Standard Chartered Bank offers personal loan borrowers the option of foreclosing their loans, which would allow them to repay the loan amount before the stipulated tenure of the personal loan. To be eligible for the personal loan foreclosure, borrowers should have paid at least 12 EMIs and should give the bank a 21-day notice. Standard Chartered Bank charges 5% of the outstanding loan amount as the pre-closure charges.
Standard Chartered Bank Pre-Closure Charges
|Type of foreclosure
||5% of the outstanding balance
Requirements for Standard Chartered Bank Personal Loan Pre-closure
- The Standard Chartered Bank personal loan borrower should have paid at least 12 EMIs to be eligible for a pre-closure of the loan.
- The personal loan borrower has to give Standard Chartered Bank a 21-day notice of the loan pre-closure.
How to pre-pay your Standard Chartered Bank Personal Loan Online
If the personal loan borrower has met all the requirements set by Standard Chartered Bank to pre-close the personal loan, he/she should follow the steps mentioned below to pre-close the loan online:
- On the website of Standard Chartered Bank, enter your personal loan details such as your 8-digit loan account number, name and pre-closure amount.
- Click on ‘validate’.
- Choose the bank account you wish to make the pre-payment from.
- Enter your net banking details – username and password.
- Click on ‘confirm payment amount’.
Once you confirm the payment, the pre-closure amount will be debited from your account. You will receive the transaction receipt which you will need to get the related loan closure documents.
How to pre-pay your Standard Chartered Bank Personal Loan Offline
- Visit the Standard Chartered Bank branch holding your personal loan account
- Procure the personal loan pre-closure form.
- Fill and self-attest the pre-closure form and submit it along with relevant documents as requested by the bank.
- If the pre-closure of the personal loan is approved by the bank, make the payment.
- The bank will then give you a pre-closure bank receipt.
Things to consider after pre-closing your Standard Chartered Bank personal loan
- The first thing that the personal loan customer needs to do is collect the transaction receipt of the foreclosure.
- To prove that the pre-closure is complete, Standard Chartered Bank will send the customer a No-Dues Certificate, Certificate of Closure and the Statement of Account to prove the pre-closure transaction.
- Go through the pre-closure transaction receipt to ensure that there are no discrepancies with regard to the foreclosure charges, payment of the current EMI, applicable taxes, and so on.
- Keep a copy of your bank statement of the account you made the pre-closure payment from for future reference.