Fullerton India offers personal loans to eligible customers at attractive interest rates. Personal loans are used to meet urgent personal expenses. Read further to find out Fullerton personal loan interest rates, processing fees, and other charges.
|Interest rate||12.49% p.a. to 33% p.a.||12.49% p.a. to 33% p.a.|
|Loan Amount||Maximum: Rs.15 lakh||Maximum: Rs.15 lakh|
|Loan Tenure||Minimum: 12 months Maximum: 48 months||Minimum: 12 months Maximum: 48 months|
|Processing Fee||6.0% of the loan amount||6.0% of the loan amount|
|Age||Minimum: 21 years Maximum: 65 Years||Minimum: 21 years Maximum: 60 Years|
|Prepayment/Foreclosure Charges||Within 6 months from the Agreement Date: 7.00% From 7 months to 17 months from the Agreement Date: 7.00% From 18 months to 23 months from the Agreement Date: 5.00% From 24 months to 35 months from the Agreement Date: 3.00% After 36 months from the Agreement Date: No charge||? Within 6 months from the Agreement Date: 7.00% From 7 months to 17 months from the Agreement Date: 7.00% From 18 months to 23 months from the Agreement Date: 5.00% From 24 months to 35 months from the Agreement Date: 3.00% After 36 months from the Agreement Date: No charge|
From renovating your home and going on a vacation abroad to buying gadgets and planning a wedding, personal loans offered by Fullerton can help you fulfil your dreams. You can acquire a personal loan by simple documentation and hassle-free processing offered by Fullerton. You can choose a loan tenure from 1 to 4 years and avail of attractive personal loan interest rates. Customers do not have to hypothecate any assets to avail of a personal loan from Fullerton India.
Fullerton Personal Loan Interest Rates
Personal loan offered by Fullerton depends on several factors such as a customer’s credit history, monthly income and repayment capacity among others. Fullerton personal loan interest rate 2019 ranges from 12.49% to 33% p.a. Customers can repay their personal loan in equated monthly installments (EMIs). At the time of booking of a personal loan, Fullerton will calculate the EMI based on the loan amount approved, interest rate and tenure.
How to Calculate Interest/ EMI on my Fullerton Bank Personal Loan?
Equated Monthly Installment or EMI for short is the amount paid to the bank every month until the loan is completely paid. EMI comprises the interest on loan in addition to the principal to be repaid. The sum of principal and interest is divided by the tenure of the loan. Top rate aggregator websites such as bankbazaar.com provide a personal loan EMI Calculator which helps customers calculate the exact EMI which needs to be paid. All a customer has to do is enter the details of loan amount, tenure, interest rate applicable and processing fee, if any and click ‘calculate’. The customer will then find all the required information such as amortization figures and loan repayment figures for a specific loan amount.
An amortization table provide a breakdown of loan repayment, i.e, principal and interest for a specific loan amount. The amortization table displays each payment to be made after principal is deducted resulting in new balance after each payment.
For instance, Sudeep Varma, a 33-year-old marketing executive, takes a personal loan of Rs.5 lakh at an annual interest rate of 17.25%. Varma opts for a repayment tenure of 4 years. Varma, therefore, has to pay an EMI of Rs. 14,492 per month. The amortization table is as follows:
|Year||Principal paid (Rs.)||Interest paid (Rs.)||Balance amount (Rs.)|
Factors affecting your Fullerton Personal Loan Interest Rates
There are various factors which affect interest rates offered on Fullerton personal loan as listed below.
- Loan tenure: Interest rate offered by Fullerton depends upon the loan tenure chosen by customers. If the customer opts for a short loan tenure, the bank is most likely to charge a higher interest rate as compared to loans offered on longer tenures.
- Repayment capacity: The repayment capacity of a borrower is of seminal importance. Banks usually provide personal loans up to 10 times the monthly salary of a customer. Banks check the CIBIL score of an applicant to determine his repayment capacity.
- Relationship with Fullerton: If a customer has a good rapport with his or her bank, there is no trust deficit. The bank can, therefore, reduce the interest rates offered to a privileged customer. Also, a customer with a long-standing relationship with the bank can negotiate a lower interest rate for acquiring a personal loan.
- Employment details: The employment history and profile of a customer are one of the factors which determine the interest rates offered by Fullerton. Salaried individuals may be offered lower interest rates as compared to those who are self-employed, in most cases.
Note: Fullerton can alter its Interest rates at its discretion.
How CIBIL score affects Fullerton Personal Loan Interest Rate?
CIBIL score reveals an individual’s repayment capacity and credit history. A robust CIBIL score will boost the chances of a loan applicant to acquire a personal loan at competitive interest rates. If loan applicants have a low CIBIL score, they are unlikely to get their loan approved. If Fullerton decides to approve a loan request by an individual who has a low credit score, the interest rate charged on the loan may be higher compared to those who have a good credit score.
Key things about Fullerton Personal Loan Interest Rates
Before applying for a personal loan by Fullerton, you would do well to examine the following factors:
- If you are an existing customer of Fullerton, you will get additional benefits on the processing time and interest rate. Customers can also avail of a pre-qualified top-up on existing principal outstanding.
- To avail of a personal loan by Fullerton, you do not need a guarantor.
- Banks do not raise their interest rates immediately when RBI raises the repo rate. In some cases, a bank will be reluctant to pass on the increased repo rate to its customers if it has had a lean growth rate in the recent past. Banks analyze their liquidity and cost of funds before passing on the hike in repo rate to their customers by way of increased interest rates on personal loans.
- Banks offer personal loans to both salaried individuals and self-employed individuals. The applicable interest rate will depend on the credit score of an applicant and regular income among other factors.