Who can apply for the Standard Chartered Personal Loan?
Pakistani residents aged 21 or above if salaried, or 25 or above if self-employed, with a valid e-mail address and a Pakistani mobile number. The amount, between Rs. 30,000 and Rs. 4 million, is defined after the bank reviews your income and your credit bureau record; the MID states that the sales representative cannot commit to an amount before that review.
The rate you receive depends on three things the bank checks: whether your salary is paid into a Standard Chartered account (Employee Banking), your monthly income bracket (below Rs. 50,000, Rs. 50,000 or more, Rs. 100,000 or more) and how many months of history you have with the credit bureaus. A clean history of twelve months or more opens the lower tiers.
Requirements to get the Standard Chartered Personal Loan
✔️ Age 21 or above (salaried) or 25 or above (self-employed), resident in Pakistan
✔️ Valid CNIC
✔️ Proof of income: salary slip or bank statement, or business documents for the self-employed
✔️ Active e-mail address and Pakistani mobile number
✔️ Signed application, the SBP declaration of existing credit facilities at other banks, and an undertaking that the loan will not be used for IPO subscriptions or speculation
A piece of advice for you!
Read the rate grid in the MID before you set the amount. Because the tiers change at Rs. 1 million, Rs. 2 million and Rs. 3 million, a slightly larger loan can carry a lower rate; do the sum for your case and compare the total markup, not just the percentage.
Do not plan to prepay in the first year: the charge is 10% of the outstanding balance, falling to 5% afterwards. If you expect a lump sum within twelve months, a shorter tenure is cheaper than an early settlement.
Set up the auto-debit and keep the account funded a few days before each instalment. The late fee is modest (Rs. 500) but the record goes to the credit bureaus, and this bank in particular prices its loans on bureau history.
What are the charges of the Standard Chartered Personal Loan?
From the MID (version SCBCPRMIDV014072026): processing fee of 1% of the loan amount or Rs. 2,500, whichever is higher, capped at Rs. 20,000 and deducted from the disbursed amount; top-up fee of 1% of the fresh amount, minimum Rs. 5,000 and capped at Rs. 20,000; markup per annum from the grid, 27% for less than twelve months of bureau history, 26% for twelve months or more, 25% (Employee Banking) or 26% for Rs. 1 million to Rs. 1.99 million, 23% or 24% for Rs. 2 million to Rs. 2.99 million and 20% or 21% for Rs. 3 million to Rs. 4 million, calculated daily on a 365/366-day basis; SC Sahar account holders get 1% less; prepayment charge of 10% of the outstanding amount within the first year and 5% after it; late payment charge of Rs. 500; extra-days markup between disbursal and the first instalment when the gap exceeds 30 days.
How to apply for the Standard Chartered Personal Loan?
Go to the personal loan page on the Standard Chartered Pakistan website and use the “Apply Now” form, or call 111-002-002 and ask for a call back. You submit your CNIC and income proof, sign the declaration and undertaking, and the bank evaluates the application. Once all documents are received, disbursal takes up to ten working days and the money is credited to your account; instalments follow the schedule in your sanction letter.
Have your CNIC and income proof ready? Press the button to go to the official page and start.
Kredua is not a bank, a lender or a financial institution and does not issue cards or loans. We review products offered in Pakistan so that you can decide with better information; every application is made directly with the bank, which alone assesses and approves it.
Photo: Shkuru Afshar · CC BY-SA 4.0 · Wikimedia Commons
