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SMFG India Credit Personal Loan Highlights |
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| Interest rate | 13% p.a. onwards |
| Loan Amount | For Others- Up to Rs 25 lakh
For Doctors- Up to Rs 30 lakh |
| Tenure | Up to 5 years |
| Processing Fees | Up to 6% of the loan amount |
| Prepayment Charges | Up to 7% |
| Minimum Monthly Salary | Rs 20,000- Rs 25,000 |
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Table of Contents :
SMFG India Credit Personal Loan Interest Rates
SMFG India Credit offers personal loans starting @ 13% p.a. onwards. The final interest rates are offered depending on the income source, employment or business stability, and existing monthly obligations of personal loan applicants.
Comparison Table of Personal Loan Interest Rates for Top Lenders
| Banks/NBFCs | Interest Rates(p.a.) | |
| Axis Bank | 11.25% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.99% onwards | Apply Now |
| HDFC Bank | 10.85% onwards | Apply Now |
| ICICI Bank | 10.85% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| Tata Capital | 11.99% onwards | Apply Now |
| Federal Bank | 12.00% onwards | Apply Now |
| DMI Finance | 12.00% - 40.00% | Apply Now |
| L&T Finance | 12.00% onwards | Apply Now |
| Kreditbee | 16.00% - 29.95% | Apply Now |
| MoneyTap | 13.00% onwards | Apply Now |
| Piramal Finance | 12.99% onwards | Apply Now |
| Aditya Birla | 10.99% onwards | Apply Now |
| Moneyview | 14%-36% | Apply Now |
| Cashe | 27.00% onwards | Apply Now |
Also know the personal loan interest rates offered by various lenders
Processing Fees & Charges of SMFG India Credit Personal Loan
| Fee Type | Charges |
| Processing Fee | Up to 6% of loan amount |
| Late Payment Charges | Up to 2% per month of the overdue amount calculated on day to day basis plus applicable taxes |
| Cash/Cheque Collection | NIL |
| Loan Cancellation Charges | Rs 5,000 |
| Processing Fees | 0%-6% of the loan amount |
| Cheque/ECS/NACH dishonoured charges | Rs 300 |
| Swap charges for replacement of ECS to ECS | Rs 500 |
| Swap charges for replacement of Post-dated cheques to ECS | Rs 500 |
Also check the processing charges for personal loan
Types of SMFG India Credit Personal Loan
Personal Loan for Elite Applicants
- Purpose: SMFG India Credit offers Personal Loan for Elite Applicants to individuals having a minimum monthly income of Rs 75,000 and CIBIL score of at least 750
- Loan Amount: Rs 8 lakh- 25 lakh
- Tenure: Up to 5 years
Personal Loan for Salaried
- Purpose: SMFG India Credit offers Personal Loan for Salaried to finance the personal requirements such as wedding, higher education, debt consolidation, etc., of salaried individuals
- Loan Amount: Up to Rs 25 lakh
- Tenure: Up to 5 years
Personal Loan for Self-employed
- Purpose: Self-employed individuals can avail Personal Loan for Self-employed from SMFG India Credit to meet their personal requirements
- Loan Amount: Up to Rs 10 lakh
- Tenure: Up to 5 years
Personal Loan for Doctors
- Purpose: SMFG India Credit offers Personal Loan for Doctors to medical practitioners working as consultants or practicing professionals with private or government hospitals/clinics
- Loan Amount: Up to Rs 30 lakh
- Tenure: 1-5 years
Personal Loan for Wedding
- Purpose: SMFG India Credit offers Personal Loan for Wedding to individuals for financing their various wedding related expenses such as finalizing an exotic venue, catering, photography, wedding attire, etc.
- Loan Amount: Up to Rs 25 lakh
- Tenure: 1-5 years
Personal Loan for Home Improvement
- Purpose: Consumers can avail Personal Loan for Home Renovation for expanding their living space or making other improvements to their house such as remodeling the kitchen, changing the bathroom fittings, upgrading the living room furniture, etc.
