Published on Feb 16, 2021Updated on Aug 29, 2026
Personal loans are used to arrange funds for a variety of purposes including going on a holiday, higher education, starting a business or for a medical emergency.
They can be easily obtained, have fewer eligibility criteria, minimal documentation and are unsecured in nature, which makes it a go-to option for many.
With the emergence of FinTech, getting a personal personal loan become a lot easier due to the online process, from the loan application, approval, disbursal to loan repayments. The borrower doesn’t need to visit the branch office of the lender anymore.
But, before applying for a personal loan from an online lender, you should know the pros and cons of an online personal loan application process.
Must Read: 5 Features of SMFG India Credit Personal Loan App that Make it Popular
It depends on the legitimacy and legality of the online lender. Any entity engaged in the business of lending and accepting deposits to the public in India is required to be registered with the Reserve Bank of India and other competent authorities. Similarly, a personal loan app should be recognised by the RBI or should be affiliated to a bank / NBFC which is in turn, recognised by the RBI.
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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