SBI refused loan repayment txn - "USE DISCHARGE TNX TO PAY OFF ENTIRE LOAN"

[RevEng]

What does this mean?

I made an RTGS of total outstanding amount. There is no prepayment charge for education loan. But still SBI reversed the transaction.

Are there any other charges for loan closure?

 

[chasni]

It has been quite sometime since I paid my SBI loan but I think for SBI you cannot pay the whole outstanding by online. For my car loan, it was not allowing me to pay the full outstanding online. So, I paid all the amount except Rs 1000 and then paid the remaining at the branch when I went to take the NOC.

 

[srai98]

@RevEng @chasni I am looking to foreclose my education loan taken from SBI this month end. I took loan from my college branch. Is it required to go to the branch to close it? Or can I can pay total amount -1000 and let the next emi make the deduction of 1000? I can't go to the branch. Any suggestions

 

[kgaurav00]

@RevEng @chasni I am looking to foreclose my education loan taken from SBI this month end. I took loan from my college branch. Is it required to go to the branch to close it? Or can I can pay total amount -1000 and let the next emi make the deduction of 1000? I can't go to the branch. Any suggestions

yes you can, just confirm with customer care

 

[RevEng]

@RevEng @chasni I am looking to foreclose my education loan taken from SBI this month end. I took loan from my college branch. Is it required to go to the branch to close it? Or can I can pay total amount -1000 and let the next emi make the deduction of 1000? I can't go to the branch. Any suggestions

Pay (amount - 1000) and write an email to branch manager to close the loan account. No need to visit the college branch.