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Personal Loan Process – everything you need to know about personal loans

Everything you need to know about personal loans
Everything you need to know about personal loans

Personal Loan Process – everything you need to know about personal loans

A Guide to Personal Loan Process

Do you find yourself stalling on the perfect plan for a summer holiday spent diving in the Maldives, or a fantasy wedding, because of the extra expenses involved? Whatever your need, if you have an urgent requirement for funds then personal loans may just be the most viable option for you.

When you apply online for a Standard Chartered personal loan, you can enjoy instant loan approvals, with minimal documentation and affordable interests. Dive right in to know more about Standard Chartered’s loan process loan process and how to repay the loan amount in convenient monthly instalments.

Benefits and Usage of Personal Loan

A personal loan is the most affordable and convenient way of receiving a funds inflow into your account. This amount can be used for any large expenditure, such as when purchasing a home or working on its renovation, or even for the purchase of a car or gadgets. The benefits of choosing a Standard Chartered personal loan include the following:

  • Large loan amount: Avail of an amount between Rs. 1 lakh to Rs. 15 lakhs to cover any contingency.
  • Wide use of loan: Apply the loan amount for any purpose, from large expenses to debt repayments.
  • Easy loan process: Apply and get instant loan approval online in four easy steps on the website.
  • Low interest: Enjoy affordable interest rates starting from 11.99% on the Standard Chartered personal loan.
  • Flexible repayments: Select easy EMIs with tenures between 12 to 60 months, and pre-pay up to 25% of your outstanding.
  • No security needed: Enjoy the ease of getting an instant loan approval without pledging any security.
  • Minimal documentation: Initiate the hassle-free Standard Chartered personal loan process with minimum documents.
  • Wide eligibility: Any salaried or self-employed person may apply for the personal loan, within the age and income eligibility.
  • No physical interaction required: Get instant approval on your application and also complete your KYC online through a video. Learn more.

Step-by-step process to apply for a personal loan

Step 1: Provide Info

  • Enter basic details of your name, city, type of employment and income at this page.
  • A verification message will be sent to authenticate your mobile number.

Step 2: View Quote

  • The maximum loan amount offered based on your income details is displayed.
  • Move the sliders to confirm the loan amount and repayment tenure, and click ‘Change’.
  • View details of the interest rate, EMI schedule, processing fees if any.
  • Click ‘Repayment Schedule’ to view it, then click ‘Apply’.

Step 3: Apply Online

Enter Personal Information Details:

  • Fill in name, address and residence type
  • Select purpose of loan from the drop-down

Enter Employment and Income Details

  • Enter name and address of employment place
  • Fill in details of type of work and income as per ITR
  • Select document type for proof of income

Enter Identity Details:

  • Enter PAN number
  • Enter details of another identity proof
  • Click ‘Submit My Application’

Step 4: Document Pickup

  • Save the application reference number
  • Select a slot for the Standard Chartered representative to pick up the documents

Once the physical form is signed and the documents are verified, your personal loan will be disbursed to your savings account.

FAQs related to Personal Loan Process

How to Check Eligibility for SC Personal Loan?

You may check your actual eligibility for a Standard Chartered bank based on your income and age. Here is a ready snapshot of the eligibility details:
1.  Age: 22 – 58 years
2. Minimum net salary: ₹ 25,000 per month
3. Minimum employment period: 36 months
4. Employment type: Salaried or Self-employed professional
5. Loan eligibility: 15x of monthly income
6. Loan amount: Rs 1 lakh to Rs 15 lakhs

How much time will it take for my personal loan to be approved and disbursed?

We value your time just as much as you do, and strive consistently to get you the best, as swiftly as possible. So you can expect your loan disbursal to occur within 4 to 7 working days, after your documents are uploaded and verified by our customer representative.

What is the interest rate on the personal Loan by Standard Chartered Bank?

Standard Chartered offers personal loans for all your needs at comfortable interest rates that start as low as 11.99%. The final rate of interest will be based on your actual credit score, employer, loan amount and age, at the time of application.

What is the procedure to prepay my Personal Loan?

You may prepay your loan amount after completion of 12 EMIs, at a 5% charge. Do make sure you give the bank a notice of 21 days to do this. The steps for prepayment are as follows:

1. Online pre-payment:
a. Visit the personal loans page on the Standard Chartered website
b. Enter your 8-digit loan account number, amount and name and click ‘Validate’
c. Select your bank and login to net-banking.
d. Click ‘Confirm payment amount’.
e. Save the pre-payment transaction receipt for authentication.

2. Offline pre-payment:
a. Visit any Standard Chartered Bank branch
b. Fill the details in the personal loan pre-closure form
c. Attach any required documents and submit
d. Make the payment directly to the bank
e. Collect the receipt of pre-payment of the loan

After the pre-closure process, a No-Dues Certificate, Certificate of Closure and the Statement of Account will be provided to you.

What documents are required to apply for a personal loan?

The following documents are valid as proof for the Standard Chartered bank loan process:

  • Identity proof options: Aadhaar, PAN, Passport, Driving License, Voter ID Card, Photo Ration Card
  • Address proof options: Passport, Telephone Bill, Ration Card, Electricity Bill, Life/Medical Insurance Policy, Driving License, Rental Agreement, Apartment Allotment Letter

Can I get a personal loan for business purposes?

Yes, you may use a personal loan for business. Standard Chartered personal loans come with ease of application and instant approvals, on minimal documentation. So go right ahead and apply for that amount you need for that office upgrade or extra inventory!

Is there any collateral required when applying for a personal loan from SC?

No – there is no collateral or security required to be approved for a Standard Chartered personal loan. In fact, all you need are documents, such as income and identity proof, for instant approval of an online personal loan.

Does SC offer a top-up facility on existing personal loans?

Yes. If you are an existing customer of Standard Chartered personal loans and have a consistent repayment record, then you can be approved for a top-up amount on your loan. The rate of interest that you are charged will be the same as your existing loan as well.

What are the loan tenure options for Personal Loan?

Your repayment tenure with SC personal loans is flexible and can range between 12 to 60 months, so that you can choose a tenure period that best suits your repayment capacity.

Does Standard Chartered offer a balance transfer facility in personal loans?

Yes, Standard Chartered does offer a balance transfer facility for its loans. You can consolidate your debts or shift to a lower interest rate by opting for the loan transfer to Standard Chartered. You can even extend your repayment tenure at this point, or avail of a top-up facility to manage your debt.

What is VKYC?

VKYC, or simply Video KYC, is a feature that allows you to complete your KYC through a video from the comfort of your home while applying online for a Standard Chartered credit card, personal loan, or savings account. With this feature, our application process becomes even more simpler and completely contactless. Click here to learn more.