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.

Access Funds Quickly with a Pre-Approved Personal Loan Offer

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If you urgently need cash for any emergency, then ‘pre-approved personal loans’ are the best option. A pre-approved personal loan is a customized offer to match your profile and needs.

A pre approved loan gives you the benefits of quick disbursal at the time of any emergency. The last two years have proved to be difficult for everyone, especially those who had to deal with unpredictable situations involving a cash shortage during emergencies. Pre-approved personal loans save your time and effort and significantly cut down the lengthy personal loan approval process by taking the applicant to the final stage. You can get the cash instantly without any trouble if your credit score is high, your income is higher to meet the loan repayment schedule, and you meet the lender’s loan eligibility criteria.

A pre-approved loan helps you save your hard-earned savings in case of any emergency.

What is a pre-approved loan?

A pre-approved loan is a collateral-free loan, also known as an unsecured loan.
It is similar to a personal loan and depends on the borrower’s creditworthiness. The lender provides you with the pre-approved loan amount based on your credit score and financial status in this loan category.

As your creditworthiness is pre-evaluated, there are no issues getting a quick disbursal. Once you furnish your basic and loan repayment details, you receive a pre-approved personal loan offer. The loan amount is instantly disbursed to your bank account on acceptance of such an offer.

CIBIL Score

CIBIL is a 3-digit numeric representing the applicant’s credit history, report, and overall rating. This score ranges between 300 to 900, showing the applicant’s creditworthiness. Cibil score for a loan represents the credit history of the borrower’s repayment of debts. A good CIBIL score lies between 700 to 900 and proves to the lender that the applicant is a least-risk borrower and can be trusted with sanctioning the credit.

When it comes to having access to pre-approved personal loan offers, your credit score and income play a catalyst role. If both these factors are high and favourable, it is highly likely to get approved for a personal loan.

Additional Read: 7 Must-Knows Benefits on Taking Loan Against Aadhar & PAN Card

Things You Should Know About Personal Loan Part Payment And Pre-Closure

personal-loan

Are you looking for instant cash? If yes, then a personal loan is the best option. You don’t have to pledge any asset or collateral as a bank guarantee in a personal loan. You can get easy personal loans if you are a salaried applicant or a self-employed individual with an adequate flow of regular income. The loan amount and approval are based on your credit score, eligibility, and salary amongst other crucial factors.

A personal loan is hassle-free and takes less time for approval. The best part of the personal loan is the pre-closure facility which can be helpful to avoid extra payment of interest rate. The lender uses the personal loan pre closure calculator to complete the loan closure and calculates the final amount.

Personal Loan Pre-closure Calculator

Use a personal loan pre-closure calculator to calculate the final amount you need to pay to the bank for loan closure.

Process of the personal loan closure procedure

You can save a lot of money if you do the pre-payment of your personal loan. Usually, personal loans have a lock-in period of one year; after that, you can pay the outstanding loan amount.

Here are some steps to follow to complete your personal loan-

Submit all your documents in the home branch from where you have taken the loan
Talk to your relationship official about pre-closure of personal loan
A DD or cheque will be accepted for the pre-closure
Collect your pre-closure acknowledgment receipt

At the time of submitting your personal loan application, always ensure that you know the lender’s loan pre-closure process and charges beforehand to avoid any surprises later.

Additional Read: How you Can Apply for a Personal Loan Balance Transfer?

How To Get A Personal Loan With A Low Credit Score?

Young man checking Credit Score on Tablet Pc

A low credit score can be troublesome if you want to get a personal loan. A personal loan is a savior in emergencies or when urgent requirements come up. You can use personal loans for a medical emergency, your dream wedding, an overdue holiday, or any other luxury purchase.

To receive a personal loan, you need to maintain a good credit score which is a mandatory requirement of most personal loan lenders. A good credit score represents your borrowing history and your credit handling capabilities. Disbursement of a personal loan with a low credit score is possible if you have to give proof of income and assure the lender about your credibility.

Here are a few things to keep in mind to get a personal loan with a low credit score

Submit proof of stable Income

If you have a poor credit score, you need to submit proof of stable income source, which will help you to get credibility in the lender’s eyes

Go for a small loan amount

Do not apply for a high loan amount as a lender may reject your application. With a low credit score, you should apply for a small personal loan amount.

Get a Guarantor

Bringing a guarantor on board can be helpful to get a personal loan.

Check for Errors

It may be possible that your credit score report contains errors; check for these errors before you apply for the personal loan.

Select a shorter tenure

Always select a shorter tenure to repay the loan.

A poor credit score may create a hindrance in getting the desired loan amount, but if you use the above-defined tips, a personal loan can be approved.

Must Read: Know how to get a pre-approved Personal Loan in India?

MSME Loan – How Business Owners Apply for it?

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The Indian government offers many benefits for MSME firms. Among these is the MSME loan. MSME stands for Micro, Small, and Medium Enterprises. If you are an MSME Business owner, you should know the criteria for apply MSME loan online.

What is an MSME loan?

An MSME loan is designed for entrepreneurs to start their business and for existing business owners to expand the business. MSME loans are easy to avail of and are a hassle-free way to cover all types of business expenses.

