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


Personal loans have saved people from emergencies and sudden expenses. Events like weddings, higher education, travel, etc. often create unforeseen expenses that can easily be funded by personal loans. The popularity of personal loans has greatly empowered people in our country to go after their aspirations.  This has mainly occurred due to low personal loan interest rates and the increased ease of availing them.

Importance of Debt Consolidation

Juggling multiple debts can be overwhelming. Trying to stay on top of various payments while balancing work and household expenses can be exhausting. In such scenarios, debt consolidation offers a practical solution by combining multiple loans into one.

Personal loans taken for debt consolidation help you merge all debts into one single amount which can be paid on a monthly basis. Thus, by paying off all the other debts, you will now have a single loan and a single estimated monthly installment (EMI) every month. This will offer you a huge sigh of relief by allowing you to focus only on one monthly installment.

In today’s times, debt consolidation is one of the wisest moves towards a healthy financial status. This is definitely where personal loans can step in to help. There are two major benefits. The first is to track single monthly payment aiding planning future expenses. The second is to achieve lower interest rates. This can be done with SMFG India Credit’s personal loan. You can even calculate personal loan EMI using our free EMI calculators available online. This will help you get clarity on the outgoing amounts.

Advantages of Personal Loans for Debt Consolidation

  • Personal loans are offered for an amount up to Rs. 25 Lakhs* to consolidate debt. 
  • Interest rates on personal loans offered by SMFG India Credit are very attractive. For instance, personal loan interest rates start from 11.99%* per annum for salaried applicants.    
  • The documentation process is smooth and paperless. 
  • One can apply online and even upload documents online. 
  • Funds disbursed within 24 hours* or 1 working day*
  • Enjoy flexible tenure up to 60 months*
  • If you apply for a personal loan online, you will be informed of your eligibility instantly after submitting your application.  

Personal Loan Documentation Process

  • Photo Identity proof with age proof - a voter ID card, driving license, PAN card, or passport copy.
  • Fully filled up and signed application form.
  • Coloured Photograph.
  • Residence proof (ration card, telephone bill, rental agreement, passport copy, driving license, bank passbook or statement, or electricity bill).
  • Last 6 months’ bank statements.
  • Additional documentation for salaried applicants includes last 3 months’ salary slips, Form 16 or Income Tax Returns.
  • Additional documentation for self-employed applicants is last 3 years Income Tax Returns along with income computation, last 3 years certified Balance Sheet and Profit & Loss Account.
  • Depending on one’s profile and loan type, further documents may be requested at the time of application. 

How to Consolidate Your Debt?

Debt consolidation is the process of combining several outstanding loans into a single one. This is done by taking a personal loan for debt consolidation with a lower interest rate and flexible tenure of the sum required to pay off your outstanding loans. The remaining outstanding loans are paid off from the new personal loan taken. 

Swapping High-cost Debt with Low-cost Debt like a Personal Loan

There are several ways in which existing loans can become expensive: Credit card debt rollover has very high-interest rates. Also, if you start defaulting on your loans, the interest on overdue amounts along with a penalty on late or non-payment take your credit costs higher and higher. 

By taking a personal loan you can get a loan at a much lower rate of interest.  SMFG India Credit offers affordable loans where the personal loan interest rate varies between 11.99% to 36%. EMI depends on various factors like the applicant’s individual profile and eligibility, age, location, employment type, work experience, net income, existing monthly obligations, etc.

Single EMI Payment vs Multiple EMI Payments

The debt consolidation swaps a single EMI payment date and amount instead of the many dates and amounts that you would have to remember and pay in the month. This solution thus diffuses the ticking time bomb sort of situation in the borrowers' mind who is struggling with too many loans. The constant fear of the struggle of not missing a single payment date with the added risk of being penalized can be really overwhelming. A single EMI allows for paying and planning for a single payment, which is much easier to handle.

Disciplined Payment

Consolidating debt into a single EMI payment offers a more structured approach to loan repayment. With just one fixed amount due on a specific date each month, borrowers find it easier to manage compared to dealing with multiple repayment schedules, which can lead to delays.


SMFG India Credit offers personal loans with attractive interest rates and with complete simplicity. You can achieve your financial freedom by receiving an instant personal loan in just three days. Here you can know the process of how to apply for a personal loan. You can call or email SMFG India Credit’s team for further inquiries.

*Loans are disbursed at the sole discretion of SMFG India Credit. Please note that final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application.

Page also available inहिन्दी - Hindi


* Please note that loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.

12 Months60 Months

Your Calculated EMI*


Reasons to buy

You can take our personal loan for a variety of reasons.

Wedding Expenses

Wedding Expenses

Higher Studies

Higher Studies

Exotic Vacations

Exotic Vacations




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Customer Experiences

Mr. Mahendra Kothari

M/S Divya Textiles

I have had a very fulfilling experience with SMFG India Credit. Right from the time when I had taken the loan; to any information I required, the executives have always responded promptly and have resolved my queries.

Ms. Deepamala Gorwani

M/S Manan Agency

While taking a loan from SMFG India Credit, sales executive collected all the required documents in one go and I received the loan amount on time. This was quite contrary to my previous experiences of taking up loans from other companies.