Unsecured Loans

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. 30 lakhs*
• Interest rate is as low as 13%* 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 13%* 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.

**Assuming a loan amount of INR 50,000 and an interest rate of 13% 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. Enter Basic Details

Fill in your basic details like mobile number, PAN, employment status (salaried or self-employed), and pincode.

2. Verify Your Mobile Number

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

3. Provide Additional Information

Supply more details such as email address, date of birth, gender, and annual household income. Perform the required email ID verification.

4. Enter Employment Details

If you are employed with an organisation, please provide the relevant employment information.

5. Bank Statement Submission

Please provide your bank statement via Net Banking, an Account Aggregator, or by uploading it. We’ll use this information to create a loan offer (applies only to salaried individuals).

6. Complete Identity Verification

Verify your identity (including taking a selfie to complete the process) and share address details through CKYC, Offline Aadhaar XML-based KYC, or DigiLocker.

7. Provide Bank Account Information

Submit your bank account details for verification.

8. Submit Additional Information

Upon bank account verification, you will be asked to provide some more information in the 'Additional Details' section.

9. Set Up E-NACH for Re-payment

Choose your preferred re-payment method (debit card or internet banking) and set up E-NACH.

10. Sign and Validate the Loan Agreement

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.