I wish to pay off my loan earlier, what should I do?
You must provide your instruction to us 1 month in advance by calling our contact center or visiting the branch. After which, we will advise you on the total outstanding balance (including any fees and charges) and the due date for full payment via an early redemption statement in order to redeem the loan. Do note there is an early repayment fee of 3% of outstanding principal amount or S$250, whichever is higher.
If you fail to pay the entire outstanding balance on or before the due date, the loan cannot be early redeemed and monthly instalment will continue to be billed to you.