Kingshuk Banerjea shares his ordeal with SMFG India Credit’s balance transfer loan. Despite disbursal on 1st Aug 2025, demand drafts were delayed, forcing him to pay multiple EMIs. Read full complaint.
Checkout : LinkedIn Post URL
Complaint Summary : SMFG India Credit Balance Transfer Failure – Kingshuk Banerjea’s Complaint Goes Public
| Complainant Name | Kingshuk Banerjea |
|---|---|
| Position | Assistant Professor, St. Thomas College; Doctoral Scholar, IIT Dhanbad |
| Company Complained Against | SMFG India Credit (formerly Fullerton India) |
| Product/Service | Personal Loan (Balance Transfer) |
| Loan Approved On | 27th July 2025 |
| Loan Disbursed On | 1st August 2025 |
| Issue Faced | Delay in issuing Demand Drafts for closing previous loans |
| Consequences | Forced to pay EMIs on both old and new loans; accumulating interest losses |
| Escalation Attempts | Multiple follow-ups; no resolution |
| Platform Where Shared | |
| Action Requested | Immediate resolution, closure of old loans, and accountability |
Original LinkedIn Post Reference
Complainant: Kingshuk Banerjea
Designation: Assistant Professor @ St. Thomas College | Doctoral Scholar @ IIT-Dhanbad
LinkedIn Post Date: 7th August 2025
Post URL: Click here to view the original post
Complaint Overview
Kingshuk Banerjea, a verified academic and researcher, took to LinkedIn to express his disappointment with SMFG India Credit (formerly Fullerton India). On 27th July 2025, Kingshuk’s balance transfer loan was approved following all required verification. The loan amount was credited to his account on 1st August 2025.
However, the demand drafts (DDs) required to close his previous loans were never issued on time, resulting in a situation where:
- He is paying EMIs on both the old and new loans simultaneously.
- Interest on the newly disbursed loan is accruing.
- The amount intended to clear previous liabilities remains unutilized.
- There has been no response or accountability from SMFG India Credit’s customer service team.
Key Issues Highlighted
- Negligent post-disbursal service: Demand drafts for loan closure not issued on time.
- Financial burden: Double EMI payments due to overlapping loan liabilities.
- Unethical lending practice: Customers are left without support after loan approval.
- Poor customer service: Repeated follow-ups ignored or unresolved.
Public Warning
Kingshuk warned others considering balance transfer (BT) loans from SMFG India Credit to proceed with caution. According to him:
“Once your loan is disbursed, you’re on your own.“
“Customer service and operational efficiency post-disbursal are severely lacking.“
Frequently Asked Questions (FAQs)
1. What is a balance transfer loan in India?
A balance transfer loan allows you to move your existing loan from one lender to another, typically at a lower interest rate or better terms.
2. What happens after a balance transfer loan is approved?
Post-approval, the new lender is supposed to issue demand drafts or NEFT payments to your existing lenders to close the old loans.
3. What if the new lender delays the loan closure process?
You may end up paying EMIs on both old and new loans. This can lead to unnecessary financial stress and credit report issues.
4. Is the borrower liable to pay both EMIs if the old loan is not closed?
Yes. Until the previous lender receives payment and officially closes the loan, your EMI obligation continues.
5. Can a lender credit a BT loan amount directly to the customer?
Yes, but in most balance transfers, the loan is disbursed directly to the existing lender through a DD or NEFT to avoid misuse.
6. What are the risks of accepting BT loans from NBFCs like SMFG India Credit?
The risks include poor coordination, delayed payments to old lenders, and weak customer service, as seen in this complaint.
7. How long should it take to issue demand drafts after disbursal?
Typically within 2–3 business days. Delays beyond a week should be escalated immediately.
8. How can I escalate unresolved loan disbursal issues?
You can contact the Nodal Officer of the NBFC, file a complaint with RBI’s CMS portal, or approach consumer courts.
9. Is there a regulator for NBFCs like SMFG India Credit?
Yes. The Reserve Bank of India (RBI) regulates NBFCs and offers a complaint mechanism via the RBI CMS portal.
10. What documents should I keep for loan dispute resolution?
Keep your loan sanction letter, agreement, disbursal confirmation, follow-up emails, and any SMS/WhatsApp/chat communications.
11. What if a bank or NBFC refuses to respond?
File a complaint with the RBI CMS portal or contact the Banking Ombudsman under RBI for further intervention.
12. Are verbal confirmations or phone discussions valid in disputes?
They hold limited value legally but can support your claims when combined with email or documented evidence.
13. What happens if I default because of lender’s delay in BT processing?
It may affect your credit score and incur penalties unless you inform the credit bureau and submit a dispute.
14. Can I request a refund of interest paid on unutilized loan amounts?
Yes. If the fault lies with the lender, you can request a waiver or refund for the unjust interest accrued.
15. How do I contact SMFG India Credit customer support for complaints?
Use their official email: help@smfgindiacredit.com or call their customer care number listed on their website.
16. Are balance transfer loans safe?
They are safe if processed efficiently. Ensure the lender has a reliable post-disbursal service team.
17. Should I consider public reviews before taking loans?
Absolutely. LinkedIn and consumer forums like Choice4Voice.com help you learn from real customer experiences.
18. What is the role of NBFCs in India’s lending space?
NBFCs serve customers not always covered by traditional banks but often lack the accountability and service levels of banks.
19. What are the alternatives to NBFCs for personal loans?
You can approach scheduled commercial banks like HDFC, SBI, Axis Bank, or use fintech platforms with strong customer support.
20. Where can I report unethical practices in loan disbursement?
You can file your complaint with Choice4Voice.com or escalate through RBI CMS, consumer helpline (1915), or District Consumer Court.
✅ Conclusion
Kingshuk Banerjea’s complaint raises critical red flags for anyone considering a balance transfer loan from SMFG India Credit. Delayed demand drafts, double EMI burdens, and non-responsive customer service show a serious lapse in consumer trust.
Consumers are advised to exercise caution and demand complete clarity and written commitments before proceeding with such loan products.
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