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Standard Chartered Bank Business Loan
Standard chartered bank is one of the most trusted and customer friendly bank with over 150 years of international experience. This bank has a mixture of both that is expert blend of profound local knowledge with a wide variety of global expertise. This process ultimately helps in comprehensive solutions for both the corporate and the institutional banking. This bank is India’s largest international bank that has more than 98 branches in 42 cities and has been operating since 1858.
Features of Standard Chartered Bank Business Loan
• Easy to Apply
One of the best features in this bank is that the application process of the Standard chartered business instalment loan is very simple and quick which ultimately makes the best options for the beginners.
• High Loan Amounts
As one of the most important things which the customer keeps in its mind is the amount of the capital one can take at a time. So basically Standard charters bank removes this difficulty and you can take the maximum amount of loan up to a limit of INR 7.5 million.
• Easy Term Solutions
Standard Chartered Bank assures you that you can take the Business Instalment Loan to be taken out for a period of up to 36 months.
• No Security Required
This feature makes this bank unique from all the other banks as it requires no collateral or additional security to pass your Business instalment loan.
Business Finance options available with Standard Chartered Bank
Basically standard Chartered has a variety of loans and finance options available that is, it offers comprehensive range of home loans with reasonable rates, mortgages, credit card facilities and overdrafts to peacefully fulfil the needs of you and your family. Standard chartered bank offers these kinds of loans they are as follows:
- Business Instalment Loan
- Lease Rental Discounting
- Loan against Property
- Loan Against Property (LAP) Saver
Business Instalment Loan
Business Instalment Loan is nothing but an unsecured loan that provides the users with SMEs having access to funds, whether it is for the working of the capital or for the expansion needs of the business. Standard Chartered Bank has the following finance options for MSMEs:
• Easy business instalment loan with a low interest option.
• Guaranteed instalment Loan available that is term loan available with the CGTMSE cover.
• Loan against property is also available with pocket friendly interest rates.
Whether you work for the capital or for the business expansion needs, business instalment loan of the Standard Chartered Bank provides the loan that facilitates the SMEs with an access to funds. Its benefits include-
• Attractive interest rates which is the unique feature of the bank.
• They will simply provide you the bundle account offering.
• You do have the opportunities available toward the SMEs that is for instance banking products, Trade and working capital solutions, FOREX and cash management offerings etc.
• Disbursal of the loan amount will take a minimum of 5 working days which is a speedy process as compared to the other banks.
• This type of loan can be taken out for period of 36 months.
• They will allow you to borrow maximum amount up to INR 7.5 million.
How to access it?
• First step is that the sale team meets the clients and collect their relevant documents that is application form, KYC etc.
• Your plant and machinery investment is basically accessed for identifying MSE sector lending.
• Internal rating is applied on the applicant entity which simply contains the parameters which are interconnected with the customer demographics, credit record etc.
• Your loan amount eligibility is basically calculated by using your debt burden ratio.
• Your verification and financial analysis may be strictly done in accordance with the internal guidelines of the bank.
In case when the customer is not able to repay the loan obligation on time and as a result faces long term payment challenges, its internal assessment is to be done so it finally helps the client to repay the balance amount. This whole process basically involves the assessment of current status of the financial and business status before the bank arrive at the crucial decision that is to offer rehabilitation program.
Lease Rental Discounting Loans
Lease rental discounting is nothing but basically designed to fulfil the finance related needs of the following persons-
• For instance, proprietors and proprietorship firms can easily available their services.
• Big partnership as well as for the small partnership firms.
• Basically designed for the private limited and the public limited companies, and for the companies who are really in the need of the lease rental discounting loans.
• Other persons include the professionals which helps us in our daily lives for examples the doctors, chartered accountants, architects, business consultants etc.
This kind of loan is a term loan offered against the rental receipts which basically derived from the contracts with the corporate tenants. The main features include:
• You can easily borrow up to 65 percent of the market value of the property.
• You can apply for even the high limits of the amount that is up to INR 2500 million.
• They do have their long term solution and you can borrow money up to 12 years.
• Maximum loan can be avail up to INR 150 million and that too with the eligibility conditions.
• Lease tenure is fixed for 15 years.
Loan against Property
These days getting loan against the property is one of the most difficult task for the customers as interest rates are growing at a faster rate when one applies for the loan against the property. But to avoid this issue and getting the loan easily and that too without a higher interest, Standard chartered bank has made some remarkable changes in their policies. This bank simply allows you to take loan against your property by allowing you to borrow up to 70 percent of the market value of your residential or commercial property and then you can simply use your money for your personal expenses. There features simply includes-
• You can take the loan up to INR 100 million.
• Best and attractive interest rates that is one of the unique feature of this bank.
• Loan as high as 70 percent of the market value of the property.
