here are some of the key features:

Avail Flexible Repayment Options: Basically, Standard Chartered Bank offers flexible repayment tenures; it simply means borrowers can choose their tenure as per their financial situation. It would, in turn, help them keep their equated monthly instalments to such an amount so that it does not strain their finances while trying to repay the loan amount.

Competitive Interest Rates: The bank is ready and willing to give loans at extremely reasonable interest rates, keeping the cost of borrowing as low as possible. Normally, the rate of interest would be tagged to the credit rating score of the borrower, his income, and the quantum of loan.

Quick Disbursal: Standard Chartered is prompt in sanctioning and disbursement of loans. Generally, a personal loan gets sanctioned and is disbursed within a few days, thus being ideal for meeting urgent financial requirements.

Minimum Documentation: The bank requires a minimum amount of documentation for approval of the loan application. This eliminates much hassle for the borrowers and paves the way for faster sanctioning of the loan application.

Prepayment and foreclosure options: The borrowers are allowed to prepay or foreclose their loans without heavy penalties. This is so that they could save on interest costs if they happen to be in a position to repay the loan at an early date.

Loan Solutions: Standard Chartered Bank has loan solutions that are tailored according to the profile and financial need of the client. This will ensure that the loan product will perfectly fit the meeting of a certain requirement, whether personal or business expansion in nature.

Loan Description

Personal Loans: Standard Chartered Bank offers personal loans to meet every kind of personal expense. The loan amount is flexible; there is quick approval and hence serves as the best option for people who need money in an instant. Interest rates shall be competitive, and based on the convenience of the borrower, the repayment tenure can be extended up to 5 years.

Home Loans: The home loan products offered by Standard Chartered Bank are customized to assist the customers in their dream of owning a home. From purchasing new property and constructing a house to transferring the loan, the bank offers attractive interest rates and a flexible repayment option. A loan amount may go up to 90% of the property’s value, as it would depend upon the eligibility of the borrowers.

Car Loans: Standard Chartered Bank has a car loan product for customers to purchase a car. The car loan covers 85% of the on-road price of the car. The tenure of the car loan is available for a period ranging from 12 months up to 84 months. The bank also provides loans against pre-owned cars, making access easier to a wider clientele.

Standard Chartered Bank Business Loans: Different business loans cater to the SME’s financial needs. They may be availed of for purposes such as working capital, expansion plans, purchasing equipment, and so on. This bank provides secured and unsecured business loans in amounts ranging from INR 5 lakhs to several crores. The repayment tenure may be quite flexible, and the rates of interest are competitive, thus allowing the owners to efficiently manage their businesses.

Conclusion

Standard Chartered Bank offers a range of loan products, all geared to meet the needs of each client. Be it financing for personal expenditure by an individual, purchasing a house as a family, or business expansion by a company, Standard Chartered Bank advances the required finance at very competitive interest rates with flexible options of repayments and minimum documentation. Understanding the details of the loan, the eligibility criteria, the required documents, and the various benefits associated with the facility will provide a very rational basis on which informed decisions can be made and the best loan products that align with financial goals chosen.