Figuring out how to go about borrowing a personal loan can an overwhelming process. You need to carefully pay attention to every aspect, to ensure you don't overlook anything. This article outlines all of the components that obtaining an INR 7 lakh personal loan encompass. Read ahead to get a better understanding of how this will fit into your financial needs.
The applicant's age, minimum monthly income, CIBIL score, debt-to-income ratio, etc. are all eligibility conditions for obtaining a personal loan. It is mandatory to check all requirements before you can make an application.
You can also use this Personal Loan Eligibility Calculator to quickly see if you meet the requirements.
Once you have cleared the eligibility criteria, move on to deciding the particulars of your personal loan.
The fundamental components of a personal loan are the loan amount, interest rate, loan term, and EMI. In this example, we're discussing a loan amount of INR 7 lakhs. Credit score, applicant age, occupation, and repayment capacity are all factors that influence personal loan interest rates. The typical interest rate ranges from 11.99%* to 36%* per annum. The applicant chooses the loan tenure, and the exact interest rate is calculated based on the loan amount and tenure. The average loan term ranges from 12 to 60 months.
The EMI for a loan of INR 7 lakhs with a term of 52 months and an interest rate of 11.99%, for example, would be INR 17,326. Try out this personal loan EMI calculator to determine what your EMI will be based on your specifications.
Here are the basic documents required for a personal loan. Make sure to have digital soft copies of these documents all in one place, so that you can save time while applying.
Apart from the documents listed above, there are additional specific requirements for salaried and self-employed individuals. Visit SMFG India Credit’s website here for the detailed list of documents required for a personal loan.
SMFG India Credit’s application structure is optimised for a quick and smooth procedure for borrowers. After you have gathered all the documents, your personal loan is only a few clicks away, if you pass the eligibility criteria.
Use “Apply Now” link to begin your application. Enter your mobile number and complete the OTP verification. After that, enter your loan requirements. The next step is to upload your documents, and then wait for an update from SMFG India Credit about the status of your loan approval.
You can also check out SMFG India Credit’s concise guidelines on how to apply here. Scroll down and click on “How to Apply”, which is the last tab below the “Features & Benefits of Personal Loan” section.
Visit SMFG India Credit's website and go through the personal loan process to learn more. Furthermore, the loan is disbursed within 24 hours* or 1 working day* following loan approval. Because the loan terms are flexible, you can select a loan repayment schedule that best meets your financial circumstances. Visit SMFG India Credit today, for FAQs, tools and calculators, and an overview of obtaining a personal loan.
You can take our personal loan for a variety of reasons.
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