Pre-Approved Personal Loan

A pre-approved personal loan, in the case of banks, is a personal loan that is given to eligible customers based on various criteria such as their relationship with the bank, the amount available in savings / current bank account, fixed deposit, credit card usage, etc.

In the case of non-banking financial companies such as SMFG India Credit, a pre-approved personal loan is a top-up instant personal loan given to existing customers with a history of punctual repayment and a good credit score. It does not require collateral and the personal loan interest rate varies based on the borrower's profile.

A personal loan can be availed for any legitimate reason and is very useful for meeting immediate personal expenses, such as the sudden loss of a job, a medical emergency, or a non-pre-planned event.

There are multiple reasons why you could be chosen for a pre-approved loan or a top-up loan. A few of these are:

• Good repayment history – you may have been punctual with your EMI payments with no delays or defaults
• Your monthly income may have recently increased and/or you may have paid enough of your existing loan to become eligible for additional credit
• Responsible financial behaviour as per the latest credit report and credit score

What Does an SMFG India Credit Personal Loan Offer?

SMFG India Credit offers the following features and benefits on their personal loans:

Loan Amount: SMFG India Credit offers personal loan up to INR 30 lakhs*

Interest Rates: SMFG India Credit offers attractive personal loan interest rates starting from 13%*

Flexible Tenure: We offer a flexible repayment tenure between 12 – 60 months so that you can choose a repayment plan that suits your budget.

Easy Documentation: The documentation process for a personal loan from SMFG India Credit is easy and hassle-free.

Quick Disbursal: We offer quick loan disbursal and instant decisioning through digital processing.

Online Application: To avail a SMFG India Credit personal loan, you can submit your application online, thus helping you be more efficient and save time.

Top-up loan offers: SMFG India Credit offers exclusive offers to existing customers on top-up loans (or pre-approved loans).

*Terms and conditions apply

Pre-Approved Personal Loan Features & Benefits

A pre-approved personal loan offers numerous advantages, especially if you’re looking to get quick access to funds. One of the major benefits is potentially faster loan approvals and disbursals, as these loans are usually offered to existing customers based on their credit history. Consequently, documentation requirements also remain minimal, further smoothening the process. Additionally, these loans are collateral-free, providing you with financial flexibility without the need to pledge your important assets.

Since pre-approved loan offers are personalised, you can get favourable loan terms depending on your financial profile. Furthermore, due to SMFG India Credit's straightforward online application process, getting pre-approved loans becomes quick and hassle-free. Similar to personal loans, pre-approved loans can also be used for a variety of purposes, including debt consolidation, home improvements, or vacations.

Pre-Approved Personal Loan Interest Rates

The interest rates for pre-approved personal loans are typically determined based on your creditworthiness and financial history. Since these loans are offered to individuals who already meet the lender’s eligibility criteria, they often come with competitive interest rates. However, the exact rate can vary depending on the lender and your credit score, income stability, and previous loan repayment record.

Individuals with higher credit scores are more likely to secure lower interest rates, which can help reduce the overall cost of borrowing. Loan tenure can also influence interest rates. Shorter tenures may get you lower interest rates and result in lower overall interest payments, but can lead to higher EMI payments.

Eligibility for a Pre-Approved Personal Loan

Making the process easier, SMFG India Credit offers a special eligibility calculator that lets you input your birthdate, your monthly income, total monthly EMIs that currently exist (if any), rate of interest and tenure, to help you get an estimate of the maximum personal loan amount you can get.

The eligibility criteria for an instant personal loan are as follows:

• You must have the citizenship of India.
• You must be employed by either a private limited or a public limited company.
• You must be older than 22 and younger than 65. Self-employed applicants must be 25 or
• Except for Mumbai and Delhi, your monthly income should at least be 20,000 rupees. In the case of Mumbai and Delhi, it should be at least 25,000 rupees.

Documents for Pre-Approved Personal Loan

SMFG India Credit requires the following for an instant personal loan.

• Complete personal loan application including a recent photograph
• Identity proof, such as passport copy, voter ID, aadhar card, driving license, etc.
• Address proof, such as ration card, rental agreement, telephone bill, etc
• Age proof, such as PAN card, birth certificate, etc
• Bank statement or passbook containing a record of the last 6 months of salary, or three months of salary slips.
• Form 16
• A cheque for the processing fee
• Income tax returns

Please note that some additional documents may be needed on a case-to-case basis. Our representative will provide you with the details, as necessary.

How to Apply for a Pre-Approved Personal Loan?

SMFG India Credit offers you different ways to apply for an instant personal loan, thus helping you experience the method you find easier and more convenient.

• Apply Online – This process is completely digital and can be completed from the comfort of your home. Please click here to learn more.
• You can take the documentation required and visit the closest SMFG India Credit branch, where you will be asked to fill the necessary forms. Our staff would assist you with all your needs, and help pick the right loan options.

If you are an existing customer and are looking for a pre-approved loan or a top-up loan, the same options mentioned above are applicable. However, depending on the length of your relationship with SMFG India Credit and other parameters, the documentation required may be much less, thereby making the process much faster.

To know more, please feel free to contact us at our toll-free number 1800 103 6001 (between 9:00 AM – 7:00 PM on all days except the 2nd & 4th Saturdays of the month, Sundays and public holidays). Alternatively, you can also visit us at your nearest SMFG India Credit branch.

Personal Loan Application Process

SMFG India Credit offers a quick and convenient personal loan online application process involving the following steps:

1. Provide Basic Information

Fill in the required details including mobile number, PAN, pincode, and employment type (salaried or self-employed) to begin your application.

2. Verify Mobile Number

Enter the 6-digit OTP you receive on your mobile device to verify your number.

3. Enter Additional Personal Information

Add your email address, date of birth, gender, and annual household income to continue with the loan application. Don’t forget to verify your email ID.

4. Employment Information

For salaried applicants, provide your employment details as requested.

5. Submit Bank Statement

Share your bank statement through Net Banking, an Account Aggregator, or by uploading it. The provided banking information will be used to generate a loan offer. This is applicable to salaried applicants only.

6. Proceed With Identity Verification

Complete your identity verification by taking a selfie and submitting address details through CKYC, Offline Aadhaar XML-based KYC, or DigiLocker.

7. Provide Bank Account Details

Enter your bank account details to be verified by us.

8. Additional Details

Enter details like the purpose of the loan, marital status, father’s name, and mother’s maiden name in the ‘Additional Details’ section.

9. Re-payment Mode and E-NACH Setup

Choose your preferred re-payment method (debit card or internet banking) and finalise E-NACH setup.

10. Review and Sign Loan Agreement Digitally

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

Complete these easy steps and get closer to achieving your financial targets with our personal loan.

Things to Consider While Applying for a Pre-Approved Personal Loan

Consider the following factors when opting for a pre-approved loan online:

• Interest Rate: Even though most instant pre-approved loans come with attractive rates, ensure you compare them with other available options to secure the best deal.
• Fees and Charges: Check if any additional charges, such as processing fees or prepayment charges, apply as they can increase the total cost of your loan.
• Loan Tenure: Consider the available repayment options and select a tenure that aligns with your financial capacity and savings goals.
• Eligibility: Confirm that you meet the eligibility criteria, even for easy pre-approved loans, as credit score and existing financial commitments still matter.
• Loan Amount: Carefully consider your financial requirements before borrowing the full pre-approved amount to make sure that repayments stay manageable.

* 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.

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