Type of MSME loan

MSME loans are unsecured, given by many financial institutions to help small and medium business owners to meet their business expenses. Generally, the interest rate for MSME loans is 8.3 %, and it has a low ‘processing fee’. You can apply for a maximum of INR 500 crores under this loan category.

The repayment tenure for such loans can be up to 15 years. MSME loans can be taken without any mortgage or collateral.

How to apply for an MSME loan?

Being a business owner, you should know how to apply for an MSME loan. Many financial institutions have started providing MSME loans as per the RBI guidelines, and loan approval has become easy for business owners.

Here are some useful steps a small or medium business owner should follow-

Business requirement assessment

Before applying for the loan, assess your business needs and select the loan amount based on them.

Loan Type

The loan amount should not exceed your requirement. There are some types of loans available like top-up, machinery, and distinct loan. Select the one according to your needs.

Select the right lender

When it comes to MSME loans, there are many lenders available; select the lender according to the EMI, amount, rate of interest, and other facilities. Check the MSME loan criteria before you select the lender.

Additional Read: Top 5 Challenges of MSME Loans That You Should Know

What are the Advantages of Personal Loan For Travel?

Travel-site

You require a decent amount of money to plan your travel, and spending savings is not a good idea. Plan your vacation with an instant travel loan.

Here are some advantages of applying for a travel loan:

Higher limit

A personal loan for travelling can offer a higher loan amount up to Rs. 25 lakhs, and you can plan a multi-destination trip with this loan amount.

Interest On The Only Usable Amount

You need to pay interest for only the used amount. For example, if you have taken the loan of 10 lakhs but used only five lakhs, the interest will be applicable on 5 Lakhs.

Easy withdrawal

A personal travel loan gives you the flexibility to withdraw the only required amount as per your need.

Pay interest only EMI

In a personal travel loan, you need to pay only the interest amount as EMI. The rest of the principal amount should be paid till decided tenure.

Switch is available

A personal loan gives you a facility to switch between the types, and you can get a personal loan even for a low CIBIL score.

Get an Instant loan

In case of any spontaneous need, you can get instant loan approval. This time can be as quick as 24 hours.

Less Documentation

A personal loan requires fewer documents and less processing time.

You don’t need a guarantor or collateral for a personal loan, and your application will be approved based on the CIBIL score and proof of income.

Must Read: Know how employment status affect your personal loan eligibility?

Are You Eligible for Home Mortgage Loans?

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A mortgage loan is a type of secured business or personal loan in which you use your real estate assets as collateral. If you want to get a mortgage loan, you need to first check if you are eligible for it.

Let’s discuss the eligibility criteria for home mortgage loans.

For Salaried Individuals

Age: 18-70 years

Monthly Income: INR 25000 per month (net monthly income of the salaried co-applicants)

Loan Tenure: Up to 20 years

Interest Rate: Up to 12%

Employment History: Minimum proven work experience of three years

Type of Property: Industrial, residential, or commercial

Loan-to-Value (LTV): Up to 80% of the property value

CIBIL Score: Over 650

For Self-Employed Individuals

Age: 18-70 years

Income: INR 3 lakh per annum or above

Loan Tenure: Up to 20 years

Interest Rate: Up to 12%

Employment History: Business existence of at least five years and ITR of at least three years

Type of Property: Industrial, residential, or commercial

LTV: Up to 80%

CIBIL Score: Over 650

Documents Required for Home Mortgage Loans

Salaried Individuals:

Latest salary slips
Bank account statements of the last three months
Aadhar card/PAN card
Address proof
Copy of property documents
IT returns

Self-Employed Individuals:

Bank account statements of the last six months
Aadhaar/PAN card
Address proof
Copy of property documents

Conclusion

You can use the above information to check your loan against property eligibility. Also, please note that different lenders may have different eligibility criteria for home mortgage loans. Hence, be sure to check the requirements with your lender.

Additional Read: How Many Types of Mortgage Loans Available in India?

Tips To Save Interest On The Business Loan

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Low interest rates on loans save time and money, and also help repay the debt quickly. Instant business loans help run businesses and firms to tide over financial crises.

Taking business loan is easy these days as business loans have reduced interest rates. Check your business loan eligibility so that you can easily apply for it.

Here are some tips for a lower interest rate –

Improve your credit score

To reduce the interest rate, check your credit score. A good credit score defines the credit-worthiness and credibility of the company. It reduces the credit utilization score, and it helps to get a lower interest rate

Pay your EMI on time

Paying EMI on time helps maintain a high credit score and improves the chances of getting a lower interest rate.

Get MSME loans

MSME business loans are designed to help small and medium enterprises. These loans allow businesses to grow, as lenders offer low-interest rates and easy repayment of the loan.

Business credibility

A credible business history helps create high credibility for a business, which helps lower the interest rate.

Improve business financials

If you have a flourishing business, the lender will offer you low-interest rates as they depend on factors like financial position, project credibility, and turnover.

Follow the above tips and get the offer of a low-interest rate for your business loan. Get an instant business loan by analyzing your business loan eligibility.

Additional Read: Manage your business expenses this festive season with a Business Loan

How to Select the Perfect Property Mortgage Loan?

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Choosing the right property loan

Choosing the right property loan is one of the first steps in the home buying process. You must select a home loan that offers competitive mortgage loan rates, low operational costs, and flexibility to prepay.

Let’s look at three factors to consider for choosing the best mortgage loan.

