Shopping Loan

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 21 and 65 years (25 for self-employed).
• Nationality: Indian citizen.
• Credit Score: Minimum CIBIL score of 700.
•  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 Rs. 25,000.
  • For Other Cities: Minimum monthly income of Rs. 16,000*.
  • 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:

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).

2. Mobile Number Authentication

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

3. Provide Additional Information

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

4. Enter Employment Details

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

5. 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).

6. 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.

7. Enter Your Bank Account Details

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

8. 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.

9. 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.

10. 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!