Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.

Going through the process of getting an INR 2.5 lakh personal loan might seem daunting at first, but once you figure out the steps, it becomes fairly simple.

Documentation is an important part of the loan application process. It is recommended that you carefully keep track of each important document, so as to not leave anything out. In view of the applicants’ convenience, all documents required for personal loan can be uploaded to the online portal for verification. Therefore, you must keep scanned, digital copies of each document ready.

Let us now chart out what you will need in terms of the documents. This article will help you clearly understand the personal loan requirement, to stay one step ahead in the application process.

INR 2.5 Lakh Personal Loan

The sum of money, interest rate, loan term, and EMI are the four fundamental components of a loan. The loan amount here is INR 2.5 lakhs. Credit score, applicant age, employment status, and borrower’s repayment capacity, etc. are among the variables influencing the personal loan interest rate. The interest rate typically ranges from 11.99%* to 36%* per annum. The applicant chooses the loan tenure, and the exact interest rate is determined by the loan amount along with tenure. The loan tenure can be anywhere between 12 to 60 months.

Based on all of the aforementioned figures, the EMI (or Equated Monthly Instalment) is then calculated. Here is the formula used to determine the EMI in more detail:

E = P*r*((1+r)^n/((1+r)^n-1))

The notations are as follows: P = the loan amount, r = rate of interest, n = loan tenure in months.

For instance, the EMI for an INR 2.5 lakh loan with a 36-month term and an interest rate of 11.99%* would be INR 8302. To find out what your EMI would be based on your needs, use this personal loan EMI calculator.

Documents Required for Personal Loan

Mentioned below, are the standard documents for a personal loan.

  1. PAN Card
  2. Aadhaar Card (Identity proof)
  3. Passport (Signature proof)
  4. Electricity bill (Address proof)
  5. Past 6-month account statements

For Salaried Individuals

If you are a salaried employee, you will need the following two additional documents:

  1. Salary slips for the last three months 
  2. Income tax returns OR Form 16

Form 16 is a certificate that mentions the tax deducted by the employer from the employee’s salary. This form is used as a proof and validation of the deductions made to the salary.

For Self-Employed Individuals

If you are self-employed, you need the following additional documents, either for yourself or your business entity:

  1. Balance sheet + profit and loss account, income computation for the last 2 years
  2. Income Tax Returns for the last 2 years
  3. Licence/Registration Certificate/GST Number (Business proof)
  4. IT Assessment OR Clearance Certificate
  5. Income Tax Challan OR Form 16A OR Form 26 AS for income declared in ITR

Please note that additional documents may be requested, over and above the aforementioned list. This will depend on your individual profile and SMFG India Credit’s policies.

Conclusion

To sum it all up, making a checklist to keep track of your important documents is extremely useful. SMFG India Credit offers flexibility in the loan tenure, and no mandatory requirement for collateral in a personal loan, and the loan amount is disbursed within 30 minutes* of the loan approval. Check out our personal loan eligibility calculator before applying to get a better idea of your financial future. Visit SMFG India Credit today to see what are the documents required for a personal loan.

Apply for Personal Loan

* 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.

FAQs

What is the typical tenure for repaying a personal loan of Rs 2.5 lakh?

The loan tenure can be anywhere between 12 to 60 months for personal loans at SMFG India Credit.

What is the interest rate for a personal loan of Rs 2.5 lakh?

At SMFG India Credit, the interest rates start from 11.99%* per annum. It is influenced by factors like credit score, applicant age, employment status, borrower’s repayment capacity, and so on.

Can I use a personal loan of Rs 2.5 lakh for any purpose?

Personal loans can be used for almost any purpose such as medical bills, wedding expenses, minor home renovation or repairs, debt consolidation, etc.

What is the EMI of a 2.5 lakh personal loan?

The EMI is calculated using the loan amount (P), rate of interest (r) and the loan in months (n) with the following formula:

EMI = P * r * (1+r)^n/ ((1+r)^n-1)

For example, the EMI for an INR 2.5 lakhs loan with a 36-month term and an interest rate of 11.99% per annum would be INR 8,302. You can calculate EMIs for different loan tenures and interest rates using our personal EMI calculator.

What is the minimum CIBIL score for a 2.5 Lakh Personal loan?

Your CIBIL score must be 750 or above. CIBIL scores range from 300 to 900. The closer you are to 900, the better your chances of getting favourable loan terms, if you fit other eligibility criteria.

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Reasons to buy

You can take our personal loan for a variety of reasons.

Wedding Expenses

Wedding Expenses

Higher Studies

Higher Studies

Exotic Vacations

Exotic Vacations

Hobbies

Hobbies

 

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