How to Get Instant Paperless
Personal Loans?

Are you looking for a quick and convenient way to get a personal loan minus the paperwork? With the Government of India putting in a tremendous effort to minimise the need for paperwork in most financial processes, getting a paperless personal loan is a definite possibility today. Access to internet connectivity has certainly helped to simplify the process of a no-paperwork personal loan application and sanction. At SMFG India Credit, our top notch digital processes enable us to help you apply for a personal loan from the comfort of your home paperlessly.

Check Your Eligibility

Prior to submitting your loan application, please check the basic eligibility criteria below. Please note that this is not a comprehensive list, and overall eligibility will be determined based on a lot of factors including SMFG India Credit’s policy at the time of loan application.

• Applicant must be a citizen of India
• Applicant age should be between 21 to 60 years
• Applicant must be a public sector employee or work in a registered private limited company, or be self-employed
• Salaried applicants must have a minimum monthly income of Rs. 25,000 if residing in Delhi or Mumbai and Rs. 20,000 for the rest of India
• For self-employed individuals or businesses, the eligibility will depend on their minimum annual profit post tax and also basis their profession and industry 

Using the personal loan eligibility calculator on the SMFG India Credit website can also help to determine if you can get an instant paperless loan approved for the amount you require. 

Online Documentation

If you’ve met these eligibility parameters, you can then proceed towards uploading your documents online to process your paperless loan application. Here is a list for your reference:

• Proof of identity such as a Voter ID, Passport, Aadhar Card, PAN Card, etc.
• Proof of address like your Passport, Aadhar Card, Voter ID, Bank Passbook or Statement, Rent Agreement, Utility Bill, etc.
• Proof of age through your Passport, Voter ID, Aadhar Card, School or College Admit Card, etc.
• Salaried individuals will have to submit their salary slips for the last three months
• Self employed individuals will need to submit ITR copies and audited financials of the past 2 years
• Salaried and self-employed individuals and businesses will have to submit their bank statements for the last six months

Explore Interest Rates

Personal loan interest rates at SMFG India Credit starts at 11.99%* applicable for both salaried and self-employed professionals. The rate offered to you largely depends on the amount of loan requested, CIBIL score, stability of income, employment history, the tenure selected, your own profile and credit history, and your current financial status.
There is also a processing fee component which can be up to 6% of the loan amount. Typically, SMFG India Credit offers loans with a repayment period of anywhere between 12 and 60 months. If you intend to foreclose the loan, a prepayment charge may be applicable ranging between 0% to 7%.

The Loan Application Process

Making an online paperless loan application can be done in a few simple steps with SMFG India Credit.