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.
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.
The features and benefits of unsecured loans are:
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.
11.99%* p.a. onwards
INR 50,000* to INR 25 Lakh* (For Salaried)
12 - 60 months
Up to 6% of the loan amount
Lowest EMI per month
Starting from INR 1,112** for 60 months
Up to 7% of the loan amount
**Assuming a loan amount of INR 50,000 and an interest rate of 11.99% per annum
The list of documents required for a personal loan application includes:
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.
The eligibility criteria for unsecured loans by SMFG India Credit are listed below:
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.
You can take our personal loan for a variety of reasons.
As long as you fulfil the unsecured personal loan eligibility criteria, you can easily avail one. You can apply for unsecured personal loans online within seconds and fill in the required details on the application form. You will also need to upload the required documents, and click on “Submit”. Our online loan application process provides you with an instant decision. Post loan approval, a customer representative will contact you to discuss your requirements and guide you further
Alternately, you can Contact Us and speak to a customer service representative. You may even visit your nearest SMFG India Credit branch to proceed with the loan application process.
It is completely safe to obtain collateral-free loans by SMFG India Credit. Our transparent pricing and procedures make the borrower aware of what to expect from unsecured loans and products.
The limit for an unsecured loan varies based on factors such as income, credit score, and the lender's policies. Generally, borrowers can access amounts ranging from Rs. 50,000 to Rs. 25 Lakhs*, offering flexibility for diverse financial needs.
The maximum repayment tenure for an unsecured loan typically falls within the range of 12 to 60 months. The exact duration depends on the borrower’s eligibility and preference.
Unsecured personal loans are known for quick approvals, and the funds can be transferred within 24 hours* or one working day*, shortly after final loan approval. The approval timeline may vary based on the lender's verification process and the completeness of the application.
While unsecured loans may have processing fees and interest rates, reputable lenders like SMFG India Credit maintain transparency about associated charges. It is crucial for borrowers to review the terms and conditions thoroughly to understand any potential costs.
In SMFG India Credit, unsecured loans like personal loans are available to both salaried and self-employed individuals. Eligibility criteria typically include factors such as income, credit history, and employment stability, catering to a broader range of borrowers.
Unsecured loans are versatile, allowing borrowers to utilize funds for various purposes such as medical expenses, travel, education, debt consolidation, and more. Lenders usually do not impose restrictions on the specific usage of the loan amount.
The application process involves filling out an online form, providing necessary documents, and undergoing a quick verification. Online lenders, in particular, facilitate a straightforward and user-friendly application process to ensure convenience for borrowers.
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