Standard Chartered Bank Business Loan

 

About Standard Chartered Bank Business Loans

The largest international bank in India, Standard Chartered Bank has been around in the country since the year 1858, and currently has 100 branches in 43 cities. It also has multiple subsidiaries dedicated to different types of financial services. The key client segments of Standard Chartered Bank include retail banking, private banking, commercial banking and corporate & institutional banking.

Standard Chartered Bank offers flexible business loans to MSEs (Micro and Small Enterprises). These entities can use the business loan amount to expand or establish a manufacturing, services or trading business. Their business loan product is referred to as Business Instalment Loan, which gets you easy access to funds for business expansion and working capital requirements. You can get funding of maximum ₹ 75 lakh, with the repayment tenure of up to 60 months. More specific details related to Standard Chartered Bank business loan, including the eligibility criteria, features and charges have been provided below.

Business Loan Eligibility Criteria

You can apply for Standard Chartered Bank business loan if you are a self-employed professional (business consultant, architect, doctor, chartered accountant etc.) or a self-employed businessperson engaged in manufacturing or trading activities. Your business should have been incorporated as either of the following: partnership firm, sole proprietorship, closely held public limited company or a private limited company. You can find more specific details related to the Standard Chartered Bank business loan eligibility criteria, such as the minimum and maximum age of the applicant, minimum income, post-qualification experience, credit score etc. below.

3

Years in currert business

₹ 50Lacs

Minimum Turnover

Standard Chartered Bank Business Loan Features / Details

As mentioned earlier, you can take a Standard Chartered Bank business loan ranging from ₹ 10 lakh to ₹ 75 lakh, with a flexible repayment tenure of 12 months to 60 months, and no need of a collateral / security. The disbursal time can range from 2 weeks to 6 weeks depending upon the extent of loan you require. In addition, the bank opens a bundled current account for you and refunds interest of up to ₹ 50,000 in the first year, if you meet the throughput on the current account and loan delinquency criterion. The offered interest rates are the best in the industry, and are based on your credit assessment, loan amount and other important factors. Please note, no prepayments are allowed within the first 12 months of the disbursal of the business loan. Please refer below for more details related to the Standard Chartered Bank business loan features.

17.50%

Interest Rate (Min)

1.9 – 4 Years.

Loan Tenure

₹ 10Lacs – 1.25Cr

Loan Amount (Min – Max)

Standard Chartered Bank Business Loan Fees / Charges

All standard Bank business loan applications involve a processing fees of 2% of the loan amount, which is deducted at the time of loan disbursal. In the event that you choose to prepay the loan, which is allowed only after 12 months, you will need to pay pre-closure charges of 5% of the outstanding principal (plus GST). Several other charges might also come into application depending upon the circumstances and your requirements, for instance, loan cancellation charges, penal interest, cheque swapping charges, ECS dishonour charges, cheque dishonour charges, late payment fee etc. The details of all these charges can be found below.

1.50% of Loan Amount.

Processing Fees

0% of amount prepaid.

Pre-payment Charges

No

Part Payment Facility

0%

Part Payment Processing Fees