• You do not have to go through the long documentation process and they ensure you the speedy approval of your documents.
• You can take the loan for both the purposes like for residential as well as for the commercial purposes.
• Their unique feature is that loan is available also for the personal expenses or even for your business expenses.
Loan against the Property-LAP Saver
Standard chartered bank allows you to take the loan against property with the additional LAP saver feature, this feature simply enhances your savings. Their benefits are many and you can save much more on interest costs as well easily shorten your loan tenure by simply opting this feature. You can easily save up to 11.75 percent rate of interest as compared to the normal LAP through which you can save up to 11.50 percent rate of interest only. Loan tenure is basically for the 180 months. By applying for the LAP saver you can save up to 236,826 in your EMI. So ultimately in the end you can save up to your 40 months’ tenure.
Business Expansion Loan
Today in the fast pacing world many entrepreneurs are trying and making plans to expand their business for the long term growth, but only few realize the importance of the business expansion loan. In realizing the benefits of the business expansion loan Standard chartered bank has revised their policies for the customer friendly solution for the beginners.
Business Expansion Term Loan
The term loan is available against the different kinds of properties and usually offered to pick the targeted sections of the society which includes-
• Acquisition of property.
• Expansion of the property.
• For purchasing the fixed assets.
• Lastly for the construction of the factory premises, warehouses and their branches etc.
In Standard chartered bank you can easily take the term loan up to the period of 10 years. Basically their term loan is for two purposes one for the business expansion and the other for the acquisition of commercial property or fixed assets. They simply offer you the attractive interest rates and which ultimately helps you to raise the capital. Your documents can easily pass the verification process and that too within reasonable period and their relationship manager can advise you on how their SME banking service helps you to grow your business. Term loan is basically for those targeted customers who are manufacturers, retailers, whole sale retailers and service providers. Other entities like private limited companies, partnership firms, self-employed individuals, sole proprietors and promoters having 51 percent holding can avail this feature. The maximum tenure for the term loan varies in between 5 to 15 years. You do have a turnover requirement in between INR 10 million to INR 1850 million in order to avail the term loan. The minimum loan amount is rupees INR 3 million and maximum is INR 750 million.
Flexi cash offers you much more in the Standard Chartered Bank as compared to the other banks which is basically designed for SMEs operations in cash intensive industries. Flexi cash offers you the maximum advantage by giving you the free cash deposit limits from INR 4.5 million to INR 200 million per quarter. Flexible cash limits are directly link to your actual average quarterly balance that you have maintained in your account. They simply offer you the cash deposit limits up to 7 times your average quarter balance which is comparatively high as compared to the other banks. Their motto is that the higher your average quarterly balance is more free cash deposit limit you will receive in your account. They also offer you the high free limit, which is from INR 4.5 million to INR 200 million per quarter that basically depend on the type of the product.
One of the major advantages of the flexi cash is that flexi cash limits linked to average quarterly balance that ultimately enables you to enjoy the limits during your favourite peak season and lower limits during your lean periods.
Why should you choose Standard Chartered Bank Business Loan?
The loan offered by the Standard chartered bank helps you to achieve your final goal because with their exceptional amazing features you can make long term investments which will ultimately help you to repay loan in convenient equated monthly instalments. Their documentation is simple and speedy and one do not need to visit the bank every day. Their outstanding features includes-
• Maximum loan up to INR 7 million.
• Minimum loan starting from INR 1 million.
• Only 19.5% per annum rate of interest is charged.
• Tenure ranges in between 3 to 5 years.
• Cash security is basically in between 30 percent to 50 percent of the loan amount.
With all these exceptional features which includes the maximum loan amount which is usually very high as compared to the other banks makes it a completely innovative and user friendly bank. The process of documentation is so simple that even the beginner can easily apply for the loan. That is the why you should opt for the Standard chartered bank.
How to apply online for Standard Chartered Bank Business Loan?
Applying online for standard Chartered Bank Loan through Finance Buddha is one of the easiest ways by simply log in to the official website of Finance Buddha and giving your personal details online and then by clicking submit button on the bottom of the page. This method can even be used by the beginners and is a hassle free way to apply online. Some of the details that you have to submit includes-
• Borrower name.
• Company name.
• Year of incorporation.
• Loan amount.
• You just have to choose the city.
• Net profit after tax.
• Your mobile number.
• Your active Email ID.
• Partner salary
• Proprietorship in case of firm.
• Entity name.
• Whether you are a Director or a Partner.
In case of any queries drop a call to a customer support on 080-6012-0505.
