Fullerton India is one of the leading non-banking financial company (NBFC) that offers financial solutions to its customers. When it comes to business loans, the company offers business loans at an interest rate of 17% onwards to entrepreneurs, Private and Public Ltd Companies, Sole Proprietorship, Limited Liability Partnerships and Partnerships.
Fullerton India Business loan Interest Rate – 2021
This loan is issued to business owners for financing their business. The loan is multipurpose in nature and can be used for business expanse or for meeting the working capital requirements of the business. The features of the loan are as follows:
| Interest Rate | 17% onwards |
| Loan Amount | Up to Rs. 50 lakh |
| Processing Fee | 6.5% of the loan amount |
| Repayment Tenure | From 12 months to 60 months |
| Collateral | Not required |
| Eligible Entities | Private and public limited companies, sole proprietorship, LLPs, partnership firms |
| Online Account Access | Available |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the NBFC and RBI. GST and service tax shall be levied extra on the mentioned charges.
Eligibility Criteria
- The loan applicant should be aged between 22 years and 65 years to apply for a business loan.
- The annual turnover of the business should be at least Rs.10 lakh
- The business should have been in existence for the last 3 years
- Business must be profits in the last 2 years
- Minimum ITR of Rs. 2 lakh per year
Fullerton India also provides other types of loans for business use by the self-employed. Moreover, there are business loans for the SME sector also. Borrowers can, therefore, choose from a wide range of business loans offered by the company.
| Fees and Charges | |
| Processing Fees | Up to 6.5% of the loan amount |
| Loan Cancellation charges | Rs. 1000 (To be cancelled before 1st EMI) |
| Cheque or Cash Collection | Rs. 300 per instance |
| Cheque /ECS dishonoured Charges | Rs. 300 per instance |
| Swap Charges | Rs. 500 per instance |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges.
Foreclosure Charges
- 0 to 6 EMIs fully paid- Not allowed
- 7 to 17 EMIs fully paid – 7%
- 18 to 23 EMIs fully paid – 5%
- 24 to 35 EMIs fully paid – 3%
- 36 or more EMIs fully paid – 0%
Documents Required for Loan Application
Below mentioned are some documents that are required to apply for a business loan from Fullerton India:
- Loan Application along with recent photographs
- Proof of Identity
- Proof of Address
- Proof of Age
- Income Proof (Bank Statements, Bank Passbooks or salary slips)
- Income Tax Returns along with Form 16
How to Apply for Fullerton India Business Loan?
Fullerton India offers multiple business loan products that cater to different sections of business aspects. The business loans are offered for self-employed professionals, enterprises, companies, etc. You can visit at Paisabazaar.com where all the comparisons of banks business loans along with interest rate and features are available.
How to Check the Fullerton India Loan Status?
There are two methods to check your business loan status that are online and offline, as discussed below:
Online Methods:
- a) Track your Application Status Online:
- Visit the official webpage of Fullerton India and enter your application ID (Application ID is the number received via SMS at time of loan application submission)
- Enter your registered mobile number
- Click on the tab “Check Loan Status” to check your loan application status
- b) ChatBotDia
- Login to www.fullertonindia.com
- At the below right side of page, click on the ‘’ChatbotDia’’ icon
- Enter your name and registered mobile number
- Verify via OTP
- Select “Not an existing customer” and “Loan Application status”
- Loan application status shall be displayed on your screen
- c) Contact Us Section
- Visit: Contact Us Page of Fullerton India
- Select ‘No’ tab for “Are you an existing customer?”
- Mention the required details
- From the displayed “Nature of query/requests/complaints” dropdown, select ‘Loan application request’
- From the ‘More details’ dropdown, select ‘Need to know the Application status’
- d) From Customer Account (For Existing Customers):
- For an existing customer of Fullerton India, the customer account will provide the status of your loan application
- You shall ‘Login’ to your account with Loan Account Number (LAN) and password
- After entering the password, loan status shall get displayed
Offline Methods
- a) Dial Toll-Free Number
- Dial Customer Care: Toll-Free number 1800-103-6001 anytime between 9:00 am – 7:00 pm except Sundays and public holidays
- Provide your application number to the customer care executive and verify few details to confirm your Identity
- After detailed verification, loan status shall be provided
- b) Visiting nearest Fullerton India Branch Office
- Visit your nearest branch office
- Provide your application number to the bank professional
- Please carry along your PAN card and Aadhar card for identification
- Post verification, status of your loan application shall be provided
- c) Status via Email
Email at ‘namaste@fullertonindia.com’ with details, including your full name, registered email address, registered mobile number and PAN details. After details are verified, your loan application status shall be provided in 2 working days.
Type of Business loans offered by Fullerton India
- Business Loan for Chartered Accountants
- Business Loan for Doctors
- Business Loan for Manufacturers
- Business Loan for Self-employed
- Business Loan for Traders
- Business Loan for Women
- Guaranteed Emergency Credit Line (GECL)
- Machinery Loan
- MSME / SME Loan
- Shop Loan
- Working Capital Loan
Also Read: What are some best Schemes for women to start a business from Govt of India or Banks?
Frequently Asked Questions (FAQs)
Q. What is the business loan interest rate offered by Fullerton India?
Ans. The business loan interest rate offered by Fullerton India ranges between 17% – 21% per annum.
Q. How can you repay the Business Loan?
Ans. One can repay the loan amount through EMIs, Cheque or standing instruction.
Q. What is the maximum loan amount one can avail for a business loan from Fullerton India?
Ans. The maximum loan amount that one can avail from Fullerton India is Rs. 50 lakh. The final loan amount is calculated on the basis of the financial profile of the loan applicant.
Q. Is foreclosure or prepayment allowed in business loan?
Ans. Fullerton India allows foreclosure and prepayment on the Business Loan so one can easily repay the loan according to the loan tenure.
Q. Does Fullerton India provide any benefits on the loan?
Ans. If one has already taken a loan previously from Fullerton India, then there might be some additional benefits that might be provided to the loan applicants.
Q. How to use Business Loan EMI Calculator?
Ans. Business loan EMI calculator can be used to get exact EMI of your loan that you need to repay in regular intervals. For calculating exact EMI, you need to enter three basic loan details in the EMI calculator, such as loan amount, repayment tenure and interest rate. These details shall provide you with exact EMI that you need to repay in defined time frame.
Q. How much business loan amount can I take from Fullerton India?
Ans. The maximum business loan amount that can be availed from Fullerton India is up to Rs. 50 lakh.
Q. Is collateral required to avail a shop loan?
Ans. No, there is no collateral required by Fullerton India for a shop loan for loan amount up to Rs. 50 lakh.
Q. What is the maximum repayment tenure on a shop loan?
Ans. The maximum repayment period for a shop loan is up to 5 years