Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.
A pre-approved personal loan, in case of banks, is a personal loan which is given to eligible customers based on various criteria such as their relationship with the bank, 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 basically a top-up instant personal loan given to existing customers with 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 sudden loss of a job, a medical emergency, or for 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:
SMFG India Credit offers the following features and benefits on their personal loans:
Loan Amount: SMFG India Credit offers personal loan up to INR 25 lakhs*
Interest Rates: SMFG India Credit offers attractive personal loan interest rates starting from 11.99%*
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
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 are currently existing (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:
SMFG India Credit requires the following for an instant personal loan.
Please note that some of additional documents may be needed on a case to case basis. Our representative would provide you the details, as necessary.
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.
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 lesser, 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 2nd & 4th Saturdays of the month, Sundays and public holidays). Alternatively, you can also visit us at your nearest SMFG India Credit branch.
Pre-approval essentially defines the preliminary step to getting approval on a personal loan. You may find that you qualify for several pre-approved offers with lenders. This helps you to shop around for your preferred personal loan product by simply performing a soft credit check. While a pre-approval may expedite the process of getting a personal loan it does not provide a 100% promise that you will actually be sanctioned one despite the pre-approval status.
Pre-approved personal loans are available to select borrowers’ basis their positive credit score and history. The benefits of pre-approved personal loans are:
A pre-approved personal loan offer comes with limited time validity. The actual duration of the validity period varies from lender to lender. While some lenders may offer a pre-approved offer for a few hours or days, many extend it to several months at a time. If you find that a pre-approved personal loan offer meets your requirements, it is best to decide on it quickly.
Personal loan pre-approval can affect your credit score. Generally, the impact depends on whether the inquiry is a soft or a hard one. Soft inquiries will involve customers tracking their credit records or downloading their CIBIL report. These acts are not visible to lenders and hence do not affect the credit score. However, if there is a formal personal loan application on the pre-approved offer, the lender may access the CIBIL report of the prospective applicant. This gets recorded as a hard inquiry. Too many of these hard inquiries is a red flag for lenders that in turn may adversely impact your credit score.
Depending on your lender, as well as your eligibility, profile and documentation, funds typically show up in your bank account in anywhere from one business day to two weeks although some loans can take a bit longer. As you shop for lenders, make sure to check out their disbursal periods if you need the money quickly.
* Terms and conditions apply
** Subject to foreclosure charges. Terms and conditions applicable.