Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.
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:
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
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.
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.
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:
SMFG India Credit requires the following for an instant personal loan.
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.
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 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.
SMFG India Credit offers a quick and convenient personal loan online application process involving the following steps:
Fill in the required details including mobile number, PAN, pincode, and employment type (salaried or self-employed) to begin your application.
Enter the 6-digit OTP you receive on your mobile device to verify your number.
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.
For salaried applicants, provide your employment details as requested.
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.
Complete your identity verification by taking a selfie and submitting address details through CKYC, Offline Aadhaar XML-based KYC, or DigiLocker.
Enter your bank account details to be verified by us.
Enter details like the purpose of the loan, marital status, father’s name, and mother’s maiden name in the ‘Additional Details’ section.
Choose your preferred re-payment method (debit card or internet banking) and finalise E-NACH setup.
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.
Consider the following factors when opting for a pre-approved loan online:
* 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.
* 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.
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.
To pre-qualify for a pre-approved personal loan, maintain a good credit score, timely repayment of existing loans, and a healthy financial relationship with your lender or financial institution. Regular monitoring of your credit report and keeping your credit utilisation ratio low (30% or below) can help as well.
Consider accepting a pre-approved personal loan only if you genuinely need the funds and find the offer favourable. Compare the loan’s interest rates, tenure, and fees against other available options before making a decision to avoid unnecessary debt.
A pre-approved personal loan typically has faster processing, minimal documentation, and sometimes lower interest rates compared to a regular loan. Since the lender already knows your creditworthiness, the loan is often approved and disbursed quickly.
To get pre-approved, maintain a good credit score by ensuring timely payments on loans and credit cards. A strong financial relationship with your financial institution, along with a steady income, will increase the chances of receiving a pre-approved personal loan offer.
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