Personal Loan for Shopping

A personal loan for shopping can be a convenient way to finance big-ticket purchases – whether it's the latest smartphone, a premium home appliance, or essentials for the festive or wedding season.

A shopping loan from SMFG India Credit offers competitive interest rates, fast loan processing, and flexible repayment tenures to suit your needs.

What’s more, these are unsecured loans, so there’s no need to pledge any collateral.

Read on to discover the benefits of an SMFG India Credit personal loan for shopping, along with the eligibility criteria and documentation you’ll need to apply.

Features and Benefits of a Personal Loan for Shopping

Flexible Tenure

Ranging from a minimum of 12 months to 60 months, the flexible tenure offered by SMFG India Credit helps you in better planning and easy repayment. You can choose the desired repayment tenure as per your repayment capability with SMFG India Credit.

Attractive Interest Rate

Personal loan interest rates are a very important factor as they translate into a monthly expense. SMFG India Credit offers an attractive interest rate starting from 13%* per annum. This ensures you can fulfil your shopping dreams.

High Loan Amount

Based on the applicant’s eligibility, SMFG India Credit offers a personal loan up to INR 30 lakhs*. This large amount can be used to buy any lifestyle product or even luxury items like modern appliances, smart televisions, mobile phones, jewellery, and much more.

Seamless Processing

The loan application with SMFG India Credit is easy, as it can be completed online. You can easily fill up the form online, upload the documents, and submit the application for processing. After successful verification checks and execution of the loan agreement, the final approval is received, and the required funds are disbursed into your account within a short time. If you prefer a face-to-face discussion, you are welcome to visit any of our SMFG India Credit branches.

Eligibility Criteria for a Shopping Loan

To apply for a personal loan for shopping from SMFG India Credit, the eligibility criteria are straightforward and transparent.

Whether you're a salaried employee or self-employed, you can avail of a shopping loan to meet your purchase needs, provided you meet the following criteria:

  • Age: Between 22 and 65 years (25 for self-employed).
  • Nationality: Indian citizen.
  • Credit Score: Minimum CIBIL score of 750.
  •  Employment History:
    • Salaried Applicants: At least one year of total work experience and a minimum of six months in the current job.
    • Self-Employed Applicants: Running a business for a minimum of three years.
  • Income Requirements:
    • For Mumbai/Delhi Residents: Minimum monthly income of INR 25,000.
    • For Other Cities: Minimum monthly income of INR 20,000.
    • For Self-Employed Applicants: Minimum income determined by considering annual turnover and post-tax profits.

*Please note that this is only the basic eligibility criteria. The final eligibility will depend on several factors, including SMFG India Credit’s policy at the time of loan application.

Documents Required for a Personal Loan for Shopping

When applying for a personal loan for shopping, the following documents are typically required:

  • Proof of Identity:
    • Aadhaar card
    • Passport
    • Voter ID
  • Proof of Address:
    • Recent utility bill
    • Ration card
    • Passport
  • Income Proof:
    • Salaried: Latest three months’ salary slips, Form 16, last six months’ bank statements.
    • Self-Employed: Last two years’ ITR, profit & loss account, last six months’ bank statements.
  • Business Proof (for self-employed):
    • Licence
    • Registration Certificate
    • GST Number

*Please note that additional documents may be requested depending on your individual profile and SMFG India Credit’s policy at the time of application.

Interest Rates and Charges of a Shopping Loan

Explore interest rates and charges for shopping loans to make informed financial decisions. Compare rates from various lenders to identify competitive offerings that align with your financial goals. Assess not only the interest rates but also additional charges such as processing fees, prepayment penalties, and any hidden costs.

A comprehensive understanding of these rates and charges ensures transparency and enables you to choose a shop loan that suits your budget and financial requirements.

Personal Loan Interest Rates & Charges:

Fee Type

Applicable Charges

Interest Rate

13% * per annum onwards

Processing Fee

Up to 5% of the total loan amount + GST

Tenure

Up to 5 years or 60 months

Pre-Closure Fee

0% to 7%

Loan Amount

Rs. 50,000 to Rs. 30 Lakhs*

How to Apply for a Personal Loan for Shopping

Applying for a personal loan for shopping with SMFG India Credit is a simple and fully digital process, offering quick access to funds when you need them the most.

Here’s how to apply in a few simple steps:

  1. Provide Basic Details

Enter your mobile number, PAN, pincode, and employment status (salaried or self-employed).

  1. Mobile Number Authentication

Receive and enter a 6-digit OTP for verification of your mobile number.

  1. Provide Additional Information

Enter more details such as email address, date of birth, gender, and annual household income. Complete the required email ID verification.

  1. Enter Employment Details

If you are a salaried employee, please provide the relevant job information.

  1. Bank Statement Upload

Please share your bank statement via Net Banking, Account Aggregator, or by uploading it. Your submitted banking details will help us generate a loan offer (this is applicable only for salaried individuals).

  1. Identity and Address Verification

Complete the next step of verifying your identity, including taking a selfie, and share address details through CKYC, Offline Aadhaar XML-based KYC, or DigiLocker.

  1. Enter Your Bank Account Details

Submit your bank account details, which will then undergo verification.

  1. Add Additional Details

Fill in the necessary details, such as the loan purpose and marital status, in the 'Additional Details' section after successful bank account verification.

  1. Set Up Re-payment Preferences and E-NACH

Choose the re-payment method you prefer (debit card or internet banking) and set up E-NACH.

  1. Sign the Loan Agreement Digitally

Review the loan agreement, sign it digitally, and validate the same with an OTP.

Take a step closer to your financial needs by following these easy steps to apply for a personal shopping loan with SMFG India Credit.

Apply for a Shopping Loan Now!

A shopping loan from SMFG India Credit empowers you to buy what you need, when you need it, without draining your savings. Whether it’s for gadgets, household appliances, festive purchases, or gifting, a personal loan for shopping offers convenience, flexibility, and swift access to funds. Check your eligibility today and take the next step towards smarter shopping, without compromise!

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.

FAQs

How much time does it take to get a shopping loan disbursed?

The time it takes for a shopping loan to be disbursed varies, but with efficient online processes, approval and fund transfer can be quick, ensuring access to funds for your shopping needs without undue delays.

How to apply for a shopping loan?

Applying for a shopping loan is typically done through the lender's website or app. Fill out the online application form, providing the necessary details and documents. The process is streamlined for convenience and efficiency.

Are shopping loans available to buy products only from the partner merchants of the lender?

No, shopping loans are not restricted to specific merchants. You can use the loan to make purchases from any retailer, giving you flexibility and freedom in your shopping choices.

What documents are required for a shopping loan?

Commonly required documents for a shopping loan include proof of identity, an address, income documents, and bank statements. The specific requirements may vary among lenders, so it's best to keep notes based on the lender.

What are the eligibility criteria for a shopping loan?

Eligibility criteria for a shopping loan typically involve an age between 22 and 65 years, an income level of at least INR 20,000 or INR 5,000 if the applicant is a resident of Delhi or Mumbai, and a credit score of 750 or higher. Meeting these criteria enhances the chances of loan approval with the necessary documents.

How long are Shopping loan tenures?

Shopping loan tenures vary but are generally short to medium-term such as 12-60 months, offering flexibility to borrowers. You can choose a tenure that aligns with your repayment capacity and financial preferences.

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Your Calculated EMI*

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