Small Personal Loan

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.

Features and Benefits of a Small Personal Loan

Unsecured Finance

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.

Nominal Processing Fee

We charge only nominal processing fees and associated charges.

Quick Approval and Attractive Interest Rates

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.

Quick Disbursal

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.

Minimal Paperwork

We require only a few essential documents, ensuring a smooth and hassle-free application process for your small loan.

Comfortable EMI Tenures

Choose a repayment tenure between 12 to 60 months, with fixed EMIs to help you budget effectively.

Eligibility Criteria to Get a Small Personal Loan

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.

• You should be a citizen of India.
• The minimum age to apply for a small personal loan is 22 years (25 if you’re self-employed).
• The individual needs to be self-employed or have a certain kind of income.
• The age of the customer at the time of maturity of the loan should be less than 65 years.

Factors Affecting Small Loan Eligibility

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:

1. Credit Score

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.

2. Monthly Income

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.

3. Employment Status

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.

4. Relationship with Lender

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.

Documents Required for 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:

1. ID, Age and Address Proof (Any one) – Valid Passport, Voter ID, Aadhar Card, PAN Card, Valid Driving License
2. Income Proof for Salaried – Salary Slips/ Bank Statements/ Form 16 and Income tax returns
3. Other Documents – Application form with photograph duly signed, last 6 months bank statements, and PAN card photocopy

Small Personal Loan Fees and Charges

The key fees and charges for personal loans at SMFG India Credit are outlined below:

Repayment of a Small Personal Loan

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*.

How to Apply for a Small Personal Loan Online

Applying for a small loan online is a simple and quick process at SMFG India Credit:

1. Provide Your Basic Information

Enter your contact details, employment status (salaried or self-employed), PAN, and other necessary particulars.

2. Verify Your Mobile Number

Validate your phone with a 6-digit OTP sent to your phone.

3. Fill in Additional Details

Enter additional data including email address, date of birth, gender, and annual household income. Complete the required email ID verification.

4. Enter Employment Details

Salaried applicants need to provide employment information.

5. Bank Statement Upload

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).

6. Verify Your Identity

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.

7. Submit Bank Account Information
   Provide your bank account details, which we will then verify.

8. Provide Additional Information

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.

9. Choose Re-payment Mode and Finalise E-NACH
   Select your re-payment method (debit card or internet banking) and set up E-NACH.

10. Review and Sign the Loan Agreement

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.