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SMFG India Credit Personal Loan Details

Interest rate11.99% p.a. onwards
Loan amountUp to Rs. 25 Lakhs
Repayment tenure1 to 5 years
Processing feeUp to 6% of the loan amount
Prepayment chargesUp to 7% of the principal outstanding
Age required21 to 60 years
Minimum Monthly incomeRs. 25,000 for Mumbai & Delhi and Rs. 20,000 for other cities
Credit score750 or above
Lowest EMI per lakhRs. 2,224

Features of SMFG India Personal Loan

  • SMFG India provides affordable loan options for vehicle purchase, higher education, weddings, debt repayment, luxurious travel, and so on.
  • You can get up to Rs. 25 Lakhs as loan amount.
  • Get flexible repayment tenure of 12 to 60 months.
  • The processing fee starts from 0% and can go up to 6% of the loan amount.
  • You can opt for prepayment after 6 EMIs payment. The charges up to 7% will be applicable.

Why Apply for an SMFG India Credit Personal Loan?

  • Loan disbursal is quick.
  • You can apply online for an instant Personal Loan.
  • Existing SMFG customers get additional benefits.
  • Get 100% paperless and online approval for loan.
  • The documentation process is simple and hassle-free.
  • SMFG India Credit Limited has a wide network of 648 branches spread across India.
  • Use SMFG Personal Loan EMI Calculator to calculate your loan EMI and Personal Loan Eligibility Calculator to check your loan eligibility.
  • With SMFG India Credit Referral Partner Program, refer your family, friends and acquaintances who are interested in personal loan and earn up to Rs. 20,000 per successful referral.

Types of SMFG India Credit Personal Loan

SMFG India provides you with a bouquet of different products to choose from when it comes to Personal Loans. It depends on the purpose of loan application largely, categorising the Personal Loans as follows:

Personal Loan for Salaried

  • Personal loan for salaried individuals employed with a public or private organisation.
  • Get loan up to Rs. 25 Lakhs.
  • Repayment tenure varies between 1 to 5 years.
  • Hassle-free documentation process.
  • Instant online application and quick disbursal.
  • Special benefits for existing customers.

Personal Loan for Self-employed

  • Personal loan for self-employed customers, including professionals with their own registered practice or operating as an independent contractor.
  • Get loan up to Rs. 10 Lakhs.
  • Repayment tenure varies between 1 to 5 years.
  • Competitive rates of interest.
  • Instant personal loan available online application.
  • Special benefits for existing customers.

Personal Loan for Women

  • This loan is specifically initiated to empower women applicants.
  • You can check your loan eligibility online, fill the form and upload necessary documents to get an instant online approval.
  • This loan requires no collateral.
  • Money is disbursed in 72 hours after approval.
  • Get online access to payment schedule interest certificates and more.

Personal Loan for Elite

  • Personal Loan is available to individuals earning a minimum of Rs. 75,000 per month, categorised as "Elite".
  • Minimum loan amount is Rs. 8 Lakhs and maximum loan amount is Rs. 25 Lakhs.
  • You can get online approval after eligibility check, form and document upload.
  • Doorstep services available for documentation as well.
  • Money is disbursed within 72 hours of approval.

Personal Loan for Wedding

  • Loan available for venue booking, catering, designer wedding attire, photography, videography and other wedding related expenses.
  • Get instant online approval for your loan.
  • Maximum loan amount available is Rs. 25 Lakhs.
  • After approval, the loan is disbursed within 72 hours.
  • Loan repayment tenure ranges from 12 to 60 months.

Personal Loan for Holiday

  • Get a Personal Loan to cover travel expenses whether you are travelling alone or in a group.
  • This loan is available to salaried individuals only.
  • Check your eligibility, fill up an online form and upload necessary documents to get instant approval on your loan.
  • Get a loan amount up to Rs. 25 Lakhs.
  • Loan repayment tenure ranges from 12 months to 60 months.
  • After the loan is approved, money is disbursed in 72 hours.

Personal Loan for Doctors

  • Personal Loan for doctors who are consultants or practicing doctors of government hospitals, private hospitals and clinics.
  • Doctors can avail loans up to Rs. 30 Lakhs.
  • Instant online approval after eligibility check, form completion and documentation.
  • You get full online access to your loan account including repayment schedule, repayment track and interest certificate.
  • Loan repayment tenure is between 12 to 60 months.

Personal Loan for Home Improvement

  • Loan available for bathroom renovations, kitchen upgrades, living room improvement and more.
  • Get instant online approval after checking your eligibility, filling an online form and uploading your documents.
  • After the approval of your loan, the money is disbursed.
  • You can get loan amounts up to Rs. 25 Lakhs to cover 90% of your home improvement costs.
  • Loan repayment tenure is up to 5 years.

