About Fullerton India Personal Loan
Fullerton India personal loans offer a quick and easy way to secure the finance you need to meet those large obligatory expenses that arise in our lives like weddings or family vacations, and even those that take us by surprise like emergency hospitalizations. Personal loans from Fullerton India are totally unsecured, needing absolutely no collateral or guarantor, and offer unmatched flexibility in terms of what the loan can be used for. They have a quick loan application and approval process, and offer excellent repayment terms and interest rates.
Fullerton India Personal Loan Eligibility
The basic eligibility criteria for a personal loan from Fullerton India is as follows:
For salaried individuals:
Age: Applicants must be between 21 to 58 years old.
Work experience: Minimum of 3 years.
Total years in current residence: Minimum 1 year.
Income requirement: Minimum take home salary of Rs.12,500 per month.
CIBIL Score: 750.
For self-employed individuals and working professionals:
Age: Applicants must be between 21 to 60 years old.
Income requirement: Minimum regular income of Rs.15,000 per month.
Total years in profession:Minimum 2 years.
CIBIL Score: 750.
Factors affecting Eligibility of Fullerton India Personal Loans
The primary factor that affects a borrower’s eligibility is his/her ability to repay the loan. Lenders judge this through a variety of parameters, like:
- City of residence. From the point of view of the lender, personal loans are more easy to approve in cities like Bangalore, Delhi, Chennai, Mumbai, Kolkata, etc.
- Income. Lenders don’t approve loans whose EMIs will be more than 50% of your take home salary, per month. The more you earn, the more you’ll be able to pay back in the form of EMIs.
- Your age. If you’re too young, you’re a risky candidate as young salaried people shift jobs often to exploit opportunities. Older applicants between the ages of 26 – 40 who’ve been working steadily for a few years are more eligible, as they’re more stable.
- Duration of stay in current location. The longer you’ve been living in a certain place, the higher are the chances of getting a personal loan approved on your terms. Fullerton India will give more preference to applicants who’ve lived in the city for over 2 years, even though the minimum criteria for eligibility is 1 year.
- Employment status. Simply having a job doesn’t make one eligible for a loan from Fullerton India. Having a few years of work experience from the same employer shows stability and reliability, increasing your eligibility.
- Residence type. Applicants who live in a residence that’s owned by them are more likely to get a loan approved, and on better terms. This is because there’s no part of their income being spent on rent. People living in rented houses must pay an amount of their salary as rent, lowering the disposable income left over to pay EMIs. Also, it’s easier for a person living in a rented place to abscond in case they feel they cannot keep up with EMI payments.
- Type of employment: Salaried professionals and employees get regular incomes on fixed dates and can have EMIs due deducted directly from their salary accounts. Self-employed people must rely on market conditions and the demand for their products in order to earn an income. This is an inconsistent income that may sometimes not even be enough to meet the EMI payment requirement.
How CIBIL score affects your Fullerton India Personal Loan Eligibility?
While a CIBIL score of over 750 will make you eligible for a Fullerton India personal loan, scores closer to 900 will help increase eligibility, as this score is a direct representation of your creditworthiness.
In the past, if you’ve been unable to repay your loan and have arranged for a settlement with the bank, it will considerably reduce your eligibility.
Your previous loan and credit card repayment history will also play an important role in instilling confidence in Fullerton India that you can and will repay your personal loan. A ratio that shows you’ve taken more secured loans than unsecured loans works in your favor.
How to increase Fullerton India Personal Loan Eligibility?
- Maintain a good mix of secured and unsecured loans. Secured loans are looked at more favourably.
- Lower EMIs on existing loans. Taking loans for longer tenures reduces the EMIs paid monthly, thus showing that you have more funds to pay back your Fullerton India personal loan with.
- Prepayment. Paying off your existing loans before taking a new one is highly advised. A lump sum prepayment will settle your existing loan, increasing your eligibility for your new Fullerton India personal loan
- Don’t over-leverage yourself. Overleveraging is when you take on more loans than you can repay. If you have 2 – 3 EMIs being deducted from your account, Fullerton India will not help you to add one more, until you’ve finished honoring all your payments.
- Maintain a clean credit history. Ensure that you always clear your debt, on time and on the terms you’ve agreed on with the lender. This increases your CIBIL score, and eligibility.
FAQs on Fullerton India Personal Loan Eligibility
Q. What are the age limits for individuals who wish to get a personal loan from Fullerton India?
A. For salaried individuals: Applicants must be between 21 and 58 years of age to apply for a Fullerton India personal loan.
For self-employed and salaried professionals:Applicants must be between 21 and 60 years of age.
Q. What is the level of work experience required for salaried individuals who wish to take a Fullerton India personal loan?
A. Applicants must have been employed for a minimum total of 3 years with the current employer.
Q. What is the income requirement for people who wish to take a Fullerton India personal loan?
A. For salaried individuals:Regular income of at least Rs.12,500 per month.
For self-employed and salaried professionals: Regular income of at least Rs.15,000 per month.
Q. Is there any collateral or guarantor required for Fullerton India personal loans?
A. No, there is no security, collateral or guarantor required to avail a personal loan from Fullerton India.
Q. What is the maximum loan amount that can be sanctioned through Fullerton India personal loans?
A.Loans are sanctioned up to Rs.20,00,000 for salaried individuals and up to Rs.30,00,000 for self-employed individuals and professionals.
Q. Are there any foreclosure options on personal loans for Fullerton India?
A. Foreclosure or prepayment is possible after 6 months of regular EMI payments.