Instant Personal Loan in 30 Minutes*

Whether it is an unexpected car repair or a medical emergency, there are times when you need funds quickly. While the traditional personal loan process was time-consuming, online application processes have made it so that you can now get a personal loan in 30 minutes*.

At SMFG India Credit, eligible applicants can get the approved funds within just 30 minutes* of the loan approval. Additionally, our competitive interest rates and flexible repayment tenures ensure that the loan repayment stays affordable and manageable as you take care of your personal expenses.

Types of Instant Personal Loans

The flexibility of an instant personal loan means that it can serve almost any purpose. Here are some of the most common types:

• Medical emergencies: Personal loans for expenses that may not be covered by medical insurance.
• Debt consolidation: Using a personal loan to combine multiple loans into a single, manageable loan with a potentially lower interest rate.
• Higher education: Personal loans to seek quality education which can lead to a high-paying career.
• Weddings: Personal loans to make your dream day memorable.
• Home renovation: Personal loans to make your living space more comfortable and potentially boost its market value.

Eligibility Criteria to Avail of a Loan in 30 Minutes*

The basic eligibility criteria to avail of quick loans within 30 minutes* include factors such as age, income, and work experience.

Nationality: The applicant must be a citizen and resident of India.

Age: Salaried applicants should be between the ages of 22 (at the time of loan application) and 65 (at the time of loan maturity). For the self-employed, the age limit starts at 25.

Credit score: The minimum credit score required is 750, along with a good credit history.

Minimum income: For Delhi and Mumbai residents, the minimum income is INR 25,000* per month. For other cities, it is INR 20,000* per month. For the self-employed, the eligibility income is based on the minimum annual turnover and yearly profit after taxes according to the nature of the profession or the domain of work.

Work experience: Salaried applicants must have a minimum work experience of 1 year, with at least 6 months with their current employer. Businesses of the self-employed applicants must have been in operation for at least 3 years.

Please note, the final eligibility & terms will depend on several factors, including SMFG India Credit's policy at the time of loan application.

Tips for Getting an Instant Personal Loan in 30 Minutes*

Here are some helpful tips that can ensure a smoother process of getting an instant personal loan in 30 minutes*:

• Before applying, check the eligibility criteria to ensure that you meet all the requirements. This will not only increase your chances of loan approval but also get favourable loan terms like lower interest rates.
• Keep all the required documents ready to save time and effort while applying.
• Apply online for a quick and hassle-free process. Double-check the application form to ensure that there are no delays due to errors.
• Set up a repayment plan in advance to avoid overstraining your budget and missing payments. Use tools like an online EMI calculator to plan finances effectively. Factor in your existing expenses, savings goals, and potential future expenses to arrive at a suitable loan amount and EMIs. Further, an eligibility calculator can help you estimate the maximum loan amount you may be able to borrow.

Documents Required for Personal Loan

The following is the basic documentation required for a personal loan:

• Proof of identity and address such as an Aadhaar card, Passport, PAN card
• Signature proof such as a Passport or PAN card
• Income proof such as salary slips for the last 3 months or Form 16 (for the salaried employees); balance sheet and profit & loss statements (for the self-employed)
• Business proof for the self-employed such as a license or GST number
• Income Tax Returns

For detailed information on the required documents, click here.

Interest Rates & Charges for Personal Loan

SMFG India Credit offers attractive interest rates for eligible applicants. The final rate is dependent on several factors such as age, credit score, income, employment, existing relationship with us, and so on. Here are the general interest rates and charges you can expect for an instant personal loan at SMFG India Credit:

• Interest rate: Starts at 13% per annum*
• Processing fees: Up to 5% of the total loan amount + GST
• Prepayment charges: Up to 7% of the loan amount

For detailed information on interest rates and charges, click here.