SMFG India Credit Company Personal Loan

Features and Benefits of SMFG India Personal Loan

SMFG India offers several benefits to customers that make it one of the best non-banking organisations for personal loans. If you’re planning to apply for SMFG India Personal Loan, check below some of its significant features and benefits:

• SMFG India provides personal loans up to Rs. 25 lakh.
• FICCL offers easy loan accessibility for citizens living in urban, semi-urban and rural areas with several active branches in each of them.
• Borrowers get flexible and attractive interest rates, starting from 11.99% for salaried and self-employed with a maximum limit of 36%.
• Eligible applicants get instant approval within four working days.
• Once the loan is approved, it gets reflected in your bank account within 30 minutes.
• SMFG India offers unique benefits for existing customers.

SMFG India Personal Loan Eligibility Criteria 

Salaried and self-employed individuals can get a personal loan from SMFG India. Those who are salaried with a minimum fixed monthly income of Rs. 15,000 are eligible for a SMFG India personal loan. And those who are self-employed, professionals and non-professionals, with a minimum fixed monthly income of Rs. 20,000 can apply for the loan. 

SMFG India also has criteria based on the borrowers’ age. 21 years is the minimum age to apply for a SMFG India Personal Loan, whereas the maximum age limit is 60 years. Thus, if a 58-year-old is applying for a SMFG India personal loan, they will get it sanctioned for a maximum tenure of 2 years (till the individual reaches the age of 60). 

Check below some basic parameters of the SMFG India Personal Loan eligibility criteria:

SMFG India Fees and Charges

Learn about SMFG India Personal Loan fees and charges in the below table: 

Note: Prepayment penalties or Foreclosure charges are not charged on all floating rate term loans sanctioned to individual borrowers.

SMFG India Personal Loan Interest Rates

SMFG India offers the best personal loan interest rates based on your individual and financial profile and requirements. Check below to know about SMFG India Personal Loan Interest Rates and the factors influencing its processing and approval: 

Factors Affecting SMFG India Personal Loan Interest Rates

There are several external as well as internal factors that affect interest rates for personal loans in SMFG India. Some of the key SMFG India personal loan requirements include:

• Borrower’s Age: The applicant for the personal loan must be of lower age. They should be above 21 years and not close to the retirement age.
• Occupation: One should not be involved in a job with uncertainty and more chances of risk. Salaried individuals can bargain better on interest rates other than self-employed professionals.
• Credit Score: Those applying for a personal loan must have a credit score of 750 and above.
• Employer: If you are working with a better employer, you will have a higher chance of getting a lower interest rate.
• Repayment Capacity: A lower debt-to-income ratio helps get a personal loan quickly.
• Borrower’s Relationship with the Lender: The process to get a personal loan becomes easier for existing customers.

Documents Required for SMFG India Personal Loan

Here are the documents required for SMFG India personal loan:

• Identity Proof (Aadhaar Card/Voter ID/Driving Licence/Passport)
• PAN Card
• Signature Proof (PAN Card/Passport)
• Residence Proof (Aadhaar Card/Passport Copy/Driving Licence/Voter ID/Electricity Bill or Utility Bill/Rent Agreement/Ration Card)
• Bank Statement of the past 6 months

Additional Documents for Salaried Individuals

• Salary slips for the last 3 months
• Form 16 or Income Tax Returns

Additional Documents for Self-Employed Individuals

• Last 2 years Income Tax Returns 
• Balance sheet, profit and loss account, income computation for the last 2 years
• Business Proof (Licence, Registration Certificate, GST number)
• IT Assessment or Clearance Certificate
• Income Tax Challan or TDS Certificate (Form 16A) or Form 26AS for income declared in ITR

Keep in mind that additional documents might be requested depending on an individual profile and the SMFG India policy at the time of loan application.

How Does the EMI Calculation Work for SMFG India Personal Loans?

SMFG India Personal Loan EMI is calculated depending upon some significant factors, including loan amount, interest rate, loan tenure, monthly salary, and the individual’s organisation.

Personal Loan EMI Calculator in SMFG India is an online tool that helps estimate monthly EMI and its break-up into principal and interest throughout the overall tenure of the loan.

If we calculate the lowest monthly EMI using the lowest interest rate of 11.99% and the longest tenure of 48 months for a personal loan in SMFG India, it will be Rs. 2,633 per lakh. 

Check below the table that shows the EMIs at different loan amounts and loan tenure on SMFG India Personal Loan, when calculated at the lowest rate: 

How Does SMFG India Compare with Other Lenders?

Check below the comparison of SMFG India Personal Loan with other major personal loan providers in India: