SMFG (formerly Fullerton India Credit Company Ltd) continues to streamline and strengthen its personal loan offerings for salaried individuals. The updated sourcing policy reflects a flexible and inclusive approach, covering a wide range of customer profiles while ensuring prudent credit practices.
Below is a comprehensive breakdown of the latest sourcing policy for Personal Loans (PL) offered by SMFG:
General Eligibility Criteria
- Minimum Age:
- Private Ltd. & Ltd. Co. Employees: 21 to 65 years
- Government Employees: 21 to 60 years
- Minimum Net Monthly Income: ₹30,000
- Loan Amount Range: ₹1 lakh to ₹30 lakhs
- Tenure Options: 1 to 5 years
- Applicable for:
- MNCs
- Government sector
- Public Ltd. and Private Ltd. companies
- Educational institutions and hospitals under Trusts & Societies
- Proprietorship firms, Partnerships, and LLPs (with separate FOIR guidelines)
Special Segments Covered
- Doctors:
- Eligible for loan amounts up to ₹30 lakhs
- 100% FOIR/DBR considered
- Pensioners (Government Employees):
- Surrogate funding available up to 65 years of age
- Fourth Grade Employees:
- Eligible (excluding MCD and NDMC employees)
FOIR/DBR Slabs (for Salaried Applicants)
| Net Monthly Income (NMI) | FOIR % |
|---|---|
| ≤ ₹32,000 | 60% |
| ₹32,001 – ₹45,000 | 65% |
| > ₹45,000 | 70% |
FOIR/DBR – Proprietorship, Partnership & LLP
| Net Monthly Income (NMI) | FOIR % |
|---|---|
| ₹30,000 – ₹35,000 | 50% |
| ₹35,001 – ₹45,000 | 55% |
| > ₹45,000 | 60% |
- Loan Cap: ₹7.5 lakhs
- Company Eligibility: Business must be registered with MCA for at least 2 years
Balance Transfer (BT) Policy
- 100% BT allowed for:
- Personal Loans
- Credit Cards
- Used Car Loans
- Commercial Loans
- Home Loans
- Loan Against Property (LAP)
- Jumbo Loans
- Loan on Credit Card
- Credit Card BT Requirements:
- Card must be active for at least 6 months
- No late payment or over-limit fee in the latest statement
- Personal Loan BT:
- Minimum 6 EMIs must be paid
Additional Guidelines
- CIBIL Scores:
- CIBIL -1 and 0 cases allowed with specific caps:
- Private, Proprietorship, Partnership, LLP: up to ₹5 lakhs
- Government employees: up to ₹10 lakhs
- CIBIL -1 and 0 cases allowed with specific caps:
- Residence Ownership:
- For loan amounts above ₹10 lakhs, owned or parental residence is mandatory
- Inquiries:
- Not more than 10 credit inquiries in the last 3 months
- AIP Cases:
- GREEN and AMBER cases allowed under CRM evaluation
Document Requirements
- Recent Passport-size Photograph
- PAN Card
- Aadhar Card
- Residence Proof
- Last 3 Months’ Salary Slips
- Last 6 Months’ Bank Statements
This latest policy framework by SMFG aims to broaden access while maintaining strong risk controls. Whether it’s for salaried professionals, doctors, government employees, or small business owners—there’s a tailored offering to meet every need.
Stay informed. Leverage opportunities. Drive successful sourcing.
