Author: SMFG India Credit

SMFG India Credit http://financenews.wordpress.com SMFG India Credit Co. Ltd. (Formerly Fullerton India Credit Co. Ltd.), is registered as an NBFC - Investment and Credit Company (NBFC-ICC) with the Reserve Bank of India, and is a member of SMBC Group. SMFG India Credit started its India operations in 2007, and is today a leading NBFC with a pan India presence. Working together with over 16,500 employees, we reach our market by connecting with around 3.2 million customers, be it in cities, towns or villages, right at their doorstep. We penetrate deep inside the market through more than 729 branches, covering 600 towns and approximately 65,000 villages.
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How To Calculate EMI’s On A Personal Loan?

The inscription personal loan on a yellow sheet that lies on the financial document near the calculator.

An EMI is an amount that borrowers need to pay periodically for a loan they take. If a borrower fails to pay their EMIs on time, the lender can charge a penalty or take legal action to recoup the loan amount.

Borrowers can use the personal loan EMI calculator to compute the EMIs to ensure that they will be able to pay their EMIs on time.

What Is A Personal Loan EMI Calculator?

It is a calculator for calculating the equated monthly installments (EMI) on a personal loan and is free of cost. 

How To Calculate Emi For Personal Loans? 

The EMI calculator is based on a straightforward mathematical calculation. 

However, one does not need to do it manually; the application will calculate the EMI and provide the result automatically.

The formula is: EMI = P* r* (1+r)^n / ((1+r)^n – 1)

The steps to compute the EMI on an EMI calculator are:

  1. First, enter the required loan amount
  2. Next, enter the interest rate
  3. Finally, enter the loan tenure for which you want to take a loan

After applicants have completed these steps, the EMI they will have to pay will be computed automatically.

Also Read: Personal Loan EMI calculator: Know How it helps optimize your loan

Applicants can also experiment with different interest rates and payback terms to get an idea of the EMIs they would be responsible for.

With Fullerton India, borrowers can get instant personal loans at competitive interest rates, with quick processing, and personal loan without documents or minimal documents.  

Borrowers can also use their free personal loan EMI calculator to know how much they will have to pay on EMIs every month.

What is a Zero Down Payment Two-Wheeler Loan?

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Two-wheelers are much appreciated and needed everywhere, from huge cities to small towns. Over time, two-wheelers have become more affordable to the general public.

Traditionally, two-wheelers were financed when the borrowers paid some amount as a down payment. However, now borrowers can get zero down payment and no-cost EMI bikes. 

Zero down payment bike loan is where the lender lends the borrower 100% of the on-road two-wheeler’s price. There will be no down payment required aside from the processing charge.

The lender will charge a two-wheeler interest rate on the loan with some amount of principal payments in form of EMIs.  

However, to avail of such a loan, the borrower will have to fulfil the eligibility criteria:

  • A person must be at least 18 years old at the time of applying for the loan and no more than 65 years old at the end of the loan’s tenure. 
  • Borrowers must be Indian residents and should have spent at least one year in the city.
  • Borrowers also need to have at least one year of work experience. 

A few documents to be provided are:

  • Identity, address, and income proof
  • ITR’s most recent version (for self-employed individuals), etc. 

To know more about the documents required, click here. 

Individuals can contact the lender’s representative for additional information on the zero down payment bike loan. 

The lender will then require the appropriate documentation and an application form. The loan application will be approved once the verification process is completed.

With Fullerton India, you can get a zero-down payment bike loan. The process is digital with fast approval, minimum documentation, attractive interest rates, and flexible repayment tenures. 

Further, you can calculate the EMI payments through the two-wheeler EMI calculator to know the loan’s affordability.

Must Read: Is No Cost EMI Available on Bike Loan?

What are the Methods for Quickly Repaying a Mortgage Loan?

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Paying off a loan quickly can help individuals save money on interest payments and give them a sense of satisfaction when they realize that they have paid the entire amount.

If you aim for a rapid payoff of mortgage property loan, here are some methods:

  1. Opt for a shorter-term period loan:

A shorter repayment duration results in greater monthly payments but lower interest over the loan’s lifetime. As a result, the borrower will be able to repay the loan fast.

With Fullerton India, getting a mortgage loan is quick and seamless, with competitive pricing, minimal documentation, flexible repayment tenures, and easy to meet loan against property eligibility. 

  1. Whenever possible, make additional payments:

Making extra payments to the lender is necessary to pay off the loan before the specified date. Other than the monthly EMI, these are payments borrowers make to the lender. 

However, check with the lender to see whether there is a cost for making an early repayment and adjust payments accordingly.

  1. Do not miss EMIs:

Another essential thing is that borrowers should not miss EMI payments to ensure the mortgage loan is paid quickly.

Further, lenders often charge a penalty if the borrowers miss an EMI payment, which raises the overall cost of the loan. 

Before taking a mortgage loan, borrowers can also compute EMIs on the EMI calculator to know what EMIs they might have to pay in the future. This will help them in checking the loan’s affordability. 

  1. Make a higher down payment:

Moreover, if possible, make a higher down payment and opt for a loan with high monthly payments to ensure that the loan is paid off quickly.

Additional Read: 5 Mistakes to Avoid When Taking A Loan Against Property

What are the Factors Affecting Interest Rate on a Two-Wheeler Loan?

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For many people, purchasing a two-wheeler is an exciting and necessary investment. While having a two-wheeler is exciting, it is essential to assess the costs before becoming overwhelmed by the process. 

2 wheeler loan interest rate are influenced by a variety of factors, and understanding these elements might help borrowers get a better deal.

  1. Credit Score

A credit score is used by a lender to determine whether or not a borrower is creditworthy. 

