Standard Chartered Bank is a multinational bank offering financial services. The organisation is headquartered in London, United Kingdom. The organisation has more than 1200 branches and outlets. The bank has its presence across 70 countries and has employed over 80,000 people. Standard Chartered is a universal bank that facilitates consumer banking, institutional banking, corporate finance, and treasury services. Although the bank has its base in UK it does not handle retail banking services in UK. Standard Chartered draws 90% of its profit in Asia, Middle East and Africa. Standard Chartered has been enlisted with a primary listing in London Stock Exchange and is constituent of FTSE 100 Indent. Standard Chartered has primary listing on London Stock Exchange and is constituent of FTSE 100 Index. The organisation ranked as the 28th largest company with a primary listing in London Stock Exchange, the market capitalisation of the organisation was 15 billion pound as of 20th January 2016. The organisation has a secondary listing on Hong King Stock Exchange, and National Stock Exchange of India. The largest share holder of standard chartered bank is Government of Singapore owned Temasek Holdings.
The bank’s name “Standard Chartered” came from the merger of two banks namely “The Chartered Bank of India, Australia and China” and Standard Bank of British South Africa in the year 1969.
The bank has been divided into two divisions:
1. Consumer bank: The consumer bank of Standard Chartered is focused on small business segments, individuals, and high-net-worth customers of the private bank. The unit manages savings, allows the clients to make transactions, offers wealth management services, mortgage, and auto finance to all retail customers. The consumer bank also manages cash, payments, collections, and also offers loans for SMEs.
2. Wholesale Bank: The wholesale bank caters for clients that are mainly global corporations, commodity traders, financial institutions and agribusinesses. Transaction banking enables its clients to manage their treasury function by cash management, custody services and trade finance. The corporate finance function provides advisory for mergers, acquisitions, and restructuring activities of the organisation. Principal finance makes equity investments in order to encourage growth of organisation’s business.
Standard Chartered offers loans products ranging from personal loans, loan against securities, home loans etc of various kinds to suit your financial requirements. Some of the loan products are mentioned below:
1. Personal Loans
Personal Loans at standard chartered are meant to provide you financial assistance at any point of time you need cash. You can avail upto Rs. 30,00,00/- Lakhs personal loan at nominal rate of interest of 11.99% to 17% per annum. You can avail personal loans for loan tenure of 60 months.
i. Personal Loans: Multi-purpose loans that can be borrowed at any financial emergency or requirement.
ii. Personal loan Top-up: Personal loan top-up is available for pre-existing customers who have borrower a personal loan and need a bit to meet your finances. For you to avail a top-up on your existing loan you need to be a reliable customer of the bank having a good credit history.
2. Loan against Securities:if you have a security deposit you can avail loan against it, and you will not have to deposit any security or collateral to avail loan against security as your security deposit remains as a security or collateral. Often the rate of interest charged on a loan against security is lower compared to other loan products.
3. Loan against term-deposit:
Loan against term deposit means that if you have a security deposit you can avail an overdraft facility at a nominal rate of interest. The benefit of availing loan against term deposit is that you withdraw only the amount you need through an overdraft facility and get benefited from liquidity without having to compromise on the return that you would gain through your fixed deposits.
4. Mortgage and Home Loans
i. Home loan: A loan offered to Standard Chartered customers for purchase of their dream homes. You can borrow upto Rs.30,00,00,000/- at 9.35% 9.45% p.a. rate of interest for a loan tenure of 240 months.
ii. Balance Transfer: If you have obtained home loan from some other bank and you are paying more money towards interest you can avail Balance transfer facility at Standard Chartered and get benefited from lower interest and therefore lower EMIs per month.
iii. Top-up: Home loan top up can be availed on your standard chartered home loan if you wish to undertake any renovation, repair works or any such work at home that requires substantial amount of money. Top-up loans are generally offered to customers who are reliable and have a good credit score.
iv. Loan against Property: Loan against property can be availed for any personal as well as commercial reasons. In these cases you are offered bank loans by mortgaging your property to the bank. Since your property acts as security, it is not necessary for you to deposit any security or collateral to avail loan against property at Standard Chartered.
v. Home Saver Loan: This is a unique facility at Standard Chartered where you can pay loan in half the time and half the cost. In this kind of loan your loan account is linked with your linked transaction account. Your linked transaction account is the account where you deposit your income or salary on a monthly basis. You can withdraw or deposit your income at your discretion. The surplus money apart from your monthly EMI gets counted as the principal amount and you are charged interest based on the outstanding amount only, thereby saving both your time and money. People who avail Home Saver Loans pay off the loan in half the time and half the cost.
Banking with Standard Chartered is easier by making use of one of the following approaches to bank with Standard Chartered
• Online banking
• Mobile Banking
• Phone BankingIf you wish to apply for any type of loan product at Standard Chartered you can visit – Letzbank!