Fixed vs. Floating Mortgage Loan Rates

Mortgage loan rates are of two types: fixed (that stay the same throughout the loan tenure) and floating (that changes throughout the tenure as per market conditions). Even though floating rates may seem tempting, fixed interest rates have proven to be more advantageous.

External Benchmarks

The benchmark rate is the lowest interest rate at which a lender can provide a loan to a consumer. The benchmark rate aligns with the repo rate set by the RBI. It’s wise to choose a lender that has linked its loan rates to the repo rate. This way, you can stay assured you’ll receive the best mortgage loan rates.

Loan Tenure

Selecting a suitable loan tenure is as crucial as choosing an ideal lender. Longer loan tenure is a better pick because you can get a higher loan amount and a low interest. Moreover, your cash inflow will increase as years pass by, enabling you to prepay your loan and reduce the interest outgo.

Wrap Up

Choosing the right property mortgage loan is an essential aspect of buying a home. When searching for lenders, look beyond the interest rate and evaluate other operational costs and quality of service to make the best selection.

Additional Read: Fixed vs Adjustable Mortgage Loan Rates: How to choose the right for your need?

Things To Keep in Mind – Personal Loan Balance Transfer

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A balance transfer loan is a solution to ease your burden of high-interest EMI’s. If your loan EMI’s are causing trouble and managing finances is not easy, a balance transfer loan is a good option.

A personal loan balance transfer offers a chance to switch the loan amount to a lower interest rate for your existing personal loan.

Personal Loan Balance Transfer

A balance transfer loan works like a credit card balance transfer. This can be availed on a low-interest rate, and based on the credit history, a higher loan amount can be transferred to another lender. A easy personal loan balance transfer gives ease to transfer the credit card balance or existing personal loan.

You can transfer the previous loan on new low-interest rates, or you can switch the lender as well. The balance transfer depends on the bank policies and the borrower’s credit profile.

Time To Opt for A Balance Transfer

Here are some reasons you should opt for a balance transfer loan amount.

Rate of interest

The best reason to select the balance transfer is to get a reasonable interest rate. At the time of borrowing, the interest rate might have been high, but right now, some other lender is offering a low-interest rate. In such a situation, take a balance transfer of the loan.

Increase the loan amount

It may be possible that while selecting the personal loan balance transfer, you need to increase the loan amount. It is essential to note the terms and conditions of the new lender.

Additional Read: Know how employment status affect your personal loan eligibility?

Mortgage Loans: How to Get the Best Loan Against Land?

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A mortgage is a secured loan you get by using your property as collateral. If you want to buy a new property, the collateral is the property itself. There are various types of mortgages, such as a simple mortgage, usufructuary mortgage, mortgage by conditional sale, and mortgage by title deed deposit.

You’re all set to apply for a mortgage loan. But before it consider these factors to get the best loan against land.

Improve Your Credit Score

The credit score is a crucial factor in the approval process of a mortgage loan. A healthy credit score will increase your chances of getting a good mortgage with low-interest rates. Making your debt payments on time and avoiding major purchases on credit are some ways to improve your credit score.

Determine Your Budget

Next, calculate your budget and decide on a loan amount accordingly. The 28/36 rule works well here. Ideally, your mortgage payments and other front-end debt obligations shouldn’t exceed 28% of your monthly income. The back-end debt obligations shouldn’t exceed 36%.

Shop for the Best Mortgage Loan Interest Rates

Once you know the loan amount you need, look for the best mortgage loan interest rates. Most Indian lenders charge an 8.15%-11.80% interest rate. Borrowers can opt for fixed or variable interest rates. Fixed interest rates remain constant throughout the mortgage period, while variable rates fluctuate as per market conditions.

Get Pre-Approved

The final step is to get pre-approved, as this will speed up the mortgage process. Get your paperwork together, including income proof, asset proof, list of liabilities, and other additional paperwork.

Must Read: Apply for Mortgage Loans in a Few Simple Steps

Top 5 Factors to Consider If You Have Taken Loan Against Property

A loan against property is a type of loan that is provided against both residential and commercial properties. However, no matter how exciting this prospect might seem, there are a few things you must keep in mind before getting a loan against a property. Let us have a look at each of these factors:

● Value of the Property

Before you can avail of a loan, NBFCs or other lenders will evaluate the current market value of your property. The loan amount sanctioned will be nearly 70-80 per cent of the property’s total value. However, this will vary according to the lender. The eligibility criteria of a loan against land will also differ from one lender to another.

● Interest Rate Provided

The interest rate of a loan against land is lower than the interest rates for personal loans. However, it would help if you thoroughly researched the interest rate provided by different NBFCs.

● Tenure Offered

Most lenders provide a long tenure to borrowers for loans against property. However, like the loan against property interest rate, the tenure period differs from one lender to another. Most lenders offer up to 15 years of tenure. Therefore, keep your EMIs and tenure in mind before selecting a lender.

● Keeping All Property-Related Documents Handy

One of the most significant factors which might hinder your application process is inconsistent property documents and false ownership documents. So, make sure you have well-defined and clear property ownership details to avail of a loan.

Must Read: What are the Document required for taking a loan against property?

