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  • Fullerton Personal Loan Interest Rates

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  • Fullerton India offers personal loans to eligible customers at attractive interest rates starting from 11.99% to 25% p.a. Customers can avail a maximum loan of Rs.30 lakh from the company. Personal loans are used to meet urgent personal expenses. Read further to find out Fullerton personal loan interest rates, processing fees, and other charges.

    Particulars Salaried Self-Employed
    Interest rate 11.99% to 25% p.a. 11.99% to 25% p.a.
    Loan Amount Up to Rs.30 lakh Up to Rs.30 lakh
    Loan Tenure 12 to 60 months 12 to 48 months
    Processing Fee Up to 6.5% of the loan amount Up to 6.5% of the loan amount
    Age 21 to 65 years 21 to 60 years
    Prepayment/Foreclosure Charges 7% of the outstanding principal up to 17 Months
    5% of the outstanding principal from 18 to 23 Months
    3% of the outstanding principal from 24 to 35 Months
    Nil – After 35 Months
    7% of the outstanding principal up to 17 Months
    5% of the outstanding principal from 18 to 23 Months
    3% of the outstanding principal from 24 to 35 Months
    Nil – After 35 Months
    Lowest EMI per lakh Rs.2,249 (for 60 months) Rs.2,658 (for 48 months)

    Fullerton India personal loan

    Personal loan offered by Fullerton depends on several factors such as a customer’s credit history, monthly income and repayment capacity among others. 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. Before you sign up for a personal loan, you can easily calculate your EMIs with the help of the EMI calculator offered by BankBazaar.

    Factors affecting your Fullerton India Personal Loan Interest Rates

    There are various factors which affect interest rates offered on Fullerton personal loan as listed below:

    • Credit score: This is the most important factor that influences the interest rate charged by the lender. People with good credit score over 750 can easily get attractive interest rates on their personal loans. Since the creditworthiness of an individual can be determined easily with the help of credit score, lenders perform this check before approving a loan application.
    • 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.

    Other fees and charges

    Some of the additional charges associated with Fullerton India personal loans are given as follows:

    • The company charges Rs.1,000 for loans cancelled before first EMI.
    • For collection of cheque or cash, the company charges Rs.300 per collection.
    • To swap payment mode from post-dated cheques to ECS, the company charges Rs.500.
    • For delayed EMI payments, the company charges additional interest as mentioned in the loan document.

    Illustration

    1. Ms. Chaudhary works for a private company and earns Rs.25,000 per month. Her credit score has recently slipped to 720 owing to some loan EMI defaults. She has applied for a personal loan of Rs.2 lakh from Fullerton India. The company has set a personal loan interest rate of 30% p.a. owing to her low income and low credit score. For a one-year loan tenure, her loan repayment schedule is given as follows:

    For salary of Rs.25,000 per month

    Loan amount Rs.2 lakh
    Processing fee 6.5% of the loan amount
    Interest rate 30% p.a.
    Month Principal paid (A) (in Rs.) Interest paid (B) (in Rs.) EMI = A + B (in Rs.) Outstanding loan amount (in Rs.)
    1 14,497 5,000 19,497 1,85,503
    2 14,860 4,638 19,498 1,70,643
    3 15,231 4,266 19,497 1,55,411
    4 15,612 3,885 19,497 1,39,799
    5 16,002 3,495 19,497 1,23,797
    6 16,403 3,095 19,498 1,07,394
    7 16,813 2,685 19,498 90,582
    8 17,233 2,265 19,498 73,349
    9 17,664 1,834 19,498 55,685
    10 18,105 1,392 19,497 37,580
    11 18,558 939 19,497 19,022
    12 19,022 476 19,498 0

    2. Mr. Khan works for an IT firm and earns Rs.50,000 per month. His credit score is 860 as he has planned his finances effectively. He has applied for a loan of Rs.2 lakh with Fullerton India. Considering his good credit history, the bank has set an interest rate of 20% for his personal loan. For a tenure of one year, his loan repayment history is given as follows:

    For salary of Rs.50,000 per month

    Loan amount Rs.2 lakh
    Processing fee 6.5% of the loan amount
    Interest rate 20% p.a.
    Month Principal paid (A) (in Rs.) Interest paid (B) (in Rs.) EMI = A + B (in Rs.) Outstanding loan amount (in Rs.)
    1 15,194 3,333 18,527 1,84,806
    2 15,447 3,080 18,527 1,69,360
    3 15,704 2,823 18,527 1,53,655
    4 15,966 2,561 18,527 1,37,689
    5 16,232 2,295 18,527 1,21,457
    6 16,503 2,024 18,527 1,04,955
    7 16,778 1,749 18,527 88,177
    8 17,057 1,470 18,527 71,120
    9 17,342 1,185 18,527 53,778
    10 17,631 896 18,527 36,148
    11 17,924 602 18,526 18,223
    12 18,223 304 18,527 0

    FAQs

    1. Do I have to provide any security for getting a personal loan from Fullerton India?

    No. There is no need for any collateral or guarantee to get a personal loan from Fullerton India.

    2. Are there any restrictions on how the loan amount can be spent?

    No. Borrowers can use the loan amount for any purpose according to their specific needs. You may use this for any purpose ranging from wedding expenses to home repairs. There is no need to provide any receipts to the lender.

    3. Are there any additional benefits for existing customers of Fullerton India?

    Yes. Fullerton India offers additional benefits to existing customers. You can check with the lender to get a good deal on interest rates, processing fees, other charges, etc.

    4. Can I prepay the loan ahead of the loan tenure?

    Yes. You can prepay the loan and close your account by paying the full outstanding amount. However, you need to pay the prepayment charges in addition to the outstanding loan amount.

    5. How can I check the status of my loan application?

    You can check the status of your loan by visiting the website of Fullerton India. You may also check the loan status by calling the customer service department of the company.

        

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