Shopping for the best personal loan can lead you to bank loans, but are these the best loans for you?
Let’s take a look are Standard Chartered Bank Personal Loan!
Standard Chartered Personal Loan Eligibility
It is vital to prioritise the eligibility list before you go filling up the application form. Why? Because you can easily see if you are qualified based on the general eligibility. Failing to pass the eligibility and submitting the application anyway can make a blow to your credit score. Remember that any loan application can be reflected in your credit history as an inquiry.
Unsurprisingly, Standard Chartered required their applicant to be of legal age range from 21 up to 65 years old upon loan maturity.
Singapore citizens and permanent residents must have at least an annual income of $20,000. This is quite low compared to the minimum annual income required for foreigners which is $60,000. Expats must be valid Employment Pass holders. The Q Pass holders must have at least 1-year validity left on their passes to be eligible.
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Standard Chartered Personal Loan Interest Rates
Be mindful when comparing interest rates. You may see two types of interest rates. There is an Advertised Rate and an Effective Interest Rate. AR includes the other fees upon calculation of interest. Standard Chartered Bank offers interest rates depending on the loan tenor and the annual income of the borrower.
Interest rates depend on the loan quantum and tenor. Apparently, those with income of $30,000 and higher has lower interest rate charges at the minimum of 6.88%. Those with a salary of $20,000 to $29,999 will be charged with the lowest interest rate of 9.80%.
Standard Chartered Personal Loan Fees and Charges
- Since an applicant can borrow up to five years, Standard Chartered Bank charges annual fees. The first annual fee will be automatically deducted from the funds or approved loan which are disbursed. The succeeding years will be charged with $50 a year. This fee will be waived if the borrower has paid diligently for the past 12 months.
- If you want to settle the loan earlier than agreed, wouldn’t the bank be grateful? Actually, the answer is yes. That is because if you pay earlier than agreed, you will be charged with an early payment fee $250 or 3% of the outstanding principal. This is an additional cost which can be avoided if you plan your loan well.
- In case you changed your mind and wanted to chance your tenor (may it be shorter or longer) you will be charged with $50 per change.
- Should you fail to pay your monthly repayment for six months, your loan will be considered default. You will then be charged with an additional interest rate of 4%. This will be added on top of the EIR of your outstanding balance.
- Late payment of $80 will be charged if you failed to pay even the minimum monthly repayment.
Standard Chartered Personal Loan Promotions
From 1 April to 30 June 2017, you can get up to $1,088 cashback on the approved loan amount. If you borrow less than $50,000, you will get 1% cashback of approved loan amount. If you borrow $50,000 and more, you will get 1.5% of the approved loan amount.
Cashback is capped at $1,088. It may be enticing to borrow a high amount of loan due to cash back, but never forget to borrow only the funds that you need to avoid a future financial problem.
Standard Chartered Personal Loan Process
When you apply for a loan, you must consider if the turnaround time meets your need. Is the funds for urgent need or is it for something that could wait. If it could wait why not take some time to save up rather than getting a loan from a bank?
Like most banks, Standard Chartered Bank takes four to seven days to process a personal loan. This will highly depend on the completion of the application form and required documents. If one week is too long for you, you can just get a loan from licensed moneylenders.
Standard Chartered Personal Loan Amount
Standard Chartered bank offers a personal loan amount of up to four times the monthly income or up to a maximum loan amount of $200,000. While these are what is offered, you need to understand that the loan amount is strictly at the bank’s discretion. The bank may offer low amount depending on various reasons such as low credit score and existing loans.
Standard Chartered Bank Next Day Cash
You must submit a completed application to the Standard Chartered Bank for a personal loan before 2 p.m. The bank will then disburse the funds on the next working or banking day.
On the other hand, if you are in an emergency situation and you need the money on the same day. You can drop by Cash Mart’s office at 277 Balestier Road and experience the smoothest loan process.
Cash Mart offers quick cash loan with flexible loans. Give them a call now at 65 6397 4111 to know more.
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