Standard Chartered Personal Loan
Standard Chartered Bank provides various Islamic and conventional products and services. One of the products of the financial institution is personal loans. With a straightforward application process, you can apply for a personal loan up to 20 times your monthly income at competitive interest rates. ...read more
Minimum Salary 5000 AED
EMI Tenure up to 48 Months
Lowest Interest Rates
Get personal loan at Lowest Interest Rate
Standard Chartered has become one of the leading banking groups functioning in the UAE. The bank offers a host of conventional and Islamic products & services for private, retail, commercial, & corporate banking.
One of the products of the bank is personal loans. Standard Chartered personal loan helps in fast forwarding the plans of the borrower. They can avail cash when they require it the most. With an easy and convenient application process, the applicant can borrow up to 20 times their monthly income at attractive rates of interest.
Interest Rates on Standard Chartered Personal Loan
The Standard Chartered Personal Loan charges an attractive rate of interest at 7.55 % per annum (reducing).
Eligibility & Documents Required for Standard Chartered Personal Loan
Eligibility Criteria
| Category | Details |
|---|---|
|
Age Criteria |
21 years (minimum) Company retirement age during loan maturity or 65 years, whichever is less (maximum) |
|
Minimum Income |
AED 30,000 per month |
|
Salary Transfer |
Required |
Note: In case the age is more than 60 years during the loan maturity, a company retirement age proof is needed. This could be written on the salary transfer letter, company letter or employment contract.
Documents Required
| Category | Details |
|---|---|
|
ID/Address Proof |
Valid Visa for UAE Residence, Passport, Emirates ID (original) |
|
Bank Statements |
3 months’ statements |
|
Salary Proof |
Salary transfer letter and salary certificate (for take-over loans) |
|
Other Documents |
Liability Letter (for take-over loans) |
Features & Benefits of Standard Chartered Personal
| Feature | Availability |
|---|---|
|
Salary Transfer |
Yes |
|
Maximum Loan Amount |
Upto AED 500,000 or Upto 20X of your salary |
|
Flexible Tenure |
Upto 48 months |
Features and Benefits of Standard Chartered Personal Loan
Salary Multiples - The borrower can access a maximum of 500,000 AED (up to 20 times) of their salary at an attractive rate of interest.
- Flexible Tenure - The Standard Chartered personal loan offers the convenience of making repayments monthly up to four years.
- Take-Over Facility - The applicant can use the take-over facility to transfer their pre-existing loan with some other bank to the Standard Chartered Bank.
- Top-Up Loan - The borrower can avail a top-up for additional finance during the tenure of their loan, only if they have made repayments regularly.
- Installment Deferment Facility - The Standard Chartered Bank personal loan offers the borrower an option of postponing their monthly payments two times in one year. This installment deferment facility can be availed on the basis of eligibility.
- Minimum Balance - The bank may waive off the requirement of minimum balance on the borrower’s transaction account during the tenure of the loan (as per the eligibility).
- Convenient Banking - The Standard Chartered Bank offers 24/7 phone banking, mobile banking, and online banking service to its customers. This allows the borrower to manage their money and complete their transactions from wherever they are.
Frequently Asked Questions
Ans: You may apply for this personal loan by visiting the nearest branch of the bank or through online banking.
Ans: Standard Chartered usually takes 3-5 business days for sending the loan funds after you sign the application for your loan & submit all the documents required. There should be no additional document or information required.
Ans: Your personal loan is payable in monthly fixed installments. The monthly payment amount is based on the amount you have borrowed, the interest paid (total) on your loan, and the repayment tenure you have selected.
Ans: Yes. Transferring your salary is compulsory for availing Standard Chartered Personal Loan.
Ans: You can pay back your loan early or make additional payments. However, you will have to bear an early settlement charge or partial settlement charge of 1.00 percent of the value that is settled.
Ans: In the case of Salary Transfer, the payment is automated. The bank can collect the installment for every month from the Payroll account directly.
Ans: If you have made a late payment or do not have sufficient funds for making the full monthly payment, you will have to bear a late payment charge of 2.1% (Min AED 52.5 and Max 210 AED).
Ans: Yes. You have to submit the request form Equal Monthly Installments Date Change to the Standard Chartered Bank. For further details, you can consult your Relationship Manager or contact the bank’s 24/7 phone banking team.
Ans: You can avail the top-up loan facility during the tenure of your loan, only when you have made repayments regularly.
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