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How do I apply for a Standard Chartered Home Loan? You can get in touch with us by calling in at our phone banking numbers, or write to us at Customer.Care@in.standardchartered.com, or visit our Branches, or simply click here
What are the documents that I need to submit when I apply for the loan? The primary documents that have to submitted are: Application form with self attested photograph
Identity, Age & Residence Proof
Bank Statement
Income Documents
Processing Fee Cheque
Property Papers
There may be additional documents that are needed, details of which would be given to you at the time of application.
What are the maximum and minimum loan amounts that can be availed?
Minimum Loan Amount – INR 5 lakhs (For High Equity Program – HL / LAP: INR 15 lakhs)
Maximum Loan Amount
Salaried / Self Employed – Income Program:
1. INR 15 crores for Mumbai and Delhi.
2. INR 7.5 crores for other cities.
3. INR 35 crores under high ticket program.
Who all can be co-applicants on the home loan? You can include your immediate relatives (spouse, parents, or children) as co-applicants on the loan. Siblings can be co-applicants if they are co-owners to the property. You also have the option of including proprietor concerns, partnership firms, private limited companies, and closely held limited companies as co-applicants.
What is the amount of processing fees that I have to pay? Processing fee would vary from 0.5 % - 1.50% of the sanctioned loan amount depending upon the scheme you opt for.
Will SCB refund my processing fee? If we are unable to sanction the loan to you, the processing fees minus Rs. 2000 will be refunded to you. In case your loan has been sanctioned, the processing fees will not be refunded.
How long does it take to get a sanction for the loan? After you have given us all the relevant documents, you can get a sanction for the loan within 5 working days, under normal circumstances.
What are my options for repayment? You can choose among the following options to give repayment instructions:
Electronic Clearing System (ECS)
Standing Instructions on your Standard Chartered account
E-Nach
If the property is under construction, and I have not taken full disbursal, what options do I have regarding payment of EMI? You have the option of paying either pre EMI (interest on the amount of loan disbursed thus far) or full EMI during this period.
How is the interest on my loan calculated? The interest is calculated on a daily reducing balance and is charged with monthly rests.
Can I convert from a fixed rate of interest to a variable rate or vice versa? At the discretion of SCB, you have the option of changing your interest type from Fixed to Variable or vice-versa provided you pay 1.5% of the principal outstanding at the time of exercising the option.
Having taken a home loan, can I take a top-up loan without offering any additional security? Yes. Once you have completed six months of repayment on your home loan, we offer you the option of applying for a top up loan, over and above your existing home loan.
Loan Against Securities
Apart from shares which are other investments against which Loan Against Securities can be availed? Apart from approved list of Demat shares Loan Against Securities can also be availed against approved list of Mutual Funds and Bonds.
Whose securities can be pledged to avail Loan Against Securities? One can pledge own securities.
What will be the drawing power / operating limit one can avail against pledged securities? Drawing Power / operating limit can be as high as 50% of the securities pledged (in case of Shares / Equity Mutual Funds). The drawing limit against security of debt mutual funds is higher. Drawing limit can change depending upon the type & proportion in which the securities are pledged as well as the value of securities.
What is the maximum amount of Loan limits one can avail? An individual can avail a maximum limit of Rs.20 Lacs against the security of Shares / Equity Mutual Funds which are in demat form. The limits are higher for other securities
For what all purposes can the borrowings be used? Loan Against Securities can be availed for Child Education, Purchase of Property, personal use and Balance Transfer for existing Loans subject to end use adherence. This has to be declared at the time of origination.
Personal Loans
What are the minimum and maximum loan amounts? You can avail of loans ranging from Rs 1,00,000 to 30,00,000 depending on your eligibility, income and repayment capacity.
What are the loan tenure options? The loan can be repaid over a period of 12 to 60 months
Are there any additional charges? A processing fee of a maximum of 3% of the loan amounts and requisite documentation charges is payable upfront. This fee will be deducted from the Loan amount at the time of disbursal.
How much time will it take for my loan to be approved? Your loan will be disbursed within 4-7 working days post receipt of the required documents.
Do I have to provide any security, collateral or guarantors? No security, collateral or guarantors are required for obtaining a personal loan.
What is EMI? EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components. Please use the EMI Calculator to find out the EMI you need to repay.
How do I repay the loan? You can repay the loan in Equated Monthly Installments (EMI's) using the NACH facility, or a direct account debit (only for Standard Chartered Bank Account holders).
Can I prepay my loan? You can pre-pay your loan with preclosure charges of 5% anytime after completion of 12 EMIs by giving the bank a 21 day notice.
Do I need to open an account with Standard Chartered Bank for availing and/or servicing the loan? We will encourage you to start a banking relationship with us so that we will be able to offer a host of other value added services, which are complementary to the loan, however opening an account with us is not mandatory.
Do I get special privileges as a Standard Chartered Customer? As a Standard Chartered Customer, you will be offered special interest rates, asked for minimal documentation and your application will be processed on priority.
