• Standard Chartered Bank Personal Loan

    Standard Chartered Bank Personal Loan

    Standard Chartered Bank offers a personal loan that can be applied for online 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.

    Features of Standard Chartered Bank personal loan

    Listed below are the features of Standard Chartered bank Personal Loan.

    • Loan amount- Offers a very high loan amount. The customer can borrow up to AED 1,000,000 depending on their eligibility criteria.
    • Interest rate: The customer can avail the loan at interest rate as low as 5.99% p.a.
    • Flexible repayment option: The bank provides flexible
    • Fast processing: The loans are granted quick and the bank offers a five minute online loan application process.
    • Can be applied for online.
    • There is no minimum balance required. The bank waives the minimum balance required on your transaction account during the loan period.

    Benefits of Standard Chartered Bank personal loan

    Listed below are the benefits of Standard Chartered Bank Personal Loan.

    • Transfer: The bank offers the option of transferring your loan from another bank without any hassle.
    • Top-up loan: The bank offers a top up option if the customer needs additional financing during their loan tenure. The customer should have made regular payments in order to avail the top up option.
    • Instalment Deferment: The bank offers the convenience of postponing your monthly loan payments twice a year if it’s required.
    • Utility Bill Payment: Use the utility bill payment option to pay your bills across UAE.
    • Value added services: Enjoy value added services such as a free debit card and a personalised chequebook with your Standard Chartered Bank Personal Loan.

    Eligibility criteria of Standard Chartered Bank personal loan

    Listed below is the eligibility criteria for Standard Chartered Bank Personal Loan.

    • The applicant must be a resident of UAE
    • The applicant must be working for one of the companies approved by the bank.
    • The loan will be processed and granted only after the bank receives all the documents required.

    Fees & charges of Standard Chartered Bank personal loan

    The below table shows the schedule of fees and charges involved with Standard Chartered personal loans

    Type of Charge Amount
    Interest rates for Personal loans Interest rates can go up to 17% per annum
    Processing fees for new loans 1% of the loan amount and has a minimum fee of AED 500 and a maximum fee capped to AED 2500
    Processing fees for top-up loans 1% of the loan amount and has a minimum fee of AED 500 and a maximum fee capped to AED 2500
    Loan shield insurance with death benefit 0.80% of the loan amount for single premium option and 0.35% per annum for monthly premium option
    Loan shield insurance with death benefit and permanent total disability 0.99% of the loan amount for single premium option and 0.40% per annum for monthly premium option
    Early settlement of loan through cash settlements The fee is 1% of the outstanding principal amount
    Early settlement of loan through bank transfers The fee is 1% of the outstanding principal amount
    Final settlement from other sources or END of Service Benefits The fee is 1% of the outstanding principal amount
    Partial settlement from all other sources inclusive of EOSB The fee is 1% of the partial payment amount
    Penalty interest rate for late payments The penal interest rate is 2% of the delayed amount
    Late payment fee The minimum fee is AED 50 with a maximum fee of AED 200
    Fees for deferred instalments The fee is 100 per instance of deferred instalment
    Fees for cancellation of loan The fee is AED 100
    Fees for rescheduling of loan The fee is AED 250
    Fees for liability letter The fee is AED 100
    Fees for no liability certificate The fee is AED 100
    Fees for release letter The fee is AED 50
    Fee for setting up standing instructions The fee is AED 50
    Penalty fees levied on insufficient funds for standing order The fee is AED 25
    Fee for returned cheques The fee is AED 100
    Interest rate on overdraft Interest rates can go up to 21% per annum
    Fee for Delayed payment on overdraft 2% of the delayed amount and has a penalty fee with a minimum charge of AED 50 and the maximum charge is capped t AED 200
    Cancellation fee for overdraft The fee is AED 100
    Fee for no liability letter for overdraft The fee is AED 100

    About Standard Chartered Bank

    Standard Chartered Bank was established in 1958 in UAE and has an extensive branch network internationally with over 11 branches, 5 electronic branches and over 100 ATMs. The bank offers various financial products and services including Islamic products and services which are based on Islamic Sharia principles.

    Frequently asked questions- Standard Chartered Bank personal loan

    1. Can the personal loan be applied for in just 5 minutes?
    2. The personal loan can be applied for online within 5 minutes depending on the internet speed, size of the documents being uploaded and the system capability.

    3. What is the maximum loan amount granted?
    4. One can avail a loan amount up to AED 100,000 depending on their eligibility.

    5. What is the maximum tenure offered?
    6. The bank offers loan tenure up to 48 months.

    News About Standard Chartered Bank Personal Loans

    • Standard Chartered gets new chief executive

      Julian Wynter will be the new chief executive for the Standard Chartered’s UAE office. Previously Mr Wynter had held the position head of internal audit for Standard Chartered. He was also the country head in Malaysia and Japan, the statement said.

      He has replaced Mohsin Nathani, who left Standard Chartered in April.

      The move is part of a previously announced plan to reduce costs at the emerging market specialist lender by US$1.8 billion in the next two years, and remove overlapping layers of management.

      Wynter is likely to take charge in August after the departure of current UAE CEO Mohsin Nathani, who resigned from the bank in April, s

      06 November 2015

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