Personal loans are unsecured loans which can tide us over in situations where we need quick funds. These can be planned or unplanned requirements such as marriage expenses, education expenses or medical expenses etc. and a small personal loan can alleviate the financial stress of the occasion. Every financial institution has certain eligibility criteria for giving out personal loans. These vary from one organization to another.
The basic eligibility criteria for Personal Loan for a salaried person from SMFG India Credit, are
The personal loan eligibility calculator on the SMFG India Credit website makes the calculation of your eligibility for the loan simple and available at your fingertips. This calculator lets you input the decision criterion based on which the loan will be given which are: location, your monthly salary, your existing monthly obligations, the interest rate at which you will borrow the loan between 11.99 and 36% and the tenure you prefer for the loan between 12 and 60 months. On entering these details – the calculator will give the amount of loan that you are eligible for. Please note that the interest rate offered to you will be based on your individual profile and SMFG India Credit’s policy at the time of loan application. Apart from this, your eligibility will also depend on other factors such as work experience, credit score, bank account statements, etc.
If you are in the need for funds it is a good idea to log onto the site and use the personal loan eligibility calculator to decide whether or not to take a personal loan to meet your commitments without stress. In cases of online applications, the documents required for a personal loan are also minimal and would include a filled and signed application form, your Proof of Identity, Proof of address, Proof of age, Salary slips for the last three months (for salaried) and Bank statement for the last six months.
A Personal loan is taken when you require, for an amount that you have the capability to pay back not only takes the financial stress of the moment off you but when you pay it back responsibly and on time, you also build a good credit score for the future.
You can take our personal loan for a variety of reasons.
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