Fullerton India SME Loans

Overview about Fullerton India SME Loans

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.

Where can a Fullerton India SME Loan be used?

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 –

1. Long Term Loans – Loans that allow the day-to-day running of the business and lend initial financial support to budding businesses or new undertakings of a business
2. Business Instalment Loans – Short term loans that are useful in providing for any urgent funding requirement of the business

Who can apply for Fullerton India Business Loan?

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 –

1. Residential property owned and occupied by the borrower/applicant
2. As primary collateral, ready commercial property (shop, offices, franchise outlets) owned and occupied by the borrower/applicant
3. Ready residential/commercial properties which are partly rented and partly self – occupied
4. Industrial property owned and occupied by the borrower/applicant

What are the loan limits?

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.

What are the applicable interest rates?

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.

What are the documents required for this loan?

1. Financial statements of the last three years
2. Bank statements of the last six months
3. KYC documents
4. Loan Repayment Details
5. Relevant collateral documents

How to apply for a Fullerton India Business Loan?

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.