Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.

SMFG India Credit offers unsecured personal loans online to customers from every economic background. We support your dreams and ambitions by providing customized personal loans to meet planned or emergency expenses. At our financial institution, we are always on our toes to help you through your financial needs, with funds for a medical emergency, home renovation, big-ticket purchase, wedding, vacation, travel, and a lot more.

What are Unsecured Personal Loans? 

Unsecured Personal loans are financial products that do not require collateral for your loan approval. Unlike secured loans, such as mortgages or car loans, where the borrower pledges assets, unsecured loans are granted based on the borrower's creditworthiness. Borrowers with strong credit histories are more likely to qualify for favorable terms. While unsecured loans offer flexibility, they necessitate responsible financial management to avoid high-interest costs and potential credit score impacts in the event of default.

Features And Benefits of Unsecured Loans

The features and benefits of unsecured loans are:

  • Both salaried and self-employed individuals can apply for unsecured loans
  • You can avail a loan amount of up to Rs. 25 lakhs*
  • Interest rate is as low as 11.99%* per annum
  • Tenure is between 12  to 60 months
  • You can foreclose the loan after payment of the initial 6 EMIs.

Interest Rates for Unsecured Personal Loans

The personal loan interest rates online start from 11.99%* per annum for salaried borrowers. Some of the other factors we consider to determine the rates are your net income, age, location, existing monthly obligation, nature of employment (salaried or self-employed person), etc.

Interest Rates

11.99%* p.a. onwards

Loan Amount

INR 50,000* to INR 25 Lakh* (For Salaried)

Loan Tenure

12 - 60 months

Processing Fees

Up to 6% of the loan amount

Lowest EMI per month

Starting from INR 1,112** for 60 months

Prepayment/Foreclosure Charges

Up to 7% of the loan amount

**Assuming a loan amount of INR 50,000 and an interest rate of 11.99% per annum

Documents Required for Unsecured Personal Loan

The list of documents required for a personal loan application includes:

  • Recent passport-sized photographs
  • Completed personal loan application form
  • Age proof (Passport/PAN card/Certificate from a statutory authority)
  • Identity proof (Driving license/voter ID card/Passport/PAN card)
  • Address proof (Telephone bill/electricity bill/Passport/driving license/ration card/rental agreement/bank statement or passbook)
  • Salary slips/proofs of the last 3 months or bank passbook/statement of the last 6 months
  • Form 16
  • Income tax returns
  • Processing fee cheque

NOTE: The documents required for a personal loan may vary depending on the applicant’s profile and employment, as well as SMFG India Credit’s policies at the time of loan application.

Personal Loan Eligibility Check

The eligibility criteria for unsecured loans by SMFG India Credit are listed below:

  • The minimum age to apply is 21 years of age, not exceeding 65 years at the time of loan closure.
  • You must be a resident Indian to apply for unsecured personal loans online.
  • You must have the necessary documents required for the personal loan.

For Salaried Professionals:

  • You must be an employee of a public sector undertaking (central, state, or a local body) or a private limited company.
  • Your monthly income must be at least Rs. 25,000 if residing in Mumbai or Delhi.
  • Your monthly income must be at least Rs. 20,000 if residing in any other Indian city. 

For Self Employed:

Your yearly income should satisfy SMFG India Credit’s policy at the time of loan application. Please note that this amount is different for each applicant depending on other factors such as location, loan amount required, etc.
Financial statements that show stability of income.

How To Apply For An Unsecured Loan in 5 minutes?

For a personal loan application with SMFG India Credit, proceed as follows:

  1. Click here to start the application.
  2. Fill in your basic details like mobile number, PAN, employment status, and pincode.
  3. Validate your phone with the OTP and perform the required email ID verification.
  4. Provide more details such as email address, date of birth, gender, income, and employment background.
  5. Check the loan details, focusing on the amount and terms (repayment schedules, fees, etc.). Confirm your acceptance if the terms are to your satisfaction. We will provide an option to choose an increased loan amount.
  6. If you are employed with an organisation, please provide the relevant employment information.
  7. Verify your identity and address through CKYC, OKYC, or DigiLocker.
  8. Submit your bank account details for verification. Upon bank verification, you will be asked to provide some more information in the 'Additional Details' section.
  9. Choose your payment method (debit card or internet banking) and set up eNACH.
  10. Digitally sign the loan agreement after reviewing it and confirm with an OTP.

