Standard Chartered Bank Business Loan
Last Updated : Oct. 31, 2016, 7:25 a.m.
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 ₹ 75,00,000. The applicant has to pay 1.5%-2% of the loan amount as processing fee.
Standard Chartered Bank Business Loan Details
| Particulars | Details |
|---|---|
| Interest Rates | 16.50% |
| Minimum Loan Amount | ₹10,00,000 |
| Maximum Loan Amount | ₹75,00,000 |
| Minimum Tenure | 12 months |
| Maximum Tenure | 36 months-48 months |
| Processing Fee | 1.5%-2% of the loan amount+Applicable Taxes |
| Repayment Option | Through EMIs |
| Prepayment Charges | 5% of the outstanding amount (No Prepayment allowed till 12 months)+Applicable Taxes |
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 [email protected]
- 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 Business Loan 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 ₹ 75,00,000 at an interest rate of 16.5%p.a for 3 years, with the help of a Calculator I can know the exact EMI Calculations.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 21,03,248 | ₹ 10,83,146 | ₹ 53,96,751 |
| 2 | ₹ 24,77,769 | ₹ 7,08,625 | ₹ 29,18,981 |
| 3 | ₹ 29,22,583 | ₹ 2,67,413 | ₹ 0 |
Features And Benefits
- Quick loan disbursement within few days of submission of documents
- Attractive rate of interest
- High loan amounts up to ₹ 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.
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 |
|---|---|
| Passport | Passport |
| PAN Card | Telephone Bill |
| Driving License | Electricity Bill |
| Voter ID | ID Card Issued by Post Office |
| Government ID Card | Bank Statement with Cheque |
| Senior Citizen ID Card | Any 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 16.5%. 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 [email protected]
- Visit the nearest bank branch