SBFC Personal Loan
Apply Now| SBFC Personal Loan Updated Details | Loan Details |
|---|---|
| Loan Amount | Rs. 1 lakh to Rs. 10 lakhs |
| Tenure | From 12 months to 60 months |
| Interest Rate | 13.75% onwards |
SBFC Personal Loan helps you meet all types of financial needs such as medical emergency, travel, wedding, education, home renovation, debt consolidation, a purchase, etc. You can borrow up to Rs. 10 lakhs on tenure up to 60 months. Also, you can borrow funds without keeping any property or collateral. The Small Business FinCredit (SBFC) Personal Loan schemes are designed as per the customer’s need, so you expect maximum flexibility in these. After approval of the loan, the funds get digitally transferred to your bank account.
At loanbaba.com, you can apply for SBFC personal loan online and get the funds in the shortest possible time. It takes less than 2 minutes to fill the loan application form on Loanbaba, so you can avail the loan from the comfort of your home, or anywhere.
NOTE: The loan by SBFC cannot be used for any speculative or illegal purposes.
Features of Personal Loan SBFC in India
Below-given are the features of Small Business FinCredit personal loan:
- This is a multi-purpose loan, with no restriction on the end-purpose of the funds.
- You can avail the loan in a short-time compared to other types of traditional loans.
- The interest rates are competitive and depend on the financial profile of the borrower.
- SBFC offers maximum loan tenure up to 5 years.
- The loan comes with flexible terms and repayment options.
Eligibility Criteria for Small Business FinCredit Personal Loan
Below-mentioned are the eligibility criteria for personal loan SBFC:
- Who Can Apply: As a borrower, you must be an Indian citizen. Salaried individuals and self-employed people can apply for this loan.
- Co-applicant Criteria: Co-applicant is allowed in case of a spouse who draws a regular monthly income from current employment.
- Age: Minimum age for the main applicant is 25 years, and 21 years for the co-applicant. The maximum age of the applicants is 58 years till the loan maturity.
- Credit Score: CIBIL score must be at least 680 or above. The higher the credit score, better the chances of getting the loan approved from the lender. A CIBIL score as close to 900 is always appreciated by lenders to provide funds.
- Borrowing Amount: You are eligible to borrow up to Rs. 10 lakhs. Your income and credit history will further determine the eligibility for the loan.
- Work Experience: Minimum 3 years of total work experience, out of which current work experience of 1-2 months is required to apply for the loan.
- Monthly Income in Top 7 Locations: Your minimum monthly income must be Rs. 30,000 if residing in Mumbai/Pune/Delhi/Bangalore/Hyderabad/Chennai/Ahmadabad.
- Monthly Income for Other Areas: Your minimum monthly income should be Rs. 22,000 if you reside in any other place in India that the ones mentioned just above this pointer.
- Residence: You must have residence stability greater than 3 months..
SBFC Personal Loan Interest Rate
The Small Business FinCredit Personal Loan interest rate will be determined on the basis of your income, repayment capacity, age, debt-to-income ratio, and many other factors, especially fulfilment of the eligibility criteria. To get the best rate possible, maintain an excellent credit score, and a good relationship with the financial institution.
Documents Required for SBFC Personal Loan
As per the guidelines of the Reserve Bank of India, to apply for this loan, you need to submit:
- Recent passport-sized photographs
- A proof of address
- A proof of identity
- PAN card to fulfil KYC requirements
- Bank statements of a last 3 months
- Income documents of the last 3 months, etc.
Terms and Conditions about Repayments
Below-mentioned are rules to SBFC personal loan repayments:
- EMI is the monthly amount to pay back on the availed loan. It contains components of both the interest and the borrowed principal. Lower the loan amount and the interest rate, and shorter the tenure, lower will be the interest payout, but the EMIs will be heavier.
- The equated monthly instalment (EMI) will be calculated based on the applicable rate of interest, sanctioned loan amount, and the tenure. To get the lowest EMI, look to take the shortest tenure, or as suited per your repayment capacity.
- Once the loan is approved and funds disbursed, you need to repay the loan in equal EMIs till the end of tenure. Find out with the lender the repayment structure applicable on the loan, and work for the best suitable repayment plan as per your financial position.
- The EMI will be debited automatically via ACH (Automated Clearing House) from your bank account. There could be an alternate method to pay the EMIs as well, which will be explained on querying about the loan.
- The loan can be repaid early in form of prepayment. Prepayment fee is applicable. You can save a lot on the interest payout by choosing the prepayment option.
Frequently Asked Questions about SBFC Personal Loan
Below-mentioned are FAQs on SBFC Personal Loan:
1. How widespread is SBFC’s reach in India?
Small Business FinCredit was established on 28th September 2017. It has a widespread network across India, with branches in every popular city. Today, SBFC is a known name in financial products and the lending industry. It offers several types of loans, personal loans being one of the most-sought after products by the Indian citizens.
2. Is a personal loan better than a revolving line of credit?
A personal loan has fixed interest rate, wherein you need to pay EMI on a regular basis over tenure. It carries a smaller interest rate than on a credit card or other types of revolving line of credits. Thus, personal loans are inexpensive compared to the latter option.
3. Why choose personal loan from SBFC?
Small Business FinCredit has several branches spread out over India. It offers personal loans of a big-ticket amount, up to Rs. 10 lakhs which you can get within a very short time. Salaried as well as professionals can avail the funds. The loan application involved only minimal documents.
4. How is an unsecured personal loan different from a secured loan?
An unsecured personal loan does not require you to pledge collateral with a bank/NBFC to receive funds. On the other hand, in a secured loan, you need to pledge an asset, upon whose valuation the eligible loan amount, interest rate, and other details are determined.
5. Why is it important to meet the personal loan eligibility criteria?
To get approved for the loan, you need to meet the eligibility criteria. As an applicant, you must be at least 25 years old, submit all the required documents with the application form, meet the income and repayment capacity criteria set by the lending institution.
6. How to select the ideal tenure for the loan?
To determine the ideal tenure for the personal loan, you must know how well you comply with the eligibility criteria set by the company. If you have a great repayment capacity, then you can direct most of your disposable income to repayments and choose a shorter tenure. A shorter tenure will save on the interest payout as compared to interest payout on a longer tenure.
7. How to get the best interest rate?
To get the lowest interest rate on Small Business FinCredit personal loan, you must maintain an excellent credit score and repayment capability, with sufficient disposable income, and low amount of financial liabilities or no debts. Lower rates are applicable to the ones working with reputed organizations as well.
8. What happens in case you lack the required documents for the loan application?
To apply for a personal loan, you need to have each and every documents required for the loan application. Without this, it is impossible to get an approval for funds. If you think that you do not have a particular document then get in touch with the financial institution to understand if a replacement document works.
9. Can a personal loan boost your credit score?
Regular and timely repayment on a personal loan can definitely boost your credit score. Your credit score signifies your credit worthiness. Thus, you must try to maintain a good credit score always. Do not miss any EMI or will hamper your CIBIL score. To know your CIBIL score for free, visit our website here.
10. What happens if you miss EMI payments?
If you miss paying the EMI, then you will have to pay a late payment penalty and bounce fee. It is best to never miss or delay EMIs to maintain a good credit score.