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  • Personal Loan BYTES FROM OUR KITCHEN

    Standard Chartered Personal Loan

    Standard Chartered is a leading banking institution in Malaysia that enjoys a strong presence globally. The bank caters to commercial banking, consumer banking, investment banking and also offers wealth management services among others. The personal loan packages offered by Standard Chartered are a popular and sought-after choice by many. This is largely due to the higher margin of financing offered by the loans and the competitive interest rates it comes with. The loans are easier to repay and can serve a multitude of expenses making it an ideal choice for anyone looking for additional finances to bridge the gap between their income and their expenses.

    Compare Personal Loans by Standard Chartered

    Name of Personal Loan Flat Rate (p.a.) Max. Loan Amount Min. Monthly Income Tenure Processing Fee For More Info.
    Standard Chartered CashOne Personal Loan Starting from 6.99% RM250,000 RM3,000
    • 12 to 84 months for existing customers
    • 12 to 60 months for new customers
    Nil  
    Standard Chartered Quick Cash EDGE Personal Loan Starting from 6.99% RM250,000 RM3,000
    • 12 to 84 months for existing customers
    • 12 to 60 months for new customers
    Nil  

    Features

    Interest Rate (p.a.) 6.99% p.a.
    Loan tenure
    • 5 years for new customers
    • up to 7 years for existing customers
    Min. monthly income RM3,000
    Min. loan Amount RM2,000
    Islamic/Conventional Conventional
    Debt consolidation No
    Takaful coverage No

    Interest Rates

    The interest rates charged by both, CashOne package and the Quick Cash EDGE package start at 0.583% per month or 6.99% p.a. The interest rate charged is a flat rate. The effective interest rate offered will depend on the loan amount, the tenure, and the eligibility of the borrower.

    Benefits

    Following are the benefits of the personal loan packages offered by Standard Chartered:

    • The loans are an unsecured product and do not require a guarantor or collateral.
    • The loans have a hassle-free application process and come with quick approval times making them an ideal choice for those borrowers who are in need of additional funds in a hurry.
    • The loans have flexible repayment tenures. Based on the loan amount chosen, borrowers can enjoy tenures from 1 to 5 years.
    • Borrowers can choose a tenure that provides them with an affordable instalment that can easily be repaid.
    • The Quick Cash EDGE personal loan package comes with a high maximum loan amount of up to RM250,000.
    • The CashOne personal loan is a one-of-a-kind loan package which provides the borrower with a Standard Chartered Visa Platinum credit card.
    • The credit card is free and charges no annual fees. The card is provided so that borrowers can manage their finances more effectively and still be able to pay the monthly instalments.
    • The interest rates offered by the loans are flat rate and competitive making the loan affordable.
    • The loan is free from additional charges or hidden charges. The loan does not charge any processing fees or any early settlement fees.

    Fees and Charges

    Fee Type Amount
    Processing fees (CashOne and Quick Cash EDGE) No charge
    Early settlement fee (CashOne) No charge
    Early settlement fee (Quick Cash EDGE) Written notice to be sent to bank one month in advance
    Late payment fee 1% p.a. on the overdue amount calculated and charged on a daily basis until fully repaid

    Eligibility Criteria

    Age requirement
    • 21 to 60 years for the salaried
    • 21 to 65 years for the self-employed
    Income requirement RM3,000 monthly
    Nationality criterion
    • Malaysian citizens
    • Permanent residents working
    • Residing in Malaysia
    Employment Permanent employees in Malaysia
    • Nationality criterion: The loan is available to Malaysian citizens and Permanent Residents working and residing in Malaysia
    • Age criteria:
      • Minimum age: The borrower must have attained a minimum age of 21 years
      • Maximum age: The borrower must not exceed the maximum age of 60 years
    • Income criteria: The borrower can either be a self-employed applicant or a salaried applicant earning a minimum annual income of RM36,000

    Documents required for personal loan

    • Salaried applicants:
      • A copy of the applicant’s MyKad
      • A copy of the most recent one month computerised salary slip
      • A copy of the most recent one month bank statement
      • A copy of the most recent EPF statement or
      • A copy of the most recent Borang BE with tax payment receipt
    • Commission-based applicants:
      • A copy of the applicant’s MyKad
      • A copy of the latest 3 months’ computerised salary slip
      • A copy of the latest 3 months’ bank statement
      • A copy of the latest EPF statement or
      • A copy of the latest Borang BE with tax payment receipt
    • Self-employed applicants:
      • A copy of the applicant’s MyKad
      • A copy of the Business registration certificate and Form 9, 24, and 49
      • A copy of the latest 6 months’ bank statement
      • A copy of the most recent EPF statement or
      • A copy of the most recent Borang BE with tax payment receipt

    Personal Loan Refinancing

    • Standard Chartered will provide funds to the loan account or credit card mentioned in the application.
    • If the outstanding balance in the refinancing account is higher than the funds provided by the bank, you have to pay for the margin of difference.
    • If the outstanding balance in the refinancing account is lower than the funds provided by the bank, Standard Chartered will make it up for you by rolling out funds in excess.

