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LOAN CHARGES - URBAN
All charges mentioned in the below table are in INR (₹).
The below charges will be applicable with effect from 4th November, 2019
| Product Type | Personal Loan Salaried | Personal Loan Self Employed | Two Wheeler Loan | Business Loan | Loan against property/LRD | High-Ticket LAP** | Commercial Vehicle Loan | Loan Against Securities |
|---|---|---|---|---|---|---|---|---|
| Late payment charges (applicable for payment default) | As stated under late payment charges (applicable for payment default)* | As stated under late payment charges (applicable for payment default)* | As stated under late payment charges (applicable for payment default)* | As stated under late payment charges (applicable for payment default)* | As stated under late payment charges (applicable for payment default)* | As stated under late payment charges (applicable for payment default)* | As stated under late payment charges (applicable for payment default)* | As stated under late payment charges (applicable for payment default)* |
| Cheque /ECS dishonoured Charges (per dishonour of cheque/ECS per presentation) | 500 | 500 | 300 | 500 | 300 | 300 | 300 | 1000 |
| Swap Charges- for replacement of Post-dated cheques to ECS (per instance) | 500 | 500 | 500 | 500 | 500 | 500 | 500 | 500 |
| Loan Cancellation charges (loan cancelled before first EMI) | 1000 | 1000 | 1000 | 1000 | 5000 | 5000 | Stamp Duty plus 1500 before encashment of the loan disbursement cheque. Else Loan prepayment charges apply. | NA |
| Duplicate NOC/ NOC Revalidation | NA | NA | 500 | NA | NA | NA | 295 (Including GST) | NA |
| Processing Fees | Up to 4% of the loan amount | Up to 4.25% of the Loan Amount |
Up to 5% of the loan amount |
Up to 6% of loan amount |
Up to 3% of the loan amount |
Up to 3% of the loan amount | Up to 2% of the loan amount | Up to 2% of the Facility/Loan amount sanctioned |
| CERSAI charges | NA | NA | NA | NA |
50 per collateral + Applicable Goods and Services tax for loan Amount up to 5 Lakhs and 100 per collateral + Applicable Goods and Services tax for Loan Amount above 5 Lakhs |
50 per collateral + Applicable Goods and Services tax for loan Amount up to 5 Lakhs and 100 per collateral + Applicable Goods and Services tax for Loan Amount above 5 Lakhs |
NA | NA |
|
*Late payment charges (applicable for payment default): 3% plus GST charged monthly (36% per annum) on the overdue amount calculated on day-to-day basis Rate of interest conversion fee - an amount not exceeding one (1) per cent of the loan amount sanctioned (High-Ticket Loan Against Property / Loan against Property & LRD) **High Ticket LAP here refers to Loan Against Property for an amount higher than INR 5 Crore Loan Against Property Additional Charges:
Loan Against Securities Additional Charges:
|
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Loan Foreclosure Charges**
| Foreclosure Charges | Two Wheeler Loan | Used Car Loans | Loan against property/LRD | *High Ticket LAP/LRD | Commercial Vehicle Loan |
|---|---|---|---|---|---|
| 0 to 6 EMIs fully paid | Not Allowed | Not Allowed | 7.00% | 7.00% | 4.00% |
| 7 to 12 EMIs fully paid | 4.00% | 4.00% | 7.00% | 7.00% | 4.00% |
| 13 to 24 EMIs fully paid | 3.00% | 3.00% | 5.00% | 4.00% | 3.00% |
| 25 to 60 EMIs fully paid | 3.00% | 3.00% | 4.00% | 3.00% | 3.00% |
| 60 or more EMIs fully paid | 3.00% | 3.00% | 3.00% |
*High Ticket LAP here refers to Loan Against Property for an amount higher than INR 5 Crore
| No. of EMIs paid (Excluding Pre-EMI) |
Foreclosure charges for Personal Loan (Both Salaried & Self Employed) |
Foreclosure charges for Business Loan (Unsecured) |
|---|---|---|
| 0 to 17 EMI(s) fully paid | 7% of the Principal Outstanding | 7% of the Principal Outstanding |
| 18 to 23 EMI(s) fully paid | 5% of the Principal Outstanding | 5% of the Principal Outstanding |
| 24 to 35 EMI(s) fully paid | 3% of the Principal Outstanding | 3% of the Principal Outstanding |
| 36 or more EMI(s) fully paid | No Foreclosure Fee | No Foreclosure Fee |
Note: ** No Foreclosure Charges / Prepayment penalties will be applicable on any floating rate term loan sanctioned for purpose other than business to individual borrowers, with or without co-obligant(s)
Loans Against Property/LRD Part Pre-Payment Charges
- Part Pre-payment will be allowed only once in a Financial Year after borrower has paid first 12 EMI fully to the satisfaction of SMFG India Credit
- All the Pre-payments would attract charges as above
Home Purchase Loan(Home Loan):
No pre-payment charges shall be payable for partial or full pre-payments irrespective of the source.
Additional Interest( applicable for payment defaults )- An amount not exceeding (0.7) per cent per annum on the principal amounts outstanding under the loan payable from the relevant due date until the date of actual payment / rectification of default.
