SMFG India Credit Business Loan
Fullerton India now known as Sumitomo Mitsui Financial Group (SMFG) India Credit Co. Ltd. is an RBI-registered NBFC – Investment and Credit Company (NBFC-ICC). Fullerton Business Loan is designed to meet the diverse needs of your business, whether you’re considering launching a new venture or expanding an existing one.
With loans tailored to every phase of your business, the Fullerton India Business Loan provides lending solutions to micro and small enterprises enabling them to boost productivity. SMFG India Credit provides a maximum loan of INR 75 lakhs with flexible repayment tenures and competitive interest rates.
SMFG Business Loan Interest Rate, Fees & Other Charges
The interest rate, processing fees, and other charges of the SMFG India Credit Business Loan (Previously Fullerton) are given below:
| Particulars | Charges |
|---|---|
| Maximum Loan Amount | Rs. 75 Lakhs |
| Interest Rate | 15% to 20% p.a. |
| Processing Fee | 2% of the loan amount |
| Repayment Tenure | 12 to 48 Months |
| Foreclosure Charges | 5% + Tax |
| Delayed EMI payment charges | 24% p.a on the outstanding overdue amount calculated on a daily basis |
| ECS/Cheque Dishonor Charges | INR 300 |
| Swap Charges (ECS to ECS) | INR 500 |
| Swap Charges (Post-dated cheques to ECS) | INR 500 |
Table of Contents
Features & Benefits of Business Loan
The Fullerton Business Loan is designed to assist self-employed individuals in scaling up their businesses. Covering everything from marketing and increasing working capital to purchasing inventory the tailored solution provides immediate financial support for business growth or establishment.
Some of the benefits and features of Fullerton Business Loan are listed below:
- Loan amount up to Rs. 75 lakhs with flexible EMI repayment options.
- Customised loan facilities to meet diverse business finance needs.
- Affordable interest rates with minimal documentation requirements.
- Fullerton India provides small business loans within 24 hours in certain cases.
- A stable income source and a minimum CIBIL score of 750 ensure the best possible interest rate.
SMFG India Credit Business Loan EMI Calculator
Eligibility Criteria to acquire SMFG Business Loan
The eligibility requirements to avail Fullerton Bank Business Loans (now SMFG India Credit) are:
- The age range of the loan applicant must be at least 22 years and a maximum of 65 years at the time of maturity of the loan.
- For individual applicants, 3 years of engagement in the current business and a minimum of 5 years of business experience are required.
- Entities including Partnership Firms, Sole Proprietors, Trusts, and Private Ltd. Companies associated with the business of Trading/ Manufacturing/Services are qualified for Fullerton Business loans.
- The company must in profit for at least 2 years.
- The annual minimum turnover of a business must be INR 10 lakhs.
- Minimum annual income should be INR 2 lakhs.
Documentation Required for Business Loan
The following is a list of the documents required for your business loan application:
KYC Documents
- Passport-sized photograph (not older than 6 months)
- PAN card of both the business and the applicant
- Identity Proof (Driving License/Passport/Voter’s ID Card/Aadhaar Card)
- Address Proof of the applicant (Driving License/Passport/Voter’s ID Card/Aadhaar Card)
- Address proof of the business
Bank Statements
- Bank and GST statements (last 6 months)
Income Documents
- ITR along with Computation of Income (last 2 years)
- Profit loss statements (last 2 years)
- Audited balance sheet
Proof of Business Continuation
- Establishment Certificate
- Sales Tax Certificate
- ITR
- Trade License
Other Documents
- Certified copy of Partnership deed or Sole Proprietorship Declaration
- Certified copy of MoA & AoA, and Board Resolution
How to apply for a Business Loan in SMFG India Credit?
You can apply for a Fullerton Business Loan, by either visiting their nearest branch or going to the website and applying for the loan online.
Online Application Process
- Visit the official website of SMFG India Credit and click on a ‘Business Loans’ in the status bar and select the ‘MSME loan’ option.
- Fill in the loan application form correctly, select the loan amount and tenure, and submit it online.
- A representative from Fullerton India will reach out to you within the assigned timeline. After the verification of your personal details, you may upload the documents online or request a doorstep pickup.
- Once the loan has been approved, the loan agreement will be provided to you. The loan gets disbursed within 24 hours after the documents are signed and provided to Fullerton India.
Also Read: Small Business Loans for Women
Offline Application Process
Visit your nearest Fullerton India (now SMFG Credit India) branch and connect with one of the representatives. They will assist you in completing the entire application process.
Factors Responsible for Business Loan Interest Rate
1. Credit Score
Your Credit score, reflecting your creditworthiness, can influence the interest rate on your business loan. Lenders often offer lower rates to borrowers with good scores. Check tips to increase cibil score from 650 to 750.
2. Business Experience
The duration your company has been operating is vital. Longer experience and a strong business track record may lead to a more favorable interest rate on your business loan.
3. Annual Turnover
Annual turnover, representing your income, plays a role. A higher annual turnover can result in a lower interest rate on your business loan.
4. Collateral
While business loans are typically unsecured, offering valuable collateral or security can help secure a significantly lower interest rate.
Frequently Asked Questions
What is the interest rate of the SMFG India Credit (Previously Fullerton) MSME Loan?
The SMFG India Credit MSME Loan interest rates are based on several factors like industry type, nature of business, financials, etc.
What is the maximum business loan amount in SMFG India Credit?
A maximum business loan amount of INR 75 Lakhs can be availed from SMFG India Credit.
Who is the owner of SMFG India Credit?
Sumitomo Mitsui Financial Group, Inc., or SMFG Japan owns the major stake in the company.
Is SMFG India Credit registered with RBI?
SMFG India Credit (Previously Fullerton India) is registered as an NBFC-ICC (Non-Banking Financial Company-Investment and Credit Company) with the Reserve Bank of India.
What is the SMFG India Credit helpline number?
You can reach out to SMFG India Credit by dialling their helpline number – 1800 103 6001.
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