Who can apply for a Personal Loan?
Fullerton Personal Loan is available for salaried individuals as well as self-employed individuals.
Do I need to hypothecate my assets or provide any other collateral to avail a Personal Loan from Fullerton India?
You do not need to hypothecate any assets to avail a Personal Loan from Fullerton India.
What is the maximum loan amount I can avail?
You can avail up to ` 20 Lakhs if you are salaried and ` 30 Lakhs if you are a self- employed businessman. The actual loan amount eligibility will be calculated based on your income and other parameters that the Fullerton India Relationship Manager will explain.
What is the minimum and maximum Loan tenor I can avail?
You can repay your loan over a period of 12 months to 48 months.
How much would I need to repay each month?
At the time of booking of your loan, the EMI (Equated Monthly Installments) will be calculated based on the loan amount sanctioned, interest rate and the tenor.
What is an EMI?
EMI or 'Equated Monthly Installment' is the convenient monthly amount that you have to service to pay back the loan availed. The EMI consists of both the principal and interest components.
Can I foreclose or prepay my loan?
You can foreclose your loan after a minimum period of 6 Months.
Is there any advantage that I can get if I have already availed a Fullerton India loan earlier?
Yes, if you are an existing customer of Fullerton India, you will get additional benefits on the processing time as well as the interest rate. What's more, you will be eligible for a pre-qualified Top Up on your existing Principal Outstanding.
Why shouldn't I avail my sudden need for cash through a 'cash advance' on my credit card?
Your credit card can be an option, but withdrawing cash using a credit card can turn out to be very costly if you do not repay it quickly. Interest rates on credit card cash withdrawals can go as high as 40 per cent on an annual basis depending on the type of card you use and you also do not get the interest free period to pay back. In short, interest is charged from the moment you withdraw the cash.
There is also an additional transaction charge that is levied on the withdrawal at the ATM. In comparison, a Personal Loan is cheaper and the repayment can be spread over a long period.
Home Extension Loan is useful when you want to add more space to your existing home. We make it easy for you to extend your existing residential property as per your requirements. You often renovate your home to suit your changing needs. This loan can be used to carry out repairs / improvements within your existing owned residential properties.
Personal loans are taken primarily for fulfilling your personal aspirations such as vacation, a perfect wedding, home renovation or a much desired gadget. In addition to being relatively easy to apply for, personal loans are unsecured loans which means that you don't need any collateral to take this loan. They are one of the simplest form of loans with customer-friendly repayment terms.
A sudden requirement of funds is an unavoidable circumstance of business or personal life. Whether a personal necessity (hospitalization, child's marriage) or a professional one (expanding business operations on a priority basis), every person requires immediate financial backing at key moments.
In this context, it is pertinent to consider an invaluable alternative source of finance known as Loan Against Property (LAP). This is a loan borrowed by placing one's owned property as collateral. The funding may be given by financial institutions after scrutinizing the validity of the said property and its current market value.
Running a business is not easy. You have to constantly think of ways and means to keep it going and growing. As a part of the growth plan, you require financing for expanding operations or to buy new equipment or inventory or simply increase the working capital. To help you with your financing needs we offer Business Loans that will help your business grow.
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