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SMFG India Credit Personal Loan – Apply Online 2024
Being a Non-Banking Finance Company, SMFG India Credit is known for offering a wide range of financial products. Yes, with its many financial products such as personal loans, it fulfills the needs of many. When it comes to a personal loan, this renowned company leaves no unturned to meet all your desires. Yes, whether it’s your child’s marriage, furnishing the home, family holiday or funds for higher education, SMFG India Credit with its flexible and thoughtfully designed personal loans satisfies the needs of all.
Want to avail a personal loan that comes to you with multiple features and benefits? If yes is your answer, you can apply for SMFG India Credit Personal Loan. The reputed lender offers you this credit facility at an attractive interest rate, thereby allowing you to enjoy the pocket-friendly EMIs and reduced Interest Outgo. Want to know more? Read the page below.
SMFG India Credit Personal Loan Interest Rates 2024
Personal loan interest rates are not uniform and can vary from customer to customer. The interest rates are determined based on various factors such as the loan amount, tenure and the repayment capacity of individuals. At present, SMFG India Credit offers the loan at an interest rate ranging from 11.99% Onwards p.a.
| Particulars | Details |
|---|---|
| Interest Rates | 13.00% - 36.00% |
| Loan Amount | Up to INR 30 lakhs |
| Loan Tenure | Up to 60 months |
| Processing Fee | up to 6% of loan amount+ GST |
| Foreclosure Charges | up to 6% of the principal outstanding |
SMFG India Credit Personal Loan Eligibility Criteria
The eligibility criteria is given below :
| Criteria | Details |
|---|---|
| Age | Min-21 years; Max-60 years |
| No. of years in employment | 1 year & above |
| Current Experience | 6 months & above |
| Net Monthly Income | For Pvt Ltd. & others -25k( for Metro location) and 20k (for other location) For Govt. and Public Ltd employees – 20k (for metro location) and 15k (for other location) |
| Organisation Type | MNC/Govt/Public and Pvt Ltd./LLP/Trust and society – Hospitals and schools employees only |
Apart from all these, you must not have taken an unsecured loan in the last 3 months. For getting loans above INR 10 lakh, you must submit a proof of residence owned by you or your parents if you are staying in a rental accommodation.
SMFG India Credit Personal Loan Interest Rates Tier Wise 2024
ROI% (Metro)
| Income Bands | Grade A | Grade B | Grade C | Grade D | Grade E&F |
|---|---|---|---|---|---|
| 15k-30k | 21 | 21.5 | 22 | 22.5 | 23 |
| 30k-50k | 18 | 18.5 | 19 | 19.5 | 20 |
| 50k-75k | 15 | 15.5 | 16 | 16.5 | 17 |
| 75k-1L | 13 | 13.5 | 14 | 14.5 | 15 |
| 1L+ | 12 | 12.5 | 13 | 13.5 | 14 |
ROI% (Tier-1)
| Income Bands | Grade A | Grade B | Grade C | Grade D | Grade E&F |
|---|---|---|---|---|---|
| 15k-30k | 21 | 21.5 | 22 | 22.5 | 23 |
| 30k-50k | 18 | 18.5 | 19 | 19.5 | 20 |
| 50k-75k | 15 | 15.5 | 16 | 16.5 | 17 |
| 75k-1L | 13 | 13.5 | 14 | 14.5 | 15 |
| 1L+ | 12 | 12.5 | 13 | 13.5 | 14 |
ROI% (Tier-2)
| Income Bands | Grade A | Grade B | Grade C | Grade D | Grade E&F |
|---|---|---|---|---|---|
| 15k-30k | 22 | 22.5 | 23 | 23.5 | 24 |
| 30k-50k | 19 | 19.5 | 20 | 20.5 | 21 |
| 50k-75k | 16 | 16.5 | 17 | 17.5 | 18 |
| 75k-1L | 14 | 14.5 | 15 | 15.5 | 16 |
| 1L + | 13 | 13.5 | 14 | 14.5 | 15 |
ROI% (Tier-3)
| Income Bands | Grade A | Grade B | Grade C | Grade D | Grade E&F |
|---|---|---|---|---|---|
| 15k-30k | 22.5 | 23 | 23.5 | 24 | 24.5 |
| 30k-50k | 19.5 | 20 | 20.5 | 21 | 21.5 |
| 50k-75k | 16.5 | 17 | 17.5 | 18 | 18.5 |
| 75k-1L | 14.5 | 15 | 15.5 | 16 | 16.5 |
| 1L + | 13.5 | 14 | 14.5 | 15 | 15.5 |
ROI% (Tier-4)
| Income Bands | Grade A | Grade B | Grade C | Grade D | Grade E&F |
|---|---|---|---|---|---|
| 15k-30k | 23 | 23.5 | 24 | 24.5 | 25 |
| 30k-50k | 20 | 20.5 | 21 | 21.5 | 22 |
| 50k-75k | 17 | 17.5 | 18 | 18.5 | 19 |
| 75k-1L | 15 | 15.5 | 16 | 16.5 | 17 |
| 1L + | 14 | 14.5 | 15 | 15.5 | 16 |
Advantages for Existing Customers
- Top-up loan to customers on their outstanding principal amount
- Additional benefits on processing period and interest rates
Maximum Loan Amounts According to Locations
SMFG India Credit sets loan amounts not only based on your income and repayment potential but also your location. The table below shows the maximum loan amount you are likely to get based on your location.
| Locations | Maximum Loan Amount |
|---|---|
| Metro/Tier 1 and 2 | INR 20 Lakh |
| Tier 3 and 4 | INR 15 Lakh |
SMFG India Credit Personal Loan EMI Calculator
Stuck at long and lengthy EMI calculation? Speed up the process by using the personal loan EMI calculator. Not only that, you can even know the total interest amount and the overall repayment using the calculator. It shows the repayment summary when you put the values of the loan amount, interest rate and tenure in the respective fields.
SMFG India Credit has categorized its customers basis on the company they are working for, Net income, and tenor of the loan they are going to opt for. That way SMFG India Credit ensures to provide maximum benefits to its customers basis on their profile.
| Multipliers Net Income (In INR) | Govt. employee/MNC/Public Listed Companies | Non Govt. Employee | ||
|---|---|---|---|---|
| <=24 months tenor | >24 months tenor | <=24 months tenor | >24 months tenor | |
| Below 20K | 8 | 12 | 6 | 10 |
| 20K-25K | 9 | 13 | 8 | 12 |
| 25K-35K | 11 | 16 | 10 | 15 |
| 35K-50K | 13 | 18 | 12 | 16 |
| >50K | 15 | 20 | 13 | 18 |
Let’s take an example to make you understand better how multipliers work.
- If you are a govt employee and getting paid with a Net Income of INR 40,000 and looking for a loan for 48 months and paying no existing emi as of now.
- Net salary – INR 40,000
- Tenor – 48 Months
- Employment type – Govt employee
- As per the above table and your details you are eligible for a multiplier of 18.
- Loan amount – Net income* Multiplier
- 40000*18=INR 7,20,000
- In this case scenario, you can avail up to INR 7,20,000 of loan amount.
- Another Case Scenario – In this case if you have an existing emi of INR 8,140 and also a credit card outstanding of INR 80,000. Then your eligibility would be different.
- Net salary – INR 40,000
- Tenor – 48 Months
- Employment type – Govt employee
- Existing EMI – INR 8,140
- Credit card outstanding – INR 80,000 (To consider this as an EMI bank only take a percentage of the outstanding) – (5%* 80000)=4000 (now this will be your EMI for credit card)
- Total obligation=INR (8140+ 4000)=INR 12,140
- New Net Income to be considered for loan calculation – (Net salary – Total Obligations)
- 40000-12140=INR 27860 (New income)
- Loan amount – New income* Multiplier
- 27860*16=INR 4,45,760
- Here multiplier got changed as per the New income. Now, you can avail up to INR 4,45,760 of loan amount.
- Rate of interest and other charges would be decided by the lender at its sole discretion basis on your profile.
How to Apply Online for SMFG India Credit Personal Loan through Wishfin?
SMFG India Credit personal Loan has several benefits for both Salaried and Self-employed professionals. Availing a personal loan online is much easier and simpler as it used to be . Please read below the steps to know in detail.
- Step 1:You need to visit the Wishfin website and fill in the application form with your personal and professional details and submit the form.
- Step 2:Post submitting the form you will get to know the loan amount and it can be considered as a soft approval basis on your details.
- Step 3:Once your application is approved, you need to upload the documents as per the list we have given below.
