Personal Loan

As a SMFG India Credit customer, you can enjoy various benefits such as:

1. Track your application status online
2. Manage your loan online through our Service Connect Portal and M-Connect app
3. Pay your EMI online digitally via NetBanking, Debit card, etc. or by signing up for the ECS / auto-debit facility.
4. Eligible borrowers can get top-up offers at preferential rates and minimal documentation
5. Reach out to us through your nearest branch if you have any issue and would like to discuss it face to face - our vast branch network spans across 22 states, 600+ towns and 60,000+ villages in India.

Become our digital loan partner and refer your family, friends and acquaintances who may be interested in availing a personal loan. Earn upto ` 20,000* per referral! Click here to know more.

A CIBIL score is a credit score used in India to assess an individual's creditworthiness. CIBIL scores range from 300 to 900, with 900 being the most desirable. A credit score of 750 and above is required to procure a personal loan to ensure a satisfactory credit history and financial discipline.

A minimum income criterion is typically set to ensure that borrowers have a certain level of financial stability and repayment capacity. The minimum monthly income for applicants based in Delhi and Mumbai to apply for a personal loan should be INR 25,000. The minimum for applicants from other parts of the country is INR 20,000.

There are no tax benefits on a personal loan. The primary purpose of a personal loan is to meet immediate financial needs, such as medical expenses, debt consolidation, travel, or any other personal expense. Since personal loans are not tied to specific purposes like home buying or education, they are not eligible for tax deductions.

One of the key benefits of personal loans is that you do not need to provide any security or collateral to apply for them. The approval of a personal loan is primarily based on factors such as your credit score, income, employment history, debt-to-income ratio, and other relevant financial information.

In a flat interest rate system, the interest is calculated on the principal amount initially borrowed, regardless of the amount you have already repaid. In a reducing interest rate system, the interest is calculated only on the outstanding loan balance after each EMI payment. At SMFG India Credit, personal loans are offered at fixed rates only.

At SMFG India Credit, we provide you with the decision on your personal loan application within minutes of applying online. It is based on factors like age, location, CIBIL score, etc. However, please note that the process may take a few days for offline applications.

Apart from interest charges, we also charge processing fees and foreclosure charges, applicable in case of prepayment or foreclosure of the loan. The interest rates and the processing fees (0% - 6% of the loan amount) comprise the total loan cost.

To get a real-time update on your personal loan application status:

• You can reach us at our toll-free number 1800 103 6001. 
• Give a missed call at 9594763763, and within 24 working hours, you will receive a call.
• You can also email us at [email protected].
• You can seek assistance from our chatbot.
• Download Mobile App/Login to Portal (For Existing Customers)

Secured loans require collateral, such as property or assets, to back the loan. If the borrower defaults, the lender can seize the collateral. Unsecured loans do not require collateral but rely solely on the borrower's creditworthiness. If the borrower defaults on an unsecured loan, the lender may take legal action but cannot claim specific assets.

Yes, you can take a personal loan jointly with another individual. When you jointly apply for a personal loan, both applicants become co-borrowers and are equally responsible for repaying the loan. It may increase the total loan amount you are eligible for, as both applicants' combined income and creditworthiness are considered.