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.

What is an MSME Loan, and What Can it be Used For?

MSME stands for Micro, Small, and Medium Enterprises, and MSME loans can be said to be the form of loans that allows individuals, MSMEs