Change in Early Redemption Fee for Debt Consolidation Loan Accounts
With effect from 15 January 2019, 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.
| IF YOUR OUTSTANDING PRINCIPAL IS $50,000 AT THE POINT OF ACCOUNT CLOSURE, YOUR EARLY REDEMPTION FEE IS | |
|---|---|
| Prior to 15 January 2019: | On or after 15 January 2019: |
| 3% x outstanding principal:
3% x $50,000 = $1,500 | 5% x outstanding principal
5% x $50,000 = $2,500 |
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.
Frequently Asked Questions
We constantly review our existing practices to ensure that they are in line with industry standards.
With effect from 15 january 2019 (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.
You may visit our branches or call our 24-hour Client Contact Centre at +65 6747 7000.