All About Working Capital Loans in India

Working capital refers to the liquidity status of a company. It covers the inventory, cash, and short-term debts of the company. You can calculate the working capital by subtracting liabilities from the current assets. Then, depending on whether the value is positive or negative, the company’s financial position and value can be judged. Thus, sound working capital financing can help you sail through times of financial difficulties the company faces.

What is a Working Capital Loan?

A working capital loan comes under the category of short-term loans. These short-term loans are taken to cover impermanent or minuscule operation costs, including purchasing raw materials, etc. A working capital loan is one of the most popular sources of finance for many small businesses and enterprises.

Why Should You Take a Working Capital Loan?

A working capital loan does not require any collateral and offers short loan tenure. A great advantage of this type of loan is that one cannot borrow more than the required amount. This required amount is determined based on existing orders and invoices.

However, before applying for a loan, you must be clear about the reason for taking the loan and know your business loan requirements.

The Top Three Advantages of a Working Capital Loan Are:

Flexible repayment term
Flexible interest rates
Unsecured loan – no collateral required

Knowing the advantages of a working capital loan will help you understand the importance of a working capital loan and its significance in the day-to-day operations of a company.

Must Read: How Business Loans Take Your Business to a Higher Level?

Apply for Mortgage Loans in a Few Simple Steps

A mortgage loan is a type of loan you can get by keeping an immovable property or asset as a mortgage to the lender. This asset could be any property or an object having a reasonable market value. Such loans have a long-term repayment tenure of around 15 years and have a lower rate of interest. So, whether it be an education abroad or growing business needs, you can easily avail yourself of such a loan through Fullerton India in easy steps.

Benefits of Mortgage Loan

At Fullerton India, we can enjoy the benefits of:

Loan up to INR 12.5 Crores: We provide loans against property up to INR 12.5 crores, ensuring that no dream, wish, or desire of yours goes unfulfilled.
Repayment-friendly Rates of Interest: Our loan against property interest rates range from 9% to 24%. We tailor our offers to your eligibility to guarantee you get the best possible option.
No-hassle documentation: Say goodbye to long lineups, tiresome paperwork, and time-consuming formalities. You can now apply for a loan against property online from the comfort of your home.
Flexible Payback Terms: We provide flexible repayment terms ranging from 1 to 15 years, allowing you to repay your loan at your convenience.

Apply in simple steps

Visit the loan application page on our website and then select the loan against the property.
Fill in the online application form.
We will get in touch with you for further details.

Besides, you can also use our free online mortgage loan calculator to get an idea of the overall cost of borrowing the amount.

Must Read: 5 Important Things to Consider while Taking Loan Against Demat Shares

4 Ways to Get Low Interest Personal Loans

One of the smartest ways to handle a financial need is to get a low-interest personal loan. This way, you can manage your bookings for a holiday, your child’s wedding, or even be able to afford the home of your dreams. Getting a low-interest personal loan may seem like a struggle, but it’s not! You can easily calculate the EMI you will need to pay with the help of a personal loan interest calculator.

Here is how you can get a low-interest personal loan easily:

A good credit score is a must: The rule of thumb for a good credit score is the higher the credit score, the more chances you have of getting an instant personal loan. A good credit score ranges between 700 and 750. In addition, with a good credit score, you can negotiate with the lender without any difficulties.
Look for the best lender: There are numerous lenders available in the market. Your score will improve if you succeed in finding the best lender with the lowest rates and features. It will consume more time, but comparing personal loan lenders ensures you have made the right choice.
Grab seasonal and festive offers: Stay updated with the notifications lenders send you to get a more affordable personal loan. Out of those, some offers and discounts are limited-period, while some ask you to apply online during the offer period.
Choose according to your professionalism: If you are financially stable, your score will automatically improve in the personal loan interest calculator. You can use your competence to grab the best offer. In addition, your company’s reputation also aids a helping hand as the lender is assured you will make timely payments.

With these tips, you can improve your score and get an instant personal loan easily! Find more information and useful tips on hassle-free loans and handling your finances smartly on Fullerton.

Must Read: PERSONAL LOAN:5 IMPORTANT FACTORS TO CONSIDER WHILE CHOOSING THE RIGHT PERSONAL LOAN

Why should you opt for a personal loan?

These days, personal loans are becoming popular due to their flexible characteristics of requiring no collateral, fast approval, and minimal paper requirements. As a result, you can avail of a personal loan for any of your needs.

Salient Features of Personal Loan

Quick personal loans generally help you in situations of medical emergencies, education, or any other purpose. Besides being the most dependable option to obtain finances for your immediate requirements, taking out a personal loan has several other advantages, including:

Within 30 minutes of your application being approved, the money is credited to your account.
Depending on the credit amount, you can apply for a loan with a repayment tenure ranging from 12 to 60 months.
Minimum paperwork is required.

Steps to apply for a personal loan

Using the online application process, you can avail of a personal loan in a few simple steps-

On the top of this page, click the “Apply Now” button.
You need to enter your mobile phone number and indicate whether you are salaried or self-employed.
Next, an OTP will be sent to verify your mobile number.
This will send you to the following step to input the loan amount and select the payback term. You will also be requested to enter personal, employment, and financial information.

When applying for a loan, you can use our personal loan EMI calculator to determine an appropriate loan amount and reasonable EMIs within seconds. At Fullerton India, you get easily manageable EMIs with fair interest rates and flexible payback deadlines!

