Fullerton India Personal Loan
Also called FICCL, Fullerton India is a non banking financial organisation offering customised personal loans with an instant online application option. You can opt for a maximum loan amount of Rs. 25 Lakh with interest rates starting from 11.99%. Besides, the documentation process is also smooth and straightforward, and you can experience complete transparency and simplicity while applying for a personal loan from FICCL.
Features and Benefits of Fullerton India Personal Loan
Fullerton India offers several benefits to customers that make it one of the best non-banking organisations for personal loans. If you're planning to apply for Fullerton India Personal Loan, check below some of its significant features and benefits:
- Fullerton India provides personal loans up to Rs. 25 lakh.
- FICCL offers easy loan accessibility for citizens living in urban, semi-urban and rural areas with several active branches in each of them.
- Borrowers get flexible and attractive interest rates, starting from 11.99% for salaried and self-employed with a maximum limit of 36%.
- Eligible applicants get instant approval within four working days.
- Once the loan is approved, it gets reflected in your bank account within 30 minutes.
- Fullerton India offers unique benefits for existing customers.
Fullerton India Personal Loan Eligibility Criteria
Salaried and self-employed individuals can get a personal loan from Fullerton India. Those who are salaried with a minimum fixed monthly income of Rs. 15,000 are eligible for a Fullerton India personal loan. And those who are self-employed, professionals and non-professionals, with a minimum fixed monthly income of Rs. 20,000 can apply for the loan.
Fullerton India also has criteria based on the borrowers’ age. 21 years is the minimum age to apply for a Fullerton India Personal Loan, whereas the maximum age limit is 60 years. Thus, if a 58-year-old is applying for a Fullerton India personal loan, they will get it sanctioned for a maximum tenure of 2 years (till the individual reaches the age of 60).
Check below some basic parameters of the Fullerton India Personal Loan eligibility criteria:
|Profession||Salaried employees of a private limited company or public sector undertaking Self-employed with a minimum turnover as per the current policy|
|Minimum Income for Loan Eligibility||For salaried: Rs. 25,000 per month in Delhi/Mumbai Rs. 20,000 per month in the rest of India For self-employed: A minimum yearly profit (after tax calculated based on profession/industry)|
|Eligible Age||21 to 60 years|
|Work Experience Required||1 year|
|Experience in Current Organisation||6 months|
|Minimum CIBIL Score||750|
|Maximum EMI as Percent of Income||65.00%|
Fullerton India Fees and Charges
Learn about Fullerton India Personal Loan fees and charges in the below table:
|Fee Type||Applicable Fees|
|Delayed EMI Payment Interest (monthly)||As mentioned under additional interest charge|
|Collection of Cash/Cheque||-|
|Cheque, NACH dishonoured Charges, ECS (per dishonoured cheques, ECSs, NACH 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. 5000|
|Processing Fees||0 - 6% of the loan amount|
Note: Prepayment penalties or Foreclosure charges are not charged on all floating rate term loans sanctioned to individual borrowers.
Fullerton India Personal Loan Interest Rates
Fullerton India offers the best personal loan interest rates based on your individual and financial profile and requirements. Check below to know about Fullerton India Personal Loan Interest Rates and the factors influencing its processing and approval:
|Personal Loan Interest Rate||Starting at 11.99% per annum|
|Processing Fee||Between 0 - 6% of the loan amount|
|Loan Tenure||Up to 60 months|
|Lowest EMI Per Lakh||Rs. 2,224 for 60 months|
|Prepayment Charges||0% to 7%|
Factors Affecting Fullerton India Personal Loan Interest Rates
There are several external as well as internal factors that affect interest rates for personal loans in Fullerton India. Some of the key Fullerton India personal loan requirements include:
- Borrower’s Age: The applicant for the personal loan must be of lower age. They should be above 21 years and not close to the retirement age.
- Occupation: One should not be involved in a job with uncertainty and more chances of risk. Salaried individuals can bargain better on interest rates other than self-employed professionals.
- Credit Score: Those applying for a personal loan must have a credit score of 750 and above.
- Employer: If you are working with a better employer, you will have a higher chance of getting a lower interest rate.