Smart Credit Overdraft
What is a revolving credit? Every accountholder is entitled to withdraw funds from his Smart Credit account up to the limit sanctioned in the account. This limit will get reduced each time the accountholder withdraws from the account to the extent of the funds withdrawn either by cheque or cash. The limit will increase on payment of the funds withdrawn. Therefore this credit line in the account will keep revolving depending on withdrawals and payments
When will a customer get his Smart Credit Debit Card & Cheque book? From the date the customer applies for a Smart credit facility, on meeting the required banks criteria, it will take 3-4 weeks to set up the account. The Debit card & PIN are sent separately. The cheque book & the debit card and should reach the customer within 4 working days from the date of account setup.
How does the interest get calculated? The interest to be paid by the customer is calculated only on the amount withdrawn/utilized and for the time period it is withdrawn / utilized till the time it is repaid. The interest is calculated on daily basis and charged to the customer on a monthly basis.
How will a customer come to know about his account transaction and payment due details? A customer can get his account details by the following 2 means:
Statement of Account: Customer will get a monthly statement listing the transactions each month and the credit limit utilization. This will assist the customer in keeping a track of his / her finances. The statement will provide the customer with the amount to be paid and the due date. Customer needs to make the payment by the due date otherwise a late fee is charged. A mandatory 5% of the outstanding balance has to be repaid; customer has the option of carrying forward the rest of the balance to the next month.
24 Hour Phone Banking: Phone banking service allows the customer to just pick up the phone and take advantage of a whole range of banking services. The customer can make queries relating to the Smart Credit account such as details on outstandings, transactions, limit , payment due date , cheque collection boxes etc.
Will the customer get monthly statements? Yes, the customer will be provided with monthly statements.
Will the accountholder have to pledge / hypothecate securities to avail of this facility? The accountholder does not have to pledge any securities for availing of the limit sanctioned in the Smart Credit account. Smart Credit is a clean facility given to accountholders whose application has been approved.
In which cities is Smart Credit available? The Smart Credit Card is available in 5 cities: Mumbai, Delhi, Calcutta, Chennai, and Bangalore.
How is the limit on the Smart Credit account decided? The Smart Credit facility and the limit of the facility shall be granted at the sole discretion of the bank based on the customer profile & the income documents. The set limit can be increased, decreased or blocked based on the bank's credit policies.
For what period is the limit on Smart Credit account assigned for? The credit line facility is given for a period of one year and can be renewed every year at the Bank’s discretion.
Will there be any charges if Smart Credit facility is not used? No - there are no charges if the Smart Credit facility is not used.
Is there any pre closure penalty under Smart Credit? No, there is no pre closure penalty. You are free to close the Smart Credit account whenever you want, by surrendering the unutilized cheque book and Smart Credit card and making payment of the entire outstanding.
How do you remember my "Login Nick Name"? We use an encrypted cookie to store your Login ID/Card Number along with your selected "Login Nick Name" on your PC.
There is no record of your true Login ID/Card Number that is stored on your local PC, hence making this safe as well as convenient.
As this Login Nick Name is tagged to the PC from where you create it, we recommend that you should not save a Login Nick Name if you are accessing Online Banking from a public computer which is also accessed by others, e.g. in a Cyber Cafe
What do you mean that the transactions are "on-line"? All funds transfer and credit card transactions, which affect your transaction account, are done automatically by the system.
All balances displayed are as of that instant and would cover transactions done over any of our channels.
Credit Card payments done online will reflect on your credit card account on the next working day.
Are there any transaction limits to IBFT on Net Banking? The minimum amount for which you can use IBFT is INR 100 and currently you can use IBFT to transfer funds only up to INR 200,000 per day. Ensure that the amount does not contain any paise.[E.g. you cannot use IBFT to transfer Rs.124.12p,you can either mention the amount as Rs. 124 or Rs. 125].
What information do I require to do an IBFT transaction on Online Banking? You need the following details:
The name of the beneficiary as mentioned in the account held in the other bank
Account number of the beneficiary held in the other bank
IFSC code for the beneficiary's branch
Name of bank branch with which the account is held
What is IFSC Code? Where will I find it? IFSC Code is a unique eleven-digit alphanumeric code number that helps in identifying a branch of any given bank in any given city.
When you ask the beneficiary his/her account number ask him/her to also give you the IFSC Code for his/her branch. IFSC Code can also be obtained from the cheque book. It is an eleven digit alphanumeric code appearing on the cheque book, generally above the serial number of the cheque.
You may also click on the "IFSC Codes" tab on the top to find the IFSC code of banks participating in the NEFT system.
Please note that even if the beneficiary branch has an IFSC code, you will not be able to transfer funds to an account held in that branch, unless that branch is live in the NEFT system.
Will all banks that were participating in EFT automatically be on NEFT? The list of banks under EFT and NEFT are not the same. While EFT covered almost all the branches of banks in the 15 cities where RBI had a clearing house, NEFT can service all the branches of a bank (provided that all its branches participate in NEFT settlement).
What are the various reasons for rejecting an IBFT request? IBFT can be rejected due to the following reasons:
If you have not given the correct details for the beneficiary (including the beneficiary account number, IFSC code number or the beneficiary name. In such a case, if the transaction is rejected by the beneficiary bank we will credit the funds into your account once we receive the funds from RBI.
If your account does not have sufficient clear funds to cover the IBFT amount requested for or has debit restrictions due to which the funds could not be debited from your account.
