SMFG India Credit (Formerly Fullerton India) offers a wide range of unsecured business loan solutions of up to ₹75 Lakhs to support businesses, whether they are expanding or starting up. The business loans are designed for capital requirements, and short-term and working capital needs of businesses, covering a variety of expenses such as inventory replenishment, equipment purchases, office expansion, business marketing, and additional staff.
SMFG India Credit Co. Ltd., formerly known as Fullerton India Credit Co. Ltd., is registered as an NBFC-ICC with the Reserve Bank of India. It provides various financial products like personal loans, business loans, and rural financing to individuals and small and medium enterprises (SMEs)
Table of Contents:
- ⇾ Highlights of SMFG India Credit Business Loans
- ⇾ SMFG India Credit Business Loans Interest Rates
- ⇾ SMFG India Credit Business Loans Fees and Charges
- ⇾ Eligibility Criteria For SMFG India Credit Business Loans
- ⇾ Documents Required For SMFG India Credit Business Loans
- ⇾ Features & Benefits of SMFG India Credit Business Loan
- ⇾ SMFG India Credit Business Loan EMI Calculator
- ⇾ Types of SMFG India Credit Business Loan
- ⇾ Steps To Apply For SMFG India Credit Business Loan
- ⇾ Steps to Apply for a Business Loan Through Buddy Loan
- ⇾ Frequently Asked Questions
Highlights of SMFG Business Loans
The table below gives an overview of the details of SMFG India Credit (Formerly Fullerton India) business loan:
| Loan amount | Up to ₹75 lakhs |
|---|---|
| Tenure | Up to 48 months |
| Interest rate | Low and most competitive interest rates. |
| Processing fee | Up to 6.5% p.a. of the loan amount |
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SMFG Fullerton Business Loans Interest Rates
SMFG India Credit (Fullerton) offers the lowest and most competitive interest rates based on various factors such as location, net income, business stability, collateral, existing monthly obligations, etc.
| SMFG India Credit (Fullerton) Business Loan Interest Rate | 13% to 21% p.a. and varies |
SMFG Fullerton Business Loans Fees & Charges
Below is a detailed table of the fees and charges applicable to SMFG India Credit Business Loans, providing a comprehensive understanding of the associated costs.
| Fee Type | Applicable Charges |
|---|---|
| Late payment charges | 2% plus GST charged monthly (24% per annum) on the overdue amount calculated daily. |
| Collection of Cheque/Cash(per collection) | NIL |
| Cheque /ECS dishonoured Charges(per dishonour of cheque/ECS per presentation) | ₹300 |
| Swap Charges- for replacement of Post-dated cheques to ECS(per instance) | ₹500 |
| Swap Charges- for replacement of ECS to ECS(per instance) | ₹500 |
| Loan Cancellation charges(loan cancelled before first EMI) | ₹1000 |
SMFG Loan Eligibility Criteria
The eligibility criteria for SMFG India Credit business loan are as follows:
- Self-employed individuals, sole proprietors, privately held companies, and partnership firms involved in manufacturing, trading, or services are eligible for the loan.
- Applicants must have a minimum of three years of experience in their current business and a total of five years of business experience.
- Individuals must be at least 22 years old when applying for the loan and must be under 65 years of age at the time of loan maturity.
- Enterprises must have a minimum turnover of 10 Lakhs and should have been profitable for the past two years.
- The enterprise should have a minimum annual income (ITR) of 2 Lakhs per year.
- For loan requirements exceeding 75 Lakhs, SMFG provides secured business loans against property. The eligibility criteria, interest rates, and documentation for such cases will be different. For more information, please refer to the SMFG India Credit Loan Against Property for SMEs section.
Note: Specific eligibility criteria may vary based on loan product, location, industry, and lender policies.
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SMFG Loan EMI Calculator
A business loan EMI calculator is a valuable tool that empowers small and medium-sized enterprises (SMEs) in India to plan their financial obligations effectively. By inputting the total loan amount, loan tenure, and interest rate, the calculator provides a realistic projection of the monthly installments, enabling SMEs to make informed decisions about their borrowing needs.
Experimenting with different loan parameters using the calculator gives SMEs a clear understanding of various scenarios, ultimately helping them to make the most prudent financial choices for their business growth and expansion.
| Monthly EMI | ₹86 |
| Principal Amount | ₹1,000 |
| Total Interest | ₹32 |
| Total Amount | ₹1,032.00 |
Documents Required For SMFG Business Loan
To obtain approval for your business loan, you must provide the following documentation:
- Proof of Identity: For a company, firm, or individual: a valid identity proof and PAN Card
- Proof of Address: Voter ID Card, Ration card, Passport, or Driving License.
- Bank Statements: The latest bank statements for the past 6 months.
- Income Documents: This should include the latest 2 years ITR along with the computation of income, balance sheet, and profit and loss account for the past two years. This must be submitted after obtaining the necessary certification from a Chartered Accountant.
