Description

Finance the things that matter to you with Fullerton India’s Personal Loan

Fullerton India Credit Company Limited is a wholly-owned subsidiary of Fullerton Financial Holdings Pte Ltd. This, in turn, is a wholly-owned subsidiary of Temasek Holdings Pte Ltd, Singapore. Fullerton India is a renowned NBFC (Non-Banking Financial Company) launched in January 2007 and headquartered in Mumbai. It has been able to establish itself successfully and strongly in India’s broad financial landscape, with a network of over 600 branches, and serving over 1.6 million customers. 

Their services are available in the fields of personal loans, home improvement loans, financing of SMEs for working capital and growth, loan against property, working capital loans for urban self-employed professionals, loans for commercial vehicles including two-wheelers, loans for rural livelihood advancement, financing of various rural micro-enterprises, and rural housing financing. Fullerton India has won the prestigious Golden Peacock Award in the innovative Product/Service category in March 2019.

Fullerton India provides personal loans that are transparent, fast, and designed to suit the distinct needs of all the customer segments. It offers readily available personal loan products to individuals, who are in urgent need of funds to address immediate financial issues. Fullerton India personal loan products come with highly competitive interest rates and other benefits to both the salaried & self-employed groups of people.

Interest Rates on Fullerton India Personal Loan

Fullerton India personal loan interest rates

General - Interest Rates

10.99% to 40%

Loan tenure

Minimum 12 months

Maximum 60 months

Processing Fee

Up to 6.5% of the total loan amount

Maximum Loan amount

Up to Rs. 25 lakhs for Salaried Individuals

Age

21 to 60 years for Salaried Individuals

21 to 65 years for Self-employed Professionals

Minimum net monthly income

Rs. 15,000 per month

Rs. 20,000 per month for residents in Mumbai, Delhi, Chennai, Hyderabad, Kolkata, Pune, Cochin, Ahmedabad, or Bengaluru

 

Other rates/fees associated with a Fullerton India personal loan

Category

Rate/Charge

Repayment mode swap charges

Rs 500 for every transaction + GST

Collection of cheque/cash

Rs 300 per instance + GST

Cheque/NACH/ECS dishonored charges

Rs 30 + GST

Loan cancellation charges

Rs 1000 +GST

Issuance of photocopy of loan agreements/other documents

Rs 250 per instance +GST

Foreclosure charges (allowed after 6 EMIs only)

  • 7% within 7 to 17 months from the agreement date

  • 5% within 18 to 23 months from the agreement date

  • 3% within 24 to 35 months from the agreement date

  • No charge after 36 months from the agreement date

*Rates are subject to periodic changes. Fullerton India personal loan interest rates and other fees/charges are subject to regular reviews.

They can also vary from customer to customer depending upon several factors.

Personal Loan Offers of Fullerton India

 

Personal Loan Schemes

Features & benefits

Personal loan for women

  • Instant loan approval & disbursal
  • Once the loan application is approved and processed, Fullerton India disburses the loan within 72 hours
  • There is no need to pledge collateral for the loan
  • One can get attractive interest rates to encourage women borrowers

Personal loan for Elite

  • Individuals with a minimum income of Rs. 75,000 per month are eligible
  • Minimum loan amount is Rs. 8 Lakhs and the maximum loan amount is Rs. 20 Lakhs
  • Instant loan approval & disbursal for elite applicants
  • Once the loan application is approved and processed, the loan is disbursed within 72 hours
  • There is no need to pledge collateral for the loan
  • One can get attractive interest rates starting from 11.99% per annum
  • Provides doorstep delivery and pickup of documents

Personal loan for Wedding

  • The maximum loan amount is Rs. 25 Lakhs
  • The loan is approved instantly after the analysis of documents and entries
  • Once the loan application is approved and processed, the loan is disbursed within 72 hours
  • There is no need to pledge collateral for the loan
  • One can get attractive interest rates starting from 11.99% per annum
  • Provides doorstep delivery and pickup of documents

Personal Loan for Holiday

  • You can avail a maximum loan amount of up to Rs. 25 Lakhs
  • You can have a flexible loan tenure of 24 months to 60 months
  • The loan is approved instantly after the analysis of documents and entries
  • Once the loan application is approved and processed, the loan is disbursed within 72 hours
  • There is no need to pledge collateral for the loan
  • One can get attractive interest rates from Fullerton India

Personal Loan for Doctors

  • Doctors and consultants practicing in a government hospital are eligible
  • You can avail a maximum loan amount up to Rs. 25 Lakhs
  • You can have a flexible loan tenure of up to 15 years
  • The loan is approved instantly after the analysis of documents and entries
  • Once the loan application is approved and processed, the loan is disbursed within 72 hours
  • There is no need to pledge collateral for the loan
  • one can get attractive interest rates starting from 11.99% per annum
  • Provides doorstep delivery and pickup of documents

