Avoid this bank for any loans - at least in India. The delays they cause while closing the loan will drive you to nuts.
I have taken home loan from Stan Chart bank few years ago. Last week, I visited the Pune branch for closure, as I am selling my property.
Now, if you feel that Nationalised banks are slow. .then read on.
The procedure for closure is as follows:
The bank will send you a letter which will contain the amount that you have to pay to close the account. For some weird reason, all letters in India can be processed in Chennai only.
For even more weird reason, they take 15 days to dispatch the letters. Its 7 days today since I gave the request, and letter is still not dispatched/created.
( Just to put in context, when I went to close my ICICI home loan - they gave me letter on the same day. I have no clue what kind of IT system they have at StanChart, where all letters can be published only at Chennai office.)
Once I recieve the letter, I need to make the payment, and they will take another 15 days to close the account.
Again, all home loans across India have the documents stacked in Chennai office only. Hence, they need to ship the documents back from Chennai, and then to customer. Its not sent directly from Chennai to customer - it is routed via the local office for some absurd reason.
On top of it, they charge 2.5% as foreclosure charges.
Considering the time they take, if you ever have to sell your property in urgent need of money, then the waiting period is atleast 45-60 days.(15 days to get a quote on closure amt+ 5 days to get the amount arranged+15 days to close the loan+ 10-15 days for registration and closure )
Chances are, the property buyer may change his opinion on buying my property.
When I transferred my acct from ICICI to StanChart, it took me just 4 days.
So, beware of all the issues with StanChart before taking a loan from them