Standard Chartered Bank Business Loan

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Business Loan

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    Standard Chartered Bank provides the range of services including the business loan. This loan is useful for sole proprietors and partnership firms in need of monetary funds. No obligation is set on the usage of loan amount. The amount can be used either as working capital or for business expansion needs. The credit amount depends on the nature of the business and the CIBIL score. Bank provides credit up to the maximum limit of Rs.75,00,000. The applicant has to pay 1.5% of the loan amount as processing fee.

    Standard Chartered Bank Business Loan Details

    How To Apply

    Taking into consideration the comfort of customers the Standard Chartered Bank offers multiple ways to apply for the loan. You can apply for loan in the following ways:

    • Online
    • Call on customer care number- 39401616 / 66011616, adding city code before number
    • Mail at sme.customercare@sc.com
    • Visit the nearest Standard Chartered Bank branch
    • If you are a Liability customers you may also get in touch with Relationship Managers to know more and apply for loan

    Standard Chartered Bank Business Loan EMI Calculator

    The EMI calculator aids the calculation and assists in computing the monthly installment value. You can know the amount due for payment each month during the loan tenure. You can even calculate the total outgo amount which comprises of principal and interest amount. Let’s see how the calculator works.

    Suppose, if I take a loan of Rs. 75,00,000 at the interest rate of 17.5%p.a for 3 years. The calculator will compute the amount of EMI using the mentioned values which will be Rs.

    Table Showing EMI, Total Interest Amount and Total Outgo

    Loan Amount (In Rs.)Interest Rate (p.a)Tenure (In years)EMI (In Rs.)Total Interest Amount (In Rs.)Total Amount (Principal + Interest) (In Rs.)
    75,00,00017.5%16,85,8177,29,79882,29,798
    75,00,00017.5%23,72,62114,42,91389,42,913
    75,00,00017.5%32,69,26521,93,55896,93,558

    Amortization Table

    YearPrincipal Payment (In Rs.)Interest Outgo (In Rs.)Balance Amount (In Rs.)
    120,80,30711,50,87354,19,693
    224,75,0287,56,15229,44,665
    329,48,5362,86,537

    Features And Benefits

    • Quick loan disbursement within few days of submission of documents
    • Attractive rate of interest
    • High loan amounts up to Rs. 75,00,000
    • Customer friendly application process
    • No security required
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    Standard Chartered Bank Business Loan Eligibility Criteria

    The following list of candidates are eligible for taking business loan :

    • Sole proprietors / proprietorship firms
    • Partnership firms
    • Private limited companies
    • Closely-held and public-limited companies
    • Professionals – doctors, architects, chartered accountants, business consultants

    Standard Chartered Bank Business Loan Application Form

    You can fill your application form online as well as in-person by visiting the bank branch. The application form is mandatory to fill and necessary documents are to be attached. Incomplete forms are rejected by the bank. So make sure that all the fields are duly filled.

    Documents Required:

    • Bank statements for the last 6 months
    • 2-year financials including Profit & Loss (P&L) statement, balance sheet and income tax returns
    • Documents related to establishment of entity, identity and address proof documents

    Identity & Address Proof Documents

    ID Proof
    Address Proof
    PassportPassport
    PAN CardTelephone Bill
    Driving LicenseElectricity Bill
    Voter IDID Card Issued by Post Office
    Government ID CardBank Statement with Cheque
    Senior Citizen ID CardAny other ID proof or address proof document can be submitted subject to bank's satisfaction

    Factors Affecting Business Loan Eligibility

    • Loan Repayment track
    • Credit Performance / Credit Bureau Update
    • Debt servicing ability of the customer
    • Business Vintage
    • Financial Ratios
    • Existing relationship

    Standard Chartered Bank Business Loan Interest Rate

    The loan interest rate depends on various parameters. The chief among them is the amount of loan and credit assessment. The minimum rate of interest prevalent is 17.5%. However, to know the specific rate of interest for your loan amount contact the bank’s sales officer.

    Must Read  Bandhan Bank Business Loan

    Standard Chartered Bank Business Loan e-Statements

     You can receive the electronic statements for your loan at zero charges. The bank mails the statement each month on the registered mail id. This helps you save the statement on your PC. Hence, reducing the paper consumption.

    Standard Chartered Bank Customer Care Service

    You can avail the benefit of customer care services through any of the following channels :

    • Call on phone banking number of your region
    • SMS on 9980033333
    • Email at customer.care@sc.com
    • Visit the nearest bank branch