Standard Chartered Personal Loan Interest Rate

June 20, 2023 Banking, Loan Comments Off on Standard Chartered Personal Loan Interest Rate

Standard Chartered Personal Loan Interest Rate

This blog is exceptional to give you all information related to personal loans with interest rates by the most efficient bank. When we look at the list of high-standard banks, the Standard Chartered Bank (SCB) is one of them. Many times, borrowers get confused about which is a good type of loan to choose. The most impressive type is a personal loan. But, only choose the lender which offers this loan with the lower interest rate. So, the Standard chartered personal loan interest rate is a reasonable amount.     

About Standard Chartered Personal Loan Interest Rate

The experience of Standard Charter in the market of financial banking is more than 150 years. Since 1958, this bank is working harder in UAE to provide finances to its clients. It offers all sorts of services including on the basis of Islamic and Conventional. No doubt, this financial institution in the United Arab Emirates has strict objectives of offering efficient & reliable services to customers. One of its amazing services is to give personal loans to borrowers but without high-interest amounts.

Reason to Choose a Standard Chartered Personal Loan

As we above mentioned, the interest rate is not higher which means it is lower as compared to other banks & lenders. The purpose of this bank is to reduce the financial burden of their customers. Therefore, affordable interest rates ensure that the borrowers can easily repay the amount. The applicants can apply for up to 500,000 AED.

The applicants’ high financial profile is ideal for getting much higher amounts. The tenure for returning the debt is from twelve months to sixty months. This duration gives you more convenience to handle financial worries. The disbursal time of the amount is only 10 working days if the application is valid with the attachment of all documents. If you face any difficulty in applying to this bank, the financial company Emirates Loan will carry out the process itself if you choose it. As a result, the person can quickly get approval on your application’s request and also the loan amount.

Interest Rates on Standard Chartered Personal Loan

Standard chartered personal loan interest rates are classified on the basis of interest rates. Just like the other financial institutions, the types of interest rates are two. But, the difference between this bank and other lenders is the interest amount. It offers an attractive rate of interest. One type of interest is a reduction which is of 7.55% annually. It reduces the whole duration of tenure. The other type is the flat rate which remains constant during the entire repayment period. Its rate is 4.16%. So, you can choose according to your convenience.

Features of Standard Chartered Personal Loan

Now, it’s time to explore some unique features of this personal loan. These features are helpful in getting confidence in choosing this loan:

Convenient banking: 

This Chartered bank is so convenient to provide efficient services. The phone banking service is available at all times 24/7. For any help, you can take help from an online service and get all information. In this way, a borrower easily manages his finances. In addition, any sort of transaction is possible from anywhere.

Take-over facility: 

The motive of the take-over facility is to enhance a good financial life without the stress of existing loans. You can transfer pre-existing loans from other banks to this SCB.

Salary multiplies: 

An applicant can apply up to 500000 AED maximum. This amount will not increase. The monthly salary is an important factor in deciding this amount. It is twenty times more than your salary.

Installment Deferment:

The installment deferment is an impressive feature that most lenders do not offer. According to this feature, an individual can postpone two installments in a year. Your eligibility also decides your availability of it. But, postponement of more than 2 payments will cause a penalty.

Flexible tenure: 

With monthly installments of lower interest rates, the tenure is also flexible. The applicants have the option of four years to pay off the amount.

Top-up loan: 

This feature can only get when you repay the payments regularly without any delay. For additional finances, there is a chance of top-up loans during the period of this loan’s repayment.

Minimum Balance: 

The criterion of minimum balance is different from time to time. It also depends on the loan amount. During the duration of the repayment, the minimum balance must be in your account. You have to maintain the balance in your transaction account.

Fees & charges

The bank has its specific fees & charges for every function of operating. You have to pay the fees to continue the processing. The major fees and charges are:

The processing fee for the application is 1.05%. In simpler words, the minimum amount of this fee is 526 AED and the maximum is 2626 AED. However, the EmiratesLoan continues the process without the need for additional charges.

Every borrower has to strictly follow the schedule of repaying. It means the installments must be on time. The penalty for late payments is to pay an extra 50 AED.

If someone wants to reschedule the loan, they can do it. The bank allows you to reschedule but with a fee of 262 AED. In this rescheduling, the changing of tenure, as well as monthly installments, is possible.

The loan amount will clear within the selected tenure. Many banks do not allow early settlement of funds. But, this bank gives you this opportunity also. You will need to pay only 1% of the amount.

In the case of installment deferment, the charges are one hundred AED.

Eligibility Criteria of Standard Chartered Personal Loans

The eligibility criteria are as essential as filling out the application form. If you do not meet the criteria, applying for the debt is not a wiser idea. First of all, make sure you meet the criteria and become a valid applicant.

For age:

The minimum age criterion is 21 years. And, the maximum limit of the applicant’s age is 65 years. Before reaching the maximum age, you have to repay all debt amounts.

Monthly income:

The requirement for monthly income is 30000 AED. It also depends on how much amount you want to get through this debt. For higher debt amounts, there is a need for high salary income per month.

Salary transfer:

The salary transfer is compulsory. There is a demand for transferring your salary to this bank’s account. If you have already an account in this bank, you can quickly get the debt. On the other hand, without completing this step, the applicant is not eligible.

Benefits for availing personal loans from Standard Chartered

Numerous benefits will provide to you after receiving the loan amount. They will help you more with finances. The major benefits are the following:

The Standard chartered personal loan interest rates come with the benefit of a free debit card. The transfer of this amount is in your account. Therefore, with the card, you can comfortably use the fund.

In the UAE, the option of bill payments is for the easy paying of your bills.

If you face any serious issue of finance, you can utilize the feature of deferment two times in one year.

Besides, transferring loans from other banks to it is also an easier and smoother process.

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