Small Personal Loan

Insurance disclaimer SMICC is registered with the Insurance Regulatory and Development Authority of India (IRDAI) as a Corporate Agent. IRDAI Registration No.: [CA0098] CIN No. U65191TN1994PLC079235. The insurance policy is a contract between the customer and the insurance company, and policy is underwritten by insurance companies. SMICC acts only as the distributor and is not responsible for any risk, policy issuance, claim settlement/repudiation etc. Insurance is the subject matter of solicitation. Purchase of insurance is voluntary and subject to insurer underwriting and policy terms and conditions. Customers are advised to read the policy terms and conditions, benefits, exclusions, claim settlement carefully before purchase. Kindly note that “Insurance Products” are not mandatory for the purpose of the application and disbursement of loan. It shall be the sole discretion of the customer, by providing explicit consent, to avail such insurance along with the Loan.
Beware of Spurious calls/ Fraud phone calls IRDAI is not involved in activities like selling Insurance policies, announcing bonus or investment of premium. Public receiving such phone calls are requested to lodge a police complaint.

Factors	Salaried Employees	Self-Employed Individuals
Age	Must be between 24 and 60 years	Must be between 21 and 65 years
Nationality	Must be a resident Indian	Must be a resident Indian
Credit Score/CIBIL Score	Must be 700 or above	Must be 700 or above
Work/Business Experience	Must have a minimum of 6 months of work experience	Business must be at least 3 years old
Minimum Income	Monthly income must be at least Rs. 25,001*	Annual turnover must cross the minimum threshold, varying based on the profession
EMI (Equated Monthly Instalment)	EMI should be a maximum of 60% - 70% of the monthly income	EMI should be a maximum of 65% of the monthly income

Type of Document	Salaried Employees	Self-Employed Individuals
PAN Card	PAN card or Form 60 must be submitted by both the applicant and the co-applicant (if applicable)	PAN card or Form 60 must be submitted by both the applicant and the co-applicant (if applicable)
Proof of Identity and Proof of Address (any one)	Passport Driving Licence Aadhaar Voter ID provided by the Election Commission of India MNREGA Job Card authorised by a State Government officer National Population Register listing name and address	Passport Driving Licence Aadhaar Voter ID provided by the Election Commission of India MNREGA Job Card authorised by a State Government officer National Population Register listing name and address
Signature Proof (any one)	Passport PAN	Passport PAN
Bank Statements	Bank account statements for the last 12 months	Bank account statements for the last 6 months
Income Documents	No Salary Slip required. Bank statements submitted should display salary being credited Income Tax Returns or Form 16	Balance sheet and profit and loss account, income computation for the last 2 years Income Tax Returns for the last 2 years IT Assessment or Clearance certificate Income Tax challans or TDS certificate (Form 16A) OR Form 26AS for income declared in ITR
Business Proof (any one)	NA	Licence Registration Certificate GST Number

Fees & Charges	Amount Chargeable
Personal Loan Interest Rate	12.5% to 30% per annum
Processing Fee	Up to 4% of the total loan amount + GST
Late Payment Charges	2% per month (24% per annum) on overdue amount calculated on day to day basis payable from the relevant due date till date of actual payment
Repayment Instrument dishonor Charges per presentation	INR 500
Loan Cancellation Charges (loan cancelled before the first EMI)	INR 1,000 + GST
Loan Tenure	Up to 60 months

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Calculated EMI* ` 11767 Apply For Loan

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Features and Benefits of a Small Personal Loan

Eligibility Criteria to Get a Small Personal Loan

Factors Affecting Small Loan Eligibility

Documents Required for a Small Personal Loan

Small Personal Loan Fees and Charges

Repayment of a Small Personal Loan

How to Apply for a Small Personal Loan Online

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