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.
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 12.5%* 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 10 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.
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:
*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.
When applying for a personal loan for shopping, the following documents are typically required:
*Please note that additional documents may be requested depending on your individual profile and SMFG India Credit’s policy at the time of application.
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 |
12.5% to 30% per annum |
|
Processing Fee |
Up to 4% of the total loan amount + GST |
|
Tenure |
Up to 5 years or 60 months |
|
Prepayment/Foreclosure Fee |
2% to 7% of the principal outstanding |
|
Loan Amount |
Rs. 1 Lakh to Rs. 10 Lakh* |
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:
Enter your mobile number, PAN, pincode, and employment status (salaried or self-employed).
Receive and enter a 6-digit OTP for verification of your mobile number.
Enter more details such as email address, date of birth, gender, and annual household income. Complete the required email ID verification.
If you are a salaried employee, please provide the relevant job information.
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).
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.
Submit your bank account details, which will then undergo verification.
Fill in the necessary details, such as the loan purpose and marital status, in the 'Additional Details' section after successful bank account verification.
Choose the re-payment method you prefer (debit card or internet banking) and set up E-NACH.
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.
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!
* 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.
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.
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.
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.
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.
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Insurance disclaimer SMICC is registered with the Insurance Regulatory and Development Authority of India (IRDAI) as a Corporate Agent. IRDAI Registration No.: [CA0098] CIN No. U65191TN1994PLC079235. The insurance policy is a contract between the customer and the insurance company, and policy is underwritten by insurance companies. SMICC acts only as the distributor and is not responsible for any risk, policy issuance, claim settlement/repudiation etc. Insurance is the subject matter of solicitation. Purchase of insurance is voluntary and subject to insurer underwriting and policy terms and conditions. Customers are advised to read the policy terms and conditions, benefits, exclusions, claim settlement carefully before purchase. Kindly note that “Insurance Products” are not mandatory for the purpose of the application and disbursement of loan. It shall be the sole discretion of the customer, by providing explicit consent, to avail such insurance along with the Loan.
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