SMFG Indiacredit Business Loan
Last Updated : Oct. 17, 2016, 7:27 a.m.
Your aspirations to increase the business productivity and move your business to new heights can be fulfilled by availing the business loan from SMFG India. The non– banking financial institution credits the loan up to Rs. 50,00,000 to the candidates in need of funds to expand their business. Flexible tenure lasting up to 48 months and payment through cheques and ECS make loan repayment easy. People also have the option of foreclosing the loan after payment of 6 EMIs. The processing fee of 2.15% – 2.50% is charged for disbursement of this unsecured loan.
SMFG Indiacredit Business Loan Details
| Particulars | Details |
|---|---|
| Rate Of Interest | 17.00% - 21.00% |
| Loan Amount | Up to Rs. 50,00,000 |
| Loan Tenure | 12 months – 48 months |
| Processing Fee | 2.15% - 2.50% |
| Type Of Loan | Unsecured |
How To Apply
You can apply for SMFG India business loan online. Login the official website and register yourself. Fill in your name, contact number, e-mail, city and working details. Then enter the loan amount and purpose of taking the loan. The dealer will get back to you.
SMFG Indiacredit Business Loan EMI Calculator
Use the calculator to know how much EMI you will be paying and the total amount of interest charged on your loan. The following details need to be entered in the calculator and result will be computed as soon the details are entered. Let’s see how the calculator works :
| Particulars | Details |
|---|---|
| Loan Amount | Rs. 50,00,000 |
| Loan Tenure | 48 months |
| Rate of Interest | 22%.p.a. - 25% p.a |
| Total Interest Amount | Rs. 25,61,459 - Rs. 29,57,711 |
| EMI | Rs. 1,57,530 - Rs. 1,65,786 |
Table Showing EMI, Interest Outgo and Total Outgo
| Loan Amount | Rate Of Interest | Tenor | EMI | Total Interest Amount | Total Amount (Principal + Interest) |
|---|---|---|---|---|---|
| Rs. 50,00,000 | 22% p.a -25% p.a | 1 year | Rs. 4,67,972 - Rs. 4,75,221 | Rs. 6,15,663 - Rs. 7,02,652 | Rs. 56,15,663 - Rs. 57,02,652 |
| Rs. 50,00,000 | 22% p.a -25% p.a | 2 years | Rs. 2,59,391 - Rs. 2,66,858 | Rs. 12,25,379 - Rs. 14,04,582 | Rs. 62,25,379 - Rs. 64,04,582 |
| Rs. 50,00,000 | 22% p.a -25% p.a | 3 years | Rs. 1,90,952 - Rs. 1,98,799 | Rs. 18,74,282 - Rs. 21,56,769 | Rs. 68,74,282 - Rs. 71,56,769 |
| Rs. 50,00,000 | 22% p.a -25% p.a | 4 years | Rs. 1,57,530 - Rs. 1,65,786 | Rs. 25,61,459 - Rs. 29,57,711 | Rs. 75,61,459 - Rs. 79,57,711 |
Amortization Table
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | Rs. 875,132 - Rs. 830,327 | Rs. 1,015,228 - Rs. 1,159,105 | Rs. 4,124,868 - Rs. 4,169,673 |
| 2 | Rs. 1,088,309 - Rs. 1,063,427 | Rs. 802,051 - Rs. 926,005 | Rs. 3,036,559 - Rs. 3,106,246 |
| 3 | Rs. 1,353,419 - Rs. 1,361,964 | Rs. 536,941 - Rs. 627,468 | Rs. 1,683,140 - Rs. 1,744,282 |
| 4 | Rs. 1,685,977 - Rs. 1,747,665 | Rs. 207,252 - Rs. 245,120 | Rs. 0 |
Features and Benefits
- Loan available without any collateral
- Highest loan available up to Rs. 50,00,000
- Minimal paperwork
- Quick approval and fastest disbursal
- Easy EMI payments through cheques and ECS
- Additional benefits in processing time and rate of interest to existing customers
Eligibility Criteria
The candidates must check their eligibility in terms of age and business entity before applying for the loan. The candidates belonging to following age group and with the mentioned business annual turnover are suitable to avail the business loan from SMFG India.
| Basis | Eligibility |
|---|---|
| Age | 27 years to 65 years |
| Business | Annual Turnover – Rs. 10 lakhs to 100 crores Business Continuity – minimum 3 years business continuity and the entity must be profitable for last 2 years . Income Tax Return – past 2 years ITR should reflect taxable income of Rs. 2 lakh per annum |
SMFG India Business Loan Application Form
To avail the business loan from SMFG India you are required to submit the duly filled application form. The forms are available at the operational branches. Visit the closest branch and submit the form along with the requisite documents.
Documents Required :
- Application form with a recent photograph
- Proof of Identity (Passport Copy/ Voter ID card/ Driving License/ PAN Card)
- Address Proof (Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License)
- Age proof (PAN Card, Passport, any other certificate from a statutory authority)
- Proof of business existence
- Bank Statements (Bank statement / Bank Passbook for last 6 months)
- Profit and loss statement for last 3 years
- Balance sheet for last 3 years
- Income Tax Returns for last 3 years (for self and business) duly certified by a CA
- Processing fee cheque
Factors Affecting Business Loan Eligibility:
- Loan Repayment track
- Credit Performance / Credit Bureau Update
- Debt servicing ability of the customer
- Business Vintage
- Financial Ratios
- Existing relationship
SMFG Indiacredit Business Loan Status
Once you apply for the business loan, you can track the loan status online or contact the customer care. The concerned authority will inform you about the current application status.
SMFG India Business Loan Interest Rate
The business loan provided by SMFG India is not pledged against any security. So, the rate of interest charged varies according to applicant’s financial position and loan amount disbursed by the bank. The prevailing rate of interest ranges between 22% p.a to 25% p.a .
SMFG Indiacredit Customer Care
For further information regarding the business loan or to know about other products and services provided by SMFG India contact the customer care. You can contact the customer care executive through the different channels and they are :
- Call on toll- free number 18001036001 from Monday to Saturday between 9:00 AM to 8:00 PM
- Send an email to customer care mail id available on SMFG Indiacredit website