Personal Loan for 12 Months

Get a Personal Loan for 12 Months Instantly

Personal loans, which are generally unsecured in nature, are a popular financial product that helps millions of Indians meet their needs for immediate funds. Be it a wedding, a course fee, a holiday, home improvement or healthcare needs, personal loans are a 'no questions asked’ product that can be used for any purpose.

For those seeking short-term financing, a personal loan for 12 months is an excellent option. It allows borrowers to repay the loan within a year, making it a suitable choice for individuals who prefer a shorter commitment and want to clear their debt quickly.

SMFG India Credit offers personal loans for a 12-month repayment period for up to INR 30 lakhs* that can be availed by both business enterprises and individuals.

To ascertain the 12-month loan amount and the instalments you will have to pay every month during the repayment period, you can simply use the personal loan EMI calculator that is available on the SMFG India Credit website.

Features and Benefits of 12-Month Personal Loans

Here are the key features and benefits that make our 12-month loans an attractive option:

• Competitive Interest Rates: Personal loan interest rates at SMFG India Credit start at only 13%* per annum.

• 100% Paperless Application Process: Apply from the comfort of your home with minimal documents, which can be uploaded digitally.
• Quick Disbursement: Funds are disbursed shortly after final loan approval, allowing you to meet urgent financial requirements without delay.

• Additional Benefits for Existing Customers: Existing SMFG India Credit customers with a strong repayment track record may be eligible for preferential interest rates on personal loans for 12 months.

Eligibility Criteria to Get a Personal Loan for 12 Months

The process to avail a personal loans for 12 months at SMFG India Credit is quite simple and hassle-free. Minus the requirement of collateral ensures a quick turnaround if the applicant can successfully meet all the required eligibility parameters.

The basic criteria include:

• Be a citizen of India
• Be between 22 (25 if self-employed) and 65 years of age (no more than 65 at the time of loan maturity)
• Be a salaried employee at a private or public enterprise with at least INR 25,000 monthly salary (residents of Mumbai and Delhi) or INR 20,000 (rest of India).
• Demonstrate a regular source of income for self-employed individuals
• Have a minimum CIBIL score of 750

You can also plan your loan using our free personal loan eligibility calculator, which helps you with an estimate of the maximum personal loan you can get based on your disposable income.

Documents Required for a 12-Month Personal Loan

If the eligibility parameters are successfully met, you can proceed towards making a formal personal loan application. Just click on the “Apply now” button on this page. The form can be filled out and submitted online from anywhere and at any time.

Simply fill in the mandatory fields with all the required personal, financial and employment-related information. You may be required to share your Aadhaar and PAN card numbers in the form too.

As soon as the form is submitted, you will receive a notification to proceed towards submitting soft copies of all the required documents. These include:

• Proof of identity – PAN card, voter’s ID, passport, driving licence
• Proof of address – Utility bills, passport, rental agreement
• Proof of age
• Passport-size photographs

In addition to the KYC documents, applicants will need to provide:

For salaried individuals:

• Past 3 months’ salary slips.
• Last 6 months bank account statements

For self-employed individuals:

• Last three years' income tax returns
• Last 6 months bank statements
• Sales tax returns
• TDS Certificate
• Company details

At this stage, you will be required to indicate the amount of the personal loan that you are seeking from SMFG India Credit. If you are eligible for pre-approved offers, SMFG India Credit may be able to offer you preferential personal loan interest rates on the requested loan amount.

Interest Rates and Charges of Personal Loans for 12 Months

All eligible applicants can enjoy competitive interest rates at SMFG India Credit. In addition to interest rates, you may come across nominal charges such as processing fees and prepayment charges. Let us take a closer look at the key fees and charges you may come across for a 12-month loan:

How to Apply for Personal Loans for 12 Months

Here are the steps you need to follow to apply for a 12-month personal loan at SMFG India Credit:

1. Enter Initial Information

Provide necessary personal details such as mobile number, PAN, pincode, and employment status (salaried or self-employed).

2. Authenticate Mobile Number

You will get a 6-digit OTP for mobile phone verification.

4. Enter Employment Details

Salaried applicants must provide employment information.

5. Submit a Bank Statement

Kindly provide your bank statement using Net Banking, an Account Aggregator, or by uploading it. This will help us generate a loan offer (applicable only for salaried individuals).

6. Complete Identity Verification

Go through identity and residential verifications using recognised channels such as CKYC, Offline Aadhaar XML-based KYC, and DigiLocker. A selfie is necessary for completing identity verification.

7. Submit Bank Account Information

Submit your bank account details. These will be verified by us.

8. Share Extra Details

Post bank account verification, give information on details such as marital status and loan purpose in the ‘Additional Details’ section.

9. Choose Re-payment Mode and Set Up E-NACH

Select your re-payment mode from debit card and internet banking and complete E-NACH setup.

10. Sign the Loan Agreement Digitally

Digitally sign the loan agreement after a careful review and validate it with an OTP sent to your mobile.

By following these steps, you are on your way to achieving your financial goals with a 12-month personal loan.

Verification for 12-Months Personal Loans

SMFG India Credit’s personal loan department will review your application, submitted documents and also run a check on your credit history, rating and overall report. If you have a credit score of 750 or above, the chances of your personal loan request getting approved are greater.

If there are specific issues with your personal loan application, a customer service representative from SMFG India Credit will get in touch with you to sort it out.

12-Months Personal Loan Sanction & Disbursal

If you get through SMFG India Credit’s vetting process successfully, then your 12-month loan will be sanctioned. An email will be sent to your registered address that will include the sanction letter along with the terms and conditions of the loan, loan amount, interest rates, repayment tenure, applicable fees and charges and any additional fine print.

You will be required to read the loan document carefully, sign on the dotted line and share a copy with SMFG India Credit. The funds will be disbursed within 30 minutes* to your registered bank account upon receipt of the signed agreement.

If you have any queries or questions, you can always get in touch with SMFG India Credit’s Customer Service team on their toll-free number 1800 103 6001. Alternatively, you may email them at [email protected] or visit the SMFG India Credit branch near you.

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