A better credit score tells the lender that the borrower has a good track record with money and is more likely to pay back the loan on time, lowering the interest rate on the bike loan. Apply for a bike loan, once you have checked your credit score.  

  1. Income

The individual’s income is one of the essential elements that lenders consider when setting the two-wheeler loan interest rate.

As a result, borrowers with little income may need to look for a loan with a higher interest rate. Borrowers with higher incomes, on the other hand, often get a lower interest rate.

  1. Age

The borrower’s age impacts the interest rates for bike loans. Because these loans have a longer repayment duration, younger applicants will have a lower interest rate, and vice versa.

  1. Loan tenure

The loan repayment period also influences the rate of interest on a two-wheeler/bike loan. If the loan term is shorter, lenders will charge a higher interest rate and vice versa.

With Fullerton India, getting a two-wheeler loan is straightforward. The process is online with fast approval, minimum documentation, attractive interest rates, and flexible repayment tenures. 

Further, you can calculate the EMI payments through the two-wheeler EMI calculator to know the loan’s affordability.

Must Read: Is No Cost EMI Available on Bike Loan?

A Small Business Owner’s Guide to Commercial Vehicle Loans

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Many small business owners do not have the capital on hand to purchase the equipment they need, such as commercial vehicles. 

However, commercial vehicle finance helps bridge the gap for these business owners by providing them with a less expensive alternative to purchasing their vehicles.

A commercial vehicle loan is a type of equipment financing that allows borrowers to buy vehicles or trucks for their company. The vehicle serves as security for the loan. Further, one can also get used commercial vehicle loans. 

With Fullerton India, small businesses can get finance for all kinds of commercial vehicles (light/heavy). They offer a wide range of schemes, a hassle-free loan application, quick loan disbursal, and convenient repayment terms. 

Who is eligible for a commercial vehicle loan?

  • Individuals
  • Owners of a small, medium, and large fleets 
  • Partnerships and proprietorships 
  • Companies 
  • Societies and trusts 
  • Colleges and universities, etc.

Documents Required

The documents required for commercial vehicle loans are:

  • Application form
  • Identity, age, address and income proof
  • Proof of business, etc. 

To know more about the documents required, click here. 

Benefits of commercial vehicle loans

A few benefits of commercial vehicle loans are:

  • Because the commercial vehicle serves as security, lenders are more willing to allow borrowers extra time to pay off the debt. This makes it easier to finance because the monthly payments are spread out over a longer period. 
  • Since the loan is secured, lenders charge less interest on the commercial vehicle loan.

A small firm will eventually require the purchase of a commercial vehicle for its operations. Thus, before you apply, be sure you understand all the conditions and fees. Further, check the lender’s credibility before applying. 

Must Read: A Complete Guide to Avail commercial vehicle loans in India

Considering a Loan Against Property? Here are a Few Guidelines

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Getting a loan against property gives individuals the chance to fulfill their needs & requirements, and hold on to their homes and get back on track with their finances. You can apply for a property loan here: https://www.smfgindiacredit.com/loan-against-property.aspx

However, it is essential to keep in mind a few guidelines before taking out a house mortgage loan. 

  1. Take out a loan based on your current financial situation:

Borrowers need to take out a loan that they can quickly repay. If the EMIs consume too much money, other important financial goals may suffer. 

As a result, before taking out a loan against property, calculate the monthly EMI to be paid in the future using an EMI calculator.

  1. Make payments on time:

Lenders often charge a penalty if the borrowers miss an EMI payment, which raises the overall cost of the loan. Late payments also affect the credit score, which lowers the chances of getting a loan in the future. 

Therefore, borrowers must pay their EMIs on time to avoid such unpleasant scenarios.

  1. Select a loan with a shorter repayment period:

The link between tenure and EMI is inverse. The EMI will be higher the shorter the term is, and vice versa. However, it is usually advisable to acquire a loan for the shortest term possible, as the loan against property rates will be reduced.

With Fullerton India, getting a loan against property is quick and hassle-free, with competitive pricing, minimal documentation, and flexible repayment tenures. 

  1. Carefully read the terms and conditions:

To avoid unpleasant surprises in the future, it is critical to carefully read the terms and conditions. Additional fees may apply, potentially raising the cost of the loan. 

Thus, it is preferable to be informed rather than regret it later.

Additional Read: 5 Mistakes to Avoid When Taking A Loan Against Property

Benefits of a Business Loan

Businesswoman hands holding white card sign with Financial freedom text message isolated on grey wall office background. Retro instagram style image

A business loan is a financial instrument that a business owner can use in a financial emergency. With Fullerton India, one can use the business loan for the expansion of one’s business, the purchase of machinery, enhanced production, etc. 

Business loans go up to INR 50 lakhs and are available to all eligible business owners. The loan comes with a competitive interest rate and does not require the pledging of assets as collateral.

Here are some of the benefits below:

  1. low rates of interest when compared to other loan facilities.
  2. No requirement for a guarantor or pledging of assets. 
  3. One can meet their financial needs with a high loan amount.
  4. The tenor of repayment goes up to 7-8 years.
  5. Most financial institutions provide personalized offers, and the application process is quick and hassle-free.

Must Read: 5 Important factors that Determine your Approved Business Loan Amount

The eligibility criteria are different for most financial institutions offering business loans. The applicant must be of Indian nationality and have a good CIBIL score.  The age of the applicant must be above 24 years and the business must be at least a few years old.

Usually, for business loans, an EMI or business loan calculator is readily available online. Businesses looking for a business loan can log in to the website of Fullerton India and check their eligibility. One can also calculate the EMI that one will have to pay during the loan tenor. 

