Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.
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.
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.
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 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:
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: