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Assuming annual interest rate of 13
Loans Upto ` 30 Lakh*
Quick Disbursal
Minimal Documentation
Flexible Tenure
A small personal loan, or a small loan, is an unsecured loan designed to meet urgent financial needs. With a quick and hassle-free paperless process, you can apply for a small loan online and get the funds you need without disrupting your monthly savings. Small instant loans provide a convenient way to handle emergencies, with flexible repayment tenures that allow you to repay according to your comfort. If you need quick financial assistance, small personal loans online can be the ideal solution.
You don’t need to pledge any collateral – such as property or a vehicle – to apply for a small loan, reducing the risk of asset loss.
We charge only nominal processing fees and associated charges.
When you apply for a small loan, you benefit from our swift approval processes (subject to eligibility and the submitted documentation). Additionally, SMFG India Credit offers small personal loans at competitive interest rates starting at only 13%* per annum.
One of the key advantages of a small instant loan is rapid disbursal. Funds can be credited to your account shortly after final loan approval.
We require only a few essential documents, ensuring a smooth and hassle-free application process for your small loan.
Choose a repayment tenure between 12 to 60 months, with fixed EMIs to help you budget effectively.
You need to meet the basic eligibility criteria below to be eligible for a personal loan. You can use a personal loan eligibility checker to verify the same.
When applying for a small personal loan, lenders assess several factors to determine your eligibility. Here are the key aspects that influence your loan approval:
A higher credit score – typically 750 or above – indicates strong creditworthiness, improving your chances of approval with better interest rates. Conversely, a lower score may result in higher interest rates or even the rejection of your loan application.
Lenders evaluate your monthly income to ensure you can comfortably manage EMIs. A stable and sufficient income reassures lenders of your repayment ability. Generally, higher income levels (and low existing debts) can lead to better loan terms and access to higher loan amounts.
Salaried individuals with steady employment are usually considered lower risk. Self-employed applicants are also eligible, but they may need to provide additional documentation – such as CA-audited financials for the past 2 years – to verify income stability and repayment capacity.
Having an existing account or a strong repayment history with a financial institution can improve your chances of approval and may qualify you for preferential interest rates on a small personal loan.
Whether it’s a dream vacation, paying for your children’s education, or a wedding in the family, or a medical crisis, a small personal loan from SMFG India Credit is the answer that you are looking for. When these expenses come knocking on your doorstep, nothing is off your list of to-dos when you avail a small personal loan from us.
This is the small personal loan documents required list:
The key fees and charges for personal loans at SMFG India Credit are outlined below:
Particulars |
Details |
Interest Rate |
Starting from 13%* per annum |
Processing Fee |
Up to 5% of the total 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) |
INR. 1000 - 2500 |
Cheque/ECS/ACH Direct Debit Dishonour Charges |
INR. 300 to 1000 |
Personal loan interest rates are set based on the customers’ credit history. A small personal loan is usually repaid in one to five years, but it may vary depending on the policy you opt for. There is also an option of repaying the mini personal loan before the maturity date without any extra fees, which could be a great way to save on the interest*.
Applying for a small loan online is a simple and quick process at SMFG India Credit:
Enter your contact details, employment status (salaried or self-employed), PAN, and other necessary particulars.
Validate your phone with a 6-digit OTP sent to your phone.
Enter additional data including email address, date of birth, gender, and annual household income. Complete the required email ID verification.
Salaried applicants need to provide employment information.
Kindly share your bank statement via Net Banking, Account Aggregator, or by uploading it. Your submitted banking details will help us generate a loan offer (applicable only for salaried individuals).
Proceed to verify identity and share address details through recognised digital methods such as CKYC, Offline Aadhaar XML-based KYC, and DigiLocker. You must take a selfie to complete the identity verification process.
After bank account verification, you will be directed to add some more details like the loan purpose and marital status in the ‘Additional Details’ section.
Go through the loan agreement carefully, digitally sign it, and validate the process using the OTP sent to your registered mobile number.
Progress toward your financial goals by following these easy personal loan application steps.
* 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.
A small personal loan is ideal for individuals facing urgent financial needs, such as medical emergencies, home repairs, or short-term cash flow gaps.
At SMFG India Credit, the minimum salary that the applicant should be drawing is INR 25,000 per month if based in Mumbai or Delhi to apply for a small personal loan. For the rest of India, the minimum salary requirement is INR 20,000 per month. If you’re falling short of the income threshold, consider adding a co-applicant with a strong income and credit history to strengthen your application.
At SMFG India Credit, you need a credit score of 750 and above to apply for a small loan online.
The repayment tenure for personal loans ranges from 12 to 60 months.
No, you do not have to put up any collateral or security for a small personal loan.
The interest rate for a small personal loan at SMFG India Credit starts at 13%* per annum. However, the final rate you receive will depend on various factors, such as your credit score, income, loan amount, existing debts, and so on.
Online personal loan applications are typically processed swiftly, but the approval time may vary depending on the lender's policies, the documents provided, and the applicant's eligibility.
Yes, you can submit a small personal loan application online and upload documents digitally.
It is possible to obtain a small personal loan with a lower credit score, but the chances of approval may be lower and interest rates higher. Some lenders may require a co-applicant or guarantor. It is advisable to improve your credit score to at least 750 before applying.
Yes, prepayment or foreclosure charges may apply if you repay your small personal loan before the end of the agreed tenure. These charges vary from lender to lender, so it's important to check the terms and conditions beforehand.
Applying for a small personal loan may result in a temporary dip in your credit score due to a hard enquiry. However, timely repayment of the loan can positively impact your credit score by improving your credit mix and payment history.
Missing a loan payment can negatively impact your credit score. Late payments may result in penalty fees, and consistently missing payments may lead to potential legal action, depending on the severity of the default.
At SMFG India Credit, you can apply for a personal loan of up to INR 30 lakhs*.
The minimum salary that the applicant should be drawing is Rs 25,000 per month if based in Mumbai or Delhi to apply for a small personal loan. For the rest of India, the minimum salary requirement to make a small personal loan application is Rs 20,000 per month.
The minimum salary requirement varies from lender to lender. You need to check with your preferred lending partner if a small personal loan can be applied with a salary of less than Rs 15,000 per month.
Ideally, you need to have your salary slips for the last three months in order to apply for a small personal loan from SMFG India Credit. In case you are unable to provide the same, it is best to discuss other possibilities with the personal loan expert at SMFG India Credit.
You need to meet the following eligibility criteria to apply for a small personal loan at SMFG India Credit:
You can take our personal loan for a variety of reasons.
Wedding Expenses
Higher Studies
Exotic Vacations
Hobbies
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