What is Personal Loan

A personal loan, also known as a signature loan or unsecured loan are loans that you can apply for without the need for any collateral and with minimum documentation. The procedure is hence very quick and simple. At SMFG India Credit, you can get the loan amount within 30 minutes* of loan approval and document verification.

Personal loans are generally approved by just scrutinizing the credit history and income of the individual. Higher the CIBIL Score better are the chances of your loan getting approved. A loan amount of up to Rs.30 lakhs* could be sanctioned depending on your income, credit history and other factors including SMFG India Credit’s policy at the time of loan application.

Personal Loan Eligibility Criteria

• You should be a resident citizen of India.
• You should be at least 21 years of age at the time of application.
• The maximum age at the time of maturity of the loan should be 65 years.

For Salaried Professionals:

• You must be an employee of a public sector undertaking (central, state, or a local body) or a private limited company
• You should have a monthly income of at least Rs. 25,000 if you reside in Mumbai or Delhi
• You should have a monthly income of at least Rs. 20,000 if you reside in any other part of India

For Self Employed:

• Your annual income should satisfy the organization's policy at the time of loan application. Please note that this amount is different for each person depending on various factors
• Financial statements that show the stability of income

Documents Required

• 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)
• Income proofs and bank passbook/statement of the last 6 months
• Form 16
• Income tax returns
• Processing fee cheque

Personal Loan Application Procedure

You can apply online for a personal loan in 3 simple steps.

• Check the eligibility criteria for personal loans. Make sure that your application matches the criteria as mentioned above.
• Submit the completed application with required documents as mentioned above for verification.
• Wait for the approval

Post loan approval and document verification, the amount will get credited into your account within 30 minutes*.

Repayment of Personal Loan

Personal loan interest rates are set based on various factors, including your credit history. At SMFG India Credit, we offer personal loans with flexible repayment tenure of 12 - 60 months. Based on the selected tenure, you can pay your EMIs online or via cheque. There is also an option of pre-repaying the loan before the fixed maturity date which could be a great way to save on the interest.

*Loans are disbursed at the sole discretion of SMFG India Credit. Please note that final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application

SMFG India Credit Personal Loan Overview   Check Your Eligibility   Apply Now