Standard Chartered Business loans help you to fulfil the varying needs of your business. Whether you are thinking of starting a new business or expanding an existing one, Standard Chartered Bank has loans for all your business phases.
Business Loan – Explained
A business loan is a loan product provided by Banks and NBFCs to fund the financial needs of businesses. Whether you want to start a new business, expand your existing business, or require funds for any other business-related expense, business loans are the correct option for you.
While providing a business loan, lenders usually analyse the borrower’s creditworthiness by accessing the business entity’s credit score along with the promoter’s credit score and business turnover.
Both secured and unsecured business loans can be provided to the borrower based on the creditworthiness, the loan amount, and the repayment tenure.
Features & Benefits – Standard Chartered Loan
Standard Chartered Bank offers collateral-free business loans through their business loan product called Business Installment Loan (BIL). One can also opt for a Guaranteed Installment Loan (GIL) which provides a loan with up to 5 years guarantee by CGTSME.
Apart from this, Standard Chartered Business Loans offers various other benefits and features that make them set apart. Some of them are:
- Hassle-free loan application process
- Collateral-free business loans with flexible loan repayment tenure of up to 4 years
- Top-up facility offered on the basis of existing loan track record
- Minimal documentation requirement with the assessment based on GST statements.
Interest Rate, Fees & Other Charges- Standard Chartered Business Loan
The interest rate, processing fees, and other charges of the Standard Chartered Business Loan are given below:
| Particulars | Charges |
| Interest rate | 16% p.a. |
| Processing Fee | 2% of the disbursed amount |
| Prepayment Charges | 4% of the outstanding loan amount |
Documentation Required for Standard Chartered Business Loan
- Identity proof
- Address Proof
- Entity Proof
- ITR along with Computation of Income (last 2 years)
- Audited financials (last 2 years)
- Profit loss statements (last 2 years)
- Bank Statements (last 6 months)
- GST Returns (12 months)
Eligibility Criteria Required – To acquire Standard Chartered Business Loan
- Entities including Partnership Firms, Sole Proprietors, Trusts, Limited Liability Partnerships, and Private Ltd. Companies are qualified for a Standard Chartered Business Loan.
- The company must be a profitable entity.
- The annual minimum turnover of a business must be INR 100 lakhs.
- A business Vintage of 3 years is required.
Read Article: Business Loan Eligibility Criteria
Standard Chartered Business Loan EMI Calculator
Factors responsible for Standard Chartered Business Loan Interest Rate
Standard Chartered Bank provides business loans at an interest rate starting from 17.25 % per annum. Securing a business loan with favourable interest rates and a flexible repayment period is crucial for applicants.
Given the typically substantial loan amounts associated with business loans, various factors come into play in determining the interest rates for Standard Chartered Bank Business Loans.
These are:
- The Credit Score of the business owner or the company. Check your credit score in free.
- Category of the business
- Business Vintage
- Profit and Annual Turnover of the business
Suggested Read: Benefits of a Business Loan
How to apply for a Business Loan in Standard Chartered?
You can apply for a Standard Chartered Business Loan, by either visiting their nearest bank branch or going to the bank website and applying for the loan online.
Online Application Process
- Visit the official website of Standard Chartered Bank.
- Go to the Loans tab and select Business Installment Loan (BIL) under the business loan section.
- Click on Apply Now, enter your mobile number, and proceed with the loan application
- Fill in the loan application form carefully and provide the necessary documents.
- Now sit back and wait for the approval.
Offline Application Process
Visit your nearest Standard Chartered bank branch and connect with one of the representatives. They will assist you in completing the entire application process.
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Frequently Asked Questions
What is the interest rate of Standard Chartered business loan?
The interest rate of Standard Chartered business loan starts from 17.25% p.a
What is the repayment period of a Standard Chartered business loan?
The maximum repayment period of a Standard Chartered business loan is 5 years.
Does Standard Chartered Bank require collateral for business loans?
No, the Standard Chartered Bank doesn’t require collateral for business loans.
What is the maximum business loan amount offered by Standard Chartered?
The maximum business loan amount offered by Standard Chartered is INR 1 Crore.
Can I prepay my Standard Chartered Business Loan?
Yes, you can prepay the Standard Chartered Business Loan by paying 5% pre-closure charges on the outstanding loan amount after paying 12 EMIs and giving a 21-day notice to the bank.