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.
|Interest Rate (p.a.)||Starting from 6.99% p.a.|
|Loan Tenure||5 years|
|Min. monthly income||RM2,000|
|Min. Loan Amount||RM2,000|
Standard Chartered Personal loans come in 2 main packages which are as follows
This loan is an unsecured loan which does not require any guarantor or collateral. The loan is designed for cash consumption and has no specific purpose. The loan amount can be used in any way deemed fit by the borrower. The loan offers flexible repayment tenures and comes with attractive interest rates making it easier to repay.
This loan package from Standard Chartered allows borrowers to use the amount obtained for any type of expense. The loan is designed for cash consumption and is an ideal choice for borrowers who are in need of finances in a hurry. The loan comes with quick approval times. The loan offers a high loan amount that can serve a multitude of various expenses.
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.
Following are the benefits of the personal loan packages offered by Standard Chartered:
|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|
Borrowers who wish to acquire a Standard Chartered Personal Loan can visit the Standard Chartered website, navigate to the desired personal loan package and click on the ‘Apply Online’ option. Doing so will take them to a web page wherein they are required to enter key data and begin the application process. Borrowers must submit the duly-filled application form online along with the required documents for the loan to be successfully approved.
Borrowers can also call on the Standard Chartered Hotline at 1300 888 888 to receive further information and assistance regarding the application process. Borrowers interested in the loan can also book an appointment for application by clicking on the e-Appointment link found on the Standard Chartered website.
Alternatively, borrowers can visit their closest Standard Chartered bank and request for a loan application form to initiate the application process.
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 theLoan 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.
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.