Banks and NBFCs charge different interest rates and fees for business loans, as well as fees for loan processing and approval. One must search the web, compare various lenders, and then choose a business loan that meets your needs while offering flexible repayment options.

Importance of Credit Scores for MSME

If one owns a small business like MSME, one always thinks about how to fund it in order to expand it. It is important to understand how business funding works, credit scores are calculated, etc. just like how credit scores are important for individuals to secure loans, for MSME loan eligibility too, credit scores are significant. 

Once an MSME applies for a loan online, the credit score is usually the first thing that is checked by any creditor. Credit reports are indicators allowing a financial institution to assess the MSME’s ability to repay any debt on time.

Factors Influencing an MSME’s Credit Score

  • The length of time the MSME has been in business.
  • Credit lines for MSMEs applied for in the last 9 months These are known as credit inquiries.
  • The number of new business credit lines opened in the last six months, as well as the number of business credit lines used in the last six months. Such lines include credit cards, invoice accounts, loans, and leases.
  • There have been any tax liens or collection amounts in the last 7 years.
  • Payment history shows how often payments are made on time.

Must Read: Top 5 Challenges Faced by MSME/SME Financing in India

What MSMEs can do for Loan Eligibility?

Take out a Short-Term Business Loan and Make On-time Payments

Taking out a short-term MSME loan online andrepaying it on time demonstrates to the credit bureau that you can responsibly manage credit. Furthermore, this can assist you in improving a poor credit score and your MSME loan eligibility. However, before implementing this tip, ensure that all previous loans have been paid off.

Small Instant Loans – A Small Solution To Big Problems

For emergency requirements, a small instant loan is an easy option. An updated version of a personal loan and small instant loans are available digitally. An instant loan provides access to quick cash with little or no documentation at all.

Savings might never be sufficient for emergency situations, and it is then that those instant loans come into the picture. In such circumstances, one can utilize the benefit of instant loans, whose EMI can be easily calculated through online EMI calculating tools readily available.

Eligibility Criteria

If you fit the eligibility criteria, an instant loan facility assists you within a few hours of application. The loan borrowed can be repaid through EMIs burden-free within a few months’ time.

Must Read: Why MSME Loan is 1st Choice For Small Business Owners

Eligibility For Instant Loans

Before one applies for the instant loan option, it is necessary to know how much money is required. One’s eligibility depends on age, income, existing loans, etc.

One can log onto the website of Fullerton India and look for options available in Pune. One can also use the personal loan eligibility calculator to calculate the amount one is eligible for, the EMI, and other available offers. 

Once all this is decided, one can also compare offers provided by different competitors and shortlist the best option available and suitable for our requirements.Small instant loans are a savior when it comes to situations when small amounts are required to take care of a few expenses which come as a surprise. Financial Institutions have come up with many loan options today to fulfill the needs of customers.

Personal Loan Tips One Needs To Know

The introduction of technology in easy personal loan processing has sped up the entire process. Personal loans are one of the most popular financial products due to their quick approval. However, there are some aspects of the personal loan that remain unknown.

The interest rate on a personal loan is higher than the interest rate on other types of loans. It is critical to ensure that you will be able to make the monthly payments within your income limitations. Apply for personal loans when necessary. You can check your monthly outlay with a personal loan EMI calculator online.

Judicious Choice

Before one chooses a particular bank for one’s loan, one should inquire about any additional fees not included in the interest rate.

Procedure

Processing fees, GST, verification charges, penalties for late payment of EMIs (defaults), and penalties for prepayment or foreclosure of a loan are all part of the procedure.

As a result, one must consider other factors as these charges can accumulate to form a large sum.

Must Read: 5 Quick Ways to Identify the Best Personal Loan Offers for You

Competitors

There are plenty of personal loan providers and each of them offers unique interest rates on similar products. To get the best deal, one must conduct extensive research before deciding on a lender. So, before applying, make sure you’ve compared features like interest rates, loan tenure, and processing fees, and then choose a loan provider that meets your needs.

Takeaways

The choice of applying for a personal loan can include various other aspects. it is critical to consider these factors because they will help you get the best deals on your loan and keep you safe from future problems.

Personal Loans: The Most Popular Loans

Have you ever wondered why you receive so many cold calls from non-financial banking corporations (NFBCs) offering personal loans? It is because personal loans are one of the most popular loans in India.

Decisions like wanting to buy an expensive smartphone or buying a high-end laptop are making people take loans to fund their lifestyle.

How Popular are Personal Loans in India?

The popularity of personal loans is reflected in the relatively lower personal loan interest rates in India. People use them as a quick bridge when they are low on funds.

The modern lifestyle dominated by experiences like travel is one of the best personal loan requirements. People pay for lavish holidays through personal loans and repay later. 

How Much Can You Borrow Through Personal Loans?

The amount of loan you may be eligible for depends on your income and expenses. Most NFBCs offer loans from extremely small amounts to several lakhs. So, you have a wide range of loan amounts to choose from, depending on your specific requirements.

The higher the income, the more confidence the lender has in your repayment capacity. It results in your being eligible for higher amounts. 

Salary proof and expense proof in the form of a bank statement are the personal loan documents that you would have to submit for verification.

Conclusion

The lower personal loan interest rates in India make it an easily available option to close short-term fund deficits. 

The best personal loan requirements are where you get instant gratification from the funds generated. Of course, it has to be combined with quick and timely repayment, and then life is good!

Must Read: 5 Points to Keep in Mind When You Applying your First Personal Loan

What You Need to Know Before Taking Personal Loans

Personal loans are instant loans to raise quick funds. They are hassle-free and need little documentation. These are increasingly becoming the most popular loans non-banking financial corporations (NBFCs) are giving out.

Personal loans fall under the unsecured loans category. They fund anything, unlike student loans that only cover college fees. Fast personal loans rescue people when they have a sudden temporary shortage of cash.

