Fullerton India was launched in the year 2007 as a non-banking financial corporation and today the company has more than 2.96 million customers across India. The company primarily offers financial solutions to the SE sector so that the sector can grow. When it comes to business loans, the company offers business loans to businessmen as well as professionals. Four different types of business loans are offered by the company which are as follows –
Business loan
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 –
- The loan is unsecured in nature meaning that loan applicants do not need to pledge or mortgage any security to avail the business loan
- One can avail maximum loan amount up to Rs.50 lakh under the scheme
- Fullerton India offers prepayment and foreclosure of business loan
- The loan applicant should be aged between 27 years and 65 years to apply for a business loan.
- The annual turnover of the business should be at least Rs.10 lakhs and Rs.100 crores* (Terms and Conditions apply). The business should have been in existence for the last 3 years and must have earned profits in the last 2 years
- Interest rates are floating in nature and starts from 17% onwards
Check: Compare Business Loan Interest Rate of Top Banks
Business loan for women
This business loan is specifically designed for women entrepreneurs to empower them. The loan can be taken to either start a new business or to meet the financial obligations of an existing one. The features of this loan scheme are as follows –
- Loan amount up to Rs.50 lakh are provided under this scheme.
- Interest rates are affordable for women entrepreneurs so it enables them to establish or expand their business without any financial hiccups.
- Business Loan for women can be easily applied through the online process.
- An insurance cover is also provided along with the loan which takes care of the loan in case of any emergency.
- Business Loan for women is unsecured, which means there is no requirement of any security or collateral.
- The repayment tenure of the loan is flexible so you can suit the repayment capacity according to your financial capability. The repayment tenure is between 12 – 48 months.
Must Read: 5 Leading Business Loan Options for Women Entrepreneurs
Business loan for doctors
This loan is specifically designed for practicing doctors so that they can establish or expand their medical professional. The loan can be used for opening a clinic or a hospital, hiring staff and for any other purpose aimed to establish or grow the medical profession. Some of the features of Business loan for doctors are as follows –
- The loan is collateral-free in nature and is issued instantly.
- The maximum amount of loan which can be availed under the scheme is Rs.35 lakh
- The loan application process is online where an online application form can be filled and submitted within minutes to get instant funding.
- The loan allows flexible repayment mode and tenure. The repayment tenure ranges from 12 – 48 months and the loan can be paid through affordable EMIs.
- Minimal documents are required for the loan which includes the identity proof, income proof, age proof, address proof and qualification proof of the borrower.
- The processing fee is up to 6.5% of the loan amount availed.
Business loan for Chartered Accountants
This is also a professional business loan which is issued specifically to practicing Chartered Accountants. The loan is offered to Chartered Accountants to meet the working capital requirements of their profession. The loan, therefore, helps Chartered Accountants to grow their business. The salient features of the loan are as follows –
- Chartered Accountants can avail loans up to Rs.50 lakh under this business loan scheme.
- The loan repayment tenure is between 12 months and 48 months giving borrowers enough time to repay the loan affordably.
- The loan application process is quick and convenient. Borrowers can fill up an online loan application form and apply for the loan online through the comfort of their homes or offices. The loan is also sanctioned in just a few hours.
- This is an unsecured professional loan where no collateral or a security is required in order to apply for a business loan for Chartered Accountants.
- Minimum documentation is required to avail the loan making the loan easy to avail. The relevant documents can be uploaded online where the company would verify the details of the borrower. Alternatively, borrowers can also request for doorstep pickup facility wherein Fullerton India’s executive picks up the required documents from the borrower’s home sparing the borrower the hassle of visiting the company’s branches for submitting his/her documents.
Besides these business loans for the self-employed, 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.
Documents Required for Fullerton India Business Loan
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
Eligibility Criteria for Fullerton India Business Loan
Below mentioned are some eligibility criteria that are set by the bank
- The loan applicant should be at least 27 years of age and the maximum age should be 65 years under the Self-Employed category to apply for a Fullerton India Business Loan
- The annual turnover of the business should be between Rs.10 lakh to Rs.100 crore, with certain terms and conditions set by the bank.
- The loan applicant should be in the same business for at least 2 years before applying for a business loan.
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, for doctors, for Chartered Accountants, for women etc. If you are looking for options and want to apply for a business loan, you can visit at Paisabazaar.com where all the comparisons of banks business loans along with interest rate and features are available.
Frequently Asked Questions (FAQs)
- How can you repay the Business Loan?
- One can repay the loan amount through EMIs, Cheque or standing instruction.
- What is the maximum loan amount one can avail for business loan from Fullerton India?
- 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.
- Is foreclosure or prepayment allowed in business loan?
- Fullerton India allows foreclosure and prepayment on the Business Loan so one can easily repay the loan according to the loan tenure.
- Does Fullerton India provide any benefits on the loan?
A. 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.