10 Lakh Personal Loan

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.

Eligibility Criteria for a 10 Lakh Personal Loan

To qualify for a 10 Lakh loan, the lending institution may consider several criteria, some of which are listed below:

• Age Requirement: The eligible age bracket is 22-65 years for salaried individuals or 25-65 years for the self-employed. Note that the applicant's age should not exceed 65 at the time of loan maturity.
• Nationality: Indian residents and citizens qualify to apply.
• Work Experience:
  • Salaried Worker Criteria: One year of work experience, including a minimum of 6 months with the current employer.
  • For Self-Employed Individuals: Requires at least three years of operational experience.
• Minimum Monthly Income:
  • Salaried: For those staying in non-metropolitan cities, a minimum monthly salary of INR 20,000 and for residents of metropolitan areas (Mumbai & Delhi), a monthly income of INR 25,000 is desirable.
  • Self-employed: The minimum income is determined by considering annual sales and post-tax profits.
• CIBIL Score: A minimum CIBIL score of 750, along with a strong credit history, is required.

*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.

Documents Required for Personal Loan of 10 Lakh

Here is a list of documents necessary for applying for a personal loan :

10 Lakhs Personal Loan Interest Rates & Charges

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:

10 Lakh Personal Loan EMI Options for 1-5 Year Tenures

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.

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

Reasons to Choose a 10 Lakh Personal Loan

• We understand that sometimes unexpected medical emergencies or uninsured costs can arise, and a personal loan of 10 Lakhs can offer a reliable solution to help you deal with such situations.
• If you plan to buy a used car, our competitive interest rates and flexible tenure can help you easily finance it. With our dedicated debt consolidation solution, you can simplify your financial landscape by consolidating multiple loans into one manageable personal loan.
• Whether higher education, a dream wedding celebration, or the perfect honeymoon, we can tailor a personal loan to suit your needs. With our 100% paperless application process and flexible repayment terms, you can easily track your loan progress anytime, anywhere.
• If you plan to renovate your home, we offer personalised personal loan solutions for your passion project. The best part is that you don't need to worry about providing collateral!

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.

Benefits & Features of 10 Lakh Loan

The benefits of personal loans from SMFG India Credit are:

• Timely and Accessible – The loan helps our customers handle periods requiring extra finance with the minimum stress.
• Easy Approval for the Loans – The process to check personal loan eligibility is very easy and the personal loan eligibility requirements are quite basic and inclusive to a large number of people.
• Competitive Interest Rates – The interest rates are competitive and start from just 13%* per annum.
• Flexibility in terms of the Loan – You can choose with flexibility - the repayment period or interest rate you prefer, and get a customised loan. The repayment period can vary from 12 to 60 months, allowing you to choose a tenure that best suits your budget.
• No Collateral Required – You do not need to pledge any collateral, such as a house or a car, to secure a personal loan of 10 lakhs, reducing the risk of asset loss in case of default. The lack of collateral also makes these loans accessible to those who may not have valuable assets to pledge.

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.

How to Apply for a 10 Lakh Personal Loan 

Procedure for applying for a personal loan with SMFG India Credit:

1. Enter Key Information

Fill in the form with your mobile number, PAN, pincode, and choose your employment type from salaried and self-employed.

2. Authenticate Mobile Number

Use a 6-digit OTP to authenticate your mobile number.

3. Submit Additional Personal Information

Input your email address, birth date, and gender, and provide annual household income specifics along with completing email ID verification.

4. Provide Employment Details

Give details of your employment if you're in a salaried position.

5. Upload Bank Statement

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).

6. Complete Identity Verification

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.

7. Submit Bank Account Information

Provide your banking account details, which will be followed by their verification from us.

8. Provide More Details

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.

9. Set Up E-NACH for Re-payment

Decide on the re-payment mode, opt for either a debit card or internet banking, and set up E-NACH completely.

10. Review and Sign the Loan Agreement

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.

Importance of Aadhaar and PAN Card for a 10 Lakh Personal Loan

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.