How Much Can Be Borrowed?

The amount of loan a person can take depends on their income and expenses. Most NFBCs give a loan of a minimum of Rs.50,000. Some NBFCs can go lower than this.

The higher the income, the more confidence the lender has that they can recover the loan amount. This results in higher amounts being lent. 

Salary proof and expense proof in the form of a bank statement are personal loan documents that get verified.

Must Read: 5 tips to improve personal loan eligibility for Fullerton India

The Right Duration for Repayment

Like any loan, the longer the duration, the lower the interest rate. However, the overall amount the borrower has to repay increases with duration. 

If the borrower does not want to pay the interest for a long duration, they can foreclose on fast personal loans. 

Foreclosure comes with some penalties, but it saves the interest amount you would have paid. 

Choose the amount and duration wisely to avoid defaulting on payments.

Conclusion

Getting a personal loan is easy, and it can tide you over during a financial crisis. Once you submit your personal loan documents, you can have money transferred into your bank account in a few hours or days.

9 Reasons to Choose a Personal Loan in India

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Whenever someone needs funds to cover a big-ticket expense, they look towards a personal loan for financial support. However, have you ever wondered what makes personal loans the favourite funding option among borrowers? Let’s look at a few reasons to choose a personal loan in India.

  • Easy to Apply: Compared to other loan types that require several lender visits, personal loans are easy to apply from the comfort of a laptop or smartphone. Most lenders support 100% online loan applications these days.
  • Reasonable Interest Rates: Lenders determine each applicant’s personal loan interest rates reasonably according to their income, DTI ratio, credit score, and other parameters.
  • Simple Eligibility Criterion: Personal loans have easy eligibility criteria, including the applicant’s age, income, DTI ratio, employment, credit score, and other easy-to-fulfill conditions.
  • Minimal Documentation: NBFCs sanction personal loans at minimal documentation requirements. They require identity, income, and residence proofs to verify the applicant’s credentials and approve loans within minutes.
  • Collateral-Free Loans: Personal loans are unsecured loans that applicants may avail of without any guarantor, security, or collateral.
  • Flexible Repayment: Flexible repayment means applicants may select their loan term from a few months to multiple years with EMIs suitable to their monthly budget.
  • Fast Approval: Online loan procedure, no collateral involved, and paperless documentation are a few reasons why lenders can now approve loans within minutes.
  • Quick Disbursal: Once approved, many lenders disburse the loan amount directly into the applicant’s bank account within 24 hours.

These reasons make personal loan offers the most hunted finance options in India.

Must Read: Know How the personal loan EMI calculator can help you to manage your Big expenses

Crucial Factors that Lenders Consider While Evaluating Loan Applications

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NBFCs have made personal loans easily accessible these days with online application procedures. Many have easy eligibility criteria, minimal documentation requirements, and flexible repayment terms to keep things easy for the borrowers. However, they look at several crucial factors while evaluating loan applications, including the following:

  • Age: The applicants should be in their prime earning years at the time of personal loan application, preferably not at the beginning or end of their career.
  • Income: Lenders want to ensure sufficient monthly earnings to support timely EMI repayments.
  • Employment: An applicant who changes job frequently is a high-risk borrower for the lender. So, they prefer borrowers with a steady job, regular income, and enough work experience.
  • Credit Score: A credit score indicates an applicant’s repayment history and past credit behaviour. Most lenders expect a credit rating of at least 700-750. Applicants with a high credit score often get a high loan amount with a lower personal loan interest rate.
  • Financial Obligations: Even if the income is high, the borrowers may miss payments if they have several other expenses to cover each month. Lenders usually prefer applicants with a debt-to-income ratio of less than 30-40%.
  • Savings: Circumstances may change, and the borrowers may find themselves unable to pay the EMIs. Incidents like job loss, death, or divorce may cause a financial crunch, forcing the borrower to default on a loan. Therefore, lenders want to ensure enough savings to support EMI payments during challenging times.

These are a few crucial factors lenders check while evaluating a personal loan application. Look at them carefully and improve your eligibility while keeping these points in mind.

Additional Read: पर्सनल लोन पर जल्दी से मंजूरी पाने के लिए 5 आसान टिप्स!

How To Get A Bike Loan Without A Down Payment

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Owning a two-wheeler is no more a luxury today. With the increasing traffic on the roads and the hassles of commuting by public transport, commuting to work daily by your two-wheeler is now a necessity. Buying your dream bike may have been out of your budget till now, but with a two-wheeler loan, you can make this dream turn into a happy reality. What’s more, with a trusted name like Fullerton India, you get a 0 down payment bike loan if you meet their eligibility criteria. You can use their two-wheeler EMI calculator to calculate the EMI applicable on your bike loan. Let us now have a look at the eligibility criteria for getting a 0 down payment bike loan. 

Eligibility To Get A Bike Loan Without A Down Payment

  • The loan applicant’s age should not be less than 18 years when applying for the loan, and under 65 years, at the maturity of the bike loan. 
  • The applicant should be an Indian resident and should have been living at his current address for at least one year. 
  • If you are a salaried employee, you should have a minimum work experience of one year and should meet the conditions as per Fullerton India’s policy when you apply for the loan. 
  • The loan applicant has to submit these documents to be eligible for a 0 down payment bike loan:
  • The last three months’ salary slips for a government employee and salary certificates including the deductions for a private employee.
  • Form 16 copy
  • Copy of Income Tax returns for self-employed applicants.
  • KYC documents. 

By fulfilling the above eligibility criteria, you can get a 0 down payment bike loan from Fullerton India. Further, you can calculate your EMI using their online two-wheeler EMI calculator. 

