All charges mentioned in the table below are in INR (₹).
The charges below will be applicable with effect from 4th November, 2019
| Product Type | Personal Loan Salaried | Personal Loan Self Employed | Business Loan | Loan against property/LRD | High-Ticket LAP* | Commercial Vehicle Loan | Loan Against Securities | Supply Chain Finance |
|---|---|---|---|---|---|---|---|---|
| Late Payment Charges (applicable for payment default) | 2% per month (24% per annum) on overdue amount calculated on a day-to-day basis, payable from the relevant due date till the date of actual payment. | 2% per month (24% per annum) on overdue amount calculated on a day-to-day basis, payable from the relevant due date till the date of actual payment. | 2% per month (24% per annum) on overdue amount calculated on a day-to-day basis, payable from the relevant due date till the date of actual payment. | 2% charged monthly (24% per annum) on the overdue amount calculated on a day-to-day basis, payable from the relevant due date till the date of actual payment. | 2% charged monthly (24% per annum) on the overdue amount calculated on a day-to-day basis, payable from the relevant due date till date of actual payment. | 2% charged monthly (24% per annum) on the overdue amount calculated on a day-to-day basis, payable from the relevant due date till the date of actual payment. | 2% per month (24% per annum) on the overdue amount calculated on a day-to-day basis, payable from the relevant due date till the date of actual payment. | 2% charged monthly (24% per annum) on the overdue amount calculated on a day-to-day basis, payable from the relevant due date till the date of actual payment. |
| Cheque /ECS Dishonoured Charges (per dishonour of cheque/ECS per presentation) | INR 500 | INR 500 | INR 500 | INR 500 | INR 500 | INR 500 | INR 500 | INR 500 |
| Swap Charges | INR 500 + GST | INR 500 + GST | INR 500 + GST | INR 500 + GST | INR 500 + GST | INR 500 + GST | INR 500 | NA |
| Loan Cancellation charges (loan cancelled before first EMI) | INR 1,000 + GST | INR 1,000 + GST | INR 1,000 + GST | INR 5,000 + GST | INR 5,000 + GST | Stamp duty plus INR 1500 plus GST before encashment of the loan disbursement cheque. Otherwise, loan prepayment charges apply | NA |
One-time processing fee shall be retained; the maximum of the principal and the proportionate APR (Annual Percentage Rate) will be recovered without any penalty. |
| Duplicate NOC/ NOC Revalidation | NA | NA | NA | NA | NA | INR 250 + GST | NA | NA |
| Processing Fees | Up to 4% of the total loan amount + GST | Up to 4% of the total loan amount + GST | Up to 2.75% of the total loan amount + GST |
Up to 2% of the loan amount + GST |
Up to 2% of the loan amount + GST | Documentation Charges - Up to 2% of the loan amount OR INR 10,000, INR 7,500 & INR 6,400 for MHCV, ILCV (ICV & LCV) & SCV/MUV respectively, whichever is higher | Up to 3% of the loan amount | Up to 2.00% of deal limit |
| CERSAI charges | NA | NA | NA |
INR 50 per collateral + applicable GST for loan amount up to INR 5 lakhs; INR 100 per collateral + applicable GST for loan amount above INR 5 lakhs |
INR 50 per collateral + applicable GST for loan amount up to INR 5 Lakhs; INR 100 per collateral + applicable GST for loan amount above INR 5 Lakhs |
NA | NA |
At actuals |
| Pre-closure Letter Charges | INR 500 | INR 500 | INR 500 | NA | NA | NA | NA | NA |
| Stamping Fees | Stamp Fees and Charges at applicable rate as per state laws | Stamp Fees and Charges at applicable rate as per state laws | Stamp Fees and Charges at applicable rate as per state laws | At applicable rates (as per relevant State Laws) | At applicable rates (as per relevant State Laws) | NA | NA |
At actuals (as per the Stamp Duty applicable for the respective state where documents are executed) |
|
*High Ticket LAP here refers to a Loan Against Property for an amount higher than INR 6 Crore Loan Against Property Specific Charges:
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Standard loan closure process
Standard Loan Closure Process
Additional Requirements for Specific Products
Vehicle Loans (CV & Two-Wheeler)
LAP & Home Loans
Personal Loan and Business Loan
| No. of EMIs paid | Prepayment 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 EMI(s) fully paid | 2% of the Principal Outstanding |
*No prepayment charges to be levied on loan classified as Micro Finance Loans; MSME applicability to be checked.
(Applicable for loans sourced after 1st Jan’26).
Urban Loan Against Property (ULAP)
| No. of EMIs paid | Ticket size > 6 crs | Ticket size < 6 crs |
|---|---|---|
| 0 to 12 EMI(s) fully paid | 7% of the principal outstanding | 7% of the principal outstanding |
| 13 to 24 EMI(s) fully paid | 4% of the principal outstanding | 5% of the principal outstanding |
| 25 to 60 EMI(s) fully paid | 3% of the principal outstanding | 4% of the principal outstanding |
| 60+ EMI(s) fully paid | 3% of the principal outstanding | 3% of the principal outstanding |
*Terms and conditions apply
Rural Loan Against Property (RLAP)
| No. of EMIs paid | Charges as % of POS |
|---|---|
| Up to 12 months | 5% |
| More than 12 months and up to 24 months | 4% |
| More than 24 months and up to 48 months | 3% |
| More than 48 months and up to 72 months | 2% |
| >72 months | NIL |
Commercial Vehicle Loan
| MOB | Charges as % of POS |
|---|---|
| 0-12 | 4% Principal Outstanding as on the date of repayment |
| >12 | 3% Principal Outstanding as on the date of repayment |
Note: No prepayment charges collected in case of Internal BT.