Must Read: How Wedding Loan Can Help You With Your Child Wedding

Know Why Opting for an Online Personal Loan Application is a Smart Move

If you need a loan in a financial emergency or to take care of some personal expenses, there are many types of loan options available today. There are two types of loan categories:

● Collateral loans: To avail of a collateral loan, you must have a guarantor or security. For big loans, land, home, commercial property, etc., are required. Gold, vehicle, financial assets, etc., will help you get a small loan.

● Personal loans: Personal loans are unsecured loans and can be easily online. There is no need to provide security against the borrowed loan amount.

Why Choose a Personal Loan Over a Collateral Loan?

● Instant availability: If you need money in an emergency, a personal loan is the best option for you. With a few good instant loan apps, you can go for an online personal loan application without going through the long process of getting a collateral loan.

● No end-usage condition: There is no restriction on the spending of your loan amount. You can use the amount for any legal purposes.

● No need to deposit any security: You can apply for an online personal application instantly for a small amount without any security. It means no need to possess any asset to get a personal loan.

● Better than other loans and credit cards: With the help of loan apps, you can get low personal loan rates, which is better than any other loan and usage of credit cards.

Filling your online personal loan application is now easier than ever.

Must Read: Here’s How Personal Loans Can Impact Credit Score?

Get a Pre-Approved Loan in a Few Simple Steps

Personal loans are granted to existing customers with a solid credit score and a history of timely repayment. You can apply for a personal loan for any purpose, including higher education, medical emergencies, or any unplanned events. It necessitates the bare minimum of papers and demands no collateral or security.

All you need to be eligible for a pre-approved personal loan is a strong credit and payback history.

Features of a Pre-approved Personal Loan

Quick Funding- Once the application verification process is complete, the loan will be approved and disbursed the same day within a few minutes.

Flexible repayment options- You have the option of choosing a loan repayment time that is convenient for you. It usually lasts anywhere from 12 to 60 months.

Competitive interest rates: Since you don’t fall into the credit-risk group, your clean payback record demonstrates financial discipline. You get the opportunity to avail the pre-approve personal loan at a competitive interest rate.

Documents Required for A Personal Loan

The filled-in personal loan application, along with a recent photograph.
Proof of Identity like Aadhar card, Passport copy, Driving license, etc.
Proof of age, such as a PAN card or a birth certificate
Proof of address, such as a ration card, a rental agreement, or a phone bill.
A bank statement or passbook with a record of the previous six months’ salary or three months’ salary slips.
Income tax returns
A cheque for the processing fee (Form 16).

Must Read: Step by Step Guide to Get a Fullerton India Personal Loan

Everything You Need to Know about Personal Loan Requirements

A personal loan can help you meet any financial expenses, whether a wedding, travel, debt consolidation, or home renovation. This is an unsecured form of credit that is gaining popularity due to its flexible features and ability to offset temporary crises or needs. Fullerton India has made the process simple so that you can get your loan approved within minutes.

Personal Loan Requirements

While planning to avail of a personal loan, the first thing that comes to our mind is the personal loan requirements. Following are the personal loan requirements which you need to keep a digital copy of while applying online for a loan –

Photo
Identity and age proof
Address Proof such as Electricity Bill, or Passport
Latest salaries slip as a Proof of Income
Bank statements

You will be required to upload these documents to complete your application for a loan.

Personal Loan Eligibility

You need to check some criteria to find out whether you are eligible for a personal loan. They are –

You may apply for a personal loan if you are an Indian citizen or resident aged 21 to 65 years.
You are a self-employed or salaried individual earning more than Rs. 20000 per month.
You cannot apply for a personal loan if you do not meet the above criteria.

Fullerton India provides personal loan interest rates that start from 11.99% for self-employed or salaried persons for a minimum tenure of 60 months. Depending upon our policies and based on your requirements, we decide the suitable loan rates applicable. You can then decide your monthly budget accordingly to pay your EMIs easily.

Must Read: Step by Step Guide to Get a Fullerton India Personal Loan

All You Need to Know to Apply for a Personal Loan

A personal loan is money you borrow to serve any personal needs. For example, the personal need could be consolidating debt, paying for home renovations or medical bills, planning a dream wedding, or other expenses.

With Fullerton India, you can avail of easy personal loans up to 25 lakhs within the minimum interest rate just in a few minutes! The documentation procedure is simple and easy. Fullerton no-collateral personal loan is available to salaried and self-employed people with no hidden fees. Also, our online calculator can tell you if you’re eligible for a personal loan in a matter of seconds.

Benefits of a Personal Loan

You can apply for a personal loan for any of your purposes.
Fast Approval.
Low Rates of Interest as compared to credit cards.
No guarantor or collateral is required.
Easy documentation.

Personal Loan Eligibility Checkpoints

While seeking a personal loan, you need to fulfill a few criteria, which includes-

If you are an individual between 21-65 years of age.
You are salaried or employed and earn a salary of more than 25000 if you live in Delhi or Mumbai. Otherwise, a monthly income of 20000 is the bar you need to apply for a personal loan.
You have a CIBIL score of 750 or above. EMI of loan cannot be more than 60-70% of an individual’s monthly salary.

Once you meet the criteria for applying for a personal loan, you can apply for the same, and the amount will be credited to your account within 30 minutes of approval!