Additional Read: Know How Two-Wheeler Loans Different from Car Loans?

Know Your EMI Before Getting A Mortgage Loan

One of the key deciding factors for any kind of loan is the interest rate at which the loan is available to the borrower. A mortgage loan is no different. When you opt for a mortgage loan from a trusted name like Fullerton India, you get an assurance of the best possible mortgage loan interest rate along with other benefits like:

  • maximum value on your property as a loan
  • flexible repayment options
  • flexible tenures as per the borrower’s convenience 

It is advisable to get a fair idea of your EMI before applying for a mortgage loan so that you can be sure that the loan EMI would comfortably fit in your monthly budget. For this, you can use the mortgage loan EMI calculator given on the lender’s website. 

Fullerton India’s mortgage loan EMI calculator helps you determine the EMI you would have to pay for the loan amount you want, for the loan tenure that suits you, also taking into consideration the mortgage loan interest rate applicable on your loan. 

Steps for the Mortgage Loan EMI Calculator

  • Select the loan amount based on your current financial needs. With Fullerton India, you can take a mortgage loan of up to Rs. 5 crores. 
  • Choose the time duration for which you want to take the loan. This tenure can be as long as 15 years.
  • Select the rate of interest on the mortgage loan.

This will give you the expected EMI on your desired loan amount. You can try various combinations of tenure, principal amount, and interest rate to get to your suitable EMI. This way, you can find the best option for availing of a mortgage loan with a trusted name like Fullerton India.

7 Easy Steps to Get a Mortgage Loan

A Mortgage loan is one of the most preferred options to arrange finance in times of need. With a mortgage loan, you can arrange financial assistance without having to sell off your valuable property. There are multiple reasons why mortgage loan or loan against property is so popular, like:

  • low mortgage loan interest rates as it is a secured loan, 
  • freedom to continue using your property even while it is mortgaged,
  • freedom to use the loan amount unrestricted, 
  • and a high Loan To Value. 

7 Easy Steps to Get a Mortgage Loan

With a leading lender like Fullerton India, you can get a mortgage loan in these easy steps:

  • Visit Fullerton India’s website and click on the ‘Apply now’ option. Select ‘Loan Against Property’ and choose if you are a salaried person or are self-employed. 
  • Fill out the online form, enter a valid mobile number, and put in the OTP details.
  • Enter your personal details in the loan application form. 
  • Put in the details of your employment and your bank details.
  • Scan your documents and upload them.
  • Click ‘Submit’ and your eligibility will be confirmed within a few minutes. 
  • If you are eligible, a customer care executive will call you up and take you through the further process. 

With these easy steps, you can quickly get a mortgage loan at low mortgage loan interest rates from Fullerton India. Furthermore, if you are already a Fullerton India customer, you have a high probability of being eligible for the unique Emergency Credit Line Guarantee Scheme.

Also Read: Follow These 7 Steps To Get A Mortgage Loan

Points To Consider Before Applying For Loan Against Property

Introduction

A loan against property is a secured lending product, where you can use your home as collateral to borrow money for things like starting your own business, paying off existing debt, wedding expenses, or higher education.

However, before taking a loan against property in Pune, applicants are advised to consider the below points.

What are the points to evaluate before you apply for a loan against property? 

The points to consider are:

  • When taking out a mortgage in Pune, you are putting your asset at risk. This means you are at a greater risk of losing the property. Thus, it is essential to analyse the risks and determine if this is the right time to leverage your property against the loan.
  • To make sure you are making the best decision for your money, it is crucial to compare interest rates between various lending institutions. They all differ in rates, so you can compare to find the best one available. With Fullerton India, an individual can get a loan at interest rates starting at 9%. 
  • Borrowers can also compare lenders that provide them with the maximum land mortgage loan. With Fullerton India, individuals can get land mortgage loans up to Rs. 5 crores. 
  • Moreover, individuals can check whether the lender provides them with a flexible repayment tenure. With Fullerton India, individuals can get loans with flexible repayment tenures ranging from 12 to 180 months. 

Conclusion 

If you take out a loan against your property in Pune, make sure you pay your EMIs on time. Delayed EMIs can result in late payment fees and can also have a significant impact on your finances, and creditworthiness. It will also make borrowing loans in the future more difficult. 

If you want to avoid this and keep your credit score as high as possible, be sure to always make your payments on time.

Also Read : Eligibility Criteria For a Land Mortgage Loan

4 Simple Steps To Apply For An MSME Loan Online

Introduction

MSME loans are an excellent way for small businesses and entrepreneurs to get a loan for the things they need to stay afloat.

Getting an MSME loan online is very easy and quick. There are plenty of lending institutions that have an online application process for MSME loans. All you have to do is choose a lender & fulfil their MSME loan criteria.

Steps involved in applying for an MSME loan online

Before taking a loan, the foremost thing is to choose a lender that provides you with the best service.
With Fullerton India, getting an MSME loan online is hassle-free, at attractive interest rates ranging from 17-21% p.a with flexible repayment tenures ranging from 12-60 months, and easy to meet MSME loan criteria.

To get an MSME loan online with Fullerton India, the steps to be followed are:

  1. The first step is to log into Fullerton India’s website and fill out the application form. A representative from the company will get in touch with you as soon as possible, and they will go over all the different options for your loan.
  2. Once eligibility is determined, you must submit the documents online for verification.
  3. If you are looking for an offline approach, the lender may need to collect physical copies of your relevant documents.
  4. Once the loan provider has verified your documents and approved the loan you applied for, they will create and share the loan agreement. Once you have signed the agreement, funds are released to your account within 48 hours.

