Published on Feb 13, 2020Updated on Oct 7, 2026
Personal Loan feels like a boon when you have a large expense to make, regardless of whether it was a planned expense or an unplanned emergency. They are essentially unsecured loans given by lenders to individuals. People take personal loans for expenses such as medical emergencies, vacations, to clear pending debt, home renovations or other any other such expenses. Personal loans offer a great deal of flexibility and are available to all borrowers.
However, not all financial organizations offer personal loans to every customer. This is where NBFCs come into the picture, with customized products for different kinds of customers. For instance, at SMFG India Credit, we offer low salary personal loan, to people who have a lower than average monthly income.
Similarly, Personal loan is available for any salaried person and requires minimal documentation. Personal loans are also available for self-employed individuals and business persons. These loans typically have a maturity period of 12 months to 60 months or 1 year to 5 years. The terms of the loan vary according to the profile and requirement of the borrower.
We welcome applicants to walk into our branches or call our customer care on all working days to discuss any personal loan requirements. Our representatives will be able to give you a quick assessment and help you submit your application on the same day (as long as you meet the eligibility criteria and have the requisite documentation).
However, we encourage you to also explore our online personal loan application options. With an easy to use interface and quick processing, our personal loans online are a quick, convenient way to help you get the funds you need from the convenience of your home. You can
Getting a personal loan for a salaried employee is as simple as applying online with the requisite documentation. All that you need to submit are the following:
Must Read: How to Choose a Personal Loan?
At SMFG India Credit, the minimum salary for obtaining a personal loan is as low as ₹25,001 per month. Various lenders have varying policies about the maximum amount of loan that they can grant. While some may be willing to give a loan for up to 30% of the monthly salary, others may provide a loan for as high as twice your annual salary. A low salary personal loan will have a higher rate of interest or the terms of the loan may be stricter. That said, monthly salary is not the only factor used to determine eligibility for a personal loan for a salaried employee.
The maximum amount of loan you are eligible for, the rate of interest charged, and the other terms of the loan depend on the following factors:
Must Read: How to Calculate Personal Loan EMI?
Personal loans, when used carefully, are a great way to tide over large expenses in life. While applying for any loan, you should always keep in mind your repayment capability. Taking a loan is a big decision and should be approached with clarity and caution. Repaying your loan in time and in full establishes you as a good contender for extending loans and increases your credit rating. Failure to do so will lower your credit rating and mark you as a risky borrower, which will make it difficult for you to get any more loans. Therefore, you are advised to consider all available options and carefully take decisions while availing a personal loan.
Important Note: This article is for general informational purposes only and may be subject to change from time to time. As product features, eligibility criteria, interest rates, charges, fees, tenures and other terms may be revised as per SMFG India Credit's policies, readers are advised to refer to the latest details from the respective product pages (please select from the top menu). For the latest loan charges, please visit Charges & Fees Link and for the latest Interest rates, please visit Interest Rate Rationale. Please note that final loan terms, disbursement process and eligibility criteria will depend on SMFG India Credit's policies at the time of loan application.
The content of this article is for information purposes only and does not constitute as, an offer or advise to avail any products or services from, or, a commitment to grant any loan by the company. It is not intended to create any rights or obligations against us. All content is provided "as is" without any warranty of any kind, either express or implied & we disclaim any warranty or representation, whatsoever, in regards to the content. Please refer to the Privacy Policy of the company to understand the use, processing and storage of your personal data.
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