Personal Loan for Salaried Employees by SMFG India Credit
Table of Contents
A Personal Loan for Salaried Individuals
Whether you want to clear your debts, bring home your dream vehicle, fund your child’s wedding or higher
education, a personal loan is the perfect credit instrument. It helps you meet various financial needs on short notice.
Applying for a personal loan with us is quick, easy, and convenient. With our range of offerings, we ensure that your changing needs are met with tailor-made repayment solutions. Our solutions are smart, simple, and flexible, setting us apart and ensuring you get the best value for your hard-earned money.
Our team is well-equipped to ensure a smooth journey from application to receiving your funds.
Eligibility for Personal Loans for Salaried Individuals
Now, realize your dream of an indulgent holiday, a home renovation, a destination wedding, or purchasing an expensive gadget with SMFG India Credit’s flexible and easy-to-get personal loan for salaried individuals. We offer a comprehensive range of personal loans that help you meet unexpected expenses and the costs of medical emergencies too.
If you are planning to take a personal loan, be sure to check out the eligibility criteria for salaried individuals:
- Nationality: You must be Indian.
- Age: You should be between 21 and 60 years old.
- Profession: You should be a salaried employee of either a public sector company or a private sector company.
- Minimum Monthly Income: If you live in Mumbai/Delhi, your salary should be at least Rs 25,000 per month. If you are from any other city in India, your salary should be at least Rs 20,000 per month.
- Minimum Credit Score: The minimum credit score to fulfill the personal loan eligibility criteria for salaried individuals is 750*.
Work Experience: To avail a personal loan, a minimum work experience of one year is necessary. The borrower should also have worked in the current workplace for at least 6 months.
Documents Required for Personal Loan for Salaried Individuals
We believe in keeping things simple, which is why the documents required for a personal loan are minimal. Keep these documents handy for speedy approval:
- Duly filled and signed loan application form.
- Passport-sized photograph (not older than 6 months).
- Proof of identity (any one): Aadhar Card, Voter ID, PAN Card, Passport, etc.
- Proof of address (any one): Aadhar Card, Voter ID, Passport, Bank Passbook or Statement, Rent Agreement, Utility Bill, etc.
- Proof of age (any one): Aadhar Card, Voter ID, Passport, School or College Admit Card, etc.
- Salary slips for the last three months, Form 16, and ITR for the last 2 years for salaried individuals.
- Bank statements for six months for salaried individuals.
You can submit all the required documents online. Ensure all paperwork is signed before uploading.
Alternatively, you can request an SMFG India Credit executive to collect the paperwork at a location of your convenience and at a mutually convenient time. All submitted documents will be verified by SMFG India Credit before sanctioning the personal loan.
Features of Personal Loan for Salaried Individuals
The personal loan for salaried individuals from SMFG India Credit offers a wealth of features, ensuring a streamlined approval process without unnecessary delays. Our custom-designed, tailor-made personal loans provide a convenient and affordable financial solution, enabling individuals to meet their short-term funding needs.
Key features and benefits of SMFG India Credit’s personal loans for salaried individuals include:
- Multi-purpose Usage: Our personal loans can be utilized for various financial requirements such as marriage expenses, home renovation, higher education, travel, medical emergencies, debt consolidation, and more.
- No Collateral Required: Our personal loans for salaried individuals do not require collateral or co-guarantor sign-off, reducing financial stress for borrowers.
- Minimal Paperwork: Apply for a loan amount of up to Rs. 25 lakhs* with minimal paperwork, supported by a hassle-free and instant approval process.
- Flexible Tenure: Choose a repayment tenure that suits your needs, ranging from 12 to 60 months. Our personal loans are designed to not only address your immediate necessities but also to assist you in achieving your life goals.
SMFG India Credit’s personal loans for salaried individuals are the preferred choice for both existing and new customers, offering convenience, flexibility, and reliability.
Interest Rates and Charges for Personal Loans for Salaried Individuals
| Personal Loan Interest Rate | Starting @ 11.99% yearly |
| Loan Amount | Up to Rs. 25 lacs |
| Loan Tenure | 12 to 60 Months |
| Processing Fee | Between 0 % to 6 % of the Loan amount |
| Prepayment Charges | 0% – 7% |
| Loan Cancellation Charges ( Loan Cancelled Before 1st EMI ) | Rs. 1000/- |
| Late payment Charges | 2% + GST charged monthly |
| ECS/ANCH Dishonored Charges | INR 300 |
Steps to Apply for a Personal Loan for Salaried Individuals
You can apply for a personal loan at SMFG India Credit online or offline
How to Apply Online
To apply for a personal loan at SMFG India Credit, follow these steps:
- Visit our online application portal.
- Start by entering essential details like your mobile number, PAN, pincode, and employment status (salaried or self-employed).
- Verify your mobile number by inputting the 6-digit OTP sent to your device. Don’t forget to verify your email ID too.
- Provide additional information such as your email address, date of birth, gender, annual household income, and work history.
- Check out the customized loan offer that suits your requirements, including the loan amount, repayment terms, and fees. Once you’re satisfied with the offer, confirm your acceptance. You can also opt for a higher loan amount if needed.
- If you’re a salaried individual, furnish the necessary employment particulars.
- Complete the identity verification process by taking a selfie and sharing your address details using recognized methods like CKYC, OKYC, or DigiLocker.
- Share your bank account details for verification.
- After successful bank account verification, proceed to the ‘Additional Details’ section where you can input information such as marital status, loan purpose, father’s name, mother’s maiden name, and references.
- Select your preferred payment mode (debit card or internet banking) and finalize the E-NACH setup.
- Thoroughly review the loan agreement, digitally sign it to acknowledge the terms and conditions, and complete the process by validating the 6-digit OTP sent to your registered mobile number.
Embark on your financial journey today by following these simple steps to secure your personal loan with SMFG India Credit.
How to Apply Offline
Visit your nearest SMFG India Credit branch to initiate the process. Our team will discuss your requirements, after which you can fill out the offline application form.
Submit all the required documents along with the application.
Once approved, the loan amount will be disbursed to your account within 24 hours* or 1 working day*.
FAQs
What is a salaried personal loan?
A salaried personal loan is a specially designed instant personal loan that can be availed by salaried customers. Thus, if you are currently employed with a public or private organization, and have a minimum salary of INR 20,000 (or INR 25,000 if you are from Delhi or Mumbai), and have worked for at least 6 months at your current organization (with an overall work experience of at least 1 year), you are eligible for a salaried personal loan.
How is personal loan eligibility determined based on income?
Personal loan eligibility is primarily calculated to assess your ability to repay the loan’s EMIs. This involves considering your monthly income after tax deductions, alongside your current monthly financial commitments such as credit card debt. Additionally, the calculation factors in the interest rate applicable to your personal loan and the loan tenure.
Am I qualified to apply for a personal loan as a salaried employee?
To qualify for a salaried personal loan, you must be currently employed with a public or private organization. Your monthly salary should be a minimum of INR 20,000 (or INR 25,000 if you reside in Delhi or Mumbai), and you need to have a tenure of at least 1 year with your current employer.
How much Personal Loan can I get on my salary?
The amount you can receive for a personal loan is determined by various factors, including your monthly income, existing monthly obligations (including credit card debt), and the lending company’s policies at the time of your loan application.
