SMFG India Credit personal loan interest rates start at 11.99% per annum for salaried and self-employed applicants for a maximum of 60 months, which means you can get EMI as low as ₹ 2,224* per month. The interest rates and processing fee (Between 0% - 6% of the loan amount) make up for the total cost of the loan. Please do note that the exact interest rate applicable to you would also depend on the loan tenure you select (between 12 - 60 months) and the loan amount requested. Depending on our policy at the time of loan application, your requirement and profile, we decide the best personal loan rates applicable. You can then draw your monthly budget accordingly so that it is possible to pay the EMIs with ease.
Please see below, a complete list of personal loan interest rates, fees & charges.
|SMFG INDIA CREDIT PERSONAL LOAN INTEREST RATES - Nov 2023|
|Personal Loan Interest Rate||Starting at 11.99% per annum|
|Processing Fee||Between 0% - 6% of the loan amount|
|Loan Tenure||Up to 60 months|
|Lowest EMI Per Lakh||`2,224 for 60 months|
|Prepayment Charges||0% to 7%*|
At SMFG India Credit, we bring you the best personal loan interest rates based on your individual and financial profile as well as your requirement. Apart from interest charges, we also charge processing fees and foreclosure charges are applicable in case of prepayment or foreclosure of the loan. Provided below is a brief snapshot of the current personal loan interest rates and the factors that influence its finalization.
Here are SMFG India Credit personal loan fees and charges to help you understand the same in detail,
There are a few personal loan charges to keep in mind. These, along with interest rates influence the total cost of the loan. Below enlisted is information on the applicable fees and charges.
All charges mentioned in the below table are in INR (₹)
|Fee Type||Applicable Charges|
|Delayed EMI Payment Interest
( per month of delay, every month)
|As stated under additional interest charge**|
|Collection of Cheque/Cash
|Cheque /ECS/NACH dishonoured Charges
(per dishonour of cheque/ECS/NACH per presentation)
|Swap Charges- for replacement of Post-dated cheques to ECS
|Swap Charges- for replacement of ECS to ECS
|Loan Cancellation charges
(loan cancelled before first EMI)
|Processing Fees||Between 0% - 6% of the Loan Amount|
|*Foreclosure charges/ pre-payment penalties shall not be charged on all floating rate term loans sanctioned to individual borrowers|
Summarized below are the personal loan foreclosure charges applicable, if you wish to close your personal loan account before the end of the loan tenure..
|No. of EMIs paid (Excluding Pre-EMI)||Foreclosure Charges|
|0 to 17 EMI(s) fully paid||7% of the Principal Outstanding|
|18 to 23 EMI(s) fully paid||5% of the Principal Outstanding|
|24 to 35 EMI(s) fully paid||3% of the Principal Outstanding|
|36 or more EMI(s) fully paid||No Foreclosure Fee|
|**Additional Interest (applicable for payment defaults):||Rate|
|**Additional Interest (applicable for payment defaults)||24% per annum on outstanding balance which is overdue, calculated on day to day basis|
There are two types of personal loan interest rates, fixed interest rates and floating interest rates. Most personal loan lenders offer a fixed interest rate. Let’s understand the difference between the two.
Under the fixed interest rate type, the interest amount of the whole loan tenure can be determined at the start of the loan tenure.
The formula for personal loan interest calculation under fixed interest rate type is:
Total Interest Payable = Principal * Rate of Interest * Loan Tenure
EMI = (Principal + Total Interest Payable) / Loan Tenure in months
Under the floating interest rate type, the interest payable on each EMI has to be calculated after the payment of each EMI as the rate of interest on personal loan is not constant.
The formula to calculate the interest on the outstanding personal loan amount:
Interest Payable = Outstanding Loan Amount * Interest Rate * Remaining Loan Tenure
EMI = [P * R * (1+ R) ^ N] / [ (1+ R) ^ (N - 1)]
P= Principal Amount
R= Rate of Interest
N= Loan Tenure in Months
In this method, the interest rate for the outstanding loan amount is calculated as per the prevailing interest rate after the payment of each EMI.
Please note that SMFG India Credit offers personal loans at a fixed rate of interest.
The determination of personal loan interest rates is affected by many factors, including both external and internal factors. Some of the key factors that affect personal loan charges include:
There are many ways through which you can avail of low personal loan interest rates and that includes:
The processing fee is up to 6% of the entire loan amount. This is a one-time fee which will be clearly mentioned in the loan agreement. This amount is the personal loan ROI for all the services including loan application, document verification, legal procedures, customer support, and other services involved in processing the loan.
We finalize the rate of interest after reviewing several factors related to the applicant. These factors include the applicant’s age, location, employment type, work experience, net income, existing monthly obligations, and more. The personal loan minimum interest rate is 11.99%* per annum. The rates can go up to 36% depending on the applicant’s profile. To get the best personal loan rates, maintain a good credit score, clear the pending dues on EMIs, and make timely repayments on existing loans.
SMFG India Credit offers competitively priced personal loans to suit every customer’s needs. The personal loan interest rate is calculated based on several factors including your income source, employment or business stability, and existing monthly obligations. Our personal loan interest rates usually range between 11.99% - 36% per annum, depending on your unique profile that gets generated after factoring in the aforementioned details.
SMFG India Credit offers competitively priced personal loans to suit every customer’s needs. The personal loan interest rate is calculated based on several factors including your income source, employment or business stability, and existing monthly obligations.
SMFG India Credit personal loan interest rates start at 11.99%* per annum. However, the exact interest rate applicable to you depends on the loan tenure and amount requested. We decide the best personal loan rates applicable depending on our policy at the time of loan application, your requirement, and your profile.
Borrowers with higher incomes may qualify for lower interest rates, while those with lower incomes might be offered higher rates. A higher income can positively impact your creditworthiness, improving your credit score. A higher income might give you more negotiating power with lenders, allowing you to seek better interest rates or loan terms.
If you have been at the same job for a longer duration, it indicates financial stability and a reduced risk of default. A consistent job experience with increasing income over the years reflects career progression and a higher repayment capacity. Lenders may offer you a better interest rate based on this positive financial trajectory.
Fixed interest rates remain constant throughout the loan, providing predictable EMIs. Floating rates have to be calculated after the payment of each EMI because the rate of interest is not consistent. At SMGF India Credit, personal loans are provided at fixed rates only.
A flat interest rate on personal loans is a method of calculating interest where interest is charged on the entire principal amount borrowed initially, regardless of the amount repaid. Throughout the loan tenure, the interest remains constant, and equal installments (EMIs) are paid, consisting of both the principal and interest.
There are two types of personal loan interest rates, fixed interest rates and floating interest rates -
The factors that affect your personal loan interest rates:
Yes, your CIBIL score can significantly impact your personal loan interest rate. Lenders use your credit score to assess your creditworthiness and determine the risk associated with lending to you. Borrowers with higher credit scores are less risky; they may be offered lower interest rates to reward their creditworthiness.
* Terms and conditions apply
** Subject to foreclosure charges. Terms and conditions applicable.
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