SMFG India Credit Personal Loan Balance Transfer

SMFG India Credit offers customers the option to transfer the outstanding principal amount of their existing personal loan from another bank or NBFC (non-banking financial company) to SMFG India Credit. The main advantage of opting for a balance transfer of your existing personal loan to SMFG India Credit is to avail the lower rate of interest and better payment terms after the transfer. SMFG India Credit personal loan balance transfer is hassle-free with minimum documentation and low processing fees.

SMFG India Credit Personal Loan Balance Transfer Interest Rates

SMFG India Credit offers customers the option to transfer the outstanding balance of their existing personal loan from another bank/financial institution to SMFG India Credit through the balance transfer option. SMFG India Credit personal loan balance transfer interest rate starts at as low as 11.99% p.a. However, specific interest rate applicable to an applicant depends upon the individual applicant profile, the loan amount requested, loan tenure selected, interest rate of the loan being transferred, etc.

Also Know: What is the benefit of personal loan balance transfer?

Eligibility for Balance Transfer

The eligibility criteria when opting for balance transfer of your personal loan to SMFG India Credit is given below:

• Employment:
  • Salaried employee of any public sector undertaking or private limited company
  • Self-employed with a minimum turnover as per current policy of SMFG India Credit
• Age: Between 21 – 60 years
• Minimum Salary:
  • Rs. 25,000 (if you reside in Delhi/Mumbai)
  • Rs. 20,000 (for rest of India)
• Minimum Work/Business Experience: 1 Year
• Minimum Employment with the Present Organisation/Business: At least 6 months
• Minimum eligible CIBIL Score: 750

You can opt for a loan EMI (after balance transfer to SMFG India Credit) equal to a maximum of 65% of your annual income subject to terms and conditions specified by SMFG India Credit.

Documents Required For Balance Transfer

You need to submit the following documents in case you wish to opt for a personal loan balance transfer to SMFG India Credit:

Common Documents for all Applicants:

• Duly filled and signed form and photograph
• Age Proof
• Identity Proof and Address Proof such as driving license, voter ID card and Aadhar card
• Income Tax returns or Form 16

For Salaried Individuals:

• Last 2 months’ salary slips
• Last 3 months’ bank account statements of salary account

For Self-Employed Individuals:

• Financial statements (Balance Sheet, Profit and Loss statement, etc.)/proof of income
• Last 3 months’ current account statement

Note: Additional documents may be requested by SMFG India Credit depending upon applicant profile and credit history.

Process to Apply for SMFG India Credit Personal Loan Balance Transfer

In case you wish to transfer your existing personal loan with another bank/NBFC to SMFG India Credit, you can do so via any of the following means given below:

• You can apply for balance transfer by calling up on SMFG India Credit toll-free customer care number 1800 103 6001 (between 9:00 AM – 7:00 PM on all days except Sundays and public holidays).
• You can also apply for balance transfer by requesting the personal loan balance transfer application form on the SMFG India Credit website
• You can also apply for balance transfer by visiting the nearest SMFG India Credit branch.

Calculation of Personal Loan Balance Transfer

The following table illustrates how a balance transfer to SMFG India Credit could help you to save money through a lower rate of interest on your outstanding loan principal:

Therefore, the above example illustrates savings of Rs. 93,899 in case you transfer the outstanding amount of your existing personal loan from another bank/lender to SMFG India Credit.

Note: The above stated values and interest rates are for indicative purposes only. Actual interest rates and values may vary. Additionally most lenders do not allow personal loan balance transfer prior to payment of specific number of EMIs.

Important Aspects

Given below are some key aspects related to SMFG India Credit personal loan balance transfer:

• You can transfer the outstanding balance of your existing personal loan from another lender to SMFG India Credit for the same tenure at a competitive rate of interest starting as low as 11.99% p.a. This will reduce the burden of your monthly EMI obligations and help you save on the total interest payout of the loan.
• You can choose to avail longer repayment tenure and reduce the monthly EMI payout. However a longer tenure does also result in higher overall interest payout.
• Option to avail additional credit and top-up personal loans over and above your existing personal loan.
• Hassle-free balance transfer with minimum documentation and quick approval.
• Transparent disclosure of additional costs like processing fees, transition fees, etc.

FAQs

Q1. How do I get in touch with SMFG India Credit customer care department?

Ans. You can contact the customer care department of SMFG India Credit via any of the following means given below:

• Call: You can call on SMFG India Credit toll-free customer care number 1800 103 6001 between 9:00 AM – 7:00 PM (on all days except Sundays and public holidays).
• Email: You can also contact the customer care
• Branch Visit: You can visit the nearest SMFG India Credit branch office.

Q2. How can I apply for a new personal loan from SMFG India Credit? What would be the rate of interest charged by them?

Ans. Customers can apply for a personal loan online at Paisabazaar.com. SMFG India Credit personal loan interest rate starts as low as 11.99% p.a. However, actual interest rate offered may vary from individual to individual depending upon the applicant’s profile detail including credit score, income, nature of employment, etc.

Q3. What is the maximum personal loan amount that I can avail from SMFG India Credit?

Ans. Customers can avail personal loans up to Rs. 25 lakh from SMFG India Credit, provided they meet the lender’s eligibility criteria.

Q4. Is it possible to transfer more than one personal loan to SMFG India Credit?

Ans. Yes, you can apply for a balance transfer to SMFG India Credit for all existing personal loans from any registered lender in India subject to applicable eligibility criteria.

Q5. Can I get a top-up at the time of personal loan balance transfer to SMFG India Credit?

Ans. Yes, you may be eligible for a top-up on your outstanding loan at the time of completing your SMFG India Credit personal loan balance transfer. However, allowing this benefit is at the discretion of the NBFC as per its applicable terms and conditions.