Standard Chartered Bank Personal Loan EMI Calculator

While taking a personal loan from Standard Chartered Bank, you can also calculate your EMIs, interest outgo, and total amount payable. Yes, with Standard Chartered Bank Personal Loan EMI Calculator, everything is possible, and this smart and time-saving device helps you enjoy your personal loan journey. To use this smart tool effectively, it is mandatory to fill in the below credentials::

• Loan Amount
• Interest Rate
• Tenure

The device considers the above values and then informs you about the results of EMI, interest outgo, and the total amount payable. It shows the data in a graphical representation, making it easier for you to understand.

How to Use Wishfin Standard Chartered Personal Loan EMI Calculator?

The Wishfin Standard Chartered personal loan EMI calculator is quite easy to use. Here's how:

• Adjust the sliders to select your desired loan amount, interest rate, and loan term.You can also enter the details manually.
  
• Once you set these parameters, the calculator will display your monthly EMI, the total interest payable, and the total amount you will repay over the loan period.

Example to Understand Personal Loan EMI Calculation

Let’s just make you understand the functionality of this tool with the help of an example below.

Suppose, Akash Gupta, a 28-year-old, Sales Manager by profession is looking for a personal loan of ₹3 lakh. The Bank has agreed to offer him the loan at an interest rate of 10.99% per annum for a tenure of 5 years. Now, for your reference, below is a table showing how much EMI, interest and total amount would be paid by Akash to repay his loan.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Standard Chartered Bank EMI Calculation Formula

An EMI Calculator uses the below formula to calculate your EMI:

EMI=[P x R x (1+R)^N]/[(1+R)^N-1]where,
EMI=Equated Monthly Installment
P=Principal Loan Amount
R=Monthly Interest Rate
N=Number of Monthly Installments

If you have applied for a loan for ₹5.5 lakh at an interest rate of 14% with a repayment period of 5 years. The calculation of the Equated Monthly Installment (EMI) would be as follows:

• Principal Amount (P): ₹5,50,000
• Interest Rate (R): 14% per annum (which converts to 0.14 per month)
• Loan Tenure (n): 5 years, or 60 months

Here’s how you will get your EMIs:

[5,50,000 x 0.14 x (1 + 0.14) ^ 60]/[(1+0.14) ^60 -1] = 12,797.54

So, you will be required to pay ₹12,797.54 as your EMI.

Standard Chartered Bank Personal Loan Amortisation Schedule

Here is the amortization schedule for the example provided above, to assist you further:

The Lowest EMI Offered by Standard Chartered on Personal Loans

For various loan amounts, the EMIs for a Standard Chartered Personal Loan at interest rates of 11.49% and 17% over a five-year period are:

How Can Standard Chartered Bank Personal Loan Calculator Help You?

Here are the different scenarios in which a personal loan EMI calculator can be helpful:

Calculate monthly EMI: By entering the loan amount, interest rate, and loan tenure, you can instantly calculate your monthly EMI for a Standard Chartered personal loan.

Determine total interest cost: The calculator shows you the total interest you'll pay over the entire loan tenure. This will assist you in understanding the true cost of borrowing.

Find the optimal loan terms: By trying various combinations, you can determine the most suitable loan amount and tenure based on your repayment capacity.

Visualize repayment schedule: Some calculators provide a detailed breakdown of your repayment schedule, showing how much of each EMI goes towards principal and interest.

Plan your finances: Knowing your EMI in advance helps you budget and plan your monthly expenses accordingly.

Compare with other banks: You can use the calculator to compare Standard Chartered's loan offers with those from other banks to find the best deal.

Standard Chartered Bank Personal Loan Eligibility

To avail the personal loan in Standard Chartered Bank, you must meet the below eligibility criteria:

Salaried:

• Provide proof of income using tax returns, bank statements, or audited financial statements.
• Have a minimum monthly income of Rs. 25,000.
• Age should be between 22 and 58.

Self-Employed

• Show proof of income through tax returns, bank statements, or audited financial statements.
• Have a minimum monthly income of Rs 25,000.
• Ensure your business has been operational for at least two years.
• Age should be between 22 and 58.

Factors Affecting Standard Chartered Bank Personal Loan EMI

Here are the factors that affect the EMI for a personal loan from Standard Chartered Bank:

• Age: Standard Chartered Bank offers personal loans to individuals who are between 22 and 58 years old. Those younger than 22 or older than 58 are typically not eligible, as they present a higher repayment risk.
  
• Income: You must earn at least Rs. 25,000 per month to be eligible for a personal loan from the bank. The higher your income, the larger the loan amount you may qualify for.
  
• Employment type: Both salaried and self-employed individuals can apply for a personal loan. This means anyone who has an eligible source of income can apply for a personal loan with Standard Chartered Bank.
  
• Credit score: A good credit score, ideally 700 or above, is essential for obtaining a loan with favorable interest rates.
  
• Existing debts: If you have other ongoing debts, your capacity to take on additional borrowing may be limited. This considers your overall ability to manage and repay a new loan effectively.

Fees and Charges Associated with Standard Chartered Bank Personal Loan

If you are planning to take a personal loan from Standard Chartered, you need to be aware of the following charges:

• Processing fee: Up to 2.25% of the loan amount for online applications.
  
• Prepayment fee:
• 0-12 months: Not applicable.
• 13-24 months: 5% of principal outstanding.
• 25-36 months: 4% of principal outstanding.
• Over 36 months: 3% of principal outstanding.
  
• Late Payment fee: INR 495 + GST.
  
• Swap charges: INR 500 + GST.

Limitations of Using Standard Chartered Bank Personal Loan EMI Calculator

While the Standard Chartered Bank Personal Loan EMI Calculator is a useful tool, it's important to understand its limitations:

• Excludes additional fees: The calculator does not include extra fees like processing charges, late payment fees, or prepayment penalties, which might affect the total cost of your loan .
  
• Fixed rate assumption: The calculator usually assumes a fixed interest rate throughout the loan tenure, which may not reflect potential rate fluctuations in variable rate loans.
  
• No consideration for credit score: The calculator doesn't take into account your credit score, which can significantly impact the actual interest rate offered to you.
  
• No consideration of eligibility: The calculator doesn't assess your loan eligibility, which depends on factors like income, existing debts, and credit history.