We, at SMFG India Credit, are committed to making your borrowing journey as smooth as possible. Our personal loan requirements are minimal and concise. To apply for a personal loan, all you need are a few documents. There’s no heavy paperwork involved. Please note that the personal loan documents for salaried and self-employed individuals differ from each other. We will take you through both these requirements. Basically, the documents required for personal loan include KYC proof, income proof, business details, and a few more.
When applying for a personal loan, you will need to submit the following documents:
Please note that depending on your individual profile and SMFG India Credit’s policy at the time of loan application, additional documents may be requested.
We request you to submit accurate details and papers so that we can process your loan application in the shortest possible time.
Yes, salary slips are one of the mandatory documents when you are applying for a personal loan with us as a salaried individual. You can support these documents with bank statements reflecting the monthly credit. The regularity of the monthly salary showing the same amount will also support the case. Please note that cash salary applicants may not be accepted for online personal loans.
Yes, the minimum monthly salary should be at least ` 20,000 to avail a personal loan. However, do note that a minimum salary of ` 25,000 per month is required for residents of Mumbai/ Delhi. Personal loan is given based on your monthly income. However, there are other factors too that are evaluated over and above your monthly salary. They include your credit score, repayment capacity, work experience, current EMIs, etc. You can get an estimate of the maximum personal loan you can get using our personal loan eligibility calculator.
For you to be eligible for our personal loan, you need to meet specific requirements. You need to be a resident of India between the age of 21 years to 60 years. You need to have a total minimum work experience of at least 1 year, and 6 months in the current company. As a salaried employee, you need to be earning ` 25,000 per month if you are based in Mumbai/ Delhi or ` 20,000 per month in the rest of India. If you are self-employed, you need to have a minimum yearly profit after tax that is determined based on your industry as per the current policy. You also need a minimum CIBIL score of 750.
Here are some of the documents that can be used as Income proof when applying for a personal loan
A lender may request one or more of these for income proof.
Here are the basic eligibility criteria for a personal loan from SMFG India Credit.
For a personal loan from SMFG India Credit, salaried applicants from Mumbai and Delhi must earn at least INR 25,000 per month. Salaried applicants from other Indian cities must earn at least INR 20,000 per month. Applicants must also satisfy other basic eligibility criteria as per our policy.
When applying for a personal loan, you need:
Additional personal loan documents for salaried professionals:
Some of the documents that can be used as Income Proof when applying for a personal loan:
One or more income proofs can be requested when applying for a personal loan.
We at SMFG India Credit are committed to making your borrowing journey as smooth as possible. Our personal loan requirements are minimal and concise. You only need a few documents to apply for a personal loan. This stage usually takes 1 - 2 hours. We provide you with the decision on your personal loan application within minutes of applying online.
No, you only need to submit photocopies (usually self-attested) of your KYC documents. However, it is advisable to keep the original documents handy.
You need the following:
At SMFG India Credit, we provide you with the decision on your personal loan application within minutes of applying online. It is based on factors like age, location, CIBIL score, etc. However, please note that the process may take a few days for offline applications.
You need to submit salary slips for the last 3 months for a personal loan application.
Individuals need to show the Income Tax Returns they filed when they apply for a personal loan. Form 16 gives a breakup of your salary and your tax liabilities – a handy tool that helps assess your loan application.
The mandatory documents required to apply for a personal loan for salaried individuals are as follows:
* Terms and conditions apply
** Subject to foreclosure charges. Terms and conditions applicable.
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