Standard Chartered, which is a global banking institution has substantial operations in UAE. The bank offers various personal finance offerings apart from other financial services and products. In order to avail personal finance from Standard Chartered, the following eligibility criteria needs to be fulfilled.
- The applicant should be a resident of UAE
- The applicant should be working for any of the companies approved by Standard Chartered Bank
- The personal loan is processed and granted only once the bank receives all the required documents
Factors affecting Standard Chartered Bank Personal Loan Eligibility
The personal loan eligibility for Standard Chartered personal finance schemes gets affected by a number of factors. Some of the most prominent of these are -
- Age of the personal loan applicant
- Job status and company name of the loan borrower
- Number of years in current job for the applicant
- Loan applicant is an existing customer of Standard Chartered or not
- Credit history/score of the loan applicant
- Monthly income status of the person seeking the loan
- Already existing loans on the borrower’s name
How to increase Standard Chartered Bank Personal Loan Eligibility?
In case, Standard Chartered does not approve your loan application, there are ways to improve your eligibility. Following are some such ways that help boost personal finance eligibility of customers.
- Keep a mix of secured and unsecured credit, both in your portfolio
- Maintain a healthy financial record that is, credit history
- Avoid too many lines of credit with various lenders. If possible, consolidate all your debt into a single credit channel
- Try getting a higher paying job, since income plays a major role in determining personal loan eligibility
FAQs on Standard Chartered Bank Personal Loan Eligibility
- Am I required to submit any collateral as security for Standard Chartered personal loan?
- What is the maximum permissible personal loan amount?
- How much time does the personal loan application process take?
- What is the maximum personal loan repayment period offered by Standard Chartered?
No. Standard Chartered personal loan schemes do not require any collateral to be submitted to the bank.
One can avail a loan amount up to AED 100,000 depending on his/her personal loan eligibility.
Personal loan application for Standard Chartered personal loans may take only a few minutes if the eligibility parameters of customer meet the criteria set by bank.
You can close your personal loan in a maximum of 48 months.