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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 | Loan against property/LRD | SME Loan | Commercial Vehicle Loan | Loan Against Securities |
|---|---|---|---|---|---|---|---|
| Delayed EMI Payment Interest ( per month of delay, every month) | As stated under additional interest charge* | As stated under additional interest charge* | As stated under additional interest charge* | As stated under additional interest charge* | As stated under additional interest charge* | As stated under additional charges* | As stated under Additional Interest charge* |
| Cheque /ECS dishonoured Charges (per dishonour of cheque/ECS per presentation) | 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 |
| Loan Cancellation charges (loan cancelled before first EMI) | 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 | 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 |
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 |
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 |
|
*Additional Interest (applicable for payment defaults): 24% per annum on outstanding balance which is overdue, calculated on day to day basis Rate of interest conversion fee - an amount not exceeding one (1) per cent of the loan amount sanctioned (SME loans / Loan against Property & LRD) Loan Against Securities Additional Charges:
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Loan Foreclosure Charges**
| Foreclosure Charges | Two Wheeler Loan | Used Car Loans | Loan against property/LRD | SME Loan | 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% |
| 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:
|
#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 penalty and Bounce charges
| Product | Penal Interest / Additional Interest | Bounce Charges |
|---|---|---|
| Solidarity Group Loans (SG and Smart SG Loans) | NIL | NIL |
| Merchandise Loan | NIL | NIL |
| TW | 30%* | INR 300 |
| GEL | 36%* | INR 300 |
| Rural Mortgage | 25%* | INR 300 |
*Variable charge on overdue EMI amount at annualized rate.
~Will be charged on per overdue installments.
Note:
(a) All bounce charges mentioned above are exclusive of applicable taxes.
(b) Penal interest / Additional Interest recognized on cash basis.
LOAN CHARGES – DIGITAL
| Types of Charges | Applicable Charges |
|---|---|
| Processing Fee | Up to a maximum of 6% |
| Late Payment Charges* | Up to a maximum of 36.5% p.a. for the period when the applicable amount is in overdue status |
| 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:
|
* Pursuant to RBI vide its circular RBI/2023-24/53 DoR.MCS.REC.28/01.01.001/2023-24 “Fair Lending Practice - Penal Charges in Loan Accounts”, default payment charges shall be renamed as “Late Payment Charges” effective January 1, 2024. Consequent to change, 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).
