Want to foreclose your personal loan from SMFG India Credit? Here’s how!
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Foreclosing your personal loan can be a strategic move to save on your total loan costs. This can help you become debt-free sooner. SMFG India Credit provides a swift and transparent process for pre-closure. However, before you opt for this facility, note the related costs, lock-in period, and more.
Before you pre-close the loan, you are required to complete the lock-in period set by SMFG India Credit. This can range from 6 to 12 months. Post this, you can utilise the facility by paying a nominal charge. Here is an overview of the charges applicable when you opt to foreclose your personal loan:
No. of Paid EMIs |
Foreclosure Charges |
Under 18 |
7% of the Principal Outstanding |
18 to 23 |
5% of the Principal Outstanding |
24 to 35 |
3% of the Principal Outstanding |
Over 35 |
Nil |
*Disclaimer: The mentioned rates are subject to change at the lender’s discretion.
If you wish to foreclose your SMFG India Credit Personal Loan, submit the following documents:
Valid ID and address proof
Loan statement
Bank statement
Cheque or Demand Draft in lieu of the pending loan amount
Follow these simple steps to foreclose your SMFG India Credit Personal Loan:
Visit the branch office of SMFG India Credit in your area
Fill out the pre-closure form with your personal and loan-related details
Submit the form with all the documents listed above
Pay the pending amount and the applicable fee
Once the pre-closure is complete, the NBFC will provide an NOC (No Objection Certificate). This will serve as proof that you have repaid the loan and don't have any pending dues.
Foreclosing your SMFG India Credit Personal Loan can be a great option. It can help you save considerably on the interest amount and reduce the strain on your finances. Before opting for a pre-closure, check the charges and collate the required documents. A good CIBIL score may improve your chances of negotiating better terms with the lender. This will lead to a smooth foreclosure of your loan. In case you have any queries, reach out to SMFG India Credit through any one of the following points of contact:
E-mail ID: namaste@smfgindia.com
- Toll-free Number: 1800 103 6001
Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.
