How Fullerton Personal Loan is Among the Best Credit Options in India?

One of the few loan items on which you do not have to provide the lender with any protection is a personal loan. It is useful for individuals who need funds to respond to any emergency. In this field, Fullerton India is very aggressive. Let us know the different key features of a personal loan from Fullerton India.

Fullerton Personal Loan characteristics 

With a strong presence in both the rural and urban areas of India, Fullerton works to provide total financial solutions. By making Fullerton India’s loan processing easier, they aim to provide financial help with high ethical standards. There are different features and incentives for the borrowers of Fullerton’s loan. Some of the major features of Fullerton personal loan are listed below:

  • Fullerton Indian personal loans can be used for various purposes, including the purchasing of cars, higher education, dream marriages, debt reduction, even lavish holidays, and others. 
  • A cumulative loan amount of Rs. 25 lakhs can be used based on an applicant’s eligibility. 
  • It is provided with the minimum paperwork in the loan process is quick, fast, and hassle-free. 
  • The Fullerton India personal loan is offered with a flexible loan repayment period of 5 years. 
  • Fullerton India makes the rapid disbursement of the balance of the loan. 
  • If an applicant is a current Fullerton client, extra benefits may also be provided.

Fullerton India Personal Loan Interest Rate 

  • Since the personal loan from Fullerton India is an unsecured loan, the interest rate paid on it is much higher than other loans. For salaried borrowers, the Fullerton India personal loan interest rate is adjustable, starting from 12.99 percent.
  • The rate of interest offered varies depending on different factors, including the policy of Fullerton at the time of application, as well as the profile and criteria of the applicant. The personal loan interest rate at Fullerton India is one of the best value rates to meet all consumer requirements at various stages of life.
  • The option of pre-payment of the loan is also given to the borrower with a Fullerton India loan after six months of operation. 
  • As mentioned above, the interest rate that you will need to pay for the Fullerton India personal loan will vary depending on different factors, one of the most significant is the employer (for whom a borrower is working).
  • If an applicant is a self-employed individual with a technical degree in the same field, he/she can also obtain a lower interest rate on a personal loan than a businessman. 
  • The ability to use the Fullerton India personal loan would also be influenced by credit history and credit score. 

The required list of documents for Fullerton India Personal Loan

The list of required documents may vary based on various factors. Below is the common list of documents that an applicant needs to submit if he/she wants to avail the Fullerton India’s loan:

  • Duly signed and filled application form
  • Identity Proof
  • Proof of Residence
  • Processing Fee Cheque
  • Last 3 months Bank Statements 
  • A borrower requires submitting the salary slip
  • Income proof like bank statements
  • Latest Form-16 for the salaried borrowers
  • The Profit and loss account statements, the balance sheet for the self-employed professionals.
  • Last three years ITR

Ways to help you get a low rate of interest on personal loans 

  1. Holding a decent credit score 
  2. Settlement of all prior borrowings 
  3. Residential or commercial profits for rent 
  4. Pay the credit card bills duly 
  5. Good Pay Variable 

Let’s look at these tips for a quick understanding.

  • Keep a Perfect Credit Score: For a constant time, if you have an impressive credit score, then the lenders regard you as a credible borrower rather than a risk. 
  • Residential or commercial profits for rent: If you have leased some residential or commercial house, the rent you can receive from it is referred to as rental income and it can help you get low-interest rate personal loans.
  • Collection of Credit Card Bills on time: When it comes to making the payments, daily payment of the credit card bills represents you as a disciplined and responsible applicant for a personal loan. 

Generic Fullerton India Personal Loan Eligibility Criteria

  • Employment: An applicant can either be a self-employed person or a salaried person working for a private or public-sector organization (including central, state, or local bodies). 
  • Age: The applicant’s minimum age at the time of application should be 21 years and maximum age of 60 years.
  • Working Experience: A borrower should have at least 2 years of working experience and the last 1 year must be working in the current organization. 
  • Wages: An applicant should have a monthly minimum net income of Rs. 15,000.

The Conclusion: 

Before applying for it, it is always advisable to carefully examine all the aspects and associated costs of the personal loan. As there are several other expenses, aside from the interest rate, which can require a personal loan.