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

This topic contains 1 reply, has 2 voices, and was last updated by  Kritika Johri 2 years, 6 months ago.

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  • #47131

    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?

    #47132

    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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