- Proof of Continuation: TR / Trade license / Establishment / Sales Tax Certificate
- Other Documents: Sole Proprietorship Declaration or Certified Copy of the Partnership Deed, certified true copy of the Memorandum & Articles of Association (certified by the company Director), and the Board resolution
Features & Benefits of SMFG Fullerton Business Loan
The SMFG India Credit Business Loan offers small and medium-sized enterprises (SMEs) a comprehensive financing solution to support their growth and expansion goals.
- Flexible loan options: Repay your loan over up to 48 months at your convenience, ensuring that your repayment schedule aligns with your cash flow. There are also foreclosure options that allow you to repay the loan amount without any additional charges.
- Meeting capital needs: We provide quick and hassle-free financing of up to ₹75 Lakhs for small businesses, with competitive interest rates to keep your cost of capital low.
- Fast small business loans within 72 hours: We understand the urgency of seizing opportunities, which is why we have clear eligibility criteria and minimal documentation requirements to ensure you can access funds when you need them.
- No need for collateral: With SMFG India Credit, you can obtain business loans without having to pledge personal or business assets to finance your small business.
- Customized solutions: Our small business loan products come with pre-approved offers tailored to your capital needs. You can also access a higher loan top-up amount and choose a repayment tenure of up to 48 months for added convenience.
- Online account management: Easily monitor and manage your business loan account anytime, anywhere, and across various devices (desktop, mobile, or tablet) using our service portals and mobile applications.
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If you want to compare business loans from other lenders, check for different business loan options from various lenders from the links given below:
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Types of SMFG India Credit Business Loan
SMFG India Credit offers a variety of business loan options to suit your specific needs. From startup costs to machinery purchases, you can get a business loan that is right for you.
| Loan Type | Purpose | Loan Amount | Tenure |
|---|---|---|---|
| Business Loan for Startup | Initial expenses (office, equipment, inventory, working capital) | ₹50,000 to ₹75 Lakhs | 12 to 48 months |
| Business Loans For Women | Promote women's entrepreneurship (accessible financing) | ₹50,000 to ₹75 Lakhs | 12 to 48 months |
| Business Loan for Doctors | Set up/expand practice, purchase equipment, manage cash flow | ₹50,000 to ₹75 Lakhs | 12 to 48 months |
| Business Loans for Manufacturers | Purchase raw materials, upgrade machinery, expand production, manage working capital | ₹50,000 to ₹75 Lakhs | 12 to 48 months |
| Business Loan for Chartered Accountants | Set up/expand accounting practice (office, software, marketing, staff) | ₹50,000 to ₹75 Lakhs | 12 to 48 months |
| Business Loan For Shop | Renovate/expand shop, purchase inventory, manage cash flow | ₹50,000 to ₹75 Lakhs | 12 to 48 months |
| Working Capital Loan | Day-to-day operations (payroll, rent, inventory) | ₹50,000 to ₹75 Lakhs | 12 to 36 months |
| SME / MSME Loan | Expansion, equipment purchase, working capital | ₹50,000 to ₹75 Lakhs | 12 to 48 months |
| Machinery loan | Purchase new machinery or equipment | ₹50,000 to ₹75 Lakhs | 12 to 60 months |
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Steps to Apply for SMFG Business Loan
Here are the steps to apply for a business loan with SMFG India Credit:
- Visit SMFG India Credit's official website to get started.
- Select "Business Loan" or "SME Loan" depending on your needs.
- Provide the requested information and upload any necessary documents. You'll also enter your desired loan amount and choose a repayment term.
- The system will let you know right away if they'll consider your application. If so, you'll receive a reference number for tracking.
- A representative might contact you for further information.
- SMFG India Credit will verify your application details, documents, and even your business address.
- Once approved, you'll receive a customized offer with the loan amount and interest rate.
- Upon final approval, the loan amount will be deposited directly into your bank account.
Steps to Apply for Business Loan on Buddy Loan
Follow the steps to apply for a business loan through Buddy Loan:
- Step 1: visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
- Step 2: Open the business loan application page. Enter your mobile number and OTP.
- Step 3: Specify the desired loan amount and email. Next, choose the Business Loan option.
- Step 4: Choose if you have a Business Proof (Yes/ No)
- If ‘Yes’ (If you have a business proof), enter your business and personal details.
Or - If ‘No’ (If you do not have a business proof), choose the profession type and enter your details.
- Step 5: Provide income details and Click the ‘Submit’ button.
Apply For a Business Loan With Low Interest Rates
Know more about different types of business loans offered as per the government schemes by various banks & other private lenders. Check more on this from the links in the table below:
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Frequently Asked Questions
SMFG India Credit typically offers business loans for start-ups, women entrepreneurs, working capital, shops, manufacturers, etc.
Common criteria include minimum business operating time (often at least 3 years), minimum annual turnover of ₹10 lakhs, and a good credit score above 750.
Interest rates are competitive usually based on factors like loan amount, term, business financials, credit score, and market conditions. Rates can be fixed or floating.
Approval times can vary, but many lenders aim for 3-7 business days for initial approval, with disbursement following shortly after document verification.
Typical documents include business registration proof, financial statements, tax returns, bank statements, and KYC documents for business owners.
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