- Repayment Capacity: A lower debt-to-income ratio helps get a personal loan quickly.
- Borrower’s Relationship with the Lender: The process to get a personal loan becomes easier for existing customers.
Documents Required for Fullerton India Personal Loan
Here are the documents required for Fullerton India personal loan:
- Identity Proof (Aadhaar Card/Voter ID/Driving Licence/Passport)
- PAN Card
- Signature Proof (PAN Card/Passport)
- Residence Proof (Aadhaar Card/Passport Copy/Driving Licence/Voter ID/Electricity Bill or Utility Bill/Rent Agreement/Ration Card)
- Bank Statement of the past 6 months
Additional Documents for Salaried Individuals
- Salary slips for the last 3 months
- Form 16 or Income Tax Returns
Additional Documents for Self-Employed Individuals
- Last 2 years Income Tax Returns
- Balance sheet, profit and loss account, income computation for the last 2 years
- Business Proof (Licence, Registration Certificate, GST number)
- IT Assessment or Clearance Certificate
- Income Tax Challan or TDS Certificate (Form 16A) or Form 26AS for income declared in ITR
Keep in mind that additional documents might be requested depending on an individual profile and the Fullerton India policy at the time of loan application.
How Does the EMI Calculation Work for Fullerton India Personal Loans?
Fullerton India Personal Loan EMI is calculated depending upon some significant factors, including loan amount, interest rate, loan tenure, monthly salary, and the individual's organisation.
Personal Loan EMI Calculator in Fullerton India is an online tool that helps estimate monthly EMI and its break-up into principal and interest throughout the overall tenure of the loan.
If we calculate the lowest monthly EMI using the lowest interest rate of 11.99% and the longest tenure of 48 months for a personal loan in Fullerton India, it will be Rs. 2,633 per lakh.
Check below the table that shows the EMIs at different loan amounts and loan tenure on Fullerton India Personal Loan, when calculated at the lowest rate:
|Loan Amount||1 Year Loan||3 Year Loan||4 Year Loan|
|Rs. 1 Lakh||Rs. 8,884||Rs. 3321||Rs. 2,633|
|Rs. 5 Lakh||Rs. 44,422||Rs. 16,605||Rs. 13,164|
|Rs. 10 Lakh||Rs. 88,844||Rs. 33,210||Rs. 26,329|
How Does Fullerton India Compare with Other Lenders?
Check below the comparison of Fullerton India Personal Loan with other major personal loan providers in India:
|Banks / NBFCs||Interest Rates (per annum)|
|Fullerton India||11.99% Onwards|
|SBI||9.60% - 13.85%|
|HDFC Bank||10.25% - 21%|
|ICICI Bank||10.50% - 19%|
|IDFC First Bank||10.49% - 23%|
|Axis Bank||10.25% onwards|
|IndusInd Bank||11.00% onwards|
|Kotak Mahindra Bank||10.25% onwards|
|PNB||7.90% - 14.50%|
|Tata Capital||10.99% onwards|
|Bajaj Finserv||13.00% onwards|
Fullerton India Personal Loan Customer Care Number
If you require more information on Fullerton India Personal Loan, you can always call them on their toll-free number as mentioned below.
Toll-Free Number: 1800-103-6001
Active Hours: 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.
Can I change to a floating rate from a fixed rate during my loan tenure?
Yes. You can convert your fixed-rate loan into a floating-rate loan and vice versa only by paying a nominal fee. There is no need to make repayment penalties in floating-rate loans.
What is the minimum salary for a personal loan in Fullerton India?
The minimum salary requirements to apply for a personal loan in Fullerton India is Rs. 25,000 per month in Delhi/Mumbai and Rs. 20,000 per month in the rest of India.
Does Fullerton India have a fixed rate of interest on a personal loan?
Yes. Visit the official website of Fullerton India if you want to apply for a Fullerton India personal loan online.
Does Fullerton India check for CIBIL Score to process and approve personal loans?
Yes. Fullerton India checks a minimum CIBIL Score of 750 to approve a personal loan.
What is the process to apply for a personal loan in Fullerton India online?
If you want to apply for a Fullerton India personal loan online, you need to visit the official website of the FICCL and follow the process of the personal loan application.
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