Apply For Standard Chartered Instant Personal Loan Amount Upto 3000$

Important notice

You must go through this document.
It outlines the specific conditions and terms under which we agree to offer you personal loan products. It is essential to review it alongside our Customer Terms, Key Information Document (KID), Schedule of Charges (SOC), the product brochure, and any other documents that comprise our banking agreement. In case of any conflict between these terms and our Customer/Client Terms, these terms will take precedence. If there is a conflict between the approval and any other section of our banking agreement, the provisions in the approval will prevail.

Defining Key Terms
The definitions of key terms highlighted in this manner, along with other terms used in our banking agreement, can be found in our Customer/Client Terms. Additional key terms related to the products mentioned in these terms are detailed at the end of this document.

1. Selecting the Appropriate Account
   You should reach out to us to explore how we can tailor your options to meet your personal banking requirements. We can also clarify any features or terms associated with our personal loan products.
2. About the Loan
   We are required to provide the loan.
3. 1 If we grant an approval, we agree to offer a loan amount up to a specified limit. This limit may differ from the amount you requested.
   The Personal Loan
4. 2 We retain the right to refuse your application entirely at our discretion and without needing to provide justification (unless mandated by law). We will not bear any responsibility towards you regarding such a refusal or any delay in informing you about the refusal. This includes any costs, losses, damages, expenses, or other outcomes arising from the refusal or the delay in communication regarding the refusal or non-disbursement.

Purpose

2. 3 The loan should be utilized only for the intention specified in the application or any other purposes authorized by us. The funds must not be used for investment-related activities.

Requesting funds

2. 4 To obtain loan funds from us, your application needs to be made according to our outlined process. This might involve giving us advanced notice before you need the funds.

Top up loan

2. 5 We might consent to offer an additional loan through a single drawdown under the terms we provide. You can only request a top-up loan after a period of nine months since the issuance of your original loan. Each additional loan will be regarded as an independent loan according to these terms, unless we agree otherwise when allowing the top-up.

How we provide the loan

2. 6 Typically, we transfer the funds by depositing them into the designated account. However, if you request it and we approve, we might issue you a cheque for the loan amount. In cases where we issue a cheque, it is valid only for the time frame we specify, and payments are due even if the cheque remains uncashed.
3. 7 Any applicable fees and charges associated with the loan may be subtracted from the total amount before we deposit it into the designated account. Please reach out to us for information on any fees that may apply.

Discount from dealers

2. 8 You acknowledge that we may accept discounts provided by our dealers for the purpose of facilitating the loan. You do not have any entitlement to these discounts, and we may utilize them for our advantage. Your responsibilities to us remain unchanged by the discount; for instance, you are required to pay the agreed-upon interest rates regardless of the discount and even if you pay off the loan early.

Interest, fees and charges

3. 1 You are required to pay interest on the loan each month, after the end of the month, at the rate specified in the approval documents, the SOSC, or whichever rate we establish in our banking agreement. You must pay interest on the dates mentioned in the KID.
4. 2 Unless specified differently in the schedule, interest will be computed based on a 360-day year (or as typically measured for the relevant currency). The EMI is computed using monthly calculations at the appropriate interest rate and rounded to the nearest rupee. EMI refers to each fixed monthly payment that the borrower is expected to make as per this agreement, calculated using a 30-day month. Each payment consists of both principal and interest.
5. 3 Interest payments are due on the dates stated in the approval or in other parts of our banking agreement.
6. 4 Any late payments will incur interest at the default rate (which is higher than the standard interest rate) specified in the approval or in other sections of our banking agreement (refer to “Interest, fees, and charges” in the Customer Terms). We reserve the right to adjust the interest rate if mandated by the Reserve Bank of India.
7. 5 The Bank may adjust either the interest rate or the default rate due to extraordinary circumstances outside of its control, and such adjustments will affect your payment amount and the number of payments required.
   Fees and charges
8. 6 The service fees and charges are outlined in the Schedule of service charges or can be confirmed by reaching out to us at one of our branches or through phone banking.
9. 7 A fee may apply for any late payment as detailed in the tariff sheet or in other sections of our banking agreement. For more information, please get in touch with us.

Repayment

Repayment in Installments

4. 1 You are required to pay back the loan in installments. We will inform you of the installment amount and the dates on which each installment is due.
5. 2 The installments mainly consist of the principal and interest, which are to be paid through Equated Monthly Installments (EMIs) as outlined in our banking contract. You acknowledge that you understand and accept our method of determining EMIs. Any remaining balance on the loan account (after all installments have been paid) must be settled on the final payment date we provide you.
6. 3 Installments must be paid even if you have not accessed any of the loan funds we have deposited into the designated account.

Methods of Repayment

4. 4 We will inform you of the way you should make your installment payments. For instance, we might require you to select an account for repayment through direct debit and supply us with the necessary documents to enable direct debit from that chosen account.
5. 5 You are expected to follow our standard requirements for the applicable payment method, including those that are stated in this section.
6. 6 You need to make sure that any payment method or directive you provide is fulfilled. For example, you must:

• Ensure there are enough funds in the account that will be debited (this includes accounts from other financial institutions or the designated account). If insufficient funds are present, we may impose a fee;
• Not stop payment on cheques;
• Not alter or cancel any payment arrangements (unless we instruct you to do so to adjust for a change in the installments); or
• Not close or modify the account from which cheques are written (unless you pay the necessary fee listed in the tariff sheet or elsewhere in our banking contract).

