Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.

Calculate Personal Loan EMI

12 Months60 Months

Assuming annual interest rate of 11.99

Calculated EMI*   6,642  Apply For Loan

Loans Upto ` 25 Lakh*

Quick Disbursal

Minimal Documentation

Flexible Tenure

Personal Loans In Erode

Erode is one of the major urban cities in the state of Tamil Nadu that is rich in its tourism, agriculture and other well-known handloom industries. This city is home to several industries like rice mills, paper mills, handloom weaving, carpet manufacturing, oil pressing, etc. It is glorified as the city of turmeric, as it is one of the biggest producers of turmeric in India.

In this multifaceted urban landscape, the need for financial support becomes integral for individuals navigating personal aspirations. In this article, we will unravel the features, eligibility criteria, documentation, and application process for personal loans in Erode.

Features And Benefits Of Personal Loans In Erode

Hassle-Free Application Process

The 100% paperless application process streamlines the application process through which the applicants can submit their documents electronically, thereby saving time and energy.

Collateral-Free Loans

This feature is especially advantageous for individuals who might not have substantial assets to offer as collateral. It gives everyone an equal opportunity to avail of the loan.

Affordable Rates

Offering loans at a reasonable rate, starting at 11.99%* per annum, does not just make borrowing more accessible but also financially feasible and sustainable.

Flexible Repayment Tenures

Providing a range of repayment schedules means that the borrowers can choose a tenure that aligns with their financial capabilities, preventing strain on their monthly budgets.

Versatile Usage

The funds could be used in many ways, especially to cater to their small businesses, marriages and other personal commitments.

Eligibility Criteria For Instant Personal Loans In Erode

Understanding the eligibility criteria is crucial before applying for a personal loan:

1. Residency and Employment Status: Applicants must be residing citizens of India. They can be either salaried individuals or self-employed professionals/business owners.

2. Age Limit: The age of the applicant should be between 21 and 60 years. This range ensures that applicants are within the working age range and have a reasonable span of their career left for loan repayment.

3. Employment Duration: To be eligible, the applicant should be currently employed and have been working with their current employer for at least 6 months. This requirement demonstrates a stable employment history, indicating a regular source of income.

4. Minimum Work Experience: Applicants are typically required to have a minimum work experience of at least 1 year. This criterion further emphasises the stability of the applicant's employment. Self-employed applicants must have operational experience of at least 3 years.

5. Debt-to-Income Ratio: The maximum EMI that an applicant can pay, as a percentage of their income, is set at 65%. This ensures that the loan repayments are within the financial means of the borrower, preventing overburdening of their finances.

Necessary Documentation For Personal Loans In Erode

The following list of documents is essential to be submitted to apply for a personal loan in Erode:

Document Category

Salaried Individuals

Self-Employed Individuals

Proof of Age, Identity, and Address

Aadhar card, passport, voter ID, driver's licence

Aadhar card, passport, voter ID, driver's licence

Income/Salary Proof

Salary slips, employment certificate

Income tax returns, audited financial statements

Bank Statements

Last 3-6 months of bank statements

Last 6-12 months of bank statements

Passport-Size Photo

1 recent passport-sized photograph

1 recent passport-sized photograph

It's important for applicants to ensure that all the documents are accurate, up-to-date, and properly organized before submitting them with the loan application. Meeting these document requirements is crucial for the loan approval process.

Interest Rates For Personal Loan In Erode

The details of personal loan interest rates are listed as follows:

Loan Details


Personal Loan Interest Rate

Starting at 11.99%* per annum

Processing Fee

0-6% of the total loan amount

Available Loan Amount

Up to INR 25 lakhs* (for salaried) and up to INR 10 lakhs* (for self-employed)

Loan Tenure

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


Loan Cancellation Charges

INR 1,000

Cheque/ECS/NACH Dishonoured Charges

INR 300

How To Apply For A Personal Loan In Erode:

Apply for a personal loan from SMFG India Credit with this simple process:

  1. Start the loan application process or via this link.
  2. Provide details like your mobile number, PAN, pincode, and select whether you are salaried or self-employed.
  3. Complete the verification process for your mobile number using an OTP. Once done, verify your email ID.
  4. Fill in additional information such as email address, date of birth, gender, and income.
  5. Review the loan terms that are tailored for you, including repayment terms and the loan amount. Confirm acceptance upon satisfaction. Consider the option you will get to choose a higher amount for the loan.
  6. Add details of your employment if you are a salaried worker.
  7. You have to undergo digital verification of your identity and address. This can be done with the help of well-known methods like CKYC, OKYC, or DigiLocker.
  8. Enter your banking details, which we will verify. After the verification, you will be asked to add some more information in the section for ‘Additional Details’.
  9. Select your payment method as either debit card or internet banking and set up eNACH.
  10. Digitally sign the loan contract after review and confirm the same with an OTP.

Completing these 10 easy-to-follow steps will bring you nearer to your financial aspirations.

Apply for Personal Loan

* 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

Branch Address 1

First Floor, Appaji Arcade, No.42/9, Erode Perundurai Main Road, Thindal, Erode - 638 012, Tamil Nadu (Opp. To HP Petrol pump)

Branch Address 2

Ground Floor, No. 277, Selamana Gounder Street, Kumaran Kuttai, Erode - 638 009, Tamil Nadu

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).


How can I determine my eligibility for personal loans in Erode?

The lending organisation looks at numerous variables to determine your eligibility, including the loan amount requested, your income, credit score, employment history, and debt-to-income ratio.

What are the benefits of opting for an online personal loan in Erode?

Applying for a personal loan online in Erode offers a convenient and efficient process. It is quick, hassle-free, and can be initiated from the comfort of your home. These online loans come with attractive interest rates and require minimal documentation. Following swift verification, the lending institution promptly disburses the loan, ensuring a seamless borrowing experience.

How can I secure a lower interest rate for my personal loan in Erode?

To obtain a personal loan with competitive interest rates in Erode, it's vital to maintain a high credit score, ideally above 750, settle any outstanding debts, and enhance your debt-to-income ratio. Additionally, choose a loan amount and tenure that align with your financial stability, preventing unnecessary strain. These efforts enhance your eligibility and improve your chances of securing a loan with lower interest rates.

Will changing my employer impact my personal loan or EMI in Erode?

Changing employers shouldn't have a big impact on your credit unless your new income is higher than before. In these instances, the lending institution could consider shortening the term of the loan or increasing the EMI amount. It is recommended to update your new employment information with the lender as soon as possible to maintain a seamless process.