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A Standard Chartered Personal loan provides affordable financing with competitive interest rates, repayment options that vary from Post Dated Checks (PDC’s), Account Debit or Electronic Clearing Services (ECS).
If you have enough funds to cut down your debt burden, then closing your Standard Chartered Personal loan is the best choice.
Procedure for Closing your Standard Chartered Personal Loan
Closing your Standard Chartered personal loan and its procedure includes the following steps
- Loan Closure through prepayment procedure
- Loan closure at the end of the tenure
- Loan Closure through Online Procedure
1. Loan Closure through Prepayment:
This procedure includes paying the entire amount related to your loan account prior to the end of its tenure. This is known as prepayment.
- After knowing the number of EMI’s to be paid, from the respective customer care of the bank and also by your calculations, you can opt for prepayment related to your personal Loan.
- The fee related to prepayment is calculated by considering the percentage that is lowest of the principal loan amount or interest that is outstanding is the unexpired tenure of loan. Furthermore, the fee of prepayment is chosen that is lower of the above two.
- You can do prepayment through online or in person by visiting the Bank.
Following are the documents that are needed if you are visiting the bank
- Bank statements which that has a record of your latest EMI transactions related to your payment.
- Write a letter to the bank with signature of applicant of the loan
- PAN Card details
- Payment method of your loan that includes demand draft, cash or cheque.
2. Loan Closure at the end of the tenure:
The Loan account will get closed by the Standard Chartered Bank, after the payment related to the entire term of the loan is done. After paying the last EMI you have to close your Standard Chartered Loan by communicating to the bank.
Following are the list of documents that are to be taken along while going to Standard Chartered Bank
- Photocopies of ID proof
- Loan Account number
- After you get back your cheques, the bank will give you an acknowledgement and you receive the final communication that your loan has been closed. You have to keep it securely with you.
- If at any instance, the time period between EMI and loan’s closing date is very close to each other, EMI will get deducted and the same deducted amount will be credited back to you in a very short time period.
- Finally, loan account will be closed by Standard Chartered Bank after the payment of the entire term of the loan.
Steps for Pre- Closing Standard Chartered Bank Personal Loan
- The first step is that you need to call Standard Chartered Bank customer care number and ask the procedure related to closing your personal loan.
- The other step is to visit the branch of the bank in your city to close your personal loan.
- You have to pay 5% as pre-closure charges to Standard Chartered Bank to close your personal loan.
- You have to carry documents related to ID proof, Bank statement reflecting the latest EMI payment.
Steps for Foreclosing your Standard Chartered Personal Loan
Foreclosing is the process of full repayment of the balance loan amount in one single payment instead of paying regular monthly instalments (EMIs). In this foreclosure process, before your period that is scheduled, you can repay the loan. To calculate the amount related to foreclosure, you have to select the number of EMI’s that are paid and also the specific month that you want to foreclose the loan.
Following are the list of Documents Required for Foreclosing
- The applicant’s Address and ID Proof and their photocopies
- Loan amount that has to be paid either by cheque or cash
- Loans Account number
- You can pay your amount related to loan from your account but also you from your relatives or friends accounts also.
Once you complete all the steps related to loan closure, you will obtain a letter of acknowledgement and finally, you will receive an agreement that is related to the closure of the loan after a couple of days.
Sample letter for Standard Chartered Personal Loan Closure
The Bank Manager,
Address of the Standard Chartered Branch (From the branch where you have taken the loan)
Subject – Closure of Standard Chartered Personal Loan & Loan #……..
I want to inform you that I am willing to close my Standard Chartered Loan bearing account #. Furthermore, I do hereby request you to kindly close this loan account. Following are the details for your reference
Contact Number #
Date of Loan taken
You can contact me on my mobile phone number for any queries related to this loan account.
Sample Letter 2 for Standard Chartered Personal Loan Closure
Complete address of the Branch (From where you have applied and taken the loan)
Subject – Closure of Standard Chartered Personal Loan
I am (Your name) bearing Personal Loan# of Standard Chartered Personal Loan and I want to close my Loan at the earliest. After closing my account online or offline I request you to kindly send me the documents and acknowledgement that I had provided to the Standard Chartered Bank in getting approval for my Personal Loan. Furthermore, I request you to send me NOC (No Object Certificate) after my successful Personal Loan closure.
