We investigate the standard model with the extension of a charged scalar having fractional electromagnetic charge of -1/3 unit and with lepton and baryon number-violating couplings at tree level. Without directly taking part in the electroweak (EW) symmetry breaking, this scalar can affect stability of the EW vacuum via loop effects. The impact of such a scalar, i.e., a leptoquark, on the perturbativity of standard model dimensionless couplings as well as on new physics couplings has been studied at two-loop order. The vacuum stability of the Higgs potential is checked using the one-loop renormalization group-improved effective potential approach with a two-loop beta function for all the couplings. From the stability analysis, various bounds are drawn on parameter space by identifying the region corresponding to the metastability and stability of the EW vacuum. Later, we also address the Higgs mass fine-tuning issue via the Veltman condition, and the presence of such a scalar increases the scale up to which the theory can be considered as reasonably fine-tuned. All these constraints give a very predictive parameter space for leptoquark couplings which can be tested at present and future colliders. Especially, a leptoquark with mass O(TeV) can give rise to lepton-quark flavor-violating signatures via decaying into the tτ channel at tree level, which can be tested at the LHC or future colliders. © 2017 American Physical Society.