Fullerton Personal Loan


Usually banks look for a good repayment capacity while providing a personal loan. This could be judged by the bank by taking cognizance of regular income and age of the applicant. The eligible age and the monthly / annual income would also depend on the type of income that the applicant gets – from a job which provides a salary or from a business that a self-employed applicant runs.

If you are salaried, then your age should be between 23 and 58 years, whereas the eligible slab for self-employed persons is between 28 and 65 years of age. The monthly income for salaried people should be Rs. 17000 per month, and higher for people living in metro cities. Since self-employed people have a variable income every month, their turnover should be at least Rs. 40 lakhs per year, and if they are self-employed professionals like doctors or architects, then the minimum eligibility of annual turnover is Rs.15 lakhs. An important parameter for personal eligibility is the CIBIL score, and banks look at a score above 750 to be a par score for a personal loan. Depending on age and income, a personal loan could be for any amount between Rs. 75000 and Rs. 20 lakhs for salaried persons, with self-employed persons being eligible for loans up to Rs. 15 lakhs.

Providers Interest Rate Processing Fee
SBI 12.55%-17.65% 1%-3% of the loan amount + applicable Service Tax
Axis Bank 11.25%-24% 1.50%-2.00% of the loan amount + Service Tax, as applicable
ICICI Bank 11.29%-22.00% Upto 2.50% of the loan amount + Service Tax, as applicable
Tata Capital Bank 11.99% Starts at 999/-
PNB Bank 3.10%-6.10% + MCLR Upfront fees: 1.80%+ST+Edu Cess
Documentation charges
Upto Rs. 2 lac: Rs.270+ ST & Edu.Cess
Over Rs.2 lac: Rs.450+ST & Edu.Cess
For Defence Personnel: Only Upfront fee / No documentation charges.
Bajaj Finserv Bank 14.75% 2.25%-3% of the loan amount
Fullerton Bank 14% Upto 6.5% of the loan amount
IndusInd Bank Starting at 11.49% Upto 2.5% of the loan amount
Standard Chartered Bank Starting at 11.25% Upto 2.25% of the loan amount
Citi Bank 10.99% to 17.99% 0.50% to 3%
HDFC Bank 11.29%-20% Upto 2.5% of the loan amount, subject to a maximum of 25,000 INR and a minimum of 1,000 INR
Kotak Bank Starting at 11.29% Upto 2% + ST + Other levies
HSBC 11.99% Upto 2.5% of the disbursed loan.
Bank of Baroda 11.35% to 14.35% Rs.1,000 to Rs.10,000
Corporation Bank 12.75% to 13.75% 1.50% of the loan amount subject to a minimum of Rs.500/-
UCO Bank Personal Loan 11.35% - 11.60% 1% (min. Rs. 750)
Union Bank 14.40% 0.50% of the loan amount, Minimum of Rs. 500 plus service tax
Bank of India 12% to 14.5% Rs. 1,000 to 10,000 + S.T.
Allahabad Bank 13.10% 1.22% (min. 1228)
Canara Bank 12.75% (Floating) Rs. 1,000 to 5,000
IDBI 12.45% (3 months MCLR + 3.90%) 1% plus service tax
Bank of Maharashtra 12.75% 1.00% of the Loan Amount (Min.:Rs.1000/-)
Andhra Bank 13.05% to 14.30% Nominal
Yes Bank 11.49% upto 2%
Syndicate Bank 14.20% p.a. 0.5% with a minimum of Rs.500 + Service Tax
Vijaya Bank 12.5% to 13.5% 0.25% of the loan amount, Max Rs. 10000 plus service tax
Indian Bank 12.65% to 13.65% Rs. 508 to 0.508%
Federal Bank 17.25%-35% Upto 6.5% of the loan amount
Capital First 12% upto 1.5%
IDFC 11.50% upto 1.5%

What Is A Personal Loan?

A personal loan is a simple and effective way to tide over a requirement of funds. Unlike other loans which are provided for a specific purpose, the lender of a personal does not ask you for the purpose of the money. The loan, which is unsecured (meaning it doesn’t need any collateral), depends on your credit history and repayment capacity, and its approval or approved amount doesn’t depend on what you will use it for. The approved loan amount is credited to your bank account in total, and the repayment, which begins from the next month, is of a fixed monthly amount called EMI. The two things which would affect the EMI would be the tenure of your loan (which usually is from one to five years), and the personal loan rate of interest you are charged. Whether you are salaried or self-employed, banks have personal loan products designed for you. Students, NRIs, pensioners, and senior citizens can also apply for personal loans, and each of these segments would have different eligibility criteria.

When Would You Need A Personal Loan?

There are several situations in which you could need a personal loan. There might be an impending marriage in the family, a medical emergency could have arisen, there could be substantial college tuition fees to be paid, or you might even be planning to go on a long vacation. Instead of coughing up money for all such expenses at once, you could go for a personal loan and repay over the next several months.

What Are The Pros and Cons Of A Personal Loan?

The biggest advantage of a personal loan is that there is no security involved, which also results in the approval process being much faster. It is a much better (read cheaper) option than taking an advance on your credit card, and if used for the purpose of home renovation, it can also offer you tax deductions for the interest repayment. On the flip side, the personal loan is unsecured and hence carries a much higher rate of interest than car or home loans.

What Are The Things To Consider While Selecting A Personal Loan?