Your path toward your financial aspirations is made easier with these straightforward 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.

`
50,00025,00,000
%
11.99%36%
Months
12 Months60 Months

Your Calculated EMI*

 8,302

Reasons to buy

You can take our personal loan for a variety of reasons.

Wedding Expenses

Wedding Expenses

Higher Studies

Higher Studies

Exotic Vacations

Exotic Vacations

Hobbies

Hobbies

 

FAQs

What are the types of Unsecured Loans?

Unsecured loans are those which do not require any collateral for loan approval. Personal loans are a type of unsecured loans. They can be used for various purposes, unlike secured loans (car loans, home loans, etc.) that have to be used for a specific purpose.

What are the benefits of Unsecured Loans?

The benefits of getting an unsecured loan at SMFG India Credit are:

  • Both salaried and self-employed individuals can apply for unsecured loans.
  • You can avail a loan amount of up to INR 25 lakhs* (INR 10 lakhs* for the self-employed).
  • The interest rate can be as low as 11.99%* per annum.
  • The tenure is flexible, between 12 to 60 months.
  • The online application process makes it easy to apply for a personal loan from the comfort of your home.
  • The document requirements are minimal and once approved, the loan amount will be quickly disbursed within 30 minutes* of approval.

Can a self-employed person take an unsecured loan?

Yes, a self-employed person can take an unsecured loan. They can get a loan amount of up to INR 10 lakhs*.

What is the maximum loan tenure offered on unsecured loans?

The loan tenure starts from 12 months and can go up to 60 months.

Do I need to pay a processing fee for unsecured loans?

Yes, the processing fees are up to 6% of the loan amount.

What is the Difference Between Secured and Unsecured loans?

Unlike unsecured loans, secured loans require a valuable asset such as a car or home to be kept as collateral. Unsecured loans typically involve lower risk for the borrower as they do not need to pledge a valuable asset. Examples of unsecured loans include personal loans and credit card debt. In contrast, secured loans include loans against property, home loans, and car loans. Another difference is that unsecured loans can be used for almost any purpose such as wedding expenses, travel, home renovation, medical emergencies, and so on.

What is the Minimum Credit Score Requirement to Qualify for an Unsecured Loan?

You must have a minimum CIBIL score of 750 to qualify for an unsecured loan, along with fulfilling other eligibility criteria.

What are the Parameters for Unsecured Personal Loan Eligibility?

The eligibility criteria for unsecured loans by SMFG India Credit are:

  • The minimum age should be 22 (25 for self-employed) years and should not exceed 65 years at the time of loan maturity.
  • You must be a resident Indian.

For Salaried professionals:

  • You must be an employee of a public sector undertaking or a private limited company.
  • You must have a work experience of at least 1 year and must have been employed at your current workplace for at least 6 months.
  • Your monthly income should be a minimum of INR 25,000 if you reside in Mumbai or Delhi.
  • Your monthly income should be a minimum of INR 20,000 if you reside in any other Indian city.

For Self-employed individuals:

  • Your business should have been in existence for at least 3 years.
  • Your income requirements depend upon the yearly profit after taxes and the minimum annual turnover.

Please note that given above are basic eligibility criteria. The final eligibility depends on several parameters including SMFG India Credit’s policy at the time of the loan application.

What is the application process for an Unsecured Personal Loan?

To apply for a personal loan from SMFG India Credit, follow these essential steps:

1. Access our website www.smfgindiacredit.com to begin or follow this link to the loan application page.

2. Enter the required information such as your mobile number, PAN, pincode, and employment type.

3. Conduct the OTP verification for your mobile number and verify your email ID.

4. Provide more information such as your email address, date of birth, and gender, and specifics about your income and employment history.

5. Review the personalised loan offer including the desired amount, associated fees, and repayment terms. Confirm your acceptance if they are satisfactory and evaluate the option given for choosing a greater loan amount.

6. Submit details regarding your employment if you are a salaried worker.

7. Complete the digital verification for your identity and address via CKYC, OKYC, or DigiLocker.

8. Share your bank account details for verification. Post verification, you'll be guided to the 'Additional Details' section to provide some more personal information.

9. Select your preferred payment option and proceed with eNACH setup.

10. Digitally sign the loan agreement after a careful review and validate the same with an OTP.

Following these easy steps will take you closer to achieving your financial aspirations.

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