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Rural Individual Unsecured Loan (GEL): What You Need to Know
We can never put a fixed number on our monetary requirements. However, we can always plan for our short-term goals. Be it for business or personal reasons, there are several scenarios where one might require financial assistance.
SMFG India Credit aims to provide financial assistance in such cases wherein the requirement ranges between INR 35,000 to INR 5 lakhs*. Most importantly, we understand that while individuals aspire to grow, they often face hurdles in terms of documentation and processes. That’s why we have made things simpler and more convenient for you.
No income documents are required for loan amounts of up to INR 3 lakhs*, provided a co-applicant is present.
1. For salaried profiles with co-applicants, no income documents are required for a monthly salary of up to INR 20,000.
2. For salaried profiles without co-applicants, no income documents are required for a loan amount of up to INR 1.25 lakhs*.
3. For self-employed profiles without co-applicants, bank statements and GST details are mandatory*.
*Applicable for selected variants.
GEL Interest Rates and Charges
SMFG India Credit offers competitive interest rates ranging from 24% to 30% per annum on Rural Individual Unsecured Loans (GEL), with the final rate determined based on your overall credit profile and loan eligibility. Along with interest rates, it is important to understand the associated loan costs, including foreclosure charges, before applying.
GEL Foreclosure Charges
|
No. of EMIs Paid |
Foreclosure Charges |
|
Any |
5% of the Principal Outstanding* |
*The foreclosure charges for GEL & its variants will be NIL for loans classified as Microfinance loans.
To view complete details on foreclosure charges, the loan closure process, and any additional requirements, please explore this page.
Features & Benefits
No Income Documents Required
For loan amounts of up to INR 3 lakhs*, salaried professionals with a monthly salary of up to INR 20,000 are not required to submit ITR or salary slips, provided there is a co-applicant.
Loan Amount Starting @ INR 35,000
You can avail of SMFG India Credit's Rural Individual Unsecured Loan (GEL) for any amount between INR 35,000 and INR 5 lakhs*.
Loan Disbursed within 2 days*
Once the loan is processed, which usually takes around five days, the amount is disbursed within 48 hours*.
Cashless Repayment Option
You can repay the loan using various digital transaction options like NACH, e-NACH, UPI, etc. You do not have to visit our branch and can opt for seamless digital EMI repayment.
No Post-dated cheque required for loans in Rural Individual unsecured Loans
You do not have to worry about any financial commitment prior to the disbursement of the loan.
Apply for Rural Individual Unsecured Loan (GEL)
This product is exclusive to rural customers. To apply for Rural Individual Unsecured Loan (GEL), please visit your nearest branch. Please note that only rural branches of SMFG India Credit offer this product. We advise you to contact our customer care and plan your visit accordingly.
Find Your Nearest BranchContact Us- Both existing or new SMFG India Credit customers can avail this loan
- Please visit this page to learn about the applicable interest rates and charges.
|
Document Type |
Particulars |
|
Proof of Identity And Proof of Address (any one) |
|
Please note that in case of co-applicants, basic documents such as PAN, KYC documents, etc., will also be required.
The above list is indicative. Depending on the specific loan product, your profile, and our policy at the time of loan application, additional documents may be requested.
Note:
-
Originals of address proofs, ID proofs, and other documents are required for onsite verification; exceptions may apply in cases of digital KYC.
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One of the Deemed OVDs may be submitted if the address proof provided does not mention the applicant’s current address. Click here for the complete list.
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An OVD with the customer’s updated address must be furnished within three months of submitting the address proof document.
Page also available in: हिन्दी - Hindi
* 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.
This facility is currently unavailable. We regret the inconvenience caused. In case of any queries, please call us on 18001036001 or write to us at [email protected]
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.