How To Apply & Get Personal Loan
Approval In 5 Minutes?

In reality, to get a personal loan in 5 minutes the best you can do is ask a friend or family member to lend you some cash or use an electronic service to transfer the money. To obtain a personal loan from a licensed lending firm, it typically takes about 7 business days. Fortunately, some lending institutions like SMFG India Credit offer funding within a time-frame of as soon as 72 hours* after approval. 

To make the entire process faster and more efficient, the procedure of application is completely managed on an online platform. You can apply for a personal loan in just a few clicks by logging onto the website, and you will be ready to go.

By the end of this short read, you will learn about the two-part process of obtaining a personal loan. Read ahead to understand how it all works!

How To Apply for Instant Personal Loan?

The fundamentals of the application process involve the following 3 steps:

1. Determining your eligibility for approval
2. Planning your requirements
3. Submitting official documents

The approval of your personal loan depends upon your eligibility criteria, which is explained in the next section. In this section, we will talk about steps 2 and 3.

To plan your personal loan, you must have a clear idea of the specifics of your loan requirements. This means deciding the loan amount and repayment tenure well in advance. While the range of interest rates is 11.99%* to 36%* per annum, the exact personal loan interest rate will be calculated later based on several factors like your loan amount requested, loan tenure, your financial profile, and our policy at the time of loan application. With these approximate numbers, you can get an initial estimate of your EMI, to help you gain an understanding of your financial future. You can try out this Personal Loan EMI Calculator to assist you in your loan planning. 

Also keep in mind that the personal loan interest rate offered by the lender is affected by multiple factors. These include the following:

• Credit history
• Monthly income
• Loan amount
• Fixed monthly obligations, including any outstanding loans

When it comes to documentation, you will need digital copies of all your official documents. The list of standard documents is as follows:

• PAN Card
• Aadhaar Card (Identity proof)
• Passport (Signature proof)
• Electricity bill (Address proof)
• Past 6-month account statements

Additionally, you will need to submit some documents related to your occupation depending upon whether you are self-employed or a salaried individual. This list can be found here.

Loan Approval and Disbursement - Eligibility

The loan amount can be worked out only after you pass the requirement criteria.

Factors affecting the eligibility are:

1. Age: 21 to 60 years; salaried, self-employed, or entrepreneurs
2. Minimum monthly income: INR 25,000 for Delhi and Mumbai residents and INR 20,000 for the rest of India
3. CIBIL score: More than or equal to 750
4. EMI: Not more than 60%-70% of the monthly income

You can use this Personal Loan Eligibility Calculator to assist you further. A personal loan eligibility calculator is a tool that is used to help potential borrowers determine how much they may be able to borrow based on their individual financial situation. The calculator typically takes into account factors such as the borrower's age, income, current debt payments, and desired loan terms to give an estimate of the maximum loan amount they may be eligible for. This can help borrowers understand their borrowing options and make more informed decisions about their finances. The SMFG India Credit personal loan eligibility calculator is available online and can be used for free.

It is important to note that this calculator only shows you an estimate of the loan amount you may qualify for. Your exact qualification for the loan amount is determined on the basis of several other factors like account information, employment history, and so on.

Conclusion

In a nutshell, this is the pathway to obtaining a personal loan:

Check Eligibility > Apply with Documentation > Get Approval > Disbursement of Funds

Acquiring a personal loan from SMFG India Credit is one of the quickest and most efficient loan procedures. The application is 100% online and paperless, along with free assisting tools that help you work out your loan plans. Visit SMFG India Credit’s nearest branch for a personal loan, apply today!

Apply for Personal Loan