Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.
Borrowing for your business is always a positive step that can help you move faster. Our customised business loan interest rates and fees are tailored to suit every customer as per his or her individual profile and requirement. Thus, no matter what your need is – working capital, purchase of new machinery, business expansion or debt consolidation, our affordable solutions will ensure that you can meet your business loan requirements in the easiest and most convenient manner.
SMFG India Credit offers affordable Business Loans solutions. Upon receiving your application, you will firstly be evaluated for eligibility as per our policy at the time of loan application based on the information you provide us. If deemed eligible, our representative will get in touch with you to understand your requirements in detail and set up an appointment for document collection. Depending on what you require, your credit score, business turnover and other financials, we will arrive at the best possible business loan interest rates that can be offered to you.
Read on to know more about our business loan interest rates and other charges.
To know more, please feel free to get in touch with us through our customer care centre, or visiting us at your nearest SMFG India Credit branch.
|Interest Rate||Minimal and competitive interest rates (depending on several factors including location, net income, business stability, collaterals, existing monthly obligations, etc.)|
|Loan Amount||Up to Rs. 75 Lakhs*|
|Loan Tenure||upto 48 months*|
|Proceeding Fees||Up to 6.5% of the Loan Amount|
|Customer Type||Proprietor / LLP/ Pvt Ltd / Partnership / Public Ltd|
Here’s a table of Fees and Charges for SMFG India Credit Business Loans to help you understand the same in detail
|Fee Type||Applicable Charges|
|Delayed EMI Payment Interest
( per month of delay, every month)
|As stated under additional interest charge**|
|Collection of Cheque/Cash
|Cheque /ECS dishonoured Charges
(per dishonour of cheque/ECS per presentation)
|Swap Charges- for replacement of Post-dated cheques to ECS
|Swap Charges- for replacement of ECS to ECS
|Loan Cancellation charges
(loan cancelled before first EMI)
|No. of EMIs paid (Excluding Pre-EMI)||Foreclosure Charges|
|0 to 17 EMI(s) fully paid||7% of the Principal Outstanding|
|18 to 23 EMI(s) fully paid||5% of the Principal Outstanding|
|24 to 35 EMI(s) fully paid||3% of the Principal Outstanding|
|36 or more EMI(s) fully paid||No Foreclosure Fee|
|**Additional Interest (applicable for payment defaults):||Rate|
|For all loans||24% per annum on outstanding balance which is overdue, calculated on day to day basis|
*Terms and Conditions apply
Use our business loan EMI calculator to estimate the EMI of your loan.
Disclaimer : The above calculator with graph & below table provide an approximate calculation of the EMI ( Equ... Read More
Yes, you can get a business loan with a credit score of 750. There are many other factors like tax payment record, bank balance, credit utilization ratio, etc that we consider to determine your eligibility for business loan. However, your credit score is a crucial factor in determining your business loan eligibility. It is extremely important to ensure a healthy CIBIL score. You can aim at the best business loan interest rates and special offers (if any) with a credit score 750. Business owners with a low credit score may have a tougher time securing the loans they want.
The processing fee that you pay in a business loan is anywhere up to 6.5% of the loan amount. Here are a few of the additional charges for a SMFG India Credit business loan:
If you have a healthy credit score, match the business loan eligibility criteria, and submit all the requisite documents as per our requirements, it isn’t difficult to get a business loan. You can apply online and seamlessly get your loan.
Here are some instances where getting a business loan may prove difficult:
The minimum business loan tenor you can get is 12 months. And the maximum business loan tenor you can get is 60 months. SMFG India Credit’s secured business loans (which are usually secured against property) have a repayment tenure between 12 to 180 months.
There is a foreclosure charge of 7% if you foreclose the loan between 7-17 fully paid EMIs, 5% charge between 18 and 23 fully paid EMIs, and 3% charge between 24 and 35 fully paid EMIs.
To calculate your business loan interest, you can use the formula: Interest Amount = (Principal Amount x Interest Rate x Loan Tenure) / 100. Alternatively, you can use an online business loan EMI calculator provided by SMFG India Credit.
Several factors affect the business loan interest rate, including your good credit score, business's financial health, loan amount, loan tenure, market conditions, and the type of loan.
The business loan interest rate is fixed, meaning it remains constant throughout the loan tenure. Borrowers can plan their finances more accurately as the EMIs remain unchanged, providing stability in repayment.
* Terms and conditions apply
** Subject to foreclosure charges. Terms and conditions applicable.