Standard Chartered Bank Business Loan

Business Loan

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

ParticularsDetails
Interest RatesStarting at 17.5% p.a
Minimum Loan AmountRs. 10,00,000
Maximum Loan AmountRs.75,00,000
Minimum Tenure12 months
Maximum Tenure36 months
Processing Fee1.5% of the loan amount
Repayment OptionThrough EMIs
Prepayment Charges5% of the outstanding amount (No pre-payment allowed till 12 months)

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
Must Read  Saraswat Bank Business 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

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.

Must Read  Fullerton India Business Loan

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.

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