An exit load is a charge for leaving early, typically 1 percent of the amount redeemed within the first year of each investment. It exists to discourage hot money that would force the manager to sell holdings at bad moments.
Each SIP instalment has its own clock. Redeem a two-year-old SIP and the last eleven instalments may still carry the load while the earlier ones do not. Liquid and overnight funds usually have no load after seven days; most equity funds have one for twelve months.
The load is stated in the factsheet and is applied automatically on redemption. It is not a tax and it does not go to the fund house; it stays in the fund for the benefit of the investors who remained.
Exit loads punish the impatient and reward the ones who stayed. Stay.