- Step 4:Once your documents are uploaded you will receive a call from a SMFG India Credit representative to verify your documents and details. And then they will send you the Loan agreement kit online to sign off.
- Step 5:Once you give them the signed agreement, within 30 minutes you will receive the loan amount into your account.
Documents Required to apply for SMFG India Credit Personal Loan
| Salaried | Self-Employed |
|---|---|
| Application form with a recent photograph | Application form with a recent photograph |
| Proof of identity (passport copy/ voter ID card/ driving license/ PAN card) | Proof of identity (passport copy/ voter ID card/ driving license/ PAN card) |
| Address proof (ration card/ telephone bill/ electricity bill/ Rental agreement / passport copy/ bank passbook or statement/driving license) | Address proof (ration card/ telephone bill/ electricity bill/ Rental agreement / passport copy/ bank passbook or statement/driving license) |
| Age proof (PAN card, passport, any other certificate from a statutory authority) | Age proof (PAN card, passport, any other certificate from a statutory authority) |
| Bank statements (bank statement / bank passbook for last 6 months) or last 3 months salary slip | Proof of business existence |
| For Government employee salary slip is not required If Govt ID card is available and same salary credited in banking with narration Salary or EPFO check is positive | |
| Form 16 | Bank statements (bank statement / bank passbook for last 6 months) |
| Income tax returns for last 3 years | Profit and loss statement for last 3 years |
| Processing fee cheque | Balance sheet for last 3 years |
| Income tax returns for last 3 years (for self and business) duly certified by a CA | |
| Processing fee cheque | |
Others-
|
Features and Benefits
Flexible and attractive interest rates – SMFG India Credit offers interest rate as low as 14% to start with and can give up to 24 % to both salaried and self-employed customers.
- Simple documentation – SMFG India Credit offers paperless loan if you apply online with minimal formalities to be done.
- Quick processing & Disbursal – After all checks are approved the approved loan amount will be credited to your bank account within 30 minutes of approval.
- No requirement of a collateral/guarantor – Being a unsecured loan personal loan does not require any collateral and also any guarantor in case of SMFG India Credit.
- Easy monthly repayment – SMFG India Credit provides easy and smooth repayment of your personal loan.
SMFG India Credit Personal Loan Status
It is absolutely easy to check the real-time status of your personal loan. All you need is log in to your account to check the status. You can see whether application is accepted, rejected or pending as everything is now on your fingertips all thanks to this online facility that allows you to know the status without any hassle.
SMFG India Credit Personal Loan Statement Online
You can check the statement of your personal loan by visiting the official website of SMFG India Credit. The lender allows you to know each and every detail of your loan in a hassle-free manner. The statement includes all the required details related to your account, which makes it easy for you to keep a tab on everything on the go. Isn’t it great? Of course, it is!
Does SMFG India Credit Offer a New Personal Loan After You Close the Previous Personal Loan?
Yes, you can easily get a new personal loan from SMFG India Credit soon after closing your previous loan. But while availing this new loan, make sure you have a minimum gap of at least 9 or 12 months. Yes, doing so won’t hamper your CIBIL score. The process of applying for a loan in SMFG India Credit is easy and quick as you can either apply online or go for an offline mode.
What If Your Personal Loan Application Has Already Been Rejected by SMFG India Credit, Would You be Able to Apply Again?
Once your loan application has been rejected from SMFG India Credit, you won’t be able to apply again anytime soon. It is advisable that you should wait for some time, say 6-7 months, to apply again. The reason being, if you wait for some time, it will help in boosting your CIBIL score. And, if your CIBIL is good, in such a case, you would be able to easily apply again at the same lender. Having a good score is definitely going to work in your favour as it helps you grab the best deal. So, if you are someone whose loan application has been recently rejected by SMFG India Credit, all you need to do is just wait for some time so that you could maintain a good credit score.
How Can You Foreclose or Prepay Your SMFG India Credit Personal Loan?
You can do so by giving a foreclosure request at the customer care centre and branch. You can also email your request or register it via customer service portal or mobile app. Let’s check out what will happen after you submit the foreclosure request.
- You will get the date on which you will receive your foreclosure ID
- Afterward, you can visit the branch and pay the foreclosure sum and applicable charges
- You will receive an acknowledgement of payment and foreclosure after the former
To Know More Details:- https://www.smfgindiacredit.com/digital-lending-partner.aspx