Conclusion
Taking a loan is an important decision, and it is best to be completely aware of what you are getting yourself into. Loan terms and repayment options differ so you need to be aware of the impact these factors can have on your monthly budget. Before taking a loan, it is best to understand each aspect.

Also Read: What Can an MSME/SME Loan be Used For?

How To Apply For An MSME Loan & Get Approved?

Introduction

Micro, Small, and Medium Enterprises (MSMEs) are considered the backbone of the Indian economy. They contribute around 30% of the country’s GDP. Further, they also have employed about 117 million people in the last few years.

However, with a decrease in funding, it has become increasingly difficult for these businesses to scale up or expand. Starting a business is often easier said than done. It is not uncommon to stumble through the financing process, and that is where an MSME loan can make all the difference. 

How to Apply for MSME loans?

MSME loans are loans availed by companies registered under the MSME scheme to expand their businesses.

The question that many companies often ask is How to apply for MSME loans?

To apply for an MSME loan, they have to fulfill the requirements of the lender.

The MSME loan eligibility criteria with Fullerton India are:

  • Private companies engaged in the trading, manufacturing, or services sector, sole proprietors can apply for an MSME loan. 
  • Individuals who want to apply for an MSME loan must be at least 22 years of age when applying and no older than 65 years at the time of maturity.
  • The applicant should have 5 years of experience in the industry, and 3 years of experience with the particular business.
  • To qualify to apply, the business should generate a turnover of at least Rs. 10 lakhs a year and must be profitable for the past 2 years.
  • Registering an MSME in the Udyan portal and providing a certificate is a prerequisite for applying for a loan.

Individuals are also advised to make sure to check the documentation requirement of the lender.

Conclusion 

Accurately assessing your needs and finding the right provider is crucial to your company’s financial success in the long run.

With Fullerton India, getting an MSME loan is seamless; get a loan with flexible repayment tenures at attractive interest rates and easy to meet MSME loan eligibility criteria.

Must Read: 5 Noteworthy Advantages & Features of Taking an MSME Loan

Guide To Get A Business Loan For Your Startup

Introduction

According to a recent report, India is third in the world when it comes to startup ecosystems. New startups are sprouting up all over India, and there are now 14,000 of them nationwide, an increase of twenty times in five years.

To build and expand their business, startups need capital, which they might not have enough of. The best financial solution to their problem is startup loans. 

How Can Startups Get a Business Loan?

An individual or group of individuals can take out startup loans (business loans) to start a business. They can also take out startup loans to expand an existing business.

To get a business loan, individuals have to fulfill the eligibility criteria of the lenders, which may differ from lender to lender.

With Fullerton India, getting a business loan is hassle-free, and the eligibility criteria are easy to meet. The criteria are:

  • A resident citizen of India between the age of 21-65 can avail of a business loan.
  • CIBIL score should be at least 700.
  • Your startup should be in operation for at least 2 years.
  • The minimum annual income of the startup should be Rs. 2 lakhs.

Further, the startup will also be required to submit some business loan documents for loan approval. To know more about the business loan documents required, click here. 

Conclusion 

Planning for your business’s loan can be overwhelming. It is crucial to select the right financing partner. Partnering with someone who understands the needs of a startup and offers flexible financing will always make your business’s life easy.

With Fullerton India, getting a business loan for your startup is hassle-free; get a customized business loan with flexible repayment tenures at attractive interest rates and a maximum loan amount of up to Rs. 50 lakhs.

Must Read: 10 Tips to Prevent yourself from Business Loan Scams in India

Online Route For Quick Personal Loan Application

The technological growth of FinTech companies has changed the ways of dealing with finances, including getting a loan. It has become a 100% digitized process with leading NBFCs to meet your financial needs on time.

Online Personal Loan Application Process

Check Applicant’s Eligibility 

Personal loan criteria are easy to get an instant personal loan sanctioned. You can check your loan EMI eligibility with a free and easy-to-use online tool – the personal loan interest rate calculator.

  1. An applicant should be an Indian resident.
  2. The age limit is a minimum of 21 years at the time of loan application and a maximum of 60 years at the closure of the loan tenure.
  3. A salaried or self-employed person can apply for a personal loan.
  4. The minimum monthly income requirement is Rs.20,000 for salaried individuals in Delhi and Mumbai and Rs. 25,000 for other cities.
  5. For self-employed persons, the minimum income is based on the type of business.

Access the online personal loan application at the lender’s official website or via mobile application and enter your personal details along with your mobile number. Verify the OTP.

Upload Required Documents

You need the scanned copies of the following documents to complete an online personal loan application:

  • Age proof – Passport/PAN/Relevant certificate
  • Identity Proof – Driving License/Voter’s ID Card/Passport
  • Proof of Address – Passport/Driving Licence/Utility Bill/Ration Card/Rent Agreement/Bank passbook
  • Proof of Income – Salary slip or bank statement of last three months for salaried and Income Tax Returns or Form 16 for self-employed
  • Recent Passport size photos

Get ready for loan approval within minutes.


Must Read: 5 top things to know before you take out a personal loan

Guide to Apply Online For Instant Personal Loans In Hyderabad

Personal Loans

Instant personal loans in Hyderabad with an NBFC leveraging digitization are the fastest and most secure way to access funds. You can use loan credit instantly for multiple purposes. Whether it is a medical bill, vacation, big fat Indian wedding, etc., you can use the credit as per your requirement. 

Easy Steps to Apply for Online Loan:

  • Visit the lender’s official website or install its mobile application from the Google Play Store or the Apple Store. 
  • Access the personal loans in Hyderabad online application with the ‘Apply now’ button. 
  • Choose your employment type, enter your mobile number and verify the OTP. Input the preferred loan amount and repayment tenure.
  • Enter your personal information. 
  • Upload the required personal loan documents

Identity Proof

Age Proof

Address Proof

PAN Card 

Past three month’s salary slips for salaried person

Income Proof and financial statements for self-employed professionals

Past six months’ bank savings account statements

  • Enter the details of your employment and bank account. 
  • Submit the online loan application with personal loan documents. 

