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Change in Early Redemption Fee

With effect from 29 December 2018, the early redemption fee applicable to all Standard Chartered Bank (Singapore) Limited Debt Consolidation Loan Accounts (“Early Redemption Fee”) will be revised to S$250 or 5% of the outstanding principal, whichever is higher.

Our Customer Terms, Current/Cheque/Savings Account and Time Deposit Terms, Personal Loan/Personal Line of Credit/Overdraft Terms, Credit Card Terms, Credit Card Tariff Sheet and Terms and Conditions Governing Debt Consolidation Facility apply. Click here for full Terms and Conditions which apply.

 A scenario to help you understand

The scenario below is for illustration purposes only and may differ depending on the individual’s account.

You must notify us if you wish to close your Debt Consolidation Loan Account or fully repay the Debt Consolidation Loan Account prior to the expiry of the instalment tenure. For clarity, partial redemption of the Debt Consolidation Loan Account is not allowed.

The following terms and charges will apply if you close the Debt Consolidation Loan Account or fully repay the Loan Amount: (a) we will calculate and notify you of the outstanding balance and the payment due date for the entire outstanding balance; and (b) you must pay the entire outstanding balance together with an Early Redemption Fee of S$250 or 5% of the outstanding principal, whichever is higher.

If your outstanding principal is $50,000 at the point of account closure, your Early Redemption Fee is,

Prior to 29 December 2018: On or after 29 December 2018:
3% x outstanding principal:

3% x $50,000 = $1,500

5% x outstanding principal

5% x $50,000 = $2,500

 

Frequently Asked Questions
Why are you revising the Early Redemption Fee? We constantly review our existing practices to ensure that they are in line with industry standards.
How does the revision in the Early Redemption fee affect me? With effect from 29 December 2018 (inclusive of this date), if you have an existing or successfully apply for a new Debt Consolidation Loan Account and you wish to close your Debt Consolidation Loan Account or fully repay the Debt Consolidation Loan Account prior to the expiry of the instalment tenure, the following terms and charges will apply if you close the Debt Consolidation Loan Account or fully repay the Loan Amount: (a) we will calculate and notify you of the outstanding balance and the payment due date for the entire outstanding balance; and (b) you must pay the entire outstanding balance together with an Early Redemption Fee of S$250 or 5% of the outstanding principal, whichever is higher.

For the avoidance of doubt, with respect to closures of Debt Consolidation Loan Accounts, the revision of the Early Redemption Fee will not impact such closures which do not occur prior to the expiry of the instalment tenure.