I have taken SME -BIL loan from Stan Chart bank ON 03/01/08. Monday(28/03/10), I call to call centre for closure, as I am closing my loan only 9 instalments are remaining.
The procedure for closure is as follows:
1. 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.

2. For even more weird reason, they take 15 days to dispatch the letters. I have no clue what kind of IT system they have at StanChart, where all letters can be published only at Chennai office.

3. On top of it, they charge 5.52% as foreclosure charges.

Why this was happen when we are taking the loan they are charging processing fees 1.68% for what only to give the loan.

Kindly advice what to do,