Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.

How Long Does It Take for a Personal Loan to Sanction Into Account?

Published on Dec 27, 2022Updated on May 2, 2024

How Long Does It Take for a Personal Loan to Sanction Into Account?

It usually takes about 3 to 7 business days to acquire a personal loan from a licensed lending institution. This includes personal loan sanction time and the disbursement waiting period. Fortunately, some lending firms like SMFG India Credit provide funding as fast as within 30 minutes* following your personal loan approval.

In this article, we will analyse the components of the personal loan process including application and estimate the time it takes to get through each one of the steps. Keep in mind that these estimations do not take into consideration any individual factors that could affect your application timeline.

Planning Personal Loan Details 

Approximate Time: Varies from person to person.

To start preparing for your personal loan, you must first figure out the specifics of your financial needs. This entails determining the loan amount and repayment period in advance. While personal loan interest rates range from 11.99%* to 36%* per annum, your specific personal loan interest rate will be established later based on the loan tenure you select, loan amount requested, your profile, our SMFG India Credit policy at the time of your loan application, and your requirement. You can generate an initial estimate of your EMI using these approximate amounts to assist you in mapping out your financial future. You can use this Personal Loan EMI Calculator to help you plan your loan.

Once you have the details figured out, the onward process becomes fairly simple.

Must Read: What is a Personal Loan Sanction Letter?

Self-Checking Your Eligibility

Approximate Time: 5 10 minutes 

The following factors influence your personal loan eligibility:

  • Age range: 21 to 60 years; salaried or self-employed.
  • Minimum monthly income: INR 25,000 for residents of Delhi and Mumbai, and INR 20,000 for the rest of India.
  • CIBIL: Greater than or equal to 750
  • EMI: Not to exceed 60%-70% of monthly income

After you have established your eligibility, you may also check the SMFG India Credit's Personal Loan Eligibility Calculator. SMFG India Credit's personal loan eligibility calculator is a free online tool that makes it easy to determine how much you can borrow. The calculator takes into account factors such as your age, income, current debt payments, and desired loan terms to give you an idea of the maximum loan amount you may be eligible for. By inputting your information into the calculator, you can quickly and easily see how much you can borrow and get a sense of what your monthly payments might be. This can help you make more informed decisions about your borrowing and help you choose a loan that fits your needs and budget.

It is important to remember that this calculator only provides an estimate of the loan amount you may be eligible for. Your actual loan amount qualification is determined by various additional variables such as account information, employment history, and so on.

Gathering The Documents Required

Approximate Time: 1 - 2 hours

The following are the fundamental documents needed for a personal loan. Make sure you have digital soft copies of all of these documents in one location so you can save time when applying.

  • PAN Card
  • Aadhaar Card (Identity proof)
  • Passport (Signature proof)
  • Electricity bill (Address proof)
  • Account statements from the last six months

There are extra requirements for salaried and self-employed individuals in addition to the documentation specified above. For a thorough list of documents necessary for a personal loan, visit to website.

Collecting, scanning, and saving your documents digitally should not take you more than 2 hours. 

Must Read: Factors that Can Decide Your Personal Loan Approval

Applying Online for Personal Loan

Approximate Time: 10 - 15 minutes

The application structure of SMFG India Credit's personal loans is optimised to make sure borrowers have a quick and easy process. After you have collected all of the necessary documentation, your personal loan is just a few cursor clicks away.

To begin your application, use "Apply Now" link. Complete the OTP verification by entering your mobile number. After that, input your loan specifications. Finally, upload the digital copies of your documents and then wait for a loan approval status update from SMFG India Credit.

You may also find it useful to go through SMFG India Credit's brief application guidelines. Scroll down to the "How to Apply" tab, which is the last one after the "Features & Benefits of Personal Loan" section.

Disbursal of the Loan Amount 

Approximate Time: Within 30 minutes* of loan approval.

This is the quickest part of the process. The money is disbursed within 30 minutes* of loan approval. However, remember that it is important to carefully go through the steps leading up to disbursement, in order to face no obstacles for your personal loan.


In a nutshell, the time it takes for your loan to get sanctioned and the disbursement to take place falls within 30 minutes* of your loan approval. On the other hand, the time it takes for completing your application depends on your preparedness. On average, it should take you less than a day to finish your application.

To explore more, visit SMFG India Credit's website and go through the personal loan requirements. The application procedure is completely paperless and hassle-free. The terms of the loan are flexible, so you can choose the repayment schedule that best suits your financial situation. Visit SMFG India Credit to read  FAQs, access tools and calculators, and get an outline of the personal loan online application process.

* Please note that this article is for your knowledge only. Loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms, disbursal process, foreclosure charges and foreclosure process will be subject to SMFG India Credit's policy at the time of loan application. If you wish to know more about our products and services, please contact us

Was this helpful?

Yesyes vote
Nono vote
Sorry about that
How can we improve it: