7 Must-Know Details on Standard Chartered Personal Loan
Details on Standard Chartered Personal Loan Updated on March 2023
Where do you get your emergency funds when you have no savings?
Filipinos usually get a personal loan whenever there is a financial need that must be met immediately. As many of us need a personal loan, many financial institutions offer competitive offers. One of them is Standard Chartered Bank.
Standard Chartered Personal Loan Philippines
Standard Chartered Bank is the first foreign bank in the country, established in 1872. It gained its Universal Bank status in 2001 as the Monetary Board of the Bangko Sentral ng Pilipinas granted it. Standard Chartered Bank can offer various financial services such as commercial, investment, and loans with this status.
Standard Chartered Personal Loans are multi-purpose loans offered to Filipinos and foreigners who have met the eligibility and requirements strictly imposed by the bank. You can use this loan in various ways: tuition fees, medical expenses, travel, or even as capital for a startup business.
Standard Chartered Personal Loan Eligibility
If you want to apply for a Standard Chartered Personal Loan, you must be at least 21 years old and not more than 65 upon the maturity of the loan. Most banks think individuals younger than 21 may not have made enough credit history. Remember that banks use credit scores as one of the main considerations when evaluating an applicant’s creditworthiness. Having no credit history also puts you in the high default risk category.
Also, you must earn at least Php 290,000 a year or approximately Php 24,200 a month. Aside from this, you must also be a credit card holder of another financial institution. Your credit card account must be beyond six months to qualify. This ensures that you have a credit history, and the bank can also see your payment habits since credit card payment is something you do not take lightly.
Standard Chartered Personal Loan Requirements
You will need a photocopy of latest of your latest Income Tax Return. As per BSP Cir. 622, bank loan applicants must present their ITR duly stamped and received by the Bureau of Internal Revenue (BIR). If you are eyeing a higher amount of loan, you must also present your Certificate of Employment. Do not forget to present a clear photocopy of your valid ID.
In case you are a foreigner applying for a personal loan, you will need to present your Visa stating the Visa’s validity. The maximum term of your approved loan will depend on the remaining period your Visa is valid. Also, you must physically reside in the Philippines for at least a year before the loan application.
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Standard Chartered Personal Loan Interest Rates
Comparing interest rates is one of the most common ways to spot the best personal loan. Standard Chartered charges an interest rate as low as 1.1% per month. This is not the definite rate. The bank has the right to charge an interest rate based on its own discretion. It may depend on your loan term, loan amount, and income.
Standard Chartered Personal Loan Repayment Terms
Choosing the right loan term is crucial when getting a personal loan, especially in banks. Banks usually charge prepayment penalties for people who settle their loan ahead of its agreed maturity date.
Standard Chartered offers a personal loan with a term of up to 36 months or three years. It may be tempting to get a long-term loan. However, this will also mean long-term financial responsibility. Most banks and other financial institutions do not lend to individuals who are still paying some loans. You might have a hard time getting a housing or car loan.
Standard Chartered Personal Loan Amount
You can borrow from Php 20,000 up to a maximum of Php 2Million. However, you must apply for a realistic loan amount. This is why you must ask for a quotation or a loan calculator.
Standard Chartered Personal Loan Calculator
It is best to use a calculator when applying for a loan. Why? Because it can give you an idea of how much you can borrow and how much you have to pay each month. With this, you will know if you can handle the loan repayments with your current finances.
Since Standard Chartered currently has no personal loan calculator, you have to ask for a quote before applying. Avoid asking for a high amount of loan which you do not actually need. It may seem like instant cash, but you will still have to pay for it.
Standard Chartered Personal Loan Processing Fee
The processing fee of a Standard Chartered Personal Loan is equivalent to Php 1,500 or 4% of the approved loan amount, subject to the bank’s discretion. The processing fee will not exceed Php 4,000. You do not have to worry about how to pay the processing fee because it will be deducted from the loan proceeds.
Standard Chartered “Credit Extra” Personal Loan
This personal loan comes with a complimentary Classic MasterCard. You can earn reward points, avail of promos, and get cashback. However, make sure that you are ready for another credit card because having a credit card needs financial discipline.
Visit Cash Mart’s website to know which term fits your needs and the affordability of its interest charges. What to learn more? Call Cash Mart at (02) 829-0000 or find answers to your queries at Frequently Asked Questions.