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

Complete Guide About SMFG India Credit Personal Loan

Published on Feb 12, 2020Updated on May 2, 2024

Complete Guide About SMFG India Credit Personal Loan

SMFG India Credit Personal Loans are synonymous with transparency, competitive personal loan interest rates, and simplicity. We hand-hold our clients in each step of the application process. We support you in fulfilling your dreams and respect your every dream and aspiration. With us, you can receive an instant personal loan within 30 minutes* of loan approval. You can apply for a paperless loan online, and receive a loan exactly as per your current needs. We offer attractive personal loan interest rates based on your eligibility and profile.

We strive to be India’s preferred financial partner by making your every dream into a reality and delivering on our promises. Be it home renovation, wedding celebration, medical needs or for any other personal need, SMFG India Credit has a solution for you. Our instant personal loan offers competitive personal loan interest rates customizing one’s needs.

Advantages of SMFG India Credit Personal loan

There are many advantages of SMFG India Credit Personal Loans:

  1. Personal loans are offered up to an amount as high as INR 25 Lakhs* to meet planned or sudden expenses.
  2. Attractive personal loan interest rates are offered depending on one’s requirement. Personal loan interest rates start from 11.99%*.
  3. The documentation process is smooth and paperless. One can apply online and even upload documents online.
  4. Quick turnaround for loan approval, and disbursal within 30 minutes*

Types of SMFG India Credit Personal Loan

SMFG India Credit recognizes that needs are changing. And with that what is being offered needs to change too. Hence we have a diverse range of instant personal loans at low personal loan interest rates to meet every need.

  1. Personal Loan for Salaried

    Instant personal loan for salaried customers is offered at attractive personal loan interest rates. The loan amount can go up to INR 25 lakhs* based on your monthly income with flexible repayment tenures between 12 to 60 months. This multi-purpose loan can be used for any personal requirement.
  2. Personal loan for Self-employed

    Personal loan for self-employed can be used for personal expenses or business expenses such as overheads or unexpected repairs, etc. SMFG India Credit offers loan amounts up to INR 10 lakhs with flexible repayment tenure up to 60 months for self employed individuals.
  3. Personal loan for Doctors

    Practicing Doctors working with a government or a private hospital or a clinic can avail of personal loans for doctors up to INR 30 Lakhs*.
  4. Personal loan for weddings

    To help our customers organizea dream wedding, we offer personal loan for weddings up to INR 25 lakhs* at Interest rates as low as 11.99%. You can use this loan to pay for any wedding expense, including jewelry, designer clothing, venue arrangements, etc.
  5. Personal Loan for Home Improvement

    Home is where our heart is. To make your living space comfortable for your entire family with some home improvements, this sort of loan is useful to make upgrades to your kitchen, or living room or bathroom fittings. Home Improvement Loan can go up to ₹25 lakhs at rates as low as 11.99% and can be availed for up to 90% of the expenses.
  6. Personal loan for Travel

    Holidays are refreshing. They help us create some amazing memories, spend quality time with loved ones, and rejuvenate us from the stress of daily life. A customized personal loan for travel from SMFG India Credit can help you organize your dream vacation with flexible repayment tenures and hassle free documentation processes.
  7. Personal loan for Elite

    This is an exclusively created personal loan for an elite that offers a special range of benefits like door-step service. This product is offered to select existing SMFG India Credit customers, with a minimum net monthly income of Rs. 75,000 monthly. You can get a minimum loan amount of Rs. 8 lakhs and a maximum loan amount of Rs. 25 lakhs at competitive interest rates starting from 11.99%.
  8. Personal Loan for Women

    At SMFG India Credit, we strive to become the wind beneath your wings, and partner with you on yourself reliant journey towards success. We offer customized personal loan for women which include a host of benefits and privileges like preferential rates.
  9. Personal Loan for Emergency

    Unfortunately, medical emergencies are sudden, and we understand that at such moments, it may be difficult to arrange for funds at a short notice. Our Emergency personal loan is available within 30 minutes*, with hassle free documentation, thereby enabling you to focus on your loved ones without worrying about financing
Must Read: Personal Loan Tax Benefits in India

Fee Structure

Our best in value personal loan interest rates are offered as per each customer’s individual profile to best match all your needs.

  • Personal loan interest rates differ based on customer type, ranging between 11.99% - 36% depending on many factors like location, income, employment status, etc.
  • Other Fees

    Fee Type

    Applicable Charges (Rs.)

    Delay in EMI Payment Interest (per month of delay and every month)

    2% overdue EMI per month calculated daily for all personal loans

    Payment dishonor charges (for every dishonor)

    300

    Swapping Charges for replacement of Post-dated cheques to ECS

    500

    Swapping Charges for replacement of ECS to post-dated cheque

    500

    Personal Loan Cancellation charges (in case the loan is canceled before first EMI)

    5,000

    Processing Fees

    Up to 3% of Loan

  • Foreclosure Charges
No. of EMIs paid (Excluding Pre-EMI) Foreclosure Charges
0 to 17 EMI(s) fully paid 7% of the Principal Outstanding
18 to 23 EMI(s) fully paid 5% of the Principal Outstanding
24 to 35 EMI(s) fully paid 3% of the Principal Outstanding
36 or more EMI(s) fully paid No Foreclosure Fee

Please note that as per our current policy, we only accept prepayments on personal loans in full. Thus, if you wish to prepay or foreclose your personal loan, you must be prepared repay the entire outstanding amount along with applicable fees and charges.

Documentation Process

  1. Loan form with colored photo and processing fee cheque
  2. Income proof (salary slips for the last three months, income tax proof, form 16, bank statements for the last six months)
  3. Identity proof (voter ID card, driving license, PAN card, or passport copy)
  4. Address proof (ration card, telephone bill, rental agreement, passport copy, driving license, bank passbook or statement, or electricity bill)
  5. Age proof (PAN card, passport, or certificate from a statutory authority)
  6. Credit history

Depending on one’s profile and loan type, additional documents may be requested at the time of application.

Must Read: How to Check CIBIL Score for Personal Loan?

SMFG India Credit Personal Loan Eligibility

The main factor in determining one's loan eligibility is creditworthiness. This information is taken based on the CIBIL score, where each person's CIBIL score is recorded based on past credit history. But at SMFG India Credit, some other factors are also considered to determine creditworthiness. This is done based on one's unique financial profile based on many factors, including your age, location, income, expenses and employment. Our simple-to-use, free personal loan eligibility calculator is available online.

Here are a few basic personal loan eligibility for SMFG India Credit instant personal loan:

  1. Residing citizen of India.
  2. At least one year of total professional experience and current employment should have lasted a minimum of six months.
  3. Employees of a private limited company or public sector undertaking for salaried customers (including central, state, and local bodies).
  4. Age between 21 and 60 years.
  5. For salaried customers - a minimum monthly income of Rs. 20,000 per month, and INR 25,000 for residents of Mumbai & Delhi.

If you would like to explore further, our team is a phone call away. We are also available over email and chat to take you through any queries.

* 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

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