Following are my contact details.
Your Full Name
Your email Id
Your Phone Number
Thanking you for your kind help and guidance.
Closing your Standard Chartered Personal Loan through online payment option
You can make your payments for the Standard Chartered Personal Loan Closure from anywhere, from any of the bank’s branch and at any time in a convenient and secured manner by following the below given simple steps.
Step 1: You have to enter an 8 digit loan account number, name of the account holder and also the amount related to payment against Arrears / EMI and validate the account number with the Standard Chartered personal loan records, you have to click on validate option to validate the account number.
Step 2: Enter your details related to your authentication. Example: User ID and password related to net banking of your bank account details from which you are paying.
You have to click on the option related to Confirm Payment amount and immediately the bank account you have provided gets debited.
Step 3: After completion of the transaction successfully, you will receive a reference number related to the transaction that you made. For any future reference please save the number related to transaction reference.
After the payment is credited to the bank, you will receive the confirmation by SMS to your mobile number that is registered with your bank and this will take 2 working days.
How the Standard Chartered Bank loan is finally closed?
After completion of all formalities and procedures, you will receive an agreement related to loan closure through a mail to your given address.
Prepayment of your personal loan prior to the completion of the loan tenure is the best option, It not only helps in paying less interest but also decreases your burden. The easy and simple process to close your loan is by opting for Creditseva advisory services and for this, all you have to do is a just signup and this will enable you to close your Personal Loan in a simple and smooth way.
Standard Chartered Bank Personal Loan Closure FAQ’s:
1. Can I repay my loan earlier?
You can repay your loan with pre-closure charges of 5% anytime after completion of 12 EMIs by giving the bank a 21 days notice.
2. Is there any option to make part-prepayment for my Standard Chartered Personal loan?
No, there is no option for making part-prepayment for your Standard Chartered Personal loan.
3. Is that okay to use Cash to pre-close my Standard Chartered Personal Loan?
It is always better and advisable to use Cheque for pre-closing your Standard Chartered Personal loan account.
4. Why obtaining No Objection Certificate (NOC) is very important, once the loan closure is completed?
After completing the process related to loan closure it is very important to obtain the NOC because it proves legally that the closure of your personal loan is not only successful but also it reflects in your CIBIL score.
5. To receive a confirmation related to pre-closure, how much time does it take?
To receive the pre-closure confirmation of your loan it takes usually a time of 15 days.
6. If you don’t receive the pre-closure confirmation, what you should do?
You have to follow up with the bank either by writing a letter or an email or by calling the customer care or by personally visiting the concerned branch regarding acknowledgement and receipt of pre-closure if you have not received confirmation.
7. For instance, if my next EMI is very near what will happen to the processing of my request related to loan closure?
Your loan request will get processed without any problem even if your nearest EMI arrives.
Personal Loan Closure By Banks
- How to Close Personal Loan
- Axis Bank Personal Loan Closure
- Andhra Bank Personal Loan Closure
- HDFC Bank Personal Loan Closure
- ICICI Bank Personal Loan Closure
- SBI Personal Loan Closure
- Citibank Personal Loan Closure
- Bank of Baroda Personal Loan Closure
- Capital First Personal Loan Closure
- Allahabad Bank Personal Loan Closure
- Fullerton Personal Loan Closure
- IDBI Bank Personal Loan Closure
- IndusInd Bank Personal Loan Closure
- Standard Chartered Bank Personal Loan Closure
- Tata Capital Personal Loan Closure
- Union Bank Personal Loan Closure
- Bajaj Finserv Personal Loan Closure
- Kotak Bank Personal Loan Closure
- Yes Bank Personal Loan Closure
- SBH Personal Loan Closure
- HSBC Personal Loan Closure
- Oriental Bank Personal Loan Closure
- RBL Bank Personal Loan Closure
- PNB Personal Loan Closure
- J&K Bank Personal Loan Closure
- IOB Personal Loan Closure
- Karur Vysya Bank Personal Loan Closure