Personal Loan of Rs. 20 Lakhs

A personal loan is arguably the most popular type of loan which enables a borrower to meet all kinds of short-term financial requirements instantly. Be it home renovation, marriage expenses, debt consolidation, office construction, or even taking an international trip, you can use the personal loan from SMFG India Credit to funds for any purpose without being obligated to inform the lender.

SMFG India Credit offers Rs. 20 lakh personal loan at interest rates starting from 11.99%. It is unsecured by nature which means that you can avail of the loan without having to put up collateral for security.

Features of Personal Loan

Making a 20 lakh loan application at SMFG India Credit is a relatively simple process. The most convenient is to apply for a personal loan online. Alternatively, you can visit the nearest SMFG India Credit branch to get the process started.

Some of the key features of Rs. 20 lakh personal loan from SMFG India Credit are:

1. Pre-Approved Offers: Access a range of pre-approved personal loan offers that are accompanied by preferential interest rates, repayment tenures and a quick approval process.
2. No Security Requirement: SMFG India Credit offers collateral-free personal loans for up to Rs. 25 lakhs.
3. Affordable Interest Rates: SMFG India Credit personal loans interest rates starting from 11.99% which is affordable.
4. Easy Repayment Tenures: Personal loans from SMFG India Credit come with flexible repayment tenures of up to 60 months.
5. Get Quick Loan Approval: Receive instant in-principal approval by filling up a simple online form. Post verification of documents and finalizing the loan agreement, final approval will be provided.
6. Loan disbursal in 24 hours: Once SMFG India Credit sanctions the Rs. 20 lakh personal loan request, the funds may be disbursed within 24 hours.
7. No Hidden Charges: Personal loans from SMFG India Credit are provided with no hidden charges and with terms and conditions that are absolutely transparent.

Rs. 20 Lakh Personal Loan EMI for 1-5 Years Tenure

On a Rs 20 lakh personal loan, the EMI for 1-year loan tenure at an 11.99% rate of interest per annum comes at ₹ 1,77,688. For 2-year tenure is ₹ 94,138, 3-year tenure is ₹66,419, 4-year tenure is ₹ 52,658 and 5-year tenure is ₹44,469.

Disclaimer: These are approximate EMI calculations, actual numbers may vary.

Eligibility Criteria for Personal Loans

Check your Rs. 20 lakh loan eligibility by logging into SMFG India Credit’s personal loan eligibility calculator available on the website. Ensure that you meet the following parameters to be eligible for the loan.

• Be a citizen of India
• Be between 21 to 60 years of age
• Be employed in a registered private limited company, public sector enterprise or be self-employed
• Have a minimum monthly income of Rs. 25,000 if residing in Delhi or Mumbai and Rs. 20,000 for the rest of India

Please note that being eligible for a Rs 20 lakh loan depends on a number of other parameters including your credit score and repayment capacity, as well as SMFG India Credit’s policy at the time of loan application. You can use the personal loan eligibility calculator to get an estimate of the maximum loan amount you may be eligible for.

Documents Required for Personal Loan

Once your application has been received by SMFG India Credit, you will be requested to share a list of documents. Personal loan documents include:

• Submit proof of identity via Driving license, Passport or Aadhar Card
• Submit proof of residence via Driving license, Passport, Electricity bill or Telephone bill
  • Salaried employees need to submit,
  • Salary slips for the last 3 months
• Salary account bank statements for the last 6 months
• Self-employed individuals need to submit,
  • Income tax certificates highlighting the computation of income for the last 2 financial years
  • Audited balance sheet for the last 2 years
  • Bank statements for the last 6 months
  • Evidence of latest turnover

How to Apply for Personal Loan?

Follow this step-by-step guide on how to apply for a personal loan online from SMFG India Credit.

1. Fill out the application form online.
2. Select the loan amount required, choose your preferred interest rate and repayment tenure.
3. Upload the soft copies of the required documents online.
4. Wait out the verification period.
5. Carefully read the loan agreement and go through all the terms and conditions. Provide confirmation on the loan agreement if you are OK with all of them.
6. Once approved, the Rs. 20 lakh personal loan may be disbursed to your registered bank account within a period of 24 hours.

If you have any further questions with reference to personal loans, you may get in touch with us by calling SMFG India Credit’s customer service toll-free number 1800 103 6001. Alternatively, email us at   for more information.

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