The interest rates for Standard chartered Bank Personal Loans are moderately priced but with great service and they also come with reducing interest advantage. The starting flat rate and reducing rates are both on the lower side.
|Flat Rate||3.5% per annum|
|Reducing Rate||6.5% per annum|
|Early Settlement Fee||1% of the remaining loan amount|
|Loan Tenure||4 years|
|Arrangement Fee||1% per annum|
Overview of Standard Chartered Bank Personal Loan
The bank is renowned worldwide for its vast range of products for both individuals and organizations around the world. They thrive in their network as well as high standard of services. Standard Chartered Bank provides personal loans which individuals can apply for online, that too in a five minute easy process. Standard Chartered Bank Personal Loan offers high loan amounts, competitive interest rates and flexible repayment terms. The customer will be granted AED 2500 upon successful disbursal of the loan.
How to calculate EMI on your Standard Chartered Bank Personal Loan
Standard Chartered Bank personal loans have a deferring monthly installment of up to twice an annum and is based on the eligibility criteria. You can use the online EMI calculator to get the proper estimate and calculate the possible EMIs for repayment of your loans. The EMIs are calculated considering the principal amount loaned, the reducing interest rate and other charges such as arrangement fee. It is vital to take a look at the terms and conditions to be sure about the interest rates.
Factors affecting Standard Chartered Personal loan Interest Rates
There are some important elements which helps decide the standard Chartered personal loan interest rates:
- Stability in terms of finance is very important for the bank to note as it helps decide whether the individual can actually afford paying the EMIs regularly. Also individuals working in reputable companies have a higher chance of loan approval.
- The loan repayment is critical for determining the personal loan interest rate. If the applicants choose long tenure for loan repayment, the rate of interest automatically reduces by the reducing calculation with every successful EMI paid.
- The minimum income per month is only AED 8000, however, higher your income the lower your rates might be considering that you have better of chances of affordability of the loan. However, chances of loan approval are higher with higher income.
- One of the most important things in not only interest rate but also loan application approval is the credit score. The interest rates get lower and the chances of loan approval are also much higher.
Key things to know about Standard Chartered Bank personal loan interest rates
- One can avail a loan amount up to AED 100,000 depending on their eligibility.
- There are no restrictions on minimum balance requirement on the customer’s transaction account during the loan tenure.
- The maximum time for a loan repayment period is 4 years.
- It is required to transfer the customer’s salary to apply.