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Personal Loan In Cuttack
Did you know that Cuttack was the capital of Odisha before India got independence? This bustling city is a hub for the cottage and handicraft industries. Additionally, the silver filigree works of Cuttack are known for their superb quality. Agriculture and MSMEs (chemical, leather, handicraft, etc.) drive the city’s economy. If you are looking for quality horn works, terra cota, dokra casting, patta chitra, wood carving, leather, and Brass/Bell metal works, Cuttack will never disappoint you.
In this city where history and industry converge, the need for financial support becomes an integral part of the journey for individuals and businesses alike. Personal loans in Cuttack thus play a pivotal role in supporting the aspirations and endeavors of its industrious residents, ensuring that the legacy of this dynamic city continues to unfold with prosperity and resilience. Let's explore the intricacies and the application process to apply for a personal loan in Cuttack.
Features And Benefits Of Personal Loan In Cuttack
Paperless Application Process
Apply for a personal loan online without any paperwork.
Prompt Document Verification
SMFG India Credit's executives will begin the document verification process immediately after receiving your application form.
Privacy
SMFG India Credit takes your privacy seriously and will never compromise the confidentiality of your data.
Competitive Rates of Interest
SMFG India Credit offers personal loans at competitive interest rates, starting at 13%* per annum.
Speedy Loan Payout
Once your loan is approved, SMFG India Credit will credit the funds to your designated account within 30 minutes*.
Flexible Repayment Schedule
SMFG India Credit offers flexible repayment schedules so that you can choose a plan that fits your budget and financial needs.
Eligibility Criteria for Instant Personal Loan in Cuttack
- Age Range: The age bracket for salaried individuals is 21-60 years, and for self-employed individuals, it is 22-60 years.
- Nationality: Resident Indian nationals can apply.
- Employment Status: Salaried individuals need at least 1 year of work experience, with 6 months at their current job. Self-employed applicants require 3 years of business experience.
- Minimum Monthly Pay: As a salaried professional, you must be earning a monthly salary of INR 20,000. Self-employed individuals can qualify if their minimum annual sales and after-tax profits are deemed eligible by the lender.
Documents Required To Apply For A Personal Loan In Cuttack
Here is a list of essential documents you must keep ready before applying for a personal loan:
|
Document Type |
Salaried Personnel (Any One) |
Self-Employed Individuals (Any One) |
|
Identity Proof |
PAN Card, Aadhaar Card, Driver’s License, Passport, or Voter ID |
PAN Card, Aadhaar Card, Driver’s License, Passport, or Voter ID |
|
Compulsory Documents |
Coloured passport-size photograph; duly filled loan application form |
Coloured passport-size picture; duly filled loan application form |
|
Income Proof |
Salary slips for the last three months; form 16 or IT returns |
IT returns for the previous two years; IT challans, TDS certificates, or Form 26AS |
|
Proof of Ongoing Employment |
Joining letter/Appointment letter from present employer |
Utility Bills; Rent Agreement |
|
Residence/Business Proof |
Utility bills,Passport,Driver’s License,Voter ID,Rent Agreement,Ration Card, etc. |
License, GST number or registration certificate |
Interest Rates On Personal Loans In Cuttack
SMFG India Credit Personal Interest Rates:
|
Personal Loan Interest Rate |
Starting at 13%* per annum |
|
Processing Fee |
Up to 5% of the total loan amount + GST |
|
Available Loan Amount |
Up to INR 30 lakhs* (for salaried) and up to INR 10 lakhs* (for self-employed) |
|
Tenure of Loan |
Up to 5 years |
|
Minimum EMI Per Month |
INR 1,112 for 5 years or 60 months |
|
Late Payment Charges |
2% plus GST charged monthly (24% per annum) on the overdue amount calculated on day-to-day basis. |
|
Prepayment Expenses |
0-7% |
|
Loan Cancellation Charges |
INR 1,000 |
|
Cheque/ECS/NACH Dishonoured Charges |
INR 300 |
How To Apply For A Personal Loan In Cuttack?
Here is how to apply for a personal loan from SMFG India Credit:
- Provide Key Details
Fill out the application with your mobile number, PAN, pincode, and select whether your employment status is ‘Salaried’ or ‘Self-Employed’.
- Complete Mobile Number Authentication
You will receive a 6-digit OTP for mobile number verification.
- Submit Additional Personal Details
Provide your email address, date of birth, gender, and details on your annual household income. You also have to ensure email ID verification.
- Provide Employment Details
Provide employment-specific information if you are on a salary.
- Submit Bank Statement
To continue, share your bank statement through one of the following: Net Banking, Account Aggregator, or by uploading it. We'll use this information to generate a loan offer (for salaried applicants only).
- Conduct Identity Verification
Go through the digital verification process for identity (take a selfie to complete the process) and share address details via CKYC, Offline Aadhaar XML-based KYC, or DigiLocker.
- Provide Bank Account Details
Enter the details of your bank account, to be verified by us.
- Submit Additional Details
Upon bank account verification, you will find an ‘Additional Details’ section. Provide information about your marital status, loan purpose, father’s name, and mother’s maiden name.
- Complete E-NACH Setup for Re-payments
Choose between a debit card and internet banking for your re-payment method and proceed with E-NACH setup.
- Sign the Loan Agreement Digitally
Review, digitally sign, and verify the loan agreement with an OTP.
Completing these easy steps moves you closer to achieving your financial objectives.
* 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.
Contact Us
Address:
Plot No 917/4018 Shantikunj, First Floor, Near Portion ,Link Road, P.O: Arunodaya Market, Cuttack, Odisha-753012
Note: Call on (Toll free number) 1800 103 6001 for more information.Timings: 9:30 AM to 6:30 PM (except 1st Saturday and Sundays and public holidays).
FAQs
How is my personal loan in Cuttack eligibility calculated?
Many lending institutions have online loan eligibility calculators to assess your suitability for a personal loan. These calculators typically ask for information such as your net monthly income, EMI, interest rate, and loan tenure to give a fair estimate of the loan amount you are eligible for.
What are the advantages of applying for an online personal loan in Cuttack?
By applying online, you can get several benefits, including convenience, accessibility, prompt approvals, flexible repayment tenure, transparency, confidentiality, and efficient customer support. You can apply for a loan amount of up to INR 30 lakhs*, and the paperless application process saves you time.
How to get a lower interest rate on my personal loan in Cuttack?
If you're looking to secure a lower interest rate on your loan, there are several strategies you can consider:
- A CIBIL score of at least 750 is essential.
- Opt for reputable lenders with a good track record.
- Work on minimising your debt-to-income ratio to boost your credibility.
- Engaging a co-signer or guarantor can enhance your creditworthiness.
- Ensure timely payment of all debts to avoid potential defaults.
If I change my employer, will it affect my personal loan or EMI?
Changing your employer will have a positive impact if your new job offers you higher pay. But do remember to inform your lender regarding new changes to maintain transparency at all times.
This facility is currently unavailable. We regret the inconvenience caused. In case of any queries, please call us on 18001036001 or write to us at [email protected]