Standard Chartered Salary Transfer Loan

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Salary Transfer Loan

Minimum Salary

AED 8K

Flat Rate

3.5%

Reducing Rate

6.5%

Loan Amount

AED 1000K

Early Settlement Fee

1%

Arrangement Fee

1%

AED 8K

Minimum Salary

3.5%

Flat Rate

6.5%

Reducing Rate

AED 1000K

Loan Amount

1%

Early Settlement Fee

1%

Arrangement Fee

Features

  • Repayment period is up to 4 years
  • The loan is provided for a interest rate of 6.5%
  • Minimum salary of AED 8,000 is required
  • The reduction rate and the flat rate is 6.5% and 3.5%. This denotes that the computation done was a division of the reduction rate by 2
  • It is mandatory to transfer your salary to apply for this scheme
  • Finance up to AED 1,000,000
  • Early settlement fee is 1% of loan amount
  • Arrangement fee is 1% of loan amount

Benefits

  • Can get up to AED 1,000,000 loan amount
  • Repayment period is long
  • During loan period there is no minimum balance on your transaction account

Frequently Asked Questions

Q. Do we get installment deferment option along with Standard Chartered salary transfer loan?

A. Yes, you get installment deferment option where you can defer your monthly installments up to 2 times a year.

Q. Do we get any tax benefits related to our personal loan?

A. No there are not tax benefits, however, in case you take a personal loan for home renovations, you will be eligible for income tax deduction under section 24.

Q. How are rates calculated for the given finance?

A. Rates are calculated on a reducing balance for the given finance .

Q. Is there any early redemption fee or cancellation fee for Standard Chartered salary transfer loan?

A. Yes, you have to pay 1% of principal outstanding along with cancellation fee of AED 100.

Q. What all can be included in my income when I am applying for personal loan in Standard Chartered bank?

A. Following sources can be included in your income while applying for personal loan:
1. Pension
2. Salary after tax deduction
3. Disability living allowance

Standard Chartered

A leading international banking group, with a rich history of over 150 years, Standard Chartered Bank (SCB) has been present in the UAE since 1958. SCB offers a range of products under Islamic and Conventional banking and is one of the leading financial institutions in UAE. Their main objective is ‘to offer outstanding value to customers and clients by providing a knowledgeable, efficient and reliable service in a personal, helpful and responsive manner’.

Corporate Values of the Standard Chartered Bank:

  • Knowledge
  • Efficiency
  • Reliability in Service
  • Personal Approach
  • Helpful and Responsive Mannerisms