Need A Financial Product › Forums › Loans › Pre-payment charges on top up loan from Standard Chartered Bank

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  • August 30, 2014 at 7:34 pm #47131
    samkapoor77
    Keymaster

    I borrowed home loan and top up from Standard Chartered Bank. I want to transfer it to SBI. But SCB is asking 2.5% prepayment penalty on top up loan. As per RBI rules, pre-payment penalty charges are abolished on all floating rate loans. I have checked with some other banks as well, they are not charging pre-payment penalty. What should I do?

    September 3, 2014 at 9:43 am #47132
    samkapoor77
    Keymaster

    Top up loan is a kind of secured personal loan on which a bank can ask for pre-payment charges. However, since you have already checked with other banks, I will suggest you to negotiate with SCB on this.

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