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Standard Chartered Personal Loan Closure

Standard Chartered Bank Foreclosure Charges

Last Updated 12th Nov 2021

  • Standard Chartered Bank Personal loan pre-closure refers to a situation where the borrower pays back the loan before the end of a personal loan agreement either fully or partially.
  • Partial payment of Standard Chartered Bank Personal loan is called Part payment, whereas closing the loan completely is called foreclosure.
  • You can foreclose your personal loan by contacting the Standard Chartered Bank branch where you availed the loan.
  • Ensure collecting NOC and loan statements of your last paid EMIs once you prepay or part pay your personal loan.
Part Payment Fee Allowed After 12 Months at 2%
Foreclosure Fee Allowed After 1 Month at 5% charges before 12 months, 4% charges after 12 months
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Standard Chartered Bank Personal Loan Pre-Closure

You can avail foreclosure of Standard Chartered Bank personal loan if you pay back the personal loan completely before the end of the loan agreement. In case of foreclosing the loan, you will have to pay the current month's EMI, any outstanding dues if there are and the foreclosure fees.Standard Chartered Bank allows part payment of personal loan after 1 Month at 5% charges before 12 months, 4% charges after 12 months

Steps of Standard Chartered Bank personal loan preclosure are as follow:

  • Visit the Standard Chartered Bank branch and carry all the necessary documents like identity proof, last EMI payment, and loan account number to the Standard Chartered Bank.
  • Pay the outstanding loan amount as well as the Standard Chartered Bank foreclosure charges.
  • Once all the documents are checked and the amount made, the bank will check to provide the acknowledgement. The acknowledgement will clarify that you have paid the loan amount and there are no further outstanding dues left.

Standard Chartered Bank Personal Loan Part-Payment

Apart from foreclosing Standard Chartered Bank Personal Loan, you may also prepay your personal loan partially. This is called personal loan part payment. Standard Chartered Bank allows part payment after 12 Months at 2%

Fees and Charges of Standard Chartered Bank Personal Loan Closure

Fees and charges associated with preclosure of Standard Chartered Bank Personal Loan are listed as follows:

  • Part payment is Allowed at 2% after 12 Months
  • Foreclosure is Allowed at 5% charges before 12 months, 4% charges after 12 months after 1 Month

Standard Chartered Bank Personal Loan Regular Closure

You can pay back your HDFC Bank Personal loan via regular closure, which involves repaying the last EMI of the loan as per the pre-decided personal loan part payment schedule. The steps for closing Standard Chartered Bank Personal loan are as follow:

  • Pay the last instalment of the Standard Chartered Bank loan and contact the bank for closing the loan.
  • Provide all the relevant documents like identity proof, last EMI payment, and loan account number to the Standard Chartered Bank branch where you opted for the loan.
  • On checking all the documents and their authenticity, the bank will provide the NOC or No Objection Certificate. No objection certificate is proof that you have paid all the EMIs and there is no outstanding due.

However, in order to make the loan less expensive, you may opt for a Standard Chartered Bank Personal loan part payment. To reduce the interest burden, you can opt for Standard Chartered Bank foreclosure or part payment of the loan.

Required Documents for Standard Chartered Bank Personal Loan Closure

The documents required for Personal loan foreclosure from Standard Chartered Bank are:

  • Loan statements
  • Identity and address proofs such as Aadhar, Voter ID, Passport
  • Cheque or demand draft

After the loan has been closed, it is important that you collect the acknowledgement slip, NOC certificates and payment receipts from Standard Chartered Bank.

Check Prepayment Charges of Other Banks

FAQs

What is the Standard Chartered Bank pre-closure fee for a personal loan?

Pre-closure fee or foreclosure charges is a penalty levied when you prepay the personal loan before the end of the tenure. Standard Chartered Bank allows part payment of personal loan after 12 Months at 2%.

Can we close personal loans online for Standard Chartered Bank?

No, you cannot close the personal loans online for Standard Chartered Bank. Individuals are required to visit the Standard Chartered Bank Branch to close the personal loan. Below are the steps to close the Standard Chartered Bank personal loan:

  • Visit the nearest Standard Chartered Bank branch.
  • Carry necessary documents like identity proof, address proof and bank statements mentioning the final clearance of the last EMI.
  • Once all the documents are successfully checked, the Standard Chartered Bank will give the acknowledgement letter and NOC.

Does foreclosure of Standard Chartered Bank personal loan affect CIBIL?

Foreclosure of Standard Chartered Bank personal loan may not directly affect your CIBIL score. However, your chances of creating a good credit history, which will result in an improved score, will be affected.

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Standard Chartered Personal Loan News - Dec 2021
  • 2021-08-09 : Standard Chartered sees a jump of 57% in profit in H1
    Standard Chartered posted a higher profit jump by 57% jump in first-half pretax profit. The lender has announced a $250 million share buyback, also they will resume dividend payments by unveiling a 3 cents per share interim payout.
  • 2021-04-07 : IIFL Home Finance signs co-lending agreement with Standard Chartered Bank
    IIFL Home Finance and Standard Chartered Bank have entered into a co-lending arrangement for extending credit. Under this agreement, IIFL Home Finance and the Standard Chartered Bank will co-originate these loans and the IIFL Home Finance will service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing.
  • 2021-02-22 : Standard Chartered digital initiatives bolstered bank loan and deposits portfolio
    Digital initiatives like Video KYC and Virtual credit card aided Standard Chartered Bank to increase its loan and deposits portfolio. The digital initiatives have helped Bank in providing efficient and seamless banking services to all its clients especially the new-age ones.
  • 2019-03-15 : Standard Chartered Bank to launch digital SME platform in 2019
    Standard Chartered Bank has announced that it will launch an open platform for Small and Medium Enterprises (SMEs) in India. The goal is to help SMEs grow by providing access to a range of financial and business solutions. The platform will offer solutions to business including business loans, supply chain financing and logistics. The platform will be available to clients in India in the second half of 2019. In addition to this, the bank is also planning to achieve a significant boost across its personal loans segment.
  • 2018-12-04 : Standard Chartered Bank plans to boost its personal loans portfolio to 40%
    In a bid to cope up with the stress in the corporate segment, Standard Chartered Bank is planning to achieve a significant growth of 40 percent in personal loans segment from 29 percent earlier. In addition to this, the bank will also stress upon other loan portfolios and products including mortgage loans, personal loans, credit cards as well as SME loans.
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