Personal Loan for Medical Emergencies

  • Get quick loans for any medical emergency.
  • No collateral required for this loan.
  • To cover the immediate cash requirement, your loan is disbursed within 24 hours of approval.
  • You can get a maximum loan amount of Rs. 25 Lakhs.
  • Get complete online access to your loan account including repayment schedule and interest rate certificate.

SMFG India Credit Personal Loan EMI Calculation & Amortization Schedule

You can easily calculate your SMFG Credit Personal Loan EMI using the Personal Loan EMI Calculator available on our website or on the website of SMFG India Credit. Just enter the three variables, i.e. the loan amount, tenure and interest rate to get instant EMI calculation.

Below is the EMI calculation along with the amortization schedule for a personal loan of Rs. 10 Lakhs at an interest rate of 11.99% for tenure of 5 years using the MyMoneyMntra SMFG Personal Loan EMI Calculator.

YearOpening BalanceInterest Paid During the YearPrincipal Paid During the YearAmount Paid in a Year (EMI*12)Closing Balance
1Rs. 10,00,000Rs. 53,201Rs. 77,224Rs. 1,30,425Rs. 9,22,776
2Rs. 9,22,776Rs. 93,132Rs. 1,67,717Rs. 2,60,849Rs. 7,55,059
3Rs. 7,55,059Rs. 73,742Rs. 1,87,107Rs. 2,60,849Rs. 5,67,952
4Rs. 5,67,952Rs. 52,111Rs. 2,08,738Rs. 2,60,849Rs. 3,59,214
5Rs. 3,59,214Rs. 27,979Rs. 2,32,870Rs. 2,60,849Rs. 1,26,344
6Rs. 1,26,344Rs. 4,081Rs. 1,26,344Rs. 1,30,425Rs. 0

 You will have to pay total interest of Rs. 3,04,246 on a loan amount of Rs. 10 Lakhs. The total loan amount to be paid by you to the lender will be Rs. 13,04,246. The EMI amount for each month will be Rs. 21,737.

SMFG India Personal Loan Documents Required

In order to get a Personal Loan with SMFG India Credit, the following documents are necessary:

Documents Required for Salaried Applicants

  • A duly filled application form and a recent passport-sized photograph.
  • Identity proof (any of the following)
    • Passport Copy
    • Driving License
    • Voter ID Card
    • PAN Card
  • Address Proof (any of the following)
    • Passport Copy
    • Ration Card
    • Rental Agreement
    • Electricity Bill
    • Telephone Bill
    • Bank Statement or Passbook
    • Driving License
  • Age Proof (any of the following)
    • Passport Copy
    • PAN Card
    • Any other certificate obtained from a statutory authority
  • Salary slips of last 3 months (for salaried)
  • Last 3 months' bank statements
  • Form 16 or Income Tax Returns
  • Cheque for processing fee

Documents Required for Salaried Applicants

  • A duly filled application form and a recent passport-sized photograph.
  • Identity proof (any of the following)
    • Passport Copy
    • Driving License
    • Voter ID Card
    • PAN Card
  • Address Proof (any of the following)
    • Passport Copy
    • Ration Card
    • Rental Agreement
    • Electricity Bill
    • Telephone Bill
    • Bank Statement or Passbook
    • Driving License
  • Age Proof (any of the following)
    • Passport Copy
    • PAN Card
    • Any other certificate obtained from a statutory authority.
  • Proof of Income or financial statements (for self-employed).
  • Last 6 months' bank statements
  • Form 16 or Income Tax Returns
  • Cheque for processing fee

SMFG India Credit Personal Loan Eligibility Criteria

The detailed eligibility criteria for SMFG India Personal Loan are mentioned below:

Eligibility for Salaried Employees:

  • Applicant must be a salaried individual employed in a public or private organisation.
  • Minimum monthly income required is Rs. 25,000 for residents of Mumbai or Delhi and Rs. 20,000 for residents of any other Indian city.
  • Minimum monthly income required for Personal Loan for Elite is Rs. 75,000
  • The minimum age when applying for the loan should be 21 years.
  • The maximum age at the time of loan maturity should be 65 years.
  • Applicant must be resident Indian.
  • The applicant must have a minimum CIBIL score of 750 or above, with good credit history.
  • Overall work experience should be at least 1 year, with at least 6 months in current organisation.
  • Maximum EMI to NMI ratio should be 65%.

