There are three factors or qualities we often look for in a lender when applying for a personal loan, i.e., accessibility, affordability and flexibility.
- Accessibility- The ease at which we can obtain a personal loan
- Affordability- Whether, the personal loan has an affordable interest cost structure
- Flexibility- Does the lender offer flexibility in choosing EMI amount, loan tenure, etc.
- Customer Service- The lender’s customer service post-disbursement of the personal loan amount is also an important factor.
At SMFG India Credit, we understand your concerns and offer you a one-stop solution for your personal loan requirement. Our customized solutions and transparent processes have made us among the preferred personal loan lenders in India for salaried and self-employed borrowers.
Benefits of SMFG India Credit Personal Loan
SMFG India Credit Personal Loan comes with many features and benefits that are aimed to meet the needs of every kind of borrower. Let’s have a full look at all of them.
- Loans of up to ₹25 Lakhs: Based on your net monthly income, age, financial obligations, you can borrow a sum of up to ₹25 lakhs
- Flexible and Attractive Interest Rates: The personal loan interest rate for salaried and self-employed borrowers starts from 11.99% . We also offer flexible repayment tenures between 12 - 60 months.
- Quick Disbursal: On successful verification and approval of your personal loan application, the personal loan amount is credited to your bank account within 30 minutes of approval
- 100% Paperless Process: Through the use of technology, the complete personal loan application process can be completed online, without heavy paperwork. Thus, giving you the flexibility to apply for a personal loan from the comfort of your home.
- Additional Benefits of Existing Customers: Benefits like customized pre-approved personal loans, offers, top-up loans, flexible repayment tenure, better interest rates, and much more.
Must Read: Complete Guide About SMFG India Credit Personal Loan
SMFG India Credit Personal Loan Eligibility Criteria
The personal loan from SMFG India Credit comes with easy eligibility criteria, which helps in maximum coverage and includes a wide range of borrowers including salaried and self-employed.
The basic personal loan eligibility include:
For Salaried Borrowers
In addition to the common criteria discussed above, a salaried borrower needs to fulfill the below-mentioned eligibility criteria:
- Should be an employee of a private sector company or public sector undertaking
- Minimum income for loan eligibility is ₹25,000 per month for applicants in Mumbai/Delhi and ₹20,000 for the rest of India
- Minimum work experience of one year
- Minimum work experience of 6 months in current company
In addition to the common criteria discussed above, a self-employed borrower needs to fulfill the following eligibility criteria:
- Should meet the minimum turnover requirement as per the current policy
- A minimum yearly profit after tax based on profession/industry
Please note that these are only the basic eligibility criteria. The overall eligibility also takes into account various other factors including but not limited to repayment capacity, net disposable income, credit history, etc.
Advantage of Financial Tools
SMFG India Credit on its website offers a range of financial tools and calculators to help borrowers make a wise decision regarding their loan.
For personal loan borrowers, there are two calculators that help to check the eligibility and determine the right tenure.
- Personal Loan Eligibility Calculator
The Personal Loan Eligibility Calculator uses a range of inputs like your age, location, income, current monthly EMI amount, and loan tenure. Based on these factors, it gives you an indicative figure of the maximum amount you can borrow as a personal loan.
- Personal Loan EMI calculator
The personal loan EMI calculator helps you to determine the monthly EMI amount based on the loan amount, tenure and rate of interest on the loan.
Using the calculator, you can check the EMI amount for various tenures, and select a tenure that suits you the best, thus helping in better financial planning.
- Customized Personal Loan for Different Occasions
At SMFG India Credit, there is no end usage restriction on the personal loan amount borrowed. However, you can apply for a customized personal loan package at SMFG India Credit, based on your requirement.
Must Read: Features of SMFG India Credit Personal Loan App that Make it Popular
Different Customized Personal Loan Packages offered by SMFG India Credit are:
Personal loan for women, Elite, Wedding, Holiday, Doctors, Home Improvement, and Medical Emergency.
Each customized personal loan product is designed for a specific event and has different features.
These are some of the few reasons that make SMFG India Credit one of the best personal loan lenders in India. The personal loan product is designed to keep customers in mind and to provide maximum benefits to customers in the form of attractive interest rates and flexible loan terms and conditions.
Through our vast presence in India across channels including our branch network and online channels, you can experience superior customer service and post-disbursal service.
Apply for a personal loan at SMFG India Credit and make sure you reach your financial obligations without any hassles.