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  • Fullerton Personal Loan Eligibility

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  • Fullerton India offers personal loans to salaried employees between the ages of 21 years and 60 years, provided they earn a salary of Rs.15,000 per month. Those residing in metropolitan cities are required to earn a minimum of Rs.20,000 per month. The applicant should have a minimum work experience of at least 2 years and should have served their current employer for a minimum of 1 year.

    Fullerton India Personal Loan Eligibility Criteria

    Fullerton India offers loans of up to Rs.25 lakh at flexible interest rates. Prospective borrowers can opt for a loan tenure of up to 60 months to repay their loan. To avail a loan from Fullerton India, borrowers will need to meet the below-mentioned eligibility criteria:

    Criteria Salaried
    Age 21 to 60 years
    Minimum Monthly Income Rs.15,000*
    Work?Experience Total – 2 years; Current Employer – 1 year
    Residential/Nationality Status Should be a resident citizen of India
    Employment Status Must be employed at a private or public limited company

    *Note: Individuals who reside in Delhi, Mumbai, Hyderabad, Chennai, Pune, Kolkata, Cochin, Bengaluru, and Ahmedabad should have a minimum monthly income of Rs.20,000.

    Factors Affecting Fullerton India Personal Loan Eligibility

    • Age: The age at which you borrow a loan has an effect on your eligibility. Individuals in their twenties and thirties may be able to borrow more since they can opt for a long repayment tenure. On the other hand, individuals in their late 50s may not be able to borrow a high loan amount simply due to the fact that they will not be able to opt for a repayment tenure over 5 years.
    • Income: The higher your income is, the more you will be able to borrow from your lender. Individuals with a high income have a higher repayment capacity, thus reducing the risk undertaken by the lender.
    • Employment Status: Fullerton India offers loans to individuals who are employed in public or private limited companies. Individuals who are employed fulltime will earn a steady income, thus reducing the chances of EMI defaults.
    • Work Experience: An individual who has a few years of work experience is likely to be earning a steady salary. This, in turn, increases the individual’s personal eligibility.
    • CIBIL Score: To be eligible to borrow loans at good interest rates, borrowers should try to maintain a CIBIL core over 700.
    • Outstanding Liabilities: Your outstanding financial liabilities can decrease your repayment capacity. This can affect how much you can borrow from the lender.

    How to Improve Your Chances of Getting a Fullerton India Personal Loan

    • Improve Your Credit Score: The best way to increase your chances of being approved for a personal loan is by improving your credit score. Before you apply for a personal loan, ensure that you check your credit score. If your credit score is below 700, make sure to try to improve it by taking the necessary steps.
    • Choose a Suitable Loan Amount: Before you borrow a personal loan, you should take your repayment capacity into account. Do not borrow a high loan amount if you cannot afford to make monthly repayments. If the lender finds that you are borrowing a sum that is beyond your repayment capacity, your personal loan application will be rejected.
    • Avoid Applying to Multiple Lenders Simultaneously: Every time you apply for a personal loan, the lender checks your credit score. This process is called a hard enquiry. If multiple lenders make hard enquiries, your credit score will drop, thus making it difficult for you to borrow a personal loan. Thus, if you wish to apply for a personal loan, ensure that you use a website like BankBazaar to compare the interest rates and other particulars of various loans before zeroing in on which loan to apply for.

    Fullerton India Personal Loan Details:

    Interest Rate? 20% p.a. to 49% p.a.
    Loan Amount? Up to Rs.25 lakh?
    Loan Tenure? Up to 60 months?
    Processing Fees? Up to 6.5% of the loan amount?

    FAQs

    1. Do existing customers of Fullerton India receive any additional benefits when borrowing a personal loan?
    2. Yes, existing customers will be charged more attractive interest rates and processing fee. They will also be eligible to avail a pre-approved top-up loan.

    3. Can personal loan borrowers foreclose their loan during the loan repayment term?
    4. Yes, personal loan borrowers can repay the entire loan amount and foreclose their loans at any point during the loan repayment term.

    5. What are a few documents that I will need to submit to Fullerton India to borrow a loan from them?
    6. You may need to submit your PAN card copy, proof of residence, photographs, salary or income statements, Form 16, income tax returns, proof of identity, proof of age, and a cheque for the processing fee.

    7. How long do I have to wait for my personal loan to get disbursed to my account?
    8. Fullerton India disburses personal loans within 30 minutes of approval. To ensure that you receive approval, you should check the lender’s eligibility criteria and submit all the required documents.

    9. Can I apply online for a Fullerton India personal loan?
    10. Yes, the lender allows online applications.

        

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