Personal Loan Preclosure
(Foreclosure) Calculator

We at SMFG India Credit understand how the monthly EMIs are a huge responsibility and limit your budget. We want you to be debt-free as much as you want it for yourself. Hence, we offer the facility to foreclose the loan, by paying very nominal charges, so you can be free from the burden of monthly EMIs and enjoy your savings.

Personal Loan Preclosure

Preclosure of personal loan is the full repayment of the remaining loan amount in one distinct payment instead of paying back the sum of the principal and the interest accrued over the specified tenure of the loan, in the form of equal tranches split monthly over the loan tenure commonly known as EMIs.

It is a facility that encourages the borrower to repay the loan before their scheduled EMI period.

You can select the EMIs already paid and the month in which you wish to repay the loan in full. This will help you to arrive at the foreclosure amount.

Foreclosure Month

Fees and charges are levied on preclosure of the personal loan based on the foreclosure month. Hence it is essential to understand the foreclosure month. The foreclosure month is the month from the agreement date in which you repay the amount of loan in advance. Hence if the tenure of your loan is 5 years i.e., 60 months and you decide to repay the loan after 1 year and 2 months (14th month), then that month is your foreclosure month, that is the 14th month. We at SMFG India Credit have predetermined fees and charges based on the month you wish to foreclose the loan. So, we will charge fees as a percentage of the loan amount predetermined for a borrower who wants to pay the loan on the nth month from the agreement date.

Personal Loan Preclosure Calculator

Personal Loan Preclosure Calculator helps you to calculate the total amount you must pay to close the loan before its expiry. Personal Loan Preclosure Calculation is very similar to the Personal Loan EMI calculator or even the eligibility calculator.

Like Personal Loan Eligibility Calculator, below are the factors you need to take into consideration for preclosure calculation:

• Loan Amount – The amount of the personal loan you have taken. E.g., 10 lakhs
• Tenure – The tenure of the loan as in the expiry of the loan in the form of months. E.g., 60 months
• Rate of Interest – The scheduled rate of interest charged on the personal loan. E.g., 5% 
• EMI’s paid – The number of EMI’s already paid. E.g., 13
• The month of Foreclosure – The month in which you wish to repay the entire loan amount. For eg, 30th month
• Prepayment Fees – Any prepayment fees levied by SMFG India Credit 

How Can I Foreclose the Loan at SMFG India Credit?

• You must place a formal foreclosure application by speaking with our reliable and efficient customer service representative via phone or at a branch, email, or by raising a request through customer service portal/mobile app
• After your application is received and processed, you will be provided with an expected date by which you will be allotted a foreclosure ID
• After receiving the foreclosure ID, you can make the payment at a SMFG India Credit branch closest to you.
• This completes the process. You will be provided with an acknowledgement receipt of the payment and foreclosure post this.

Personal Loan Preclosure Fees and Charges

Preclosure fees and charges may not be levied on floating rate term loans sanctioned to an individual borrower. The charges levied by us at SMFG India Credit are based on the foreclosure month as given below:

• A foreclosure charge of 7% of the total principal amount will be levied on borrowers, both salaried and self-employed, who have already paid 0 to 17 EMIs in full.
• A foreclosure charge of 5% of the total principal amount will be levied on borrowers, both salaried and self-employed, who have already paid 18 to 23 EMIs in full.
• A foreclosure charge of 3% of the total principal amount will be levied on borrowers, both salaried and self-employed, who have already paid 24 to 35 EMIs in full.
• Foreclosure charges will not be levied on borrowers, both salaried and self-employed, who have already paid 36 EMIs in full.