    Pre-closure Procedure of Personal Loan

    • You have to give one month’s notice to the bank in writing.
    • The bank will calculate and inform you about the outstanding amount that’s to be paid.

    How can I apply for a personal loan from Standard Chartered Bank?

    You can visit any of the Standard Chartered Malaysia branches and speak to the executives to apply for a personal loan. You will need to fill in the required forms and submit the same to the bank to complete the application.

    You can also visit Standard Chartered Malaysia’s official website to apply. Under each of its personal loan products, you will get the option “Apply Now”. Click it to follow up with the application. However, ensure that you meet all the eligibility criteria, including age and income requirement, and nationality, before applying.

    Calculator

    If you want to apply for a personal loan from Standard Chartered Bank, then you can find out your tentative installment on bbazaar.my website. By entering details like rate of interest, desired loan amount and tenure, you can find out what is the required monthly installment. This information will help you decide whether you can afford the Standard Chartered personal loan or not. The amortization table that the Loan calculator shows can help you learn about the outstanding loan amount and the balance interest. These details are useful in planning your finances efficiently and in advance before going for personal finance. The input parameters like loan amount and tenure can be adjusted to reach that optimum value of loan installment which is most suitable to your monthly budget.

    Customer Care Details

    You can call Standard Chartered Customer Service at 1 300 888 888 or 603 7711 8888. You can also write a mail and send it to Malaysia.Feedback@sc.com The head office address is as follows: Mezzanine Floor, Menara Standard Chartered, No. 30, Jalan Sultan Ismail, 50250, Kuala Lumpur, Malaysia.

    FAQs

    Q. How can I check my Standard Chartered personal loan status?

    A. To know your loan status you can check with the bank or call the customer care. Alternatively, you can also drop a mail to Malaysia.Feedback@sc.com.

    Q. What is the interest rate for a personal loan at Standard Chartered Bank?

    A. The interest rate starts from 6.99% p.a.

    Q. How do I cancel my Standard Chartered personal loan application?

    A. You can cancel the loan application by notifying the bank in writing. The bank may charge a cancellation fee in such a case.

    Q. What happens if I fail to make my repayments?

    A. In such a case, the bank may ask you to pay the full amount along with the accumulated interest. The bank might also levy a late payment fee.

    Q. What’s the procedure for repayment?

    A. You have to repay the loan in instalments. If there’s any outstanding balance you owe to the bank after paying all the instalments, the amount needs to be cleared on the final payment date set by the bank.

    Standard Chartered personal loans offer you flexibility with regards to payments along with attractive interest rates. Compare the personal financing products offered by Standard Chartered Malaysia and apply as per your convenience.

    Q. Does the borrower receive a free credit card with either of the personal loan packages?

    A. No. The borrower will only receive the Standard Chartered Visa Platinum Credit Card when they opt for the CashOne personal loan package.

    Q. Is there any annual fees that is payable towards the card?

    A. No. The card does not charge any annual fee. Borrowers are however required to pay the interest rate charged on retail transactions or cash withdrawals made using the card.

    Q. Does the card have an interest-free period?

    A. Yes. The card has a 20 days interest-free period. Transactions made and fully repaid within this period are exempt from incurring any retail interest charges.

    Q. Can the card be used to carry out overseas transactions?

    A. Yes. However, overseas transactions carry an additional charge. These transactions carried out in different currencies are converted to Malaysian Ringgit using an exchange rate determined by Visa International and carry a 1% administrative charge on the converted amount imposed by the bank.

    Q. Do the loan packages have any form of lock-in period?

    A. No. The loan packages do not have any form of lock-in period. The borrower can choose to settle a loan amount at any time before the loan attains maturity without having to worry about incurring any prepayment charges.

    Q. Does the Quick Cash EDGE loan package charge an early settlement fee?

    A. No. The loan does not charge an early settlement fee but borrowers are required to send in a written notice to the bank on their intentions of settling the loan earlier than the specified tenure at least one month in advance to the date of intended settlement.

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