Must Read: 5 Things you Must Know Before Availing Personal Loan in Pune

Dos and Don’ts of Getting a Fullerton Personal Loan for All Your Sudden Expenses

Are you battling a financial crisis in your life right now? Do not worry! Taking a personal loan is the simplest way to tackle the economic hardships in your life. Let us look at the dos of getting a personal loan:

Dos for Getting a Personal Loan

Be clear about the reasons for getting a personal loan

Personal loans are unsecured loans that are useful for meeting a wide range of financial needs. You should keep all the necessary documents for a personal loan ready.

Look at the additional benefits

Do compare all the loan offerings, including the loan amount, interest rate, and tenure. Many NBFCs offer other exclusive features and services to their customers.

Compare the interest rate

Different lenders provide different interest rates to customers. As an applicant, you must compare the interest rates offered by other lenders and go for the lowest personal loan rates provided. Fullerton India offers the lowest personal loan rates, up to 11.99%.

Ensure the lender is synthetic

Check through the lender’s eligibility criteria before applying for a personal loan.

Don’ts for Getting a Personal Loan

Don’t opt for the maximum loan amount you can take

Financial experts recommend not taking the full loan amount only because you are eligible for it. Pitching for a higher amount would also mean an increased interest rate.

Never send in multiple loan applications

Experts recommend not applying to several lenders for a personal loan. Doing so can affect your credit score and your eligibility.

Don’t use the loan amount for unnecessary expenditures

Never take a personal loan to manage your excess financial expenses.

Following these dos and don’ts will help you make a sound financial decision. You can head to Fullerton India to know more about the eligibility criteria and personal loan interest rate.

Must Read: PERSONAL LOAN:5 IMPORTANT FACTORS TO CONSIDER WHILE CHOOSING THE RIGHT PERSONAL LOAN

Deal with Unexpected Expenses through Fullerton Personal Loan

Now you can easily take care of all your incidental and sudden expenses through affordable personal loans at Fullerton India. You can get personal loan interest rates as low as 11.99% per annum.

Fullerton India offers a clean and transparent online documentation process to both salaried and self-employed individuals. You can also calculate your profile eligibility for a personal loan at Fullerton India online using the personal loan eligibility check calculator.

What is a personal loan?

A personal loan is an unsecured amount that is borrowed for meeting certain unexpected expenses. Borrowers pay the amount back in monthly installments over a period typically ranging between 3-6 years. You simply have to select the ‘personal loan online apply’ option on the official Fullerton India website and fill in your details.

Fullerton personal loan eligibility criteria

The applicant must be a salaried employee or self-employed.
The applicant must have a minimum monthly income of INR 20,000. The amount is INR 25,000 if the applicant resides in Mumbai.
The applicant’s minimum age should be 21 years when applying for the personal loan, and the maximum age limit should be 65 years by the time of maturity of the loan.
The applicant must be a resident of India.

Keep all your documents ready and select the ‘personal loan online apply’ option on the official Fullerton India website and fill in your details. You can also check your eligibility at the online personal loan eligibility check calculator on the Fullerton India website.

Must Read: 5 Things you Must Know Before Availing Personal Loan in Pune

Apply Online for Personal Loan at Fullerton India – Steps for Instant Loan Application

Getting a personal loan just got a lot easier with the online personal loan application feature. A personal loan is unsecured, and you can apply for it even if you are self-employed. Fullerton India offers customized personal loan plans for customers. All the stages of the application process are paperless. Once your loan gets approved, the loan amount is credited to your account seamlessly and in a short duration.

Steps to Follow for Personal Loan Application

You can use an online personal loan interest rate calculator to check your financial eligibility for applying for a loan.

Click on the ‘Apply Now’ button on the top-right corner of the Fullerton India home page.
Select the ‘Personal Loan’ option from the section.
Next, you should mention whether you are ‘salaried’ or ‘self-employed.’ If you select ‘self-employed,’ you will have to classify the business type further and submit the business documents as proof.
When you select an option, you will be required to put in your mobile number and enter the OTP sent to your number.
In the next step, you will have to enter the loan amount that you wish to borrow.
You will also be asked to select the preferred payment method.

You can get personal loans for up to Rs. 25 lakhs. This collateral-free personal loan has no hidden charges, making the loan application process transparent and simple to follow. Make sure to check the terms of eligibility and calculate your profile eligibility using our personal loan interest rate calculator.

Must Read: 5 Reasons to Take CIBIL Score Seriously While Availing Personal Loan

MSMEs – All You Need To Know

MSME stands for Micro, Small, and Medium Enterprises, and they are the backbone of India’s economy. Contributing nearly 8 percent of the total GDP of the nation, these enterprises account for up to 40 percent of the Indian exports. Therefore, the Government of India introduced the MSMED Act of 2006 to help develop them further and contribute to their welfare.

MSMEs mostly engage in the production and manufacture of products and goods. Applicants can apply for MSME loans to help their business grow. Many NBFCs offer exclusive interest rates and help people grow their businesses.

What are the General Advantages of MSMEs?

They provide for employment and the growth of artisans and workers.
MSMEs help by promoting entrepreneurship abilities.
They support the advancement of technology.
They help provide solid support to the export markets.

With minimum documentation required and a low MSME loan interest rate, you can apply for an MSME loan in a hassle-free manner.

