9% to 18% per annum is the floating rate of interest. This is linked to the SMFG India Credit Co. Ltd. (Formerly Fullerton India Credit Co. Ltd.) retail prime lending rate which is currently at 20.40%.
These are our fees and charges for loan against securities to help you plan in great detail
Charge Type |
Amount |
Processing Fees |
Up to 3% of the Loan Amount |
Stamp Duty/Registration |
At applicable rates (as per relevant State Laws) |
Pledge creation/release/invocation charges* |
INR 50/- per security |
Liquidation Charges* |
0.25% of value of securities liquidated |
Cheque / ACH / ECS dishonoured Charges (per dishonour of cheque/ACH/ECS per presentation) Note: The Cheque/ECS/ACH/Direct Debit dishonour charges as referred to above are not compensatory and/or to be construed as any form of consideration towards the act of dishonour and in no ways should the same be construed as fees recovered under this facility. It is abundantly clarified that SMFG India Credit does not tolerate dishonour of instruments and/or deposit of an invalid, fake or unworthy instrument issued towards meeting payment obligations under this facility and any charges collected thereof are not intended to compound such acts of dishonour. Notwithstanding any charges collected hereof SMFG India Credit reserves its right to invoke appropriate civil and criminal laws.) |
INR 1000/- |
Delayed EMI Payment/ Interest Payment |
24% per annum on outstanding balance which is overdue, calculated on day to day basis |
Under-utilization charges |
0.25% of the difference between actual average utilization maintained for half-year of each financial year and 25% of the average operating limit, subject to a minimum of INR 1,250/- chargeable on a half-yearly basis. |
Swap Charges- for replacement of ACH/ECS to ACH/ECS (per instance) |
INR 500/- |
Prepayment charges** (Not applicable for Overdraft facility) (Note: In case of Floating Rate Interest, Prepayment charges will not be applicable where all the borrowers and guarantors are individuals) |
Nil for Overdraft facility |
Annual Maintenance/Renewal Charges |
INR 1000/- per crore of sanctioned facility amount, subject to a minimum of INR 1,000/- |
* Applicable for Securities in demat form
** For any other facility pre-payment would attract charges of an amount not exceeding 2% of the prepaid loan amount or such other amount as may be specified by SMICC in the sanction letter or otherwise from time to time.