What is the highest personal loan amount one can apply for?

Unplanned expenses can come knocking to your door any time without warning. It could be an emergency medical expenditure you did not see coming. Or an urge to refurbish your home. Maybe you want to indulge in an exotic vacation or intend to organize a lavish wedding. Whatever your goal, with SMFG India Credit’s wide bouquet of personal loans, you can find the one specifically designed for your purpose and fund your needs in a timely and convenient manner.

Personal loans offer the double benefit of quick access to funds and zero need for collateral security. They have emerged as a great way to finance purchases that otherwise would have been challenging with a regular, modest paycheck. More importantly, personal loans are a great cushion to fall back on, in times of temporary financial crises. More and more people are understanding the convenience, and availing personal loans. And by the looks of it, this financial product’s basket is only going to widen and deepen. Unsecured financial borrowings, which includes personal loans and credit card debt, amounted to ₹576,600 crore at the end of the financial year 2018, according to data from the Reserve Bank of India.

The numbers make sense: people opt for personal loans because they are ready for disbursal without any collateral or security.

What amount can a personal loan cover?

While the exact amount will vary according to the loan provider you go to, you can avail up to INR 20 Lakhs if you are salaried and INR 30 Lakhs if you are a self- employed businessman when availing a loan. Here’s how it functions:

• If you’re a self-employed professional/businessperson, you can avail loan of up to 30 Lakhs. The SMFG India Credit Personal Loan for Doctors offers a loan for up to 20 Lakhs, repayable anytime between 24 to 60 months.
• If you are a salaried professional, here’s how it functions:
  • For loans targeted at home improvements or refurbishment, loans are available for up to INR 30 Lakhs, repayable at a pace convenient to you, up to 15 years. The loan amount, in this case, is up to 90% of the total refurbishment cost.
  • For loans in times of medical emergency, you can easily avail up to INR 30 Lakhs.
  • If you are a Consultant or a Practicing Doctor working in a government or private hospital or even in a clinic, you can avail up to INR 30 Lakhs in loan from SMFG India Credit, repayable anytime between 24 to 60 months.
  • Whether you want to pay off your debts, purchase your dream vehicle or even sponsor your child’s higher education, you can apply for personal loan up to INR 20 Lakhs.
  • There are other categories you might want to check: for example, an individual earning at least INR 75,000 per month is classified as an elite customer, and can avail a minimum loan amount of INR 8 lakhs and a maximum loan amount of INR 20 lakhs.
  • You can happily afford a lavish wedding too. With SMFG India Credit’s loan facility, loans up to INR 25 Lakhs are available for your grand ceremony.

What quantum of personal loan are you eligible for?

The actual personal loan eligibility will be calculated based on your income, location, credit score and other parameters. You can also use the Personal Loan EMI Calculator on the SMFG India Credit website, and check the EMI amount, rate of interest, loan amount and loan tenure. The next time you are in need of funds up to INR 30 Lakhs, a personal loan is your answer.

Who says you can’t have it easy? All it takes is a click.