Small Personal Loan

No, you do not have to put up any collateral or security for a small finance loan.

The interest rate for a small personal loan at SMFG India Credit starts at 12%* 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 small loan applications are typically processed swiftly, but the approval and loan disbursement 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 online application 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 700 (700 for the self-employed) 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 10 lakhs*.

The minimum salary that the applicant should be drawing is Rs. 25,001* 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 for with a salary of less than Rs 15,000 per month.

No Salary Slip required. Bank statements submitted should display salary being credited.

You need to meet the following eligibility criteria to apply for an instant small loan online at SMFG India Credit:

• Be a citizen of India
• Be between 24 to 60 years of age
• Be employed in a registered private limited company, public sector enterprise or be self-employed
• Have a minimum monthly income of Rs. 25,001