Personal loan for Home Improvement

  • Instant loan approval & disbursal
  • Once the loan application is approved and processed, Fullerton India disburses the loan within 72 hours
  • You can get a maximum loan amount up to 90% of the home improvement cost
  • There is no need to pledge collateral for the loan
  • One can get attractive interest rates starting from 11.99%

Personal Loan for Emergency

  • You can avail this loan to fund any unexpected situations such as a medical emergency
  • You can avail a maximum loan amount up to Rs. 25 Lakhs
  • Instant loan approval & disbursal
  • Once the loan application is approved and processed, Fullerton India disburses the loan within 72 hours
  • There is no need to pledge collateral for the loan
  • One can get attractive interest rates from Fullerton India

Factors that affect the Fullerton India Personal Loan interest rate

  • Monthly Income of the applicant 

The affordable monthly income of the potential borrower makes a decisive impact while calculating the interest rate being offered to him. The Fullerton India needs to assess the repayment ability of the borrower accurately before approving the loan to him. His monthly income allows Fullerton India to gauge his payback capacity accurately and also to get some surety in the event of a possible default. 

If the applicant has a higher monthly income, Fullerton India is more or less convinced that the amount lent out would return to the bank within the scheduled time frame itself. On the contrary, if the applicant has a low monthly income, he will have difficulty in paying his EMIs on time every month. In this case, Fullerton India will see him as a risky proposition, as far as his loan repayment capacity is concerned. Hence, it will dampen his chances of getting the best interest rates from Fullerton India.  

  • Tenure of the Personal Loan

The loan repayment period or the loan tenure of the Fullerton India personal loan has a decisive impact on the interest rates offered by the bank. The rate of interest is higher for shorter personal loan tenure and vice versa. 

  • The Credit Rating of the applicant

While deciding on your personal loan application, Fullerton India scrutinizes your credit profile too. Your credit profile includes details such as how efficient you are in credit handling, your previous repayments and your past loan/credit records. If the above-mentioned parameters are found satisfactory, Fullerton India will not only approve your personal loan, but also may provide you with the best interest rate. 

The Type of Fullerton India Personal Loan you opt for

The rate of interest for a Fullerton India personal loan is also influenced by the loan type you have chosen. As you are aware of, there are two types of personal loans-

Secured Personal Loan: In this case, you need to pledge gold, a movable/immovable security or property as collateral while applying for your Fullerton India personal loan. The lender now has a fallback option, if you can't repay your loan tomorrow and hence, you are considered a less risky proposition. Fullerton will not hesitate to grant you better offers with lower interest rates, if you opt for a secured personal loan.

Unsecured Personal Loan: In contrast to the secured personal loans, you do not need to pledge any security/collateral to Fullerton India. Therefore, your perceived creditworthiness is everything upon which the lender determines your loan repayment capability in future. The interest rates in an unsecured personal loan will be higher in comparison to secured loans as the Fullerton India deems you as a higher risk proposition while lending to you.

  • Are you a customer of Fullerton India?

If you say yes and have bonhomie with the lender, you are usually considered for offers/special schemes with cheaper interest rates. However, do have in mind that interest rate is a discretionary matter of the lender. By becoming a customer, you do not necessarily ‘earn' the right to get the lowest interest rates going around.

Why should you choose Fullerton India for Personal Loans?

There are various reasons why one can choose Fullerton as their personal loan provider. Some of them are listed below:

  • Multipurpose loan - Fullerton India offers multi-purpose personal loans. You can use the funds for any genuine purpose such as meeting medical expenses, weddings, holidaying, hobbies, etc.
  • Attractive interest rate - One of the primary reasons for people to opt for Fullerton India as their loan partner is because it offers highly competitive interest rates.
  • Easy application and approval - The entire process of loan application and approval in Fullerton is easy and quick. This is one of the major reasons why Fullerton is a popular choice amongst personal loan seekers in India.
  • Customized personal loan products - Fullerton India offers a range of personal loan products to address the diverse needs of the applicants. These loans are offered for different customer segments - such as for women, elite class, doctors, and so on.
  • Flexible Personal Loan tenure – An applicant can have any loan tenure of his choice up to 60 months. Thus, he can make his EMI amount affordable and to suit his budget every month. This reduces the pressure of repayment on the borrower.
  • Additional Benefits to existing customers – Customers who already have a relationship with Fullerton India can get several additional benefits. These include reduced interest rates, instant loan approval, and disbursal, top-up loan on the existing loan and many more.

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