While personal loans can be easily availed by anyone in need of immediate cash, all banks providing personal loans have eligibility criteria that one should fulfill. Any person, whether he or she is a salaried employee or a self-employed individual, can avail of it.
Standard Chartered Bank provides a personal loan to people in need at a low-interest rate of 11.50 percent and a loan amount of up to Rs. 50 lakh. They also provide a tenure of 12 to 60 months.
Anyone working in a government, private, or MNCs can avail of such a loan. The applicant should be between the ages of 23 to 58 years. He or she should at least earn around Rs. 25,000 per month. He or she should also have a minimum work experience of at least 36 months. Your capability of paying the EMI is judged depending upon the income earned so that the EMI doesn’t affect your living standards.
An individual can also choose to add a co-applicant to increase the repayment capacity. The co-borrower should have a good and steady income, limited fixed obligations, and a strong credit score.
Fixed Obligation to Income Ratio (FOIR) is an important parameter that the Standard Chartered Bank uses to find out whether you are eligible. Standard Chartered Bank takes all your fixed obligations such as rents or existing EMIs into account after estimating your eligibility. The minimum FOIR required to be eligible for a personal loan from Standard Chartered Bank is 0.45. One’s credit behaviour and track record from your past loans, if any are taken into account in your CIBIL score. Standard Chartered Bank will check the complete credit report of an individual, before applying for a loan.
Standard Chartered Bank is a trusted bank with dedicated workers who are waiting to help you through the loan scheme process and make it easier for you. The website of Standard Chartered Bank provides all additional information that one might require.
Taking a loan can be very stressful. There are many questions that people ponder over when it comes to taking a loan. Dialabank comes to your aid and clears all your confusion. So stop fretting and call 9878981166.