A personal loan is one of the best borrowing options when you are in urgent need of funds for personal expenses. Fullerton India offers personal loans of up to Rs. 25 lakh to both salaried and self-employed individuals with interest rates starting from as low as 12.99% p.a. These loans can be used for a variety of purposes, such as meeting expenses incurred for wedding, vacation, medical emergency, house repair and even for debt consolidation. Moreover, if you want to pay off your loan ahead of schedule, Fullerton India personal loan foreclosure process is simple and enables you to save significantly on the interest component. Read on to know key details of the personal loan foreclosure option offered by Fullerton India.
Fullerton India Personal Loan Foreclosure Charges and Other Fees
When you completely pay off your personal loan before the designated end of the loan tenure, it is called pre-closure or foreclosure of the loan. On the other hand, when you pay only a part of the loan before the scheduled date, it is called part prepayment of the loan. Currently while Fullerton India allows foreclosure of personal loans, it does not offer the benefit of personal loan part-prepayment. The following table shows some key charges associated with Fullerton India personal loan:
Particulars Conditions Applicable Charges*
Foreclosure Charges
0 to 6 EMIs fully paid Not Allowed
7 to 17 EMIs fully paid 7% of the principal outstanding
18 to 23 EMIs fully paid 5% of the principal outstanding
24 to 35 EMIs fully paid 3% of the principal outstanding
36 or more EMIs fully paid NIL
Part Pre-Payment Not allowed N/A
Processing Fee Applicable at time of loan sanction Up to 6% of the loan amount
*Additional applicable taxes may apply.
Steps by Step Guide to Fullerton Personal Loan Foreclosure
While Fullerton India does not specify the exact procedure for personal loan foreclosure, following is the general step–by-step procedure for personal loan foreclosure:
Step 1: Visit the nearest branch of Fullerton India.
Step 2: Request for a personal loan foreclosure form.
Step 3: Submit the duly filled out foreclosure form and attach necessary documents.
Step 4: Pay all outstanding dues, including applicable foreclosure charges.
Step 5: Finally, you will be provided an “Acknowledgement/No Dues Letter” as a proof of the Fullerton India personal loan foreclosure. You should preserve this document for future reference.
Documents Required for Preclosure of Personal Loan
Following is the list of documents commonly asked by lenders at the time of foreclosure of a personal loan account:
A valid photo identity proof,
Personal loan account statement,
Completely filled foreclosure application form, and
Cheque or Demand Draft to pay the outstanding dues, including the foreclosure charges.
Fullerton India Personal Loan Foreclosure Benefits
Following are the benefits of complete and partial prepayment of a personal loan.
It helps you save significantly on the interest component.
It frees you from the burden of an ongoing loan.
Decreased your outstanding debt ahead of time.
Further, you can use the money saved on interest for other purposes.
Frequently Asked Questions (FAQs)
Q1. What are the foreclosure charges for Fullerton India personal loan?
Ans. Fullerton India charges from Nil to 7% of the principal outstanding as foreclosure charges for a personal loan account. The foreclosure charge applicable depends on the number of EMIs already paid at the time of foreclosure.
Q2. Is there a personal loan pre-closure charges calculator by Fullerton India?
Ans. Fullerton India currently does not provide a personal loan prepayment charges calculator, so you have to calculate it yourself. Alternately you can contact the NBFC to get details of the charges payable.
Q3. Does Fullerton India provide a personal loan without foreclosure charges?
Ans. Yes, Fullerton India does not charge any foreclosure fees for a personal loan closed after payment of 36 or more EMIs.
Q4. What is the processing fee for Fullerton India personal loan?
Ans. Fullerton India charges up to 6% of the loan amount as personal loan processing fee. This charge is applicable at the time of loan sanction.
Q5. Can self-employed individuals avail a personal loan from Fullerton India?
Ans. Yes, self-employed individuals can avail a personal loan from Fullerton India, provided they meet the applicable eligibility criteria.
Q6. Can I take a personal loan online?
Ans. Yes, you can take a personal loan online through Paisabazaar portal. This unique platform allows you to compare multiple loan offers at one place without affecting your credit score.
Q7. Is there a condition for personal loan foreclosure at Fullerton India?
Ans. Yes, you can foreclose your Fullerton India personal loan only after payment of first 6 EMIs.
Q8. How can I calculate EMIs for my Fullerton India personal loan?
Ans. You can use the Paisabazaar personal loan EMI calculator to know the EMI amount for your Fullerton India personal loan.
Q9. How can I get a “No Dues Letter” from Fullerton India?
Ans. Fullerton India issues a “No Dues Letter” within 15 days of the closure of your loan account. This is sent to your registered email ID or on registered mailing address in the NBFC’s record.
Q10. What is the customer care number for Fullerton India?
Ans. The toll-free customer care number for Fullerton India is 1800-103-6001. Please note that the number is operational between 9:00 a.m. to 7:00 p.m. from Monday to Saturday, except public holidays and the 4th Saturday of every month.