You will be notified about your loan eligibility.  It would be best to enter the EMI and loan amount after checking your eligibility using online loan eligibility. If you meet the eligibility criterion for the loan, you will be provided with a tracking ID to track the application. 

The lender will verify the application quickly through digital processing and contact you to further the process. 

Shortly after successful verification by the lender, your loan will be sanctioned, and you will receive the loan amount through a bank transfer within a few minutes.

Must Read: Know How to Get a Pre-Approved Personal Loan in India?

personal loan eligibility check

Does A Personal Loan Eligibility Criteria Include The Credit Purpose?

personal loan eligibility check

Among several significant benefits of an online personal loan, is the restriction-free use of the loan amount. Your end-purpose of the loan credit does not decide your eligibility for loan approval. 

Eligibility Criteria for Personal Loan

  • Credit Score: Applicant needs a CIBIL score of 750+ for an online personal loan. 
  • Age: The applicant’s age should be above 21 years in the loan application and less than 65 years at the completion date of the loan.
  • Income: 
  1. For salaried: The minimum monthly salary should be Rs. 25,000 in Delhi and Mumbai and Rs. 20,000 for other state residents in India.
  2. For self-employed: Minimum yearly profit after tax depends on profession/industry. 

Meeting these easy personal loan eligibility criteria increases your chances of loan approval.

Usual Purposes of Personal Loans

  • Medical emergencies

Urgent finance is a great help during medical emergencies that can rack up unexpectedly. Opting for a personal loan is the right choice to provide quality treatment to your loved ones instead of losing your savings.

  • Children’s higher education

Here too, if your funds fall short, you can opt for a personal loan. It helps parents to educate their kids in the best institutions.

  • Funding major milestones like the wedding

Easy personal loan eligibility can also be helpful for your child’s grand wedding.   

  • Big-ticket expenses like a world tour 

You need not worry about your dream of a world tour. Finance it with a personal loan and repay the loan in easy installments.

Thus, getting a personal loan is a quick and convenient way to get rid of sudden financial trouble in an individual’s life. It can help you in any financial crunch with easy monthly installments.

Must Read: 5 Points to Keep in Mind When Applying for your First Personal Loan

What You Need To Know About Your Personal Loan Balance Transfer

Personal loans can be quite expensive, especially over the long-term, if interest rates are high. At some point, it might become difficult for you to repay your loan. However, nowadays, borrowers can get respite from high installment costs through a balance transfer loan.

Understanding A Personal Loan Balance Transfer

A personal loan balance transfer is when you move your outstanding balance from one lender to another with better rates, transparency, and services.

Borrowers decide on balance transfer loans due to the following reasons:

  • One of the many advantages of transferring your personal loan is that it reduces current personal loan interest rates. If the new lender charges lower interest rates, the borrower can lower its monthly costs, thus helping with its budget. With Fullerton India, a borrower can get a personal loan at an attractive interest rate, starting from 11.99% p.a. 
  • Another reason for switching the current lender may be that you are not satisfied with the current lender and its services, and the new lender is providing you with better services.
  • Some lenders also allow you to extend your repayment tenure, which your old lender may not provide. Extending the tenure will allow you to make smaller installments and manage your finances properly. With Fullerton India, you can select a tenure of up to 5 years. 
  • One great perk of transferring the personal loan balance is that it helps improve your credit score by making payments more quickly.

When you are thinking of a personal loan balance transfer, make sure to compare different lenders and services provided by them to get the best current personal loan interest rates suited to your needs and preferences.

With Fullerton India, getting a personal loan is quick and hassle-free as the process is done digitally, with minimal documentation and attractive interest rates. 

To know more about personal loans, visit our website.

Must Read: Here’s how to Save Money through an Instant Personal Loan

How CIBIL Score Affects Personal Loan Eligibility

When applying for a personal loan, you have to fulfil the eligibility criteria of the lenders. Lenders check your profile based on your age, current income, job type and more. On top of that, they will also look at your credit score. The credit score is especially vital for a personal loan because it is unsecured. It means there is no collateral if the loan is not paid back.

How Much CIBIL Score is Needed to Get a Personal Loan?

A credit score is a number based on information in your credit report that lenders use to decide whether to lend you money and how much they will charge you to borrow it. In other words, lenders use your CIBIL score for loan to help evaluate your overall creditworthiness.

Usually, it ranges between 300-900. A higher CIBIL score will get you a personal loan at lower interest rates. Conversely, a lower CIBIL score means higher personal loan rates. 

  • A CIBIL score of 800-900 is considered excellent
  • A score of 750-800 is rated as good 
  • CIBIL score of 625-750 is average 
  • Below 625 is considered a bad score.

To get a personal loan with Fullerton India, your CIBIL score should be at least 750. 

CIBIL score for loan plays a vital role in deciding the borrower’s eligibility, personal loan rates, and the loan amount sanctioned.

Getting a loan is an essential part of improving one’s financial health. It can help with many things such as fixing up the house, starting a business or paying for college or a wedding. A credit score is used by lenders to determine whether or not to grant you a loan and how much of a loan you might receive.

Must Read: 10 Advantages of Taking a Personal Loan Over other Types of Credits

personal loan eligibility check

Steps to Apply for a Personal Loan

personal loan eligibility check

Thanks to digitisation, getting a personal loan has become instant. These loans are perfect for handling emergency expenses. Personal loans do not need collateral and can be availed by involving minimal documentation. One can apply for an instant personal loan online through lender websites or mobile apps. Let’s check how

Steps to Apply for a Personal Loan:

  • Log in to the app/ website.
  • Register using the OTP verification.
  • Click on the personal loan application form and fill in the basic details required.
  • Scan and upload the requested documents. Collating these documents beforehand ensures quick submission.
  • Submit the application.

