At SMFG India Credit, we offer personal loans to facilitate your personal needs and help you further your dreams and aspirations. You can take a personal loan to organise a dream vacation for your family, fund wedding expenses, manage medical emergencies, repay another loan, and for several other reasons. SMFG India Credit’s process for personal loans is simple, completely digital, and involves quick decisioning so as to meet your requirements on time.

Things to Know Before Applying for a Personal Loan

Eligibility Criteria

The basic eligibility requirements to apply for an SMFG India Credit personal loan include:

  • The minimum age to apply is 22 years of age (25 for the self-employed), and not exceeding 65 years at the time of loan closure.
  • You must be an Indian resident and citizen.
  • You must have the necessary documents required for the personal loan along with the duly filled and signed application form.

You can check personal loan eligibility in detail here.

Interest Rate and Other Charges

The interest rates offered by SMFG India Credit vary based on the borrower's creditworthiness, amount and tenure of the loan, and other factors. Our interest rates start from 13%* per annum.

Along with interest rates, there are a few fees and charges to keep in mind, such as processing fees and prepayment charges. To know more, please visit the personal loan interest rates page.

Document Requirements

The common document requirements include:

  • Recent passport-sized photographs
  • Completed personal loan application form
  • Age proof (Passport/PAN card/certificate from a statutory authority)
  • Identity proof (Driving licence/voter ID card/passport/PAN card)
  • Address proof (Telephone bill/electricity bill/passport/driving licence/ration card/rental agreement/bank statement or passbook)
  • Salary slips/proofs of the last 3 months or bank passbook/statement of the last 6 months
  • Form 16
  • Income tax returns
  • Processing fee cheque

You can check the complete list of the required personal loan documents here.

Personal Loan EMI Calculator

EMI calculators help to calculate the monthly EMI to be paid on the loan. This calculation depends on the total loan amount, interest rate, and tenure.

You may use our personal loan EMI calculator for instant calculation.

How to Apply for a Personal Loan?

Apply for a personal loan at SMFG India Credit by following these steps:

  1. Enter Basic Details

Provide your mobile number, PAN, pincode, and employment status (salaried or self-employed).

  1. Verify Your Mobile Number

Confirm your mobile number by entering the 6-digit OTP sent to your registered phone.

  1. Enter Additional Personal Information

Provide additional information like your email address, date of birth, gender, and annual household income. Verify your email ID as well.

  1. Add Employment Information

Salaried individuals need to give information on the specifics of their employment.

  1. Submit Bank Statement

Please provide your bank statement using Net Banking, an Account Aggregator, or by uploading the document. This will allow us to generate a loan offer (applicable only for salaried individuals).

  1. Complete Identity Verification

Digitally verify your identity and share address details through well-known platforms like CKYC, Offline Aadhaar XML-based KYC, and DigiLocker. You must take a selfie to complete the identity verification process.

  1. Submit Banking Details

Submit your bank account details for verification.

  1. Fill in Additional Details

After verification of the bank account, you will be directed to provide some more details in the 'Additional Details' section. These include your loan purpose, marital status, father’s name, and mother’s maiden name.

  1. Set Up Re-payment via E-NACH

Opt for a re-payment mode of debit card or internet banking before setting up E-NACH.

  1. Review and Sign the Loan Agreement Digitally

Review the loan agreement carefully, digitally sign it to acknowledge the terms and conditions, and validate it using the 6-digit OTP sent to your registered mobile number to complete the loan process.

Follow these easy steps to advance toward your financial goals with a personal loan from SMFG India Credit. Compared to other types of loans, the personal loan approval process is quite easy as long as the documents are valid.

*Loans are disbursed at the sole discretion of SMFG India Credit. Please note that final approval, loan terms, and disbursal processes will be subject to SMFG India Credit's policy at the time of the loan application.

Check Your Eligibility   Apply Now

Page also available inहिन्दी - Hindi

* Please note that this article is for your knowledge only. Loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms, disbursal process, foreclosure charges and foreclosure process will be subject to SMFG India Credit's policy at the time of loan application. If you wish to know more about our products and services, please contact us

`
50,00030,00,000
%
13%33%
Months
12 Months60 Months

Your Calculated EMI*

 8,302

FAQs

What is the maximum personal loan approval time?

There is no fixed maximum personal loan approval time. Once you submit an online application, you will be informed whether your application has been approved within seconds. After this, our representative will get in touch with you as your application is submitted to various checks. The approval time depends on your eligibility and whether you have submitted all the required, error-free documents. It can be a few days to weeks if you need to provide additional documents.

Once the loan is approved, you can get the loan amount within 30 minutes*.

How to improve the chances of your personal loan approval?

Here are some tips to keep in mind:

  1. Work on maintaining your CIBIL score at 750 or above. Make sure you are paying all the bills on time and lower your debt-to-income ratio to 30% or below.
  2. Ensure that you have the financial stability (like a salaried job at a reputed company) to make the monthly payments on time.
  3. Check the eligibility criteria beforehand to ensure you are meeting all the requirements. Use our online eligibility calculator to estimate how much maximum loan amount you may borrow.
  4. Check all the documents required and ensure they are error-free for a smoother approval process.
  5. If you are an existing customer with a good repayment history, you may have increased chances of loan approval with preferential interest rates. Please contact us to know more.

What is the disbursement time after personal loan approval?

After approval, the funds will be transferred to you within 30 minutes*.

What factors does SMFG India Credit consider when assessing personal loan eligibility?

In order to be eligible for a personal loan, you must meet some criteria. It consists of your age, work experience, CIBIL score, employment type, monthly income, and repayment history.

Please note that these are the basic eligibility criteria. The final eligibility depends upon several parameters including SMFG India Credit’s policy at the time of loan application.

Is it possible to get a personal loan from SMFG India Credit with a low credit score?

At SMFG India Credit, the minimum CIBIL score for personal loan is 750. It is best to raise your CIBIL score to 750 before applying for a loan.

However, other criteria may be applied for profiles with a score of less than 750. Please contact us to know more.

Can self-employed individuals apply for a personal loan from SMFG India Credit?

Yes, SMFG India Credit offers unsecured personal loans to self-employed individuals up to INR 10 lakhs*.

Read MoreRead Less

Related Questions

Here are some articles which could help you understand us and our products better. Do share your comments and let us know what you think!

View All   
What Is EID Number In Aadhaar Card?
Personal Loan

What Is EID Number In Aadhaar Card?

Learn about the Aadhar Card enrolment process and what an Aadhar Enrolment ID (EID) is.

What Is Cumulative Interest?
Personal Loan

What Is Cumulative Interest?

Do you what cumulative interest means and how it impacts loans and investments?

How to Prevent Misuse of Your Aadhaar Card?
Personal Loan

How to Prevent Misuse of Your Aadhaar Card?

Discover methods to lock your Aadhaar data and prevent fraud. Save your personal details from unauthorized use with our proactive recommendations…