Grab a great deal of personal loan with Fullerton India

Posted by Ajit Samal on November 10th, 2020

Most of the people opt for a Fullerton India personal loan. Want to know why? Let’s find it out together. Fullerton India personal loan is a multipurpose loan and collateral-free loan that comes with a flexible repayment tenure ranges from 1year to 5 years at low rate of interest.

The option of prepayment or part payment is also offered by Fullerton India. Many other benefits are given to the borrowers which makes it one of the best personal loan in India. 

Features of Fullerton India Personal Loan

• High Loan Amount: A high amount of Rs.25 Lakhs based on the eligibility can be availed with Fullerton India. 

• Budget-friendly Interest Rate: Fullerton India personal loan interest rate ensures maximum benefit to the borrower.

• Easy Loan Accessibility: With a wide presence of the active branches in both the urban and rural regions, Fullerton makes sure easy loan accessibility.

• Additional Benefits: Fullerton offers many of the special benefits for their existing clients for pre-approved personal loans. 

• Easy Loan Application Processing: Fullerton personal loans are easy, and you can even apply with an online loan application. The loan process is easy, simple and includes minimal documentation and quick loan disbursal. 

• Instant Loan Approval: Those days are gone when a borrower has to make multiple visits but now with Fullerton, they can easily apply online for a personal loan. The online personal loan application involved a few working days for loan approval for the eligible applicants.

• Periodic Offers: Fullerton offers attractive seasonal discounts on the rate of interest and processing fees during festival season and from time to time.

Fullerton Personal Loan Interest Rate

• This massive demand for personal loans has emerged various lenders and Fullerton is among the prominent ones. Fullerton offers a wide range of financial products and a personal loan is one of the most preferred financial products. 

• The interest rate of the Fullerton personal loan interest rate starts at 12.99% for the salaried applicants. The availed personal loan from Fullerton can be used for many purposes like medical treatments in case of emergencies, paying the additional debts, wedding expenses, and to meet the other personal financial requirements.       

Factors that affects the Fullerton India Personal Loan Interest Rate 

• Income- This defines the repayment capacity of a borrower. Generally, the applicants with a higher salary bracket get a personal loan at a lower interest rate as compared to the applicants with a low-income bracket.

• Loan Amount-This is the borrowed loan amount by a borrower from the bank. Usually, banks offer a lower interest rate to the applicant of a higher amount and vice versa. 

• Existing relationship with the Bank- Those who have managed their savings or salary accounts and made the regular repayments in the past have the chances of getting benefits as a low rate of interest on a personal loan.

• Repayment Capacity- As the name suggests, this is the loan repayment capability of a borrower. Before sanctioning the personal loan, every lender checks the repayment capacity of the borrower. The verification is done based on some parameters, one among the common one is the CIBIL score as it has the credit repayment history.

• Age: The age of the loan seeker also influences the offered interest rate. Individuals whose ages are nearing around 58 years may get a personal loan at a higher interest rate.

• Employer’s Details– Almost every personal loan lender has an internal list of the companies falling into categories that are ranked from the high to low. The categorization is based on various parameters the company’s size, reputation, and the existing relationship with the bank.

Fullerton Personal Loan Eligibility Criteria 

The criteria may differ based on an applicant’s profile and other factors. Following is the common eligibility criteria of Fullerton India Personal Loan:

• An applicant minimum age should be of 23 years and maximum of 58 years.

• An applicant should have minimum of 2 years working experience in the current organization.

• An applicant should be living in the current residence for minimum last 1 year.

Documents required for the Fullerton Personal Loan?

 Following is the common list of documents required for the personal loan from Fullerton India:

• Duly filled loan application form 

• Recent passport-sized photograph.

• Identity proof (any of the following)

• PAN Card

• Aadhaar Card

• Passport Copy

• Driving License

• Voter ID Card

• Address Proof (any of the following)

• Passport Copy

• Rental Agreement

• Driving License

• Bank Statement or Passbook

• Electricity Bill

• Ration Card

• Telephone Bill

• Age Proof (any of the following)

• Passport Copy

• PAN Card

• Last 3 months bank statements/ salary slips

• Form 16

• Last 3 years IT Returns 

Tips to improve get a low-interest rate on Personal Loan 

 1. Maintain a great credit score

 2. Settlement of all previous loans

 3. Residential or Commercial Rental Income

 4. Regularly pay the credit card bills 

 5. Good Variable Pay

Let’s have a brief understanding of these tips.

• Settlement of all Previous Loans 

As, if there are other loans to pay for, then the borrower loan repayment capacity becomes a risk for a lender as the borrower already has to pay other EMIs at the end of every month.

• Good Variable Pay

Those borrowers who earn variable pay, and keep an updated record of the same at work. The more variable pays a borrower earns increases the chances of personal loan eligibility.

• Duly payment of Credit Card Bills 

Timely payment of the credit card bills shows that a borrower is disciplined and responsible when it comes to making the payments. This can help you to get a personal loan at an attractive interest rate.

Conclusion

If you are looking for a personal loan at low charges then Fullerton India personal loan can be of the best choice. However, it is always advisable to thoroughly read and understand the lender’s discretion before applying for a personal loan. So do give it a thought.