Personal loans from SMFG India Credit is a popular financial product among our customers. Based on your financial profile and credit score, we offer the best personal loan interest rates that can cater to your loan requirement.
Even though the usual repayment tenure runs a course upto 5 years, many of our customers consider pre-closing it to save on additional interest prior to the loan’s maturity date.
At SMFG India Credit, we provide our customers with the following options to make any personal loan balance transfer before the term of the agreement expires.
Post the mandatory 6 months to a 1 year lock-in period after the loan has been sanctioned, our customers at SMFG India Credit can save on their monthly instalments by clearing the loan before the end of its full tenure.
Pre-closure charges will be applicable on opting to repay the loan in its entirety after completion of the lock-in period. This is determined on the number of EMIs paid date you choose to pre-close the account.
The pre-closure charges for personal loan are as follows:
|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|
Please note that as per our current policy, we only accept prepayments on personal loans in full. Thus, if you wish to prepay or foreclose your personal loan, you must be prepared repay the entire outstanding amount along with applicable fees and charges.
We, at SMFG India Credit, offer our customers the option to pre-close their personal loan account before the tenure period. If you’d like to do the same, you will need to have the following documents.
If you have decided to pre-close your personal loan account with SMFG India Credit, then you need to follow the given process.
If you have any further questions with reference to personal loan pre-closure, its fees, charges, etc., you may get in touch with us by calling SMFG India Credit’s customer service toll-free number - 1800 103 6001. Alternatively, email us on for more information.
You can take our personal loan for a variety of reasons.
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