Eligibility Criteria for SC Bank Business Loan
The eligibility criteria include that you should have at least 3 years or more experience in the business you want to run plus you should have a turnover of INR 12 million in order to avail the loan.
|Business Duration||More than 3 years|
|Turnover||INR 12 million p.a.|
Standard Chartered Business Loans are available for the following employment types:
- Sole proprietors / proprietorship firms
- Partnership firms
- Private limited companies
- Closely-held and public-limited companies
- Professionals – doctors, architects, chartered accountants, business consultants
Documents Required for Standard Chartered Bank Business Loan
In order to be eligible for the loan you must have the following documents, the list is given below-
The documents include your passport, photo pan card, driving license, voter id card, ration card. Any one of the following document will work as your identity proof.
Passport, telephone bill, ration card, electricity bill, medical insurance policy, rental agreement etc. You can have any one of the above address proof in order to avail the business loan.
Other eligibility criteria include that you should have at least 3 years or more experience in the business you want to run plus you should have a turnover of INR 12 million in order to avail the loan.
In additional to it necessary documents required are-
• If you are a salaried person your latest one-month salary slip.
• If you are a self-employed businessman your latest IT returns with computation of income/ certified financials, latest business continuity proof.
• If you are a self-employed professional your latest, IT returns and business continuity proof is required.
• Valid trade license.
• 3-year-old trade license.
• Latest 12 months’ bank statement.
• National ID of business owner.
• Utility bill of business.
• TIN certificate.
• Form 10 and form 11.
• Certificate of incorporation.
• Board resolution.
• Registered partnership deed if the business is running in partnership.
Standard Chartered Bank Business Loan Interest Rates, Fees & Charges
• For the business instalment loan rate starts from 17.5 percent per annum.
• For loan against property rate of interest is estimated around 10.75 percent.
• For loan against property home saver variable it starts from 11.00 percent.
• For the amount of less than INR 10 million, it charges rate of interest approximately 7.59% and for the amount more than INR 10 million but less than INR 20 million, the rate of interest is usually 5.50% and it also depends on the number of years you want to extend your loan, so ultimately it varies accordingly.
Frequently Asked Questions
In order to get the Term Loan what is the minimum amount of security that needs to give as additional?
What are the required documents one need to submit to the bank in order to get the sanction?
What is the minimum and maximum turnover requirement for the Business Instalment Loan?
For which entities is the Business Instalment Loan useful?
What is the additional security required to get the sanction for Business Instalment Loan?
Who are the persons that are eligible for the lease rental discounting?
What is the adequate security one need to give in order to get the sanction?
What is not allowed as a security?
How is a business loan to be repaid?
What is the limit of Flexi cash?
What are the targeted segments for which the term loan is very useful?
What are the entities that can approach the Bank for the Term loan?
What is the maximum tenure of the Term Loan one can apply?
What are the different kinds of Term Loan which can be offered to the customer?
In order to eligible for Term Loan what is the minimum and maximum turnover range for its eligibility?
At one time what is the maximum and minimum loan amount one can ask under the Term Loan?
I have a business loan with standard chartered bank. I have never faced any issues with them. I am really happy with their services. I got the loan disbursed within 2 weeks. I like the response and the way they dealtVijay Kumar 5/5
I had never faced any difficulties with standard chartered bank at the time of processing my personal loan application. Within just 4 days I got the loan. They were very helpful. They provided instant service. Compared to other banks standard chartered is really good. They are doing goodDrishti Bindra 5/5
Standard chartered is really good. They took a fast initiative when I applied for a personal loan. They informed me about the process clearly. I like their way of approach towards the customers. They have done a good jobPurushotam 5/5
Standard chartered bank is very good. I have taken a business loan from them. Everything went fine. The response was instant and I liked it. An executive called me. He had a good follow up till the end of the processSinha 5/5
SCB Is very quick in providing response and they have provided the information about the various rates there is no issues or challenges with them, I have taken the business loan from SCB. Interest rate offered by them is much lesser than other banks. Processing fee was very less and it is good for anyone who is looking out for loanShiva Praia 5/5
I am very much happy with the service offered by them. The response provided by them was also good. I am unable to recall the interest rate offered by them. I might approach the same bank again just in case if I am in need of this business loanVivek Bansal 5/5
The response was quite faster from the standard chartered bank. Within 24 hours they called me and processed my business loan application. The offer which they gave was good with less charges. They really had a good follow up. The customer service is really goodP. Soumya 5/5
They are very quick in providing response. They were able to resolve all my queries on time. I did not interact with them much. I have got a call from the agent on time and they have offered the least interest rateShailesh 4/5
The experience with standard chartered bank was fine. The interest rate was less compared to other banks. The process was very speedy. I got my loan within 10 to 12 days. It will be good if they can reduce the interest rateKartika 5/5
The response from standard chartered bank was excellent. They delivered the loan amount on time as they committed. The quality of service is excellent. The rate of interest was a bit high than my expectation. Still I am comfortable with them. It is an excellent bankSudeep 5/5