- Loan Amount: Up to Rs 25 lakh
- LTV Ratio: Up to 90%
- Tenure: Up to 5 years
Personal Loan for Travel/Holiday
- Purpose: Consumers can avail Personal Loan for Travel from SMFG India Credit to meet their travel expenses such as airfare, hotel bills, purchasing travel accessories, funding a tour package, etc.
- Loan Amount: Up to Rs 25 lakh
- Tenure: 1-5 years
Personal Loan for Women
- Purpose: Personal loan for Women is offered to fulfill the personal requirements of females and help them achieve financial freedom
- Disbursal Time: Up to 72 hours of approval
Personal Loan for Medical Emergency
- Purpose: Individuals can avail Personal Loan for Medical Emergency from SMFG India Credit to pay their medical bills, treatment cost, surgeries, etc.
- Loan Amount: Up to Rs 25 lakh
- Tenure: Up to 5 years
Personal Loan for Higher Education
- Purpose: Consumers can avail SMFG Personal Loan for Higher Education for financing further studies of their children
- Loan Amount: Up to Rs 25 lakh
- Loan Tenure: Up to 5 years
Personal Loan for Shopping
- Purpose: Applicants can avail Personal Loan for Shopping from SMFG India Credit to meet their financial requirements for purchase of items such as mobile phones, tablets, washing machines, air conditioners, etc. and even for wedding-related shopping.
- Loan Amount: Up to Rs 25 lakh
- Loan Tenure: Up to 5 years
Personal Loan for Debt Consolidation
- Purpose: Consumers can avail Personal Loan for Debt Consolidation to pay off their existing debts availed at higher interest cost and thereby, reduce their total interest cost.
- Loan Amount: Up to Rs 25 lakh
- Loan Tenure: Up to 5 years
Eligibility Criteria for SMFG India Credit Personal Loan
Profession:
- Salaried employee of a Public Sector Undertaking or a Private Limited Company,
- Self-employed with the turnover according to the current policy
Minimum Monthly Income:
For Salaried-
- Rs 25,000 for people living in Mumbai/Delhi
- Rs 20,000 for the rest of India
For Self-employed- Minimum yearly profit after tax deduction based on profession/industry
Work Experience: At least 1 year
Experience in Current Company: Minimum 6 month
Maximum EMI as a percent of income: 65%
CIBIL Score: 750 or above
Also Read: Know how Step UP Credit Card Co-branded with SBM Bank India Ltd. helps in building/improving your credit score
Documentation Required for Loan Application
- ID Proof such as passport, PAN Card, voter ID, driving license
- Signature Proof (passport, PAN card)
- PAN Card
- Address Proof such as ration card, passport, utility bill (gas/electricity bill), driving license, voter ID, bank statement, rent agreement)
- Bank statement for 6 months
Additional Documents for Salaried Applicants
- ITR/Form 16
- Salary slips for last 3 months
Additional Documents for Self-Employed Applicants
- ITR for last 2 years
- Balance sheet and profit and loss account, income computation for last 2 years
- Business Proof (registration certificate, license, service tax registration)
- IT Assessment or clearance certificate
- Income Tax Challan or TDS certificate (Form 16A) or Form 26AS for income declared in ITR
SMFG India Credit Personal Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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FAQs
What is the turnaround time for personal loans offered by SMFG India Credit?
SMFG India Credit claims to disburse personal loans within 72 hours of the loan approval.
What special benefits are offered to the existing customers of SMFG India Credit?
The existing customers of SMFG India Credit can enjoy additional benefits on the processing time and interest rates. The applicants are also eligible for a pre-qualified top-up on the outstanding principal.
What factors determine the loan amount eligibility of personal loan applicants?
The loan amount eligibility of personal loan applicants depends on their monthly income, existing monthly obligations including credit card debt and the policy of the company at the time for loan application.
Does SMFG India Credit offer preferential interest rates to any of its applicants?
SMFG India Credit offers preferential interest rates to doctors and women availing personal loans from the NBFC.
Can I prepay my personal loan availed from SMFG India Credit?
Yes, you can prepay your personal loan availed from SMFG India Credit. The NBFC levies prepayment charges ranging between 0-7% on personal loan applicants.