Post-Dated Cheques

4. 7 If we ask you to repay using post-dated cheques, you:

• Must provide us with post-dated cheques made out to us for an amount that matches each installment amount; and
• must replace the checks if we request.

Automatic withdrawal from an account at another bank

4. 8 If we ask you to repay using automatic withdrawal from a bank account at a different financial institution, you must:

• set up an arrangement with that financial institution so that an amount equal to each payment is taken from that account and credited to your designated account on every payment date, and provide us with proof that this is arranged; or
• give us any necessary authorization that allows us to withdraw the payment amount from that account; or
• if we request, supply us with one or more signed, undated checks made out to us, with the amounts left blank and structured as we require.

Authority to complete checks

4. 9 By providing us with any checks, you permanently authorize us to complete the dates and amounts on the checks for a sum that does not exceed the current loan amount and acknowledge that we may use these checks to settle any amounts you owe us concerning the loan.

Direct deposits from your employer

4. 10 You grant us permission to instruct your employer to forward any portion of your wages or earnings to us in order to settle the outstanding balance on the loan account.
5. 11 You agree to take any necessary actions to meet your obligations under clause 4. 11, including allowing your employer to pay us any part of your salary according to our directives without needing to consult you first.

Full payment on request

4. 12 Regardless of any other terms in our banking agreement, we may demand full immediate repayment of the loan at any time, along with all accumulated but unpaid interest, fees, and charges related to the loan.

Consequences of non-payment

4. 13 If you fail to make a payment by the specified due date:

• the loan, plus all accrued but unpaid interest and any other amounts owed to us, becomes immediately due and payable; and
• we will impose a charge as detailed in the tariff sheet or in other sections of our banking agreement.

How we apply payments

4. 14 We might allocate the funds we receive from your repayments toward interest instead of using them to pay down the principal amount you owe or settle debts in any preferred sequence. For instance, we can assign a larger share of any of your payments to interest rather than the principal amount you owe us.

PrePayment

4. 1 You are allowed to repay all or part of the loan early if:

• 12 months have passed since you took out the loan;
• you provide us with written notice;
• you make the prepayment 21 banking days following your written notice;
• you repay us based on an early repayment quote we provide to you; and
• at the time of prepayment, you also clear all accumulated but unpaid interest, fees, and charges related to the loan (including any early repayment fees outlined in the tariff sheet or other parts of our banking agreement).
  You can get details about these fees and charges by reaching out to us. If you cannot provide us with reasonable notice of your intent to prepay as stated in this clause 5. 1, we may require you to pay an amount equivalent to one month’s interest (or another specified amount) on the loan. Interest, fees, and charges are computed until the last banking day of the month during which the prepayment occurs. If you make a prepayment by cheque, it will only be effective once the cheque has cleared.

Additional services for your account

4. 1 We might provide extra services for your account. These could encompass balance transfer programs, funds transfer programs, and any other services we inform you about or those that are generally offered from time to time. You can learn more about available services through INTERNAL.
5. 2 If you enroll in additional services, you agree to the terms that govern them. In case of any discrepancies between the terms of these additional services and our banking agreement, our banking agreement will take precedence unless the terms of the additional services state otherwise.

6. 2 By subscribing to extra services, you agree to the terms associated with those services. In cases where the terms of the extra services conflict with our banking agreement, our banking agreement takes precedence unless the extra service terms state otherwise.

Cancellation

Our Customer Terms outline the conditions under which either you or we can terminate your use of any product and the necessary steps to take in such instances. This includes the immediate requirement to pay off any outstanding balance on the loan account. This provision details further situations that may lead to you or us canceling the loan. You can cancel the loan by providing us with reasonable written notice. Nevertheless, we may impose a cancellation fee (which can be obtained by reaching out to us).

6. Jurisdiction
   The laws of India will govern these terms and conditions, and any disputes that arise from them will fall under the exclusive jurisdiction of the courts located in Mumbai.
7. Arbitration
   Any claims or disputes related to the personal loan and its terms and conditions or their execution will be resolved according to the Arbitration and Conciliation Act of 1996, along with any relevant updates to it, unless the matter falls under the jurisdiction of the Debts Recovery Tribunal, as established by the Recovery of Debts Due to Banks and Financial Institutions Act of 1993. Any arbitration award or decision made will be final and binding for all parties involved. English will be the language used for arbitration, and the arbitration will take place at INTERNAL.
8. Meaning of words
   You should also consult our Customer Terms, which define important terms used in these conditions. If any term defined in these conditions is also defined in our Customer Terms, the definition from these conditions will apply specifically to personal loans.
   Default rate refers to the annual overdue charges applied to late payments or amounts owed in excess, as outlined in our banking agreement.
   Limit, for a personal loan, refers to the maximum amount specified in the approval for that loan (subject to change at any time).
   Loan signifies the remaining principal amount for each withdrawal made under these conditions, including any additional loans taken.
   Nominated account is a savings or current account that we maintain for you and which we both agree is the account for loan disbursements and from which we can take payments for installments or repayments.
   Our banking agreement is the contract established between you and us when we accept your application, which includes our Customer Terms along with these conditions.