The documentation required for a personal loan is not too detailed, and the approval process too takes a few days only. What you should rather spend time on is in comparing the various rates of interest, the amount you are eligible for, and the other charges that will be levied at the time of application or prepayment (foreclosing the loan earlier than its tenure).

How Can One Finance Help You?

What you need is an experienced and unbiased advisor who can help you with the correct selection of lender and also help with the actual application process when you are not sure how to apply for a personal loan. We will fulfil that role for you end to end, using our deep relationships with all major banks, which gives us visibility to the best personal loan offers. We will help you decide which bank is best for personal loan, we will collect your documents and submit them online or in person, and we will also follow up with the bank. In short, we would be a complete loan consultant to you till the amount is disbursed into your account.

For more than a decade, Fullerton India has grown into one of the foremost Non-Banking Finance Companies (NBFCs) of the country. They have a number of loan products including a very popular personal loan. This personal loan is unsecured, and can be used to tide over an unplanned and urgent financial requirement, like a medical emergency, an educational requirement, a vacation etc.

Fullerton Personal Loan Eligibility

Any salaried or self-employed individual can apply for a Fullerton India personal loan. The eligibility condition in terms of age is 21 years and the maximum age is 65 years. The maximum age permissible reduces to 60 years for self-employed applicants. An applicant needs to have a minimum of 3 years work experience if he is salaried, and 2 years if he is self-employed. Also, the applicant for a Fullerton personal loan needs to have a continuous stay of at least 1 year in the present address from where the application is being made.

The income eligibility is Rs. 12000 per month for salaried persons, and 15000 per month for self-employed persons. This refers to the net monthly income after deducting all other financial commitments like EMIs of earlier loans and insurance premiums. Fullerton also has some special loans for women, with lower interest rates. These loans are for 4 years and up to 10 lakhs can be taken as loan.

Documentation

The documents required for a Fullerton personal loan basically require KYC validation and a view of the income status of the applicant, with some differences between salaried and self-employed applicants. The basic requirement for all categories is the filled up application form along with passport sized photographs. For identity proof, any recognized document which carries the photograph and full name of the applicant is admissible. Examples of acceptable documents are Aadhaar Card, PAN Card, passport, Voter ID Card or Driver’s License. Address proof can be submitted through driver’s license, passport, Aadhaar Card or utility bills (of last two months).

For proof of income, salaried persons can provide latest monthly salary slips of recent three months along with Form 16. Self-employed applicants would need to provide ITR (income tax returns) along with bank statements of the applicant as well as his company. Self-employed persons might also need to provide financial statements like balance sheet or profit and loss statements. All applicants would also need to submit a cheque for processing fee.

Fullerton Personal Loan Interest Rates

The interest rates for Fullerton personal loans are on fixed rates based on monthly reducing balance. The rate starts from 11.99% and can go up to 23.99% per annum. At a broad level, Fullerton offers the best interest rates for corporate employees. Employees of central and state government departments can also be offered better rates. Before making an application for a personal loan, an applicant could submit the required loan amount and the planned loan tenure along with employment details into the EMI Calculator and get an idea of the monthly repayment amount that would need to be paid.

Credit Information

This is a unique service offered by Fullerton for its customers. You can have complete information about your own credit history from their website. Once your registered phone and loan account number are submitted you would easily get all your details. You can utilize the Fullerton website for this only if you are an existing customer of Fullerton. You can collect your credit report on your registered email id. This can be useful if you have an existing loan with Fullerton and plan to take a top up loan, before which you can make timely repayments and check if your credit score has gone up. For more details you can discuss with OneFinance team

Modes of Repayment

Apart from the usual ECS (debit instruction from bank account) and PDC (cheques deposited in advantage), Fullerton provides an alternative mode of repayment to its personal loan borrowers. They can log on to the website of Fullerton and make their repayments online. The facility is in partnership with BillDesk. As soon as you select the repayment option on the Fullerton website, your browser redirects you to the BillDesk portal from where you can carry out the repayment transaction with complete security. If you are making payments for different charges levied, then you should make separate transactions for each charge, and provide suitable narration for each transaction, so that they are easier to track.

Frequently Asked Questions

  • Are the percentages of charges mentioned final or will there be any hidden charges?
  • All the percentages mentioned in this article, or on the website of Fullerton, are exclusive of GST. You need to add on the GST rate to those charges to get the actual rate you will be charged at.
  • Will my disbursement amount have any deductions?
  • No, the complete approved loan amount will be disbursed to you. The processing fee that you need to pay will be taken from you through cheque prior to approval of the loan.
  • Is it possible for me to apply for a personal loan greater than Rs. 10 lakhs?
  • Fullerton has a special personal loan product for women which is charged at a lower rate of interest. The maximum loan amount for this variant is Rs. 10 lakhs. For regular personal loans, the maximum amount possible is Rs. 20 lakhs.
  • Are there any other charges apart from processing fees and prepayment charges?
  • Yes, there are several additional charges for specific service requests of the borrower. For example, you would need to pay charges for late payment, cheque bounce, legal notice, loan cancellation etc.
  • Is there any way to get in touch with Fullerton before or after I have applied?
  • Yes, Fullerton makes it very easy for you to get in touch without you needing to visit their branches. You could dial their toll free number 18001036001, or drop them an email at namaste@fullertonindia.com for getting clarifications. In case you are not satisfied with these solutions, you can escalate your problem to ccrc@fullertonindia.com or escalation@fullertonindia.com . If you want to avoid these hassles, you can entrust your loan application to OneFinance who will complete all the formalities on your behalf.

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