Fullerton India Business Loan is one of the main non-banking financial companies (NBFC) that gives financial answers to its customers. When it involves business loans, the company gives business loans at an interest rate of 17% onwards to entrepreneurs, Private and Public Ltd Companies, Sole Proprietorship, Limited Liability Partnerships, and Partnerships.
Features of Fullerton India Business Loan
This loan is issued to business proprietors for financing their business. The loan is multipurpose in nature and may be used for business expanse or for assembly the operating capital necessities of the business. The functions of the loan are as follows:
| Interest Rate | 17% onwards |
| Loan Amount | Up to Rs. 50 lakhs |
| Processing Fee | 6.5% of the loan amount |
| Repayment Tenure | From 12 months to 60 months |
| Collateral | Not required |
| Eligible Entities | Private and public limited companies, sole proprietorships, LLPs, partnership firms |
| Online Account Access | Available |
Eligibility Criteria
- The loan applicant has to be 22 years and 65 years to use for a business loan.
- The annual turnover of the business has to be at the least Rs.10 lakhs.
- The business has to be in operation for the ultimate 3 years.
- Businesses need to be profitable within 2 years.
- Minimum ITR of Rs. 2 lakhs in line with year.
Documents Required for Loan Application
Below cited are a few documents that can be required to use for a Fullerton Indian Business Loan:
- Loan Application form
- Latest passport-sized photographs
- Proof of Identity, Address, and Age
- Income Proof (Bank Statements, Bank Passbooks or Salary Slips)
- Income Tax Returns
- Form 16
- Business Address Proofs
- Business Incorporation Certificate
- Any different documents required via way of means of Fullerton India
Here are some suggestions that allow you to decrease your business loan interest rate:
- Raise your credit score rating – The credit score rating is what defines a company’s creditworthiness. The credit score ratings of small groups or proprietorship groups are frequently visible inside the equal mild as that of an individual.
- Don’t Default your EMI – If you pay off the loan with no defaults in the EMI, you enhance the possibilities of acquiring low business loan interest costs as a token of gratitude out of your financial institution. If you hold your reimbursement records strong, the banks will want you for being a superb client.
- Improve your business financials – A worthwhile and flourishing business allows you to reap decrease interest costs from banks because the interest rate calculations frequently rely upon numerous factors, which include the financial role of the company, the imminent projects, and the turnover of the equal. So, in case you need to decrease interest costs, enhance your financial statements.
- Research and refinancing – Some of the banks frequently provide decrease interest costs in comparison to your present rate. In any such case, you may without difficulty do a stability switch off the loan, which is largely wherein the second financial institution repays your cutting-edge loan and gives you the stability price with a discounted interest rate in the shape of a business loan.
- Business records – Vintage business proves better credibility for business, which improves the possibilities of having decrease interest rate because it definitely boosts the business profile.
Conclusion:
Lastly, you can easily apply for Fullerton India business loan and can get low business loan interest rate. And if in case you are facing any difficulty comes to Afinoz, we’ll get you the best business loan for you.
Read More: Fullerton India Personal Loan Eligibility Criteria, Interest Rate, and EMI Calculator