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

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) 300 300 300 300 300 300 300 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 Between 0% - 6% of the loan amount Up to 6.5% of the Loan Amount

Up to 5% of the loan amount

Between 0% - 6% of the loan amount

Up to 3% of the loan amount

Up to 3% of the loan amount Up to 2% of the loan amount Upto 3% 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):

2% plus GST charged monthly (24% 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 Securities Additional Charges:

  • Stamp Duty/Registration Charges At applicable rates (as per relevant State laws)
  • Pledge charges* INR 50 per security
  • De-pledge charges* INR 50 per security
  • Invocation Charges* INR 50 per security
  • 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/-
  • Liquidation/Sale of Securities charges* 0.25% of value of securities liquidated
  • Annual Maintenance Charges/Renewal Charges - INR 1000/- per crore of sanctioned facility amount,  subject to a minimum of INR 1,000/-

Loan Foreclosure Charges**

Foreclosure Charges Two Wheeler Loan Used Car Loans Loan against property/LRD *High Ticket LAP Commercial Vehicle Loan
0 to 6 EMIs fully paid Not Allowed Not Allowed Not Allowed Not Allowed 4.00%
7 to 12 EMIs fully paid 4.00% 4.00% Not Allowed Not Allowed 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 0 - 5%
GEL 3%
Rural Mortgage  1.5-2.25%

*% 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.
GEL# 0-5%
Rural Mortgage

1. No part pre-payment of the Loan shall be allowed until the Borrower has paid the six (6) EMIs fully.

2. No part-prepayment shall be applicable for pre-payment upto a maximum of 25% of the outstanding Loan amounts in a given financial year.

3. In case of part pre-payment of the Loan after payment of first six (6) EMIs but before payment of first twelve (12) EMIs, prepayment charges at the rate of 4% of the outstanding loan amount is to be charged;

4. 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:

  1. After payment of first seven (7) EMIs & till payment of first twenty four (24) EMIs: 4% of the Principal loan amount outstanding on the date of prepayment;
     
  2. After payment of first twenty five (25) EMIs & till payment of first sixty (60) EMIs: 3% of the Principal loan amount outstanding on the date prepayment;
     
  3. After payment of first sixty one (61) EMIs & till payment of first eighty four (84) EMIs: 2% of the Principal loan amount outstanding on the date prepayment;
     
  4. NIL charges post payment of the first eighty four (84) EMI’s. or such other amount as may be specified SMFG India Credit from time to time.
   

#For old GEL loans 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
GEL 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%
Late Payment Charges* Up to a maximum of 3% per month on the outstanding amount which is overdue, calculated on day to day basis plus applicable taxes
Bounce charges Maximum of INR 1000
Loan Cancellation charges (loan cancelled before 1st EMI) Maximum of INR 1000 plus applicable taxes 
(During the cooling off/look up period**, the maximum of the principal and the proportionate APR (Annual Percentage Rate) without any penalty)
Foreclosure/ Pre-payment charges***

Slab wise charges as below will be applicable plus taxes: 

  • 0 to 6 EMIs – maximum of the principal and the proportionate APR (Annual Percentage Rate) without any penalty. 
  • 1 to 6 EMIs fully paid – 6% of principal outstanding on day of pre-payment 
  • 7 to 17 EMIs fully paid – 6% of principal outstanding on day of pre-payment 
  • 18 to 23 EMIs fully paid – 5% of principal outstanding on day of pre-payment 
  • 24 to 35 EMIs fully paid – 3% of principal outstanding on day of pre-payment 
  • 36 or more EMIs fully paid – no charges will be applicable

* 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).