Fullerton India Business Loan
Fullerton India Credit Company Limited (FICCL) is one of the leading non banking financial organisations offering customised financial solutions to its customers. FICCL offers business loans to entities like Private and Public Limited Companies, Sole Proprietorship, entrepreneurs and Limited Liability Partnerships. You can avail of a business loan of up to Rs. 50 Lakh from FICCL at amazing interest rates starting from 17% per annum and repayment tenure of up to 5 years.
Features and Benefits of Fullerton India Business Loan
The key features and benefits to know before you apply for Fullerton India Business Loan include:
Servicing Capital Requirements
Fullerton India offers easy and quick loans for up to Rs. 50 Lakh to small businesses. The company has competitive rates for business loans ensuring your cost of capital remains low.
Flexible Repayment Tenure
FICCL offers flexible repayment tenure ranging from 1 year to 5 years. This helps you ensure your repayment schedule suits your cash flow.
Minimum Documentation Process
Fullerton India asks to submit minimal documents making the online application process of business loans easy and hassle-free.
Transparent Eligible Criteria
FICCL has transparent business loan eligibility criteria allowing borrowers to get funds easily.
No Security Required
No collateral or security is required while applying for a business loan from Fullerton India.
Fullerton India offers products that come with pre-approved offers for your capital needs.
Factors Affecting Fullerton India Business Loan Eligibility
Get to know the factors affecting Fullerton India business loan eligibility before you apply for one.
|Profession||Self-employed individuals, private limited companies, partnership firms and proprietors working in manufacturing, trading or services|
|Work Experience||Borrowers should have been in the current business for at least 3 years with a total business experience of 5 years|
|Eligible Age||22-65 years|
|Minimum Turnover||Rs. 10 Lakh|
|Profits||Enterprises making profits for the past 2 years|
|Minimum Annual Income (ITR)||Rs. 2 Lakh per year|
Fullerton India Business Loan Fees and Charges
Listed below are the various Fullerton India Business Loan fees and charges.
|Fee Type||Applicable Charges|
|Delayed EMI Payment Interest (per month of delay)||As stated under additional interest charge*|
|Collection of Cheque / Cash (per collection)||NIL|
|Cheque / ECS dishonour charges (per dishonour of cheque / ECS per presentation)||Rs. 300|
|Swap Charges - for replacement of Post-dated cheques to ECS (per instance)||Rs. 500|
|Swap Charges - for replacement of ECS to ECS (per instance)||Rs. 500|
|Loan Cancellation Charges (loan cancelled before first EMI)||Rs. 1000|
Please note that additional interest is applicable for payment defaults, irrespective of the loan type. A rate of 24% is charged per annum on an overdue outstanding balance which is calculated on a day-to-day basis.
Fullerton India Business Loan Interest Rates
Here is an overview of the key features and interest rates of the Fullerton India Business Loan.
|Loan Amount||Up to Rs. 50 Lakh*|
|Loan Tenure||12-60 Months|
|Interest Rate||17-21% (depending upon various factors such as net income, business stability, location, existing monthly obligations, collaterals, etc.)|
|Processing Fee||Up to 6.5% of the loan amount|
|Eligible Entities||Sole Proprietorships, Private and Public Limited Companies, Partnership Firms, LLPs|
|Online Account Access||Available|
Factors Affecting Fullerton India Business Loan Interest Rates
Here are the seven crucial factors that affect Fullerton India business loan interest rates.
- Applicant Type
- Model of Business
- Credit Score
- Business Turnover
- Financial Ratios
- Past Track Record
- Debt Servicing Ability of the Customers
Documents Required for Fullerton India Business Loan
The list of documents required for Fullerton India business loan includes:
- Duly filled loan application form with passport size photographs.
- Proof of Address (Voter ID Card / Passport / Ration Card / Driving Licence).
- Bank statement for the last 6 months.
- Income documents (including the latest ITR along with the computation of income, balance sheet, profit and loss account for the past two years) - The needs to be submitted after the requisite CA certification.
- Continuation Proof (ITR / Establishment / Trade Licence / Sales Tax Certificate).
- Other Documents (Sole Proprietorship Declaration Form / Certified Copy of the Partnership Deed, Certified True Copy of the Memorandum and Certified Articles of Association and the Board Resolution)
How Does the EMI Calculation Work for Fullerton India Business Loans?
The business loan EMI calculator in Fullerton India is easy to use. You just need to enter the rate of interest, loan tenure and total loan amount. Check below the simple steps you need to follow to determine the EMI amount in seconds:
- Select the total loan amount using the slider.
- Select the loan tenure.
- Enter the appropriate interest rate that is suitable for your current business profile.
- Once you press the submit button, your EMI amount will be displayed on the screen.
How Does Fullerton India Compare with Other Lenders?
Fullerton India offers business loans at amazing interest rates. The comparison of business loans in Fullerton India with SBI and HDFC is as follows:
|Bank||Fullerton India||HDFC Bank||SBI|
|Interest Rate||17.00% - 20.00%||11.90% - 21.35%||11.20% - 16.30%|
|Processing Fees||2%||Rs.499||2 - 3%|
|Loan Amount||Rs.1.50 Lakh to Rs.20 Lakh||Rs.50,000 to Rs.50 Lakh||Rs.5 Lakh to Rs.100 Crore|
|Loan Tenure||12 to 48 Months||12 to 48 Months||12 to 48 Months|
|Lowest EMI Per Lakh||Rs.2,886||Rs.2,628||Rs.2,594|
|Part Payment Charges||3 - 7% - Allowed After 6 Months||Not Allowed||3% - Allowed after 0 months|
|Eligible Age||22 to 65 Years||21 to 65 Years||21 to 65 Years|
|Foreclosure Charges||3 - 7% - Allowed After 6 Months||2 - 4% - Allowed After 12 Months||3% - Allowed after 6 months|
|Minimum Years in Business Required||36 Months||36 Months||36 Months|
|Minimum Turnover Required||Rs.20 Lakh||Rs. 1 Crore||Rs. 20 Lakh|
Fullerton India Business Loan Customer Care Number
If you have any additional queries, you can always contact them via the Fullerton India business loan customer care number as mentioned below.
Toll-Free No. - 1800 103 6001
Call from 9.00 a.m. to 7.00 p.m.
(Monday to Saturday excluding fourth Saturday of every month and public holidays)
From refinancing to reducing your interest, we have the answers right here.
How to apply for a Fullerton India business loan online?
Applying for a Fullerton India business loan online is a simple and easy process. Visit the official website of Fullerton India and go to its Apply Now page to start the process of your business loan application.
What is loan foreclosure?
Loan foreclosure is the amount of full repayment out of the remaining amount of loan you need to pay in a single payment rather than paying it in multiple EMIs.
Who can apply for a Fullerton India Business Loan?
The entities like self-employed individuals, private limited companies, partnership firms and proprietors working in manufacturing, trading or services can apply for a Fullerton India business loan.
Does Fullerton India provide business loans at the best rate?
Yes. Fullerton India provides business loans at an interest rate of 17-21%, depending upon several factors, including net income, business stability, location, existing monthly obligations, collaterals, etc.
What KYC documents will I have to submit to apply for a business loan in Fullerton India?
To apply for a business loan in Fullerton India, you need to provide identity, age and address proof (Voter ID / Aadhaar / Ration Card / Passport / Driving licence).
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