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Thursday, October 3, 2019

Know How to Get Fullerton’s Personal Loan at a Low-Interest Rate

A personal loan is among the few loan products for which you do not have to provide any security to the lender. It comes handy to the people who require funds for meeting any emergency.

There are various Banks and Non-Banking finance companies (NBFCs) providing personal loan, Fullerton is very aggressive in this field. Let us know the various key features of Fullerton Personal Loan.

Features of Fullerton Personal Loan 

Fullerton works intending to provide financial solutions with a strong presence in both the rural and urban areas of India. They aim to provide financial support with the high ethical standards by making personal loan processing simpler.

There are various features of Fullerton's loan that benefit the borrowers. Some of the features of Fullerton personal loan are mentioned below:
  • The Fullerton personal loan is multipurpose as it can be used for any purpose like vehicle purchase, higher education, grand weddings, debt repayment, even luxurious vacation, etc.
  • One can get the maximum loan amount of Rs. 25 lakhs (t&c apply).
  • The loan processing is simple and hassle-free with the easy documentation process.
  • One can choose from the flexible loan tenure of 60 months.
  • Fullerton allows the quick disbursement of the loan amount.
  • The online loan processing is also offered in the Fullerton personal loan.
  • If an applicant is an existing customer of the Fullerton can also get additional benefits.
  • The Fullerton personal loan has easy eligibility criteria and monthly EMIs with the online available EMI calculator.

Fullerton Personal Loan Interest Rate 

Since the Fullerton personal loan is a collateral-free loan the interest rate charged on this is quite higher than other loans. The rate of interest for a personal loan is flexible - starting from 12.99% for salaried customers.

The actual interest rate depends on many factors including Fullerton’s policy at the time of application as well as the applicant's profile and requirements.

At Fullerton India, personal loan interest rates are among the best value rates to match all needs of the customers, at different stages of life. In case if a borrower is willing to prepay the personal loan, he/she can but after the serviced of six months.

As mentioned above interest rate which you will need to pay for the Fullerton personal loan shall vary based on various factors, one of the most important of those is the employer (where you are working in case you are a salaried-employee).

In case you are working in a well-known company like Reliance, Hindustan Unilever Limited, Infosys, you may get the personal loan at a comparatively low-interest rate.

If you are self-employed and professionally qualified (in the same sphere) then also you may get a lower interest rate than a person who is a businessman.

The credit history and credit score will also affect the ability to avail the Fullerton personal loan. If the CIBIL score is 750 or above, the chance of getting the personal loan sanctioned increases with the better offer of the interest rate.

Who can apply for Fullerton’s Personal Loan?

The Fullerton personal loan is available for both the salaried as well as self-employed people.

What are the documents required for the Fullerton Personal Loan?

The required list documents may vary based on case to case basis. Below is the generic list of documents required for the Fullerton Personal loan:
  • 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
  • Any other certificate obtained from a statutory authority
Other
  • Last 3 Salary Slips or Last 6 months Bank Statements/ Passbook
  • Form 16
  • Last 3 years IT Returns 
Processing Fees and Amount of Fullerton Personal Loan 

Fullerton offers personal loan for the maximum amount of Rs. 25 Lakhs (t&c apply) for the salaried people if you are otherwise eligible based on the income.

However, in the case of self-employed people, the loan eligibility can go maximum to Rs. 30 lakhs (only if the income justifies that you can serve such a huge loan liability).

Besides interest-rate, some processing fee is also charged on a personal loan. Up to 6.5% of the loan amount is charged on Fullerton’s loan.

The processing fee is negotiable and is non-refundable even if you prepay the loan amount before completion of the repayment tenure.

Tips for getting Personal Loan on Low-Interest Rate

Here are the few tips which may help you to get the Fullerton’s loan at a low rate of interest.

Loan Repayment Term
 
The loan repayment tenure plays an important role in the interest rate offered by Fullerton.

If the borrower opts for the short loan tenure, then usually the higher interest rate is charged in comparison to loans offered for longer tenures. Try to go for the long loan repayment term.

Credit Score
 
To get a personal loan at the low-interest rate it is important to have a credit score of 750 or above. As this is considered a good credit score and attracts low-interest rates on personal loans.

Relationship with Fullerton
 
If you have an existing relationship with the lender, you may get some extra benefits on the personal loan that can be as reduced interest rates.

1 comment:

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