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SMFG India Personal Loan Interest rates from 13% p.a

Get InCred Personal Loans at interest rates starting from 13%. Enjoy quick disbursal, flexible EMIs, and hassle-free processing. Apply now!

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Fincover® > Banking > Loan > personal loan > Personal Loan Interest Rates > SMFG India Personal Loan Interest Rate
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Key Takeaways ✦

    SMFG India Personal Loan Interest Rate (Formerly Fullerton)

    Personal loan from SMFG India formerly Fullerton has interest rates starting from 13%. It offers personal loans at reasonable interest rates for eligible borrowers. The rates are tailored with different financial requirements in mind so as to offer flexibility in repaying and a fast disbursement.

    SMFG India personal loan requirements include; source of income, applicants should have a credit score of at least 700 and a clean credit check. The approval process includes creditworthiness, stability of income and repayment plans of the applicant.

    SMFG India Interest Rate VS Other NBFCs
    NBFC NameInterest Rate
    InCred16% – 42%
    Finnable16% – 28%
    L&T Finance11% – 24%
    Aditya Birla10% – 32%
    Shriram Finance11% – 42%
    Bajaj Finserv10.75% – 31%
    Piramal Finance12.99% onwards
    Tata Capital11.99% – 35%
    Poonawalla11.49% – 19%
    SMFG13% – 36%
    Axis Finance13% onwards
    Mahindra Finance12% – 36%
    Paysense16.8% – 33%

    Elements That Determine SMFG India Personal Loan Interest Rate

    • Credit Score: Those applicants with a good credit rating of 750 and above get better rates because the dealer bears low risk from the applicant.
    • Loan Amount: Loans with higher amounts may have a slightly lower interest rate for the reason of cost of scale.
    • Income Stability: A low interest rate structure is given to individuals with a fixed source of income especially those with organizations that has good reputation.
    • Repayment History: Timely debt repayment increases the likelihood of accessing a favorable interest rate as it is an indicator that the borrower is serious with their business.
    • Debt-to-Income Ratio: If your DTI is less than 40% then it indicates that you maintain financial discipline, hence, lenders offer you loans at reasonable rates:
    • Current Relationship: Existing clients or those with a friendly banking history can take advantage of a low-interest rate or promotions.

    How to Get the Best Interest Rate on your SMFG India Personal Loans

    • Improve Your Credit Score: Ensure timely payments to other creditors, additionally, clear existing debts to enhance your credit rating.
    • Leverage Employer Affiliation: If you are working from a reputed organization, you may be in a position to negotiate for more favorable rates.
    • Choose the Right Amount of Money to Borrow: This means that borrowers should borrow only their required amount to minimize the lender’s risk with an aim of getting better bargaining terms.
    • Use Seasonal Offers: SMFG India sometimes offers attractive prices during the festive season or during the promotional offer period.
    • Opt for Shorter Tenures: Selecting a shorter loan term decreases the aggregate interest amount

    SMFG India formerly Fullerton Personal Loan Interest Rate

    An EMI calculator helps you estimate your monthly repayments, making financial planning easier.

    Formula: EMI = [P x R x (1+R)^N] / [(1+R)^N – 1],

    where:

    P = Loan amount,

    R = Monthly interest rate,

    N = Loan tenure in months.

    How It Works:

    1. Enter the loan amount.
    2. Input the applicable interest rate.
    3. Choose the desired repayment tenure.

    Example Calculation:

    • Loan Amount: ₹5,00,000
    • Interest Rate: 13% p.a.
    • Tenure: 5 years
    • Monthly EMI – ₹11376.54
    • Total Cost of the loan – ₹6.83 Lakh (Excluding fees and charges)

    FAQs about SMFG India formerly Fullerton Personal Loan Interest Rate

    1. Can I negotiate the personal loan interest rate with SMFG India?

    Yes, applicants with a credit score above 750+ and those who have existing financial relationships with SMFG India can negotiate for better rates.

    2. What is the maximum loan tenure offered by SMFG India?

    The maximum loan tenure is typically from 12 to 60 months

    3. What is the highest loan amount that I can get?

    SMFG India offers personal loan of upto 30 Lakhs, but the highest amount depends on your credit profile

    4. What are the interest rates for SMFG India Personal Loan?

    The interest rates for SMFG Personal loans begin from 13% per annum

    5. Can I foreclose the loan?

    Yes, you can foreclose your personal loan. However, you will have to check the foreclosure charges which can be upto 7% of the loan amount

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