Home Purchase Loan (Home Loan)
No prepayment charges shall be payable for partial or full prepayments irrespective of the source.
Additional Interest (applicable for payment defaults): An amount not exceeding 0.7% per annum on the principal amount 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.("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 are to be made payable to 'SMFG India Credit Co. Ltd.'
| Product | Processing Fee %* |
|---|---|
| Solidarity Group Loans | 1.50% |
| Two-Wheeler Loans | Up to 4% |
| Rural Individual Unsecured Loan (GEL) | Up to 3% MF customers – up to 1.5% |
| Rural Mortgage - Rural LAP (RLAP) | Up to 2.5% |
| Rural Mortgage - Rural Home Loan (RHL) | Up to 2% |
*% of Gross Loan Amount.
| Product | Prepayment Charges |
|---|---|
| Solidarity Group Loans | NIL |
| No. of EMIs Paid | Prepayment charges |
|---|---|
| Any | 3% of Principal Loan Amount Outstanding. |
Two-Wheeler Loan - Other Charges:
TW Loan Cancellation and Rebooking Charges:
An amount not exceeding INR 1000 if the loan is cancelled at the request of the borrower after disbursement of the loan, but before encashment of the loan disbursal cheque. If cancellation of loan is requested after encashment of loan amount, prepayment conditions as specified herein shall apply.
TW Loans Duplicate NOC Issuance Charges:
An amount not exceeding INR 500 per instance
TW Legal/repossession charges:
Levy legal/repossession and incidental charges on an actuals basis
Rural Home Loan (HL)
| No. of EMIs Paid | Charges as % of POS |
|---|---|
| Up to 12 months | 4% |
| More than 12 months and up to 24 months | 4% |
| More than 24 months and up to 48 months | 3% |
| More than 48 months and up to 72 months | 2% |
| >72 months | NIL |
Rural Individual Unsecured Loan (GEL)
| No. of EMIs Paid | Prepayment Charges* |
|---|---|
| Any | 5% of the Principal Outstanding |
*The prepayment charges for GEL & its variants will be NIL for loans classified as Microfinance loans.
| Product | Late Payment Charges | Bounce Charges |
|---|---|---|
| Solidarity Group Loans | NIL | NIL |
| Two- Wheeler Loans | 2% per month (24% per annum) on the overdue amount calculated on day-to-day basis payable from the relevant due date till date of actual payment | INR 500 |
| Rural Individual Unsecured Loan (GEL) | 2% per month (24% per annum) on overdue amount, calculated on a day-to-day basis, payable from the relevant due date till the date of actual payment | INR 500 |
| Rural Mortgage - Rural LAP (RLAP) | 2% per month (24% per annum) on the overdue amount calculated on day-to-day basis payable from the relevant due date till date of actual payment | INR 500 |
| Rural Mortgage - Rural Home Loan (RHL) | 2% per month (24% per annum) on the overdue amount calculated on day-to-day basis payable from the relevant due date till date of actual payment | INR 500 |
Note:
Rural LAP - Other Charges
| Type of charges | Applicable Charges |
|---|---|
| CERSAI charges |
|
| IMD Charges | INR 800/- to be collected upfront during Loan application |
| EMI Pickup/Collection Charges | INR 500/- |
LOAN CHARGES – DIGITAL
| Types of Charges | Applicable Charges |
|---|---|
| Processing Fee | Up to a maximum of 5% plus applicable taxes |
| Late Payment Charges* | Up to 2% per month (24% per annum) on overdue amount calculated on a day-to-day basis, payable from the relevant due date till the date of actual payment |
| Bounce (Cheque/ECS/NACH/UPI dishonour) charges (per dishonour of cheque/ECS/NACH/UPI per presentation) |
|
| Loan Cancellation Charges (loan cancelled before the 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 |
| Pre-closure/ Prepayment Charges*** |
|
The above charges are indicative. Detailed break-up of charges will be part of the loan documents.
* 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.
** 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/prepayment penalties on any floating rate term loan sanctioned for purposes other than business to individual borrowers (with or without co-applicant).
Insurance disclaimer SMICC is registered with the Insurance Regulatory and Development Authority of India (IRDAI) as a Corporate Agent. IRDAI Registration No.: [CA0098] CIN No. U65191TN1994PLC079235. The insurance policy is a contract between the customer and the insurance company, and policy is underwritten by insurance companies. SMICC acts only as the distributor and is not responsible for any risk, policy issuance, claim settlement/repudiation etc. Insurance is the subject matter of solicitation. Purchase of insurance is voluntary and subject to insurer underwriting and policy terms and conditions. Customers are advised to read the policy terms and conditions, benefits, exclusions, claim settlement carefully before purchase. Kindly note that “Insurance Products” are not mandatory for the purpose of the application and disbursement of loan. It shall be the sole discretion of the customer, by providing explicit consent, to avail such insurance along with the Loan.
Beware of Spurious calls/ Fraud phone calls IRDAI is not involved in activities like selling Insurance policies, announcing bonus or investment of premium. Public receiving such phone calls are requested to lodge a police complaint.
