Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.
Assuming annual interest rate of 13
Loans Upto ` 30 Lakh*
Quick Disbursal
Minimal Documentation
Flexible Tenure
SMFG India Credit offers personal loans at low interest rates to eligible borrowers. Our online application process enables salaried individuals to apply for a personal loan from the comfort of their homes. Our customised solutions and transparent procedures have enabled us to serve millions of customers across India.
Here are a few of the benefits of an SMFG India Credit Personal Loan:
Interest rates: |
Starting from 13%* per annum |
Loan limit: |
Up to INR 30 |
Loan tenure: |
12 months to 60 months |
Processing fees: |
Up to 4.25% of the loan amount |
The following features make our instant* personal loans an excellent choice if you’re seeking financial flexibility and a hassle-free borrowing experience:
Substantial loan amounts that can meet a wide variety of personal or business financial needs.
Starting at just 13%* per annum our competitive interest rates make personal loan finance more affordable.
A straightforward online application process requiring minimal documentation saves you time and effort.
Funds are disbursed within 30 minutes* of loan approval, allowing you to address your financial needs promptly.
Existing customers with a strong repayment history may enjoy preferential interest rates on instant* personal loans.
To apply for quick personal loan online with SMFG India Credit, you'll need:
Ensure all documents are accurate for swifter instant* personal loan processing.
You can check the complete list of documents required for instant* personal loans here.
*Please note that additional documents may be required depending on your individual profile and our policy at the time of loan application.
Applicants must be between 22 (25 for self-employed) and 65 years old.
Both salaried and self-employed individuals are eligible to apply for a personal loan.
Salaried applicants must earn at least INR 25,000 per month in cities like Mumbai or Delhi, and INR 20,000 in other Indian cities. For self-employed individuals, the income requirement is per the minimum annual turnover, depending on the industry or profession.
A credit score of 750 or above is required, along with a strong credit history, to increase your chances of loan approval.
Applicants must be residing citizens of India.
A minimum of one year of overall work experience is required for salaried applicants. Self-employed applicants must have a business that has been operating for at least 3 years.
*These are the basic eligibility requirements for an personal loan. Actual eligibility may vary based on several factors, including our policy at the time of loan application. It's recommended to complete a personal loan eligibility check before applying.
At SMFG India Credit, personal loan interest rates and charges are based on several factors such as the applicant's credit score, employment history, repayment capacity, and loan amount. Below is a table outlining the key personal loan rates and charges:
Particulars |
Details |
---|---|
Interest Rate |
Starting from 13%* per annum |
Processing Fee |
Up to 6%* of the loan amount + GST |
Loan Tenure |
12 to 60 months |
Lowest EMI Per Lakh |
INR 2,275* for a tenure of 60 months |
Prepayment Charges |
0% to 7%* |
Loan Cancellation Charges (Loan Cancelled Before 1st EMI) |
An amount not exceeding INR 5,000/- if the loan is cancelled at the request of the Borrower after disbursement of the Loan, but before the encashment of the Loan disbursal cheque. If cancellation of the Loan is requested after the encashment of the Loan amount, Prepayment conditions as specified herein shall apply. |
Cheque/ECS/ACH Direct Debit Dishonour Charges |
An amount not exceeding INR 300/- per instance shall also be payable for every instance of dishonour of Cheque/ECS/ACH Direct Debit. |
An instant personal loan can be of several uses. Here are the top 6:
As one of the best personal loan providers, SMFG India Credit makes the application process quick and easy with 4 simple steps:
Enter a few personal details such as your mobile number, PAN, pincode, and employment type (salaried or self-employed). Verify your mobile number with an OTP.
Provide further basic details such as your monthly income and existing financial obligations.
Based on a few basic criteria such as your income, existing debt, and credit score, you will be presented with an offer. Please select your preference.
For loan amounts lesser than INR 2.50* lakhs, you can get the funds within 30 minutes* of loan approval.
*Applications for loans of more than INR 2.50* lakhs will be processed further. Our representatives will get in touch in case of any queries.
* 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.
SMFG India Credit personal loan calculator is an easy tool that can help you accurately calculate the EMI amount.
The instant result on the right side of the calculator will tell you the monthly EMI.
You can choose to submit the required documents online by uploading soft copies or walk into the branch and submit the hard copies. For customers of SMFG India Credit who have applied for a personal loan online, you can now also send your documents via Whatsapp.
You can definitely foreclose your personal loan. We do not apply foreclosure charges on floating rate term loans provided to individual borrowers. The foreclosure charges are
Choose SMFG India Credit Personal Loans for the following benefits:
To check the status of your personal loan application, visit the official website of your loan provider, select the ‘Contact Us’ option on the homepage, select the option to track your loan application. This option will lead you to the page where you can check the status of your loan application. Enter the details asked for and obtain the required information.
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:
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.
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