SMFG India Credit Personal Loan Interest Rates
Last Updated : Aug. 13, 2024, 3:58 p.m.
Are you in search of a personal loan with an attractive interest rate? Discover everything you need to know about SMFG India personal loan interest rates that can help reduce your repayment burden. For more detailed information, explore the page below.
SMFG India Credit Personal Loan Interest Rate Details 2024
Looking for a personal loan but unsure which lender offers the best deal? Don’t worry— SMFG India Personal Loan has you covered. That’s right! This renowned NBFC offers competitive personal loan deals, making it easy to fulfill your financial needs. With attractive interest rates available to all borrowers, SMFG India ensures affordability. Learn more about their rates by checking out the table below.
Particulars | Details |
|---|---|
Interest Rates | 13.00% - 36.00% p.a. |
Loan Amount | Up to INR 30 lakhs |
Lowest EMI per Lakh | INR 2,275 for 60 months |
Loan Tenure | Up to 60 months |
Advantages of SMFG India Credit Personal Loan Interest Rate
The SMFG India Credit provides various benefits along with affordable interest rates for personal loans. The following are some main advantages:
- Loan Top-up: Existing customers enjoy top-up loan benefits on their outstanding principal amount and some additional benefits on processing period and interest rates.
- Simple Documentation – SMFG India Credit offers paperless loans with minimal formalities when you apply online.
- Quick processing & Disbursal – After all checks are finalized, the approved loan amount will be deposited into your bank account within 30 minutes.
- No requirement of a collateral/guarantor – As an unsecured loan, a personal loan from SMFG India Credit does not require any collateral or a guarantor.
- Easy monthly repayment – SMFG India Credit ensures a hassle-free and convenient repayment process for your personal loan.
Factors Affecting SMFG India Credit Personal Loan Interest Rate
Numerous factors, both internal and external, influence how personal loan interest rates are determined. The following are some of the major variables influencing personal loan rates of SMFG India personal loan interest rate :
- Credit Score: A good credit score of 750 or higher is required of the borrower. A clean credit history raises the probability of getting a better interest rate because it shows responsible credit conduct.
- Occupation: Ideally, the borrower should not be employed in a profession that carries a higher level of risk or uncertainty. Compared to professionals who work for themselves, salaried professionals might be able to negotiate better personal loan interest rates.
- Repayment Capacity: You have a sustainable amount of debt in relation to your income if your debt-to-income ratio is lower, ideally 30% or less. More advantageous interest rates may result from this.
- Relationship with the Lender: Obtaining a personal loan becomes simpler if you are already a client of the lender. In India, long-term clients with a solid track record of repayment could be qualified for lower interest rates on personal loans.
Calculating EMIs on SMFG India Credit Personal Loans at Different Interest Rates
Stuck at a lengthy EMI calculation? Speed up the process by using the SMFG India Credit 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 these values.
- Tenure
- Loan Amount
- Interest Rate
The table below displays the equal monthly payments (EMIs) for a personal loan of ₹3,00,000 with interest rates ranging from 13.00% to 36.00% annually for terms of one to five years. You can change additional details, such as the loan amount, to better suit your needs.
Tenure (In Years) | EMI (at 13.00% interest rate) | EMI (at 36.00% interest rate) |
|---|---|---|
1 | ₹26,795.18 | ₹29,246.14 |
2 | ₹14,262.55 | ₹16,773.85 |
3 | ₹10,108.19 | ₹12,735.47 |
4 | ₹8,048.25 | ₹10,801.80 |
5 | ₹6,825.92 | ₹9,706.02 |
What Should You Do to Fetch the Lowest Interest Rate from the SMFG India Credit?
There are many ways through which you can get the lowest interest rates on personal loans. Some of them are -
- Improve your Credit Score - A credit score of 750 or above is desirable and can help you get an instant personal loan and a high credit score shows your creditworthiness. Also, it helps in decreasing your personal loan interest rate.
- Choose Right Loan Tenure - Interest rates on loans with shorter terms may be slightly less expensive. Longer loan durations may come with higher interest rates because the bank is taking on greater risk.
- Negotiate with the Lender - Lower interest rate promotional programs are regularly offered by banks. At these rates, borrowers may benefit from lower rates.
- Loan Repayment History - If you have a history of repaying your loans on schedule, the bank may offer you a lower interest rate. Past loan defaults or late payments may result in an increased interest rate.
Documents Required to Apply for SMFG India Credit Personal Loan
Here are the documents for Salaried and Self- Employed individuals that are necessary to apply for the 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, or any other certificate from a statutory authority) | Age proof (PAN card, passport, or 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 employees, a salary slip is not required If an ID card is available and same salary is credited in banking with the narration Salary or EPFO check is positive | |
Form 16 | Bank statements (bank statement/bank passbook for last 6 months) |
Income tax returns for the last 3 years | Profit and loss statement for last 3 years |
Processing fee cheque | Balance sheet for last 3 years |
Income tax returns for the last 3 years (for self and business) duly certified by a CA | |
Processing fee cheque |
Other Charges of SMFG India Credit Personal Loan
The following are extra costs that apply when applying for SMFG India Credit personal loan:
Processing Fees | Up to 6% of the loan amount + GST |
Prepayment Charges | Up to 6% of the principal outstanding |
Collection of Cheque/Cash (per collection) | NIL |
Loan Cancellation charges (loan cancelled before first EMI) | Rs. 1,000 |
Late Payment Charges | 2% plus GST charged monthly (24% per annum) on the overdue amount calculated on a day-to-day basis. |
SMFG India Credit Personal Loan Balance Transfer Rates
Want to do some savings, while reducing your financial burden? If yes, transfer your existing personal loan outstanding to SMFG India Credit and enjoy the lower personal loan interest rates . If your existing lender is providing you the loan at higher rates, opt for BT offered by SMFG India Credit and save on your interest outgo and EMIs. You can avail BT from SMFG India credit at an interest rate starting from 13% per annum.
SMFG India Credit Personal Loan Contact Number
For all your queries, concern, suggestions and feedback, get in touch with the customer care executives at 1800 103 6001. You just need to dial this number either from your mobile or landline so as to get the best solution to your problem. These experts with their rich experience and expertise are always there to guide and support you and ensure that you get the best solution.
Compare Personal Loan Interest Rates from Different Banks
Below is a table showing the personal loan interest rates from various banks for 2024 to help you make the best choice.
Frequently Asked Questions (FAQs)
