Standard Chartered Personal Loan Preclosure

1. If the Pre closure charges are less than the Part Payment charges, then the pre-closure charges will apply.
2. If the pre-closure charge is nil, then 1% Part Payment fee will be applied.

Requirements for Standard Chartered Bank Personal Loan Pre-closure

The requirements for Standard Chartered personal loan pre-closure are mentioned below:

1. The Standard Chartered Bank personal loan borrower should have paid at least 12 EMIs to be eligible for a pre-closure of the loan.
2. The personal loan borrower has to give Standard Chartered Bank a 21-day notice of the loan pre-closure. 
3. You would need identity proof and a loan account statement for verification.
4. For payment settlement you need either cash, cheque or draft.
5. You need to obtain the post-closure documents, such as loan Closure Certificate, No Due Certificate, and Final Account Statement

How to pre-pay your Standard Chartered Bank Personal Loan Online

The steps to pre-pay Standard Chartered Bank personal loan offline are mentioned below:

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:

1. 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.
2. Click on 'validate'.
3. Choose the bank account you wish to make the pre-payment from.
4. Enter your net banking details - username and password.
5. 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

1. Visit the Standard Chartered Bank branch holding your personal loan account
2. Procure the personal loan pre-closure form.
3. Fill and self-attest the pre-closure form and submit it along with relevant documents as requested by the bank.
4. If the pre-closure of the personal loan is approved by the bank, make the payment.
5. The bank will then give you a pre-closure bank receipt.

Things to Consider Post Pre-Closure of Standard Chartered Bank Personal Loan

The points to remember after pre-closure of Standard Chartered Bank personal loan are mentioned below:

1. The first thing that the personal loan customer needs to do is collect the transaction receipt of the foreclosure.
2. 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.
3. 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.
4. Keep a copy of your bank statement of the account you made the pre-closure payment from for future reference.

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score