Small Business FinCredit (SBFC) Personal Loan

Small Business FinCredit (SBFC) Personal Loan

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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.