Multiple banks. Different interest rates. Call it a "conflict of interest".
Established in 2007, Fullerton India has steadily rose in ranks considering the trust of entrepreneurs and business owners in terms of financing. The business loans offered from Fullerton India are aimed towards micro and small enterprises and are meant to facilitate growth and expansion as business opportunities present themselves. SME loans under this segment go a step ahead and provide higher loan amounts in lieu of collaterals to help business gain that extra edge in development.
Fullerton India SME Loan can be utilised for purposes that can aid in the rapid expansion of any business. These loans are available under the following options –
The loan provided can be availed specifically by all resident individuals who own businesses that generate an annual turnover of a minimum of INR 10 crores. In addition to that, the business should have been functioning for 5 years.
For eligibility, criteria considered by Fullerton India include years in business, management experience, tangible net worth, credit history, revenue trends year-on-year, interest cover and obligations of all existing loans.
For long term loans, collaterals can include –
Business loans from Fullerton India (Fullerton Business Loan) can be availed up to 80% of the value of the collaterals, depending upon the income level and credit-worthiness of the business. The actual amount which can be provided as a loan depends on the discretion of Fullerton India.
Loans can be repaid across a tenure of 15 years and the loan might be closed prematurely but would require the acceptance of Fullerton India as per their terms and conditions.
Interest payable on Fullerton India Business Loan (SME Loans) varies as per the credit rating of the applicant and the relationship of the bank with the customer. The rates are based on the discretion of the financial institution. The applicable rate of interest could be anywhere within 14 to 16% per annum at a floating rate and is linked to the prime lending rate of Fullerton India.
The mentioned interest rates are as of November 2015.
This financing can be applied for online at Fullerton India’s website or at any physical branch. One should possess the necessary documentation to be submitted at the time of applying for this financing option.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