Once these steps have been followed, the app/website immediately notifies the applicant of the loan eligibility.  After that, the lender calls the applicant to further the process by explaining the terms. On accepting the terms and conditions, the lender verifies the documents. Once the records and information provided are verified digitally, the loan is sanctioned within 24 hours. The loan amount is then disbursed to the borrower’s bank within the next 30 minutes. Following these easy steps accelerates the personal loan process and also makes applying for the loan easier. 

Before applying for a personal loan, it is imperative to check if you meet the eligibility criteria laid out by the financial institution. Lenders reject applications that do not meet their eligibility criteria. Choosing the financial institution that offers lower interest rates based on the current personal loan interest rates is also important. Keeping in mind these factors will make your monthly payments affordable, and you can repay the loan quickly. 

Additional Read: Complete Guide to Personal Loans for Women

Personal Loans for Women

Complete Guide to Personal Loans for Women

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Many female entrepreneurs apply for personal loans for women to meet their financial requirements. These loans are available at low-interest rates and flexible EMIs. The eligibility criteria for availing of such loans include income levels, salaried or employment status, and the borrower’s age. Below listed are the advantages of availing personal loans for women.

Advantages of Personal Loans for Women:

  • Commencement of Business

A percentage of the working women population is shifting from high-income job positions to entrepreneurial development. Personal loans play an important part in promoting the position of women entrepreneurs in the startup ecosystem. Personal loans offer various benefits, including minimal documentation, flexibility of usage, and quick disbursement. 

  • Accessibility to Financial Services

Accessibility and good quality financial services are important factors leading to the enhanced importance of personal loans. Women are often subjected to financial access barriers restricting them from participating in the economy. In such situations, personal loans help women achieve much-needed financial independence.

  • Investment Opportunities 

Investment is the key to starting ventures. Personal loans aid in the availability of finances and resources to the women populace to set up businesses or expand the already existing businesses. Furthermore, the funds from such loans can be used for investment in any field, including real estate, mutual funds or government securities. 

There are various factors such as interest rates, repayment options, loan tenures and reputation of the lender that one must consider before applying for a personal loan. Get in touch with Fullerton India to avail of personal loans at flexible repayment tenures and attractive interest rates. 

Must Read: Things to Keep In Mind While Availing A Personal Loan To Pay Credit Card Bills

Things to Consider While Taking a Loan against Property

A loan against property is a great option to secure high-value funds at lower interest rates. The loans secured against high-value residential or commercial property offer up to 70% of the property value. Keep in mind the below things while taking a loan against property. 

Things to Consider While Availing Property Loan:

  • Keep Buffer Time

Enquiring about the loan disbursal time helps you plan the loan buffer time. This avoids stress due to uncertainty. Applying for a loan online quickens up the process.

  • Choose Shorter Tenure

Choosing a longer tenure reduces EMI, but the interest rates become higher. Choosing a shorter tenure helps save a good amount of funds in property loan repayments.

  • Keep the Papers Ready

Property documents are crucial for a mortgage loan. Keeping all the documents required for a mortgage loan together will help things go smoothly. It will also help to get the loan sanctioned quickly.

  • Take an Insurance

Take insurance for a higher loan amount to secure your property and reduce any risks involved. Getting insurance for a large amount can keep the loan covered during unprecedented circumstances.

  • Choose a Comfortable EMI

Calculating your monthly EMIs using a LAP loan EMI calculator helps you repay the loan without any problem. The loan against property calculator helps you choose the tenure and an easy repayment amount. Borrowing out of repayment capacity leads to late payment penalties that could be even more expensive.

LAP loans are hassle-free and offer the smoothest experience if you choose a good lending institution. The loan funds are also disbursed quickly and with utmost transparency. Apply for the loan online today!

Must Read: What are The Factors that Affect Loan Against Property Rates?

Can I Buy a Bike Without Any Down Payment?

Yes. You can buy a bike without a down payment if you meet the eligibility criteria set by your selected financial institution. The loans that involve zero down payment for a two wheeler are called the zero down payment bike loans. They are also called the 100% financing bike loans. These kinds of loans offer features like:

  • Instant approval
  • 100% financing
  • Loan amount up to 30 lakhs*
  • Interest rate starting at 8%
  • Flexible repayment
  • Minimal Documentation

Zero Down Payment Bike Loan Eligibility Criteria:

  • The borrower should be above 18 years of age while applying for the loan
  • The applicant should not exceed 65 years of age at the end of loan tenure
  • The borrower should be residing in the concerned city for a minimum of one year
  • The applicant should have at least one year experience in the current company

Documents Required for a Two Wheeler Loan

The bike loan requires only minimal documentation. Hence, the application process is simple and easy to meet. Let’s check the requirements for a zero down payment two-wheeler loan:

  • ID Proof – Aadhar card/ PAN card/ Passport/ Employment ID
  • Address Proof – Rental Agreement/ Property Purchase Agreement/Sale Deed/ Voters ID
  • Income Proof – Bank Statements/ Salary Slips/ ITR

On meeting the eligibility criteria and furnishing the documents, the applicant can contact the lending institution and talk to the representative to discuss the terms. If the lender offers satisfactory terms, the applicant can fill and sign the application form and submit the required documents. Once the documents are verified, the lender will immediately disburse the finances to the borrower’s bank account.

Must Read: 5 Perks of Funding Your Purchase with a Two Wheeler Loan