Take advantage of SCB’s low EIR and reward yourself

Hakim Hayat

Thinking of renovating your space at home? Or have you been eyeing that piece of furniture you saw the last time you went window shopping? Wouldn’t it be nice to have some extra money as a reward to yourself to do all the things that you have always wanted?

From now until December 30, take advantage of Standard Chartered Bank’s low Effective Interest Rate (EIR) of up to five per cent when you apply for a personal loan and combine it with a new credit card. Customers who want to gain savings on their loan facilities and transferred their payroll to Standard Chartered are eligible for the promotion.

Existing Standard Chartered clients can also take advantage of the promotion for 5.5 to six per cent EIR subject to conditions whether they applied for credit card or not. Clients can enjoy a BND200 processing fee waiver during the promotion.

SCB offers a range of products that suit the needs of today’s money-savvy society including the Employee Banking package tiers from Saver to Select and Elite which offer varying benefits and privileges.

Full details on the Employee Banking offerings can be found at https://www.sc.com/bn/employee-banking/


Many of us are more familiar with the concept of Flat Interest Rate rather than EIR. To help readers understand better, Standard Chartered Bank will define both.

A Flat Interest Rate is always a fixed percentage. For example: A personal loan of BND100,000 at a flat interest rate of five per cent per annum with a tenure of 10 years, will see customers paying a five per cent of BND100,000 every year on the loan.

EIR, meanwhile, is similar to the reducing balance method. After each installment, customers will only need to pay interest over the remaining loan amount. This means that the payment for the interest will decrease after each loan payment. In short, a loan with an EIR will have a lower total interest.

When looking for favourable loan rates, ask for the type of interest being applied to the loan, and opt for EIR to compare the true cost of the loan.