All charges mentioned above are exclusive of tax on services and the borrower shall be liable to pay tax on services as applicable. SMFG India Credit Co. Ltd. (Formerly Fullerton India Credit Co. Ltd.)("SMFG India Credit") reserves the right to revise the above charges from time to time and any change in the rates/charges etc. would be displayed on the company website and intimated under "Loan Charges".
Any unbanked/unused cheques of the Borrower(S) as issued in favour of SMFG India Credit with regard to the loan and presently in custody of SMFG India Credit will be cancelled and/or destroyed immediately after closure of the loan either by way of maturity or prepayment of loan and/or otherwise without any further notice.
Please note that refunds towards any excess monies paid will only be applicable if the refund amount is greater than INR 250/-. Further, if the refund is required to be effected by means of a cheque, processing charges of INR 100 shall be payable.
All payments made towards your Loan account via cheque/DD, to be made payable to
'SMFG India Credit Co. Ltd. (Formerly Fullerton India Credit Co. Ltd.)'.
LOAN CHARGES – RURAL (GRAMSHAKTI)
Documentation / Processing Fee
| Product | Processing fee %* |
|---|---|
| Solidarity Group Loans | 1.5 -2.5% |
| Merchandise Loan | NA |
| TW | Upto 3% of Loan Amount |
| Rural Individual Unsecured Loan | 3% |
| Rural Mortgage | 1.5-2.5% |
*% of Gross Loan Amount.
Foreclosure charges
| Product | Foreclosure Charges (Including GST) |
|---|---|
| Solidarity Group Loans | NIL |
| Merchandise Loan | NIL |
| TW - Prepayment/foreclosure Charges | 3% of the Principal Loan Amount Outstanding or such other amount as may be specified SMFG India Credit from time to time plus applicable taxes and /or other statutory levies. |
| Rural Individual Unsecured Loan# | 0-5% |
| Rural Mortgage |
1. Prepayment charges will not be levied for an existing customer approaching for a top up loan. 2. No customer triggered part pre-payment of the Loan shall be allowed until the Borrower has paid the first six (6) EMIs fully. 3. Customer triggered part pre-payment to be allowed only once in a year. 4. No part-prepayment charges shall be applicable for customer triggered part pre-payment up to a maximum of 25% of the outstanding Loan amount 5. Any part pre-payment in excess of twenty five (25) percent of the outstanding Loan amounts or a full prepayment of the loan shall attract prepayment charges as follows:
|
#For old Rural Individual Unsecured Loan booked prior to Jun 2022, for foreclosures within 180 days the charges applicable will be 3% basis approvals.
TW Loan Cancellation and Rebooking Charges:
An Amount not exceeding Rs.1000/- if loan is cancelled at the request of the borrower after disbursement of the loan, but before encashment of loan disbursal cheque. If cancellation of loan is requested after encashment of loan amount, Pre Payment conditions as specified herein shall apply.
TW Loans Duplicate NOC Issuance Charges:
An amount not exceeding Rs.500/- Per instance ( Including GST)
Late Payment Charges
| Product | Late Payment Charges | Bounce Charges |
|---|---|---|
| Solidarity Group Loans (SG and Smart SG Loans) | NIL | NIL |
| Merchandise Loan | NIL | NIL |
| TW | 2.5% p.m. (30% per annum) | INR 300 |
| Rural Individual Unsecured Loan | 3.0% p.m. (36% per annum) | INR 300 |
| Rural Mortgage | 2.08% p.m. (25% per annum) | INR 300 |
Note:
(a) All bounce charges mentioned above are inclusive of applicable taxes.
(b) Variable charge on overdue amount at annualized rate.
(c) Will be charged on per Overdue Installment.
LOAN CHARGES – DIGITAL
| Types of Charges | Applicable Charges |
|---|---|
| Processing Fee | Up to a maximum of 6% plus applicable taxes |
| Late Payment Charges* | Up to a maximum of 3% per month on the outstanding amount which is overdue, calculated on day to day basis |
| Bounce charges | Maximum of INR 500 |
| Loan Cancellation charges (loan cancelled before 1st EMI) |
During the cooling off/ look up period**, the maximum of the principal and the proportionate APR (Annual Percentage Rate) without any penalty. After the cooling off / look up period, maximum of INR 2500 plus applicable taxes |
| Foreclosure/ Pre-payment charges*** |
Slab wise charges as below will be applicable plus taxes:
|
* Pursuant to RBI guidelines vide its circular RBI/2023-24/53 DoR.MCS.REC.28/01.01.001/2023-24 “Fair Lending Practice - Penal Charges in Loan Accounts”, additional interest/ late payment charges shall be renamed as “Late Payment Charges” effective April 1, 2024. Consequent to this change, Goods and Services Tax (GST) shall be applicable on Late Payment Charges.
** Cooling off/look-up period: A cooling off/ look-up period is the time window which shall be given to borrowers for exiting digital loans, in case a borrower decides not to continue with the loan.
*** There will not be any prepayment charges /pre- payment penalties on any floating rate term loan sanctioned for purposes other than business to individual borrowers (with or without co-applicant).