Eligibility for Self-employed

  • To avail personal loan applicant must be a self-employed professional.
  • Minimum annual turnover requirement depends on the nature of industry or profession.
  • The minimum age when applying for the loan should be 21 years.
  • The maximum age at the time of loan maturity should be 65 years.
  • Applicant must be resident Indian.
  • The applicant must have a minimum CIBIL score of 750 or above, with good credit history.
  • Maximum EMI to NMI ratio should be 65%.

SMFG India Personal Loan Processing Fees and Other Charges

Types of ChargesQuantum
Rate of interest11.99% to 36% p.a.
Processing fees0% to 6% of the loan amount
Loan Tenure12 - 60 Months
Foreclosure charges
  • Nil on full payment of 36 or more EMIs
  • 3% on full payment of 24 to 35 EMIs
  • 5% on full payment of 18 to 23 EMIs
  • 7% on full payment of 7 to 17 EMIs
  
Additional Interest for payment defaults24% p.a. on outstanding overdue balance, calculated on day to day basis.
Post-dated cheques to ECS swap/ replacement of ECS to ECS chargesRs.  500 per instance
ECS/ Cheque/ NACH dishonor chargesRs. 300 per instance
Charges for loan cancellationRs. 5,000

Additional Info: Check SMFG India Credit Loan Application Status easily.

How to Apply for an SMFG Personal Loan on MyMoneyMantra?

There are a few simple steps that you need to follow in order to apply for a SMFG India Credit Personal Loan on MyMoneyMantra:

  • Provide necessary details: Log on to MyMoneyMantra.com, click on Personal Loan and enter personal details such as name, age, the city of residence, loan amount required, employment & income details, phone number, email id, etc.
  • Complete online registration: Enter the OTP number provided to your phone number to complete the online registration process.
  • Documents verification: Keep the necessary documents ready for verification and pick-up by our loan representatives.
  • Personal interview: If necessary, a personal interview will be conducted by officials at SMFG India Limited.

Once the personal interview is completed, you will get complete assistance from MyMoneyMantra for your loan approval. Following this, the loan is disbursed as per the sanction letter provided to you.

SMFG India Credit Personal Loan Customer Care

You can get in touch with SMFG India for any grievances or complaints. You have various options including:

  • Toll-Free No. 1800 103 6001
  • Email: namaste@smfgindia.com
  • Corporate Office: SMFG India Credit Limited
    • B wing, 6th Floor, Supreme Business Park, Hiranandani, Powai, Mumbai – 400072
  • Registered Office: SMFG India Credit Limited
    • 3rd Floor, No-165 Megh Towers, PH Road, Maduravoyal, Chennai - 600095

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SMFG India Credit Limited Personal Loan FAQs

What can SMFG India Credit Personal Loan be used for?

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There are several personal requirements that you can fulfill with the SMFG India Personal Loan such as travel, weddings, debt repayment, higher education, and medical emergencies.

What is the current rate of interest for SMFG India Personal Loan?

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The rate of interest for personal loan at SMFG starts at 11.99% and fluctuates as per the net monthly income, customer tenure and the work experience of the applicant.

What is the maximum loan amount available with SMFG India Credit Personal Loans?

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You can get up to Rs. 25 Lakhs as a personal loan with SMFG India. Doctors can avail of personal loans up to Rs. 30 Lakhs and self-employed applicants can get up to Rs. 10 Lakhs with SMFG India Credit.

How do I check my eligibility for a SMFG India Personal Loan?

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Eligibility for SMFG India Credit Personal Loans depends upon the income and the working experience of the applicant. You can check your eligibility on the online Eligibility Calculator on the official website of SMFG India Credit.

What is the late payment penalty for SMFG India Credit Personal Loans?

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The late payment fees depend upon the additional interest charge stated in the loan sanction letter for the period of delay, every month.

Are there any foreclosure charges applicable on SMFG Personal Loans?

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Yes. The foreclosure charges are follows:

  • Nil on full payment of 36 or more EMIs.
  • 3% on full payment of 24 to 35 EMIs.
  • 5% on full payment of 18 to 23 EMIs.
  • 7% on full payment of 7 to 17 EMIs.

Is it possible to foreclose a SMFG India Credit Personal Loan?

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Yes, you can foreclose your SMFG Personal Loan after full payment of 6 EMIs.

What are the processing fees for SMFG Credit Personal Loans?

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The processing fee applicable on SMFG Credit Personal Loan is up to 6% of the loan amount that you have applied for.

Who qualifies for a SMFG India Credit Elite Personal Loan?

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Individuals with a minimum salary of Rs. 75,000 per month qualify for SMFG India Personal Loans. They can avail a minimum loan of Rs. 8 Lakhs and a maximum of Rs. 20 Lakhs (varies from person to person).