How do MSMEs aid the economy?

MSMEs manufacture goods that are required for the domestic and international markets.
MSMEs have helped promote the development and growth of several small-scale industries, including khadi and coir.
They have helped increase the socio-economic development of the rural areas.
They help workers get acquainted with the latest technologies, thus increasing their area of interest and upgrading their skillset.

Fullerton India provides loans to both small and medium-sized enterprises. You can easily apply for the MSME loan services in India at Fullerton, and avail of the loan at a low MSME loan interest rate. However, you must be aware of the eligibility criteria before applying for the loan at Fullerton India.

Must Read: Top 5 Challenges of MSME Loans That You Should Know

Factors that Determine Instant Approval for a Business Loan

If you’re the CEO of a huge corporation that needs to expand a certain division, a small business owner who seems to grow, or a young entrepreneur, your top goal is to get cash at the correct time. Here is a list of elements that influence the approval of your business loan.

The borrower’s age

The comfort with which you can obtain a business loan in India is directly proportional to your age. Finding a lender ready to provide a business loan to someone under 25 or over 60 is challenging.

Earnings

A company with a high-profit margin is approved for a business loan right away. However, if you need a loan for a new business with no collateral, your business plan and growth strategy will influence whether or not you are approved.

Credit Reports

To get a speedy business loan approval, your credit history or business loan documents are crucial. Your credit history establishes your trustworthiness and ability to repay a debt.

Cash Flow

If your company’s cash flow is insufficient, most lenders will be hesitant to offer you money. So, you should maximize your cash flow by using effective cash management and expenditure restraint.

Build a business plan

Your repayment ability is reflected in a business strategy with an appealing sales prediction. It gives the lender insight into your company’s objectives.

Criteria for Business Loan Eligibility

You must have been in operation for at least three years.
The applicant must be between the ages of 25 and 65.
Audited financial statements from the previous three years and ITRs for at least the last year are necessary.
The applicant’s credit history must be excellent.

Must Read: How Business Loans Take Your Business to a Higher Level?

Here is All You Require to Know About the Small Business Startup Loans

Since the Startup India campaign launched in 2015, the number of new Micro, Small, and Medium Enterprises (MSMEs) has increased. The program is based on an action plan aimed at encouraging startup loans. It has also boosted the number of startups, which will lead to greater job creation and contribute to the country’s economic progress.

What are startup business loans used for?

Purchasing inventory or equipment, working capital to fund payroll and everyday expenses, renovation and remodeling, and real estate acquisition are popular applications for availing business loans. The purpose of the startup loans will help you identify which sort of financing is ideal for your company.

What is necessary to get a small business loan?

Small business loans are determined by factors such as:

Personal and business credit
The firm’s age
The company’s cash flow
Existing debt obligations
The industry in which the business operates

The business loan eligibility for a small business lender will often require 3 things:

That a company has been in service for one year
It has a minimum credit score of 600
It has financial documents that demonstrate its ability to service its loan obligations

Are financing institutions willing to lend to startups?

A financial institution’s decision to lend to a startup is based on many criteria, some of which include:

Capital: Lenders prefer to see business assets utilized to generate revenue, making loan payments.
Collateral: You may be able to secure your loan with collateral such as equipment, personal assets, or a co-signer in some cases.
Cash Flow: This is what some people refer to as capacity. But what this means is that the company has a track record of money flowing in.

Credit: Some people refer to this characteristic as “character,” which is linked to having a positive relationship with your lender.

Must Read: Top 9 Profitable Business Ideas For Women in 2022

Thinking of Taking Unsecured Business Loans? Here are the Advantages!

An unsecured loan does not need collateral. Instead, it is granted based on the borrower’s credit history. Small business owners are the most likely candidates for these loans.

One can also use it to provide additional capital to a company to help achieve its objectives. Though the traditional definition of unsecured business loans is that no collateral is required, the reality is quite different.

Interest Rate on Unsecured Loan

The interest rate on unsecured business loans issued by major financial institutions and NBFCs starts at 14.99% per year and goes up from there. The business loan interest rate is determined by several factors, including the applicant’s financial history, CIBIL/credit score, repayment ability, creditworthiness, annual turnover, and so on.

Unsecured Business Loans Have Many Advantages

Easy loan process: The application process is simple, and anyone with a basic understanding of computers can complete it.
Provides versatility: Unique Flexi-loan feature and collateral-free business give a lot of freedom.
Very little documentation: Minimum documentation and very little paperwork required.
Loan disbursement is quick: Due to less paperwork, the loan disbursal is faster, which helps when businesses need quick cash.
No limits on use: Unlike secured business loans, which you can obtain after identifying the purpose, unsecured loans have no such restrictions.

An unsecured company loan could help you reach your business goals, whether you’re having cash flow problems or need a hand keeping day-to-day operations going smoothly. They can be especially beneficial to small enterprises in their early stages of development.

Must Read: Manage Your Business Expenses This Festive Season With a Business Loan

Thinking of Availing a Personal Loan in Pune?

With the ongoing rise in expenses that come with living in a city like Pune, personal loans have become a popular type of credit line these days. One of the important reasons personal loans are becoming so popular is the degree of flexibility one gets in using these funds.

If you need a personal loan in Pune to seek opportunities that will fulfill your dreams, you can easily avail of a hassle-free personal loan instantly with Fullerton India, which requires minimal documentation.

