Fullerton India offers personal loans up to Rs. 25 lakh to both salaried employees and self-employed applicants. The loan disbursed can be used to meet a variety of expenses such as those related to a wedding, travel, home renovation or even a medical emergency. Read this article to know what the various Fullerton India personal eligibility criteria criteria.
Fullerton India Personal Loan Eligibility Criteria
Following are the conditions that you need to fulfil in order to be eligible for a personal loan from Fullerton India:
|Residency||You should be a resident citizen of India.|
|Employment||Salaried applicant should be either working with a public sector undertaking or a private limited company.|
Self-employed applicant should be engaged in profitable business/ profession.
|Work Experience Required||1 year|
|Experience in Current Company||6 months|
|Age||Must be between 21 and 60 years old|
|Minimum Income||For Salaried Employees:|
Rs. 25,000/ month, if residing in Mumbai or Delhi.
Rs. 20,000/ month, if residing in the rest of India.
For Self Employed, the minimum yearly profit criterion after tax deduction varies as per the profession/ industry.
|Maximum EMI as percent of Income||65% (Subject to terms and conditions)|
A few other factors that affect your eligibility for Fullerton India personal loan have been listed below. Please note that these criteria are not fixed and depend on the applicant’s profile and the desired loan amount.
- Ongoing Loan EMIs,
- Credit Score,
- Employment History,
- Credit Utilization Ratio,
- Residence City and more
Please note that Fullerton India follows the same eligibility criteria for all the personal loan types, which have been listed below. However, the final decision depends on the applicant’s profile and the lender’s discretion.
- Personal Loan for Women
- Personal Loan for Elite
- Personal Loan for Wedding
- Personal Loan for Holiday
- Personal Loan for Doctors
- Personal Loan for Home Improvement
- Personal Loan for Medical Emergency
Eligibility for Fullerton India Personal Loan Foreclosure
Foreclosure of a personal loan account means that you pay off the entire loan amount before the designated due date. Doing so helps you save on the interest component of the loan. Fullerton India allows you to foreclose an outstanding personal loan account, provided you have completed the payment of the first 6 loan EMIs.
Also Read: Fullerton Personal Loan Pre-closure Charges
Step 3: Enter your date of birth.
Step 4: Select your net monthly income after all tax deductions.
Step 5: Select the amount of ongoing monthly EMIs, including the credit card dues.
Step 6: Finally, select the interest rate and repayment tenure as per your preference to see the eligible loan amount.
How to Improve Your Fullerton India Personal Loan Eligibility?
You can improve your chances of getting a personal loan from Fullerton India by following the below tips:
- Maintain a high credit score. It refers to the 3-digit summary of your credit report and serves as an indicator of your repayment history, and hence future repayment trend.
- Ensure that you don’t use a large proportion of the total credit available to you, such that your credit utilization ratio remains below 30%.
- Always seek a balance between the quantum of secured and unsecured loans availed by you.
- Aim for a low EMI to income ratio, so that you have greater disposable income to pay off the EMIs of the new loan.
- Avoid simultaneous multiple loan applications, as it can portray you as credit hungry, and hence lower down your credit score.
Frequently Asked Questions (FAQs)
Q1. What is the minimum income criterion for Fullerton India personal loan?
Ans. The minimum income criterion for Fullerton India personal loan is Rs. 25,000/ month, if you live in Mumbai or Delhi and Rs. 20,000/ month, if you live anywhere else in India.
Q2. How can I check my eligibility for Fullerton India personal loan online?
Ans. You can use the Fullerton India eligibility calculator to check your eligibility for personal loan.
Q3. What is the maximum amount offered by Fullerton India as personal loan?
Ans. The maximum loan amount offered by Fullerton India as personal loan is Rs. 25 lakh.
Q4. What is the customer care number for Fullerton India?
Ans. The customer care number for Fullerton India is 1800-103-6001.
Q5. What is the interest rate for Fullerton India personal loan?
Ans. The personal loan interest for Fullerton India starts from 12.99% p.a.
Q6. What is the repayment tenure for Fullerton India personal loan?
Ans. The repayment tenure for Fullerton India personal loan varies from 12 months to 60 months.
Q7. What are the foreclosure charges for Fullerton India personal loan?
Ans. Fullerton India charges up to 7% of the principal outstanding as foreclosure charges of personal loan account.
Q8. What is the age criterion to avail Fullerton India personal loan?
Ans. You should be at least 21 years old and at most 60 years old to avail a personal loan from Fullerton India.
Q9. How can I apply for Fullerton India personal loan online?
Ans. You can apply for the Fullerton India personal loan via Paisabazaar.com for free.
Q10. What is the processing fee for Fullerton India personal loan?
Ans. Fullerton India charges up to 6% of the loan amount as processing fees on personal loans.
You can use the personal loan eligibility calculator by Fullerton India, which is a free-of-cost tool to assess your eligibility for the loan. The tool also displays the loan amount you are eligible for. Please note that the amount is only an estimate and the exact amount depends on the NBFC’s credit policy.
Following is the step by step guide to use the personal loan eligibility calculator:
Step 1: Select whether you are a salaried or self-employed applicant.
Step 2: Select your city of residence.