Prepayment process in SBI

[jagdish modi]

Hi All, 

Can some one please let me know the process of loan prepayment in sbi and how much time sbi take to return the original cd ? 

I will be thankful if someone clarifies it .

Thanks

Jagdish modi

[Manu]

if you have maxgain account, then you can transfer any extra cash you have in max gain account. you can also withdraw that amount from max gain account if you need it later.

if you want to prepay some amount (not putting it in max gain), you can tell bank that you want to prepay this much amount. i have not done prepayment so i can not tell you exact detail. but every information you can get by email. service of sbi is very good. and there is no prepayment penalty on loan prepayment.

[jagdish modi]

Thanks for this update !!

Can you please provide me the email id so that i can query?

[Manu]

which is your loan branch?

[jagdish modi]

Cannaught place ..

Papers are with RACPC..

[jagdish modi]

I want to close the loan ..

[Sandeep Kumar]

Hi Jagdish,

You can go to RACPC any working day to clear the remaining payment. You will get your papers back in about 2 weeks of payment.

Regards

[jagdish modi]

Hi Sandeep,

Does it take this much time to get the paper ? 

Thanks

Jagdish modi

[jagdish modi]

Also my loan branch is cannaught palace , so do i need to submit the payment in loan branch or RACPC ?

[Sandeep Kumar]

The normal time to get back papers is 7-10 days, and you can submit payment anywhere you find comfortable, loan branch or RACPC.

Regards

[ashok]

Hi Sandeep,

I am looking to prepay some extra amount to my loan account (not full prepayment) . 

My question is , can i pay it from any account  or it must be from account i am paying EMI from and provided to DDA in my application?

Thanks,

Ashok Yadav

[Sandeep Kumar]

Hi Ashok,

You can pay from any account. After registration and execution of CD, DDA is no where in any picture. It is you who need to provide proof of your funds in case IT dept ever ask you for that while filing returns. So pay for any account now, for DDA or SBI it no longer matters.

Regards

[ashok]

Thanks a lot Sandeep . This is helpful.

I am not yet done with possession/registration. Can i still pay with any account?

Thanks,

Ashok Yadav

[Sandeep Kumar]

If registration in not yet done than better to do it from account mentioned in DDA application.

Regards

[anupam]

Hi Jagdish,

Did you close your account? if yes, please share the process.

I am also planning for the same.

Br, Anupam

[jagdish modi]

Yes.. Just go to your home branch and submit the remaining amount in your account , they will close loan on same day and will give you NOC , also you need to go RACPC office to close your ECS if you have as it can be done from RACPC only.

[anupam]

Thanks Jagdish, 

Will visit loan branch.

One more question, how long will it take to get back papers from RACPC.

Br, Anupam

[jagdish modi]

They normally give a date to give papers back as they have to search file. You need to be in touch with them one day before to confirm if they got your file.

Also if your wife is also named in CD, then you both need to be there to take the papers as they wont give you alone.

[anupam]

Many thanks Jagdish :)

[Vineet Chawla]

Hi Jagdish

After submitting the remaining amount in your loan branch, what formalities/documents RACPC branch ask for to close ECS and return the original documents.

Thanks in advance !

Regards

Vineet Chawla