Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.
Personal loans are a form of financial assistance that you can avail of in case of any unexpected expense which goes over and above your normal expenses. Personal loans are taken by our customers for reasons such as financing wedding expenses, much-desired travel/trip, paying for the child’s education, any medical emergency, or even for big-ticket purchases of electronic devices, home repairs and even debt consolidation.
Thus, a personal loan of 10 lakhs can provide substantial financial support for a variety of needs without depleting your savings. Our competitive interest rates, flexible repayment tenures, and swift loan processing make a loan for 10 lakhs a practical choice for managing your financial requirements. We only request a few essential documents to ensure your borrowing experience is as hassle-free as possible.
To qualify for a 10 Lakh loan, the lending institution may consider several criteria, some of which are listed below:
*Please note that given above are the basic criteria. The final eligibility will depend on several factors including SMFG India Credit’s policy at the time of loan application.
You can use our personal loan eligibility calculator to estimate the maximum amount you may be able to borrow, and make informed decisions accordingly.
Here is a list of documents necessary for applying for a personal loan :
Document Type |
Salaried Individuals |
Self-Employed Individuals (Any One) |
Identity Proof |
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Compulsory Documents |
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Income Proof |
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Proof of Ongoing Employment |
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Residence/Business Proof |
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Feel free to use this table as a simplified guide for interest rates and charges while availing of an INR 10 Lakhs loan. However, terms and conditions apply:
Category |
Details |
Interest Rate |
Starts at 13%* per annum |
Processing Fee |
Up to 5% of the total loan amount + GST |
Available Loan Amount |
Up to INR 10 Lakhs (for self-employed)* Up to INR 30 Lakhs (for salaried)* |
Tenure of Loan |
Maximum of 5 years or 60 months |
Minimum EMI Per Lakh |
INR 2,275 for 5 years or 60 months |
Late Payment Charges |
Up to 3% per month (36% per annum) on overdue amount calculated on day to day basis payable from the relevant due date till date of actual payment. |
Prepayment Expenses |
0-7% |
Loan Cancellation Charges |
Rs. 1000 - 2500 |
Cheque/ECS/NACH Dishonoured Charges |
Rs. 300 to 1000 |
For a personal loan of 10 Lakh, the EMI amount for a 1-year loan tenure at a 13% rate of interest per annum is INR 89,317. Similarly, the EMI amounts for two, three, four, and five-year loan tenure are Rs.47,542, INR 33,694, INR 26,827, and INR 22,753 respectively. You can use the online personal loan calculator to know the EMI amount for loan tenures other than those discussed here.
Loan Amount (Rs) |
Interest Rate (p.a.) |
Tenure (years) |
EMI (Rs) |
Rs 10 Lakhs |
13% |
1 |
89,317 |
2 |
47,542 |
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3 |
33,694 |
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4 |
26,827 |
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5 |
22,753 |
Disclaimer: These are approximate EMI calculations, actual numbers may vary. In the Personal loan EMI calculator, you can keep changing the parameters preferred by you till you hit upon your ideal parameters and request those. The company will try its best to accommodate you depending on your credit history and the credit risk posed by you
At SMFG India Credit, we're dedicated to helping you take care of your dreams without stressing your finances. If you require any assistance, our dedicated customer service team is here to guide you and ensure a smooth borrowing experience.
The benefits of personal loans from SMFG India Credit are:
Be it financing your child’s higher education, wedding, business expenditure, or funding emergency medical treatment, SMFG India Credit’s easy and convenient personal loan is the most straightforward way to fulfil your need for short-term finance. Now get a personal loan of up to INR 10 Lakhs from SMFG India Credit at competitive interest rates starting from 13%* per annum.
SMFG India Credit’s affordable easy monthly instalments make sure that borrowers never miss out on any repayment throughout the tenure. As a matter of fact, you can get an accurate estimate of your monthly instalment amount with SMFG India Credit’s easy-to-use personal loan EMI calculator. This is a free tool that is available on the SMFG India Credit website. For a comprehensive financial analysis, consider factors such as your existing expenses and savings goals alongside the EMI results.
Procedure for applying for a personal loan with SMFG India Credit:
Fill in the form with your mobile number, PAN, pincode, and choose your employment type from salaried and self-employed.
Use a 6-digit OTP to authenticate your mobile number.
Input your email address, birth date, and gender, and provide annual household income specifics along with completing email ID verification.
Give details of your employment if you're in a salaried position.
Please provide your bank statement through Net Banking, an Account Aggregator, or by uploading it directly. We'll use the banking information to generate a loan offer (applies only to salaried individuals).
Proceed with the necessary identity digital verification and share address details via CKYC, Offline Aadhaar XML-based KYC, or DigiLocker. Taking a selfie is a part of the identity verification process.
Provide your banking account details, which will be followed by their verification from us.
Once the bank account verification is completed successfully, you have to give some extra personal information in the ‘Additional Details’ section. This includes your loan purpose and marital status.
Decide on the re-payment mode, opt for either a debit card or internet banking, and set up E-NACH completely.
Digitally sign the agreement post-review to acknowledge terms and conditions, and finalise it with OTP validation.
By following these easy steps, you progress toward your financial goals with SMFG India Credit.
Giving the details of your Aadhaar card and PAN card further simplifies the process of being approved for and getting a personal loan. Once you are approved for a loan for 10 lakhs, the amount is transferred quickly into your personal bank account and is ready to be used by you.
Getting a 10 Lakhs loan from SMFG India Credit is easy and quick and can be the answer to your short-term financial woes. Borrowing responsibly allows you to manage your financial expenses while also raising your credit score.
* Please note that loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.
Depending on the interest rate (e.g. 13%* p.a.), the EMI for a Rs. 10 Lakhs loan can vary from Rs. 22,753 to Rs. 89,317 for a tenure of up to 5 years.
The minimum monthly salary requirement for an Rs. 10 Lakhs loan varies with the lending institution, but it is desirable to have a minimum salary of Rs. 20,000 for non-metropolitan cities and Rs. 25000 for metropolitan cities like Delhi and Mumbai.
The minimum interest rate levied on an Rs. 10 Lakhs loan is a competitive 13%* per annum.
SMFG India Credit ensures that your requested loan amount is made available to you within 30 minutes* after approval of your application.
Yes, you can get a personal loan of Rs. 10 Lakhs without collateral, as it is an unsecured loan.