If you are looking for a quick way to meet your financial obligations, an SMFG India Credit Personal Loan could be a great choice. With low interest rates starting at 1% p.m. and flexible repayment options, this loan is a convenient solution for covering various expenses. However, understanding the associated fees and charges is crucial to make an informed decision. Let’s explore the rates and charges in detail to help you plan your borrowing effectively.
Here are the SMFG India Credit Personal Loan interest rates and charges you should know about:
Particulars |
Details |
Minimum Interest Rate |
12.00% p.a. |
Maximum Interest Rate |
36.00% p.a. |
Processing Fee |
0% - 6% of the loan amount |
*Disclaimer: The mentioned rates are subject to change at the lender’s discretion.
Let’s take a closer look at the additional charges applicable to SMFG India Credit Personal Loans:
Particulars |
Details |
Prepayment Charges |
0% to 7% of the outstanding principal amount |
Late Payment Charges |
Up to 2% per month on the overdue amount, calculated daily, plus applicable taxes |
*Disclaimer: The mentioned rates are subject to change at the lender’s discretion.
Aside from these, you should also be aware of the foreclosure charges applicable. If you wish to close before the set tenure, you may have to pay an additional fee. Here is a detailed breakdown of foreclosure charges based on the number of fully paid EMIs:
Number of Fully Paid EMIs |
Foreclosure Charges |
0 to 6 |
Foreclosure Not Allowed |
7 to 17 |
7.00% of the outstanding principal |
18 to 23 |
5.00% of the outstanding principal |
24 to 35 |
3.00% of the outstanding principal |
36 or more |
Nil |
*Disclaimer: The mentioned rates are subject to change at the lender’s discretion.
Your SMFG India Credit Personal Loan interest rate may depend on several factors, including:
Credit Score: A higher score may help you secure a lower interest rate
Income: A stable and high income increases eligibility for competitive rates
Loan Tenure: Shorter tenures might result in higher interest rates, while longer tenures could offer better terms
Repayment History: A good repayment record demonstrates creditworthiness and may positively influence the rate
Debt-to-Income (DTI) Ratio: A low DTI ratio signals financial stability and reassures lenders that you can manage additional debt effectively
Loan Amount: Higher loan amounts may sometimes qualify for preferential rates, depending on the lender's policy
- Economic Conditions: Factors like inflation, repo rate changes, or government policies can indirectly impact the interest rate offered
Interest rate, along with the tenure and the loan amount, usually has a direct impact on your EMI. It is thus vital to check how the interest charges are calculated over the repayment tenure.
To understand this, let's assume you take a loan of ₹3 Lakhs for 5 years at an interest rate of 12% p.a. from SMFG India Credit. Your EMI in this case would be about ₹6,673.
The following table shows the detailed breakdown of the repayment amounts and total interest charged:
Tenure |
Principal Paid |
Interest Charges |
Outstanding Dues |
1st Year |
₹46,586 |
₹33,494 |
₹2,53,413 |
2nd Year |
₹52,495 |
₹27,584 |
₹2,00,918 |
3rd Year |
₹59,154 |
₹20,927 |
₹1,41,764 |
4th Year |
₹66,656 |
₹13,425 |
₹75,109 |
5th Year |
₹75,109 |
₹4,971 |
₹0 |
*Note: These are approximate values and are meant only for illustration. For actual EMI values, reach out to your lender.
Adjusting factors such as the loan amount, interest rate, and repayment tenure can increase or decrease your monthly payment. To make an informed decision, you can use the EMI calculator on Bajaj Markets.
It allows you to try different combinations of loan parameters, helping you select terms that align with your financial goals and repayment capacity.
Compare SMFG India Credit Personal Loan Interest Rates with Other Partners
|
Our Partners
|
Minimum Interest Rate
|
Maximum Loan Amount
|
Maximum Loan Tenure
|
|
|---|---|---|---|---|
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Bajaj Finance Limited |
10% p.a. |
₹35 Lakhs |
96 months |
|
CASHe |
27% p.a. |
₹4 Lakhs |
18 months |
|
Federal Bank |
11% p.a. |
₹5 Lakhs |
48 months |
|
Fibe |
14% p.a. |
₹5 Lakhs |
36 months |
|
Finnable |
15.95% p.a. |
₹10 Lakhs |
60 months |
|
IIFL Finance |
18% p.a. |
₹5 Lakhs |
42 months |
|
InCred |
16% p.a. |
₹10 Lakhs |
60 months |
|
Kissht |
14% p.a. |
₹4 Lakhs |
24 months |
|
Kotak Mahindra Bank |
10.99% p.a. |
₹40 Lakhs |
72 months |
|
KreditBee |
14% p.a. |
₹5 Lakhs |
24 months |
|
L&T Finance |
12% p.a. |
₹7 Lakhs |
48 months |
|
moneyview |
1.33% p.m. |
₹10 Lakhs |
60 months |
|
mPokket |
24% p.a. |
₹45,000 |
90 days |
|
Muthoot Finance |
14.50% p.a. |
₹15 Lakhs |
60 months |
|
Olyv |
18% p.a. |
₹1 Lakh |
12 months |
|
PaySense Partners |
15% p.a. |
₹5 Lakhs |
60 months |
|
Privo |
9.99% p.a. |
₹5 Lakhs |
60 months |
|
SMFG India Credit |
12% p.a. |
₹25 Lakhs |
60 months |
|
Upwards |
1.5% p.m. |
₹5 Lakhs |
36 months |
|
YES BANK |
10.99% p.a. |
₹50 Lakhs |
72 months |
|
Zype |
18% p.a. |
₹3 Lakhs |
12 months |
|
Frequently Asked Questions
What is the minimum and maximum interest rate for an SMFG India Credit Personal Loan?
The interest rate ranges from 12% p.a. to 36% p.a., depending on your eligibility and the lender’s policies.
Are there any foreclosure charges applicable for an SMFG India Credit Personal Loan?
Yes, foreclosure charges are based on the number of fully paid EMIs. For example, loans with 36 or more fully paid EMIs have no foreclosure charges.
Are late payment charges applicable for an SMFG India Credit Personal Loan?
Yes, you may have to pay a late payment charge of up to 2% per month on the overdue amount, calculated daily, plus applicable taxes.
Can I prepay my SMFG India Credit Personal Loan without charges?
Prepayment charges range from 0% to 7% of the outstanding principal amount, depending on the lender’s policy. Post 36 months, if you opt to prepay or foreclose the loan, no charges are levied.
Does SMFG India Credit provide fixed or floating interest rates for personal loans?
Usually, the SMFG India Credit Personal Loan comes with a fixed interest rate. However, depending on your eligibility and the lender’s policies, the lender may be willing to offer a floating interest rate. Reach out to SMFG India Credit for further details.
Does my credit score affect the interest rate on an SMFG India Credit Personal Loan?
Yes. The lender usually assesses your ability to manage and repay a loan by checking your credit score. The higher the score, the more likely you are to get a lower interest rate.