Benefits of Personal Loans

A personal loan can help you cover all your expenses. This is termed ‘unsecured’ as it does not require any collateral to secure it. Some of the benefits of these types of loans are –

You do not need a guarantor or collateral.
Fast approval process.
The interest rate is much lower than that of credit cards.

Personal Loan Eligibility Check

The applicant should be a resident of India.
The person should be self-employed and between the age group of 21-65 years.
The minimum salary required with which one can apply for a personal loan is Rs. 20,000, with a year of work experience.

Whether you need a loan to make a down payment for a new car or a medical emergency – you can instantly avail of a personal loan through Fullerton India by going through the personal loan eligibility check online. You can also apply offline by visiting your nearest Fullerton India Branch and getting your loan processed at the branch directly.

Must Read: PERSONAL LOAN:5 IMPORTANT FACTORS TO CONSIDER WHILE CHOOSING THE RIGHT PERSONAL LOAN

5 Factors That Affect Loan Against Property Eligibility

A loan against property is an excellent option when you need cash at very low-interest rates. LAP loans are secured, and hence you will have to provide a property as collateral. The financial institution will offer you quick loans to ease out the emergency.

Will I Be Eligible for a LAP Loan If I Own Property?

No! Your eligibility for a property loan depends on certain factors, and knowing them will help you understand and make amends before availing of the loan.

Current Employment Status

Your present employment status determines your financial stability to repay the loan. The lender will consider your cumulative income from all sources to assess your financial situation.

Credit Score

Lenders sanction the loan only after they ascertain your credibility. There is no better measure of credibility than one’s credit score. If you do not meet the lender’s criterion for credit score, then your application is most likely to be rejected. Credit scores ascertain that you are a risk-free borrower. A credit score above 750 can help you get the loan sooner and get a lesser property loan interest rate.

Insurance of the Property

If the property is secured in terms of an insurance policy, the lender will consider your property secured and trust you.

IT Returns

You will be asked to furnish IT return documents by most lenders. If a Chartered accountant ascertains the last three to four years, the tax files will prove to the lender that you have a steady cash flow.

Loan Tenure

Most lenders reject shorter loan tenure after ascertaining your repayment capability based on your average monthly income. Calculate your EMI using an EMI calculator to apply for an affordable EMI where you can easily make timely payments. Choose a comfortable tenure that will assure your lender that you will not default on the loan instalments.

LAP loans offer the cheapest interest rates starting from 9%*. You can easily avail of a maximum loan amount of up to 5 crores (up to 70% of your property’s market value) by pledging a property of the corresponding high-value property.

Must Read: NEVER MAKE THESE MISTAKES WHILE OPTING FOR PROPERTY LOAN

Is it a Good Idea to opt for a Loan Against Property (LAP)?

Loans are mostly availed when we are confronted by emergencies or require immediate financial assistance. While several kinds of loans are available at our disposal, it is essential to consider the differentiating factors. Among such options are the loans that one can avail of against their property. Although there are particular concerns, financial experts state that it is the most secure form of loan and has a lower interest rate than other loans.

Taking a loan against property allows you to use the money at your discretion. Much like a personal loan, there is no designated purpose for using the loan amount. However, a property loan interest rate is lower than its counterparts. You can use the loan to expand your business, medical treatments, or meet any other personal or business goals.

Additionally, the loan provides substantial benefits like lower interest rates, an extended repayment tenure, and immediate availability of funds. However, the most significant benefit provided by a loan against property is the availability of using the collateral property continuously during the repayment tenure of the loan. Moreover, you can also avail of tax benefits while repaying the loan, and there is rarely any charges for foreclosing the loan.

The eligibility of the loan depends on the age, income and occupation of the applicant. A property loan interest rate is fixed by assessing and analysing the property’s age and location.

Must Read: Major Factors You Should Consider While Taking Loan Against Property

How to Apply for Working Capital Loans in India?

You can get a working capital loan to fund your everyday business operations. You can avail of it for various purposes like paying your employee’s wages, covering the accounts payable and other expenses during the off-season. These loans are short term and designed for corporate debt borrowing. Hence the loans are unsecured, aka You don’t have to pledge any securities to avail this loan.

Top Reasons to Avail of the Working Capital Loan

Seasonal Sales Drop

Sales aren’t steady throughout the year. It rises during a particular season and falls during the offseason. Availing of a working capital loan will boost your cash flow when in need at lesser interest rates.

For Capitalizing on New Business Opportunities

Opportunity knocks on the door only once. Losing a significant opportunity due to a cash crunch will deter your growth. Grabbing the chance when it arises without worrying about funds will help you well in the long run.

No Collateral

You don’t have to pledge collateral to avail of working capital loans. Hence these loans are swifter to the process of applying online. Just make sure to research lower business loan interest rates.

It Prepares You for Unforeseen Circumstances

Unforeseen circumstances are hard to project, and the pandemic’s effect on business in the initial days is an example of this. Working capital loans are instant and provide you with ready funds to tide through unforeseen circumstances.

Taking a loan can provide you with that cushion without disrupting the smooth flow of work. Be it debts, repayments, payroll, equipment buying, or working capital loans are customized for this purpose.

Must Read: Simple Ways On How To Get Business Loan In Delhi