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

When it comes to funding a major expense out of the blue, having enough savings in your bank account to tide you over is the ideal scenario. In real life, that rarely happens.

Why Do You Need a Personal Loan?

It is not always feasible to increase your savings quotient on your earnings to amass a large corpus. Moreover, emergencies such as medical expenses are hard to plan for. Under such circumstances, an instant personal loan is a life saver.

Today, personal loans are one of the most popular financial products across the globe. Applicants can simply use the Personal Loan Eligibility Calculator online to run a check on the maximum loan amount they may be able to get. Moreover, unlike home loans, personal loans are unsecured in nature which means that applicants are not required to put up collateral against the loan. Most loans require basic documentation and come with the flexibility of tenure between 12-60 months.

If you wish to check your monthly financial outlay on the personal loan, just use our Personal Loan EMI Calculator to get a near accurate estimate on the EMI amount.

Additionally, interest rates on the loan are much more competitive in comparison to credit cards making it an attractive finance option for many in need of instant cash. Moreover, almost the entire process of application to disbursal can be carried out online.

What if You Want to Increase Your Personal Loan Amount?

When you take out a personal loan, you are required to abide by a set of terms and conditions that is outlined in the loan agreement. This typically includes the loan amount disbursed, rate of interest to be paid, repayment period and more. However, circumstances may not always be in your control and therefore you may need to increase the personal loan amount.

If that is indeed the case, then there are certain approaches that can help you fulfil your requirements.

  1. If You have an Ongoing Personal Loan:
    If you have a personal loan already in your name and need additional funds over and above that, then the first approach will be to explore how to increase the personal loan amount on the existing one. If there is a top-up option available with your lender then your need for an increase on the personal loan amount is addressed right away.

    However, the decision to increase the amount of your current personal loan may negatively impact your credit rating. Discuss this with your lender before applying.
  2. Apply for a Second Personal Loan: 
    You may choose to apply for a second instant personal loan with another lending partner. While the eligibility parameters to qualify for a second personal loan may differ from lender to lender, you will still need to have cleared at least three consecutive EMI payments on your ongoing personal loan to even be considered as a serious applicant.

    A second personal loan is not a guarantee as lenders take into account several factors prior to processing approval. Moreover, even if the loan is sanctioned, you may be subject to a higher rate of interest and limited flexibility in terms of interest rates, loan amount, etc. In such cases, it is advisable to apply for a personal loan balance transfer with a new lender. Depending on your eligibility and the lender’s policy, you may also be able to get a top-up amount over and above the principal amount outstanding from your current loans.
  3. Apply For a New Loan with a Co-Applicant:
    Taking out a second personal loan as a single applicant may be a hard feat to pull off. Lenders are always wary of applicants who are already burdened with high financial obligations, especially if existing EMIs are more than 50-60% of the monthly income. Many may not entertain the request of extending additional credit or giving a top-up to increase the personal loan amount to such applicants. 

    In order to avoid rejection of your new loan application, you can re-apply for your instant personal loan with a co-borrower or co-applicant. If the co-applicant comes with a strong credit score and stable income, getting a new loan sanctioned could be a much easier process. Moreover, you may be eligible for lower interest rates and get a higher loan amount on your second borrowing.

    Having said that, both you and the co-applicant will be responsible for paying off the loan. However, if either party fails, the other is automatically liable to make the full repayment on the personal loan. If you are unsure of the monthly instalment amount, use our Personal Loan EMI Calculator to get an accurate estimate.

How to Apply for an Instant Personal Loan?

If you are convinced that you need to increase the personal loan amount, then you may opt to apply for an instant personal loan with SMFG India Credit. Simply follow these steps:

  • Use our Personal Loan Eligibility Calculator to determine the maximum loan you may be able to take. Also check the basic eligibility criteria and documents required. 
  • Click on the “Apply now” button on this page and select “Personal Loan”
  • Select if you are salaried / self-employed, and validate your mobile number with OTP. 
  • Fill out the application form with all relevant personal, employment and financial related information
  • Upload soft copies of your KYC and financial documents online 
  • Choose a convenient repayment tenure so that the resulting EMI may fit comfortably within your budget
  • Click on Submit. 

Based on the information provided, if basic eligibility is satisfied, you may be provided an in-principle approval and your application will be processed further. 

A customer service representative will get in touch with you to understand your requirements and upon successful verification checks, provide you a loan agreement. After receiving your signed consent, the loan is approved and the funds are disbursed to your account. . 

Alternatively, you can always reach out to the customer support team on their toll free number (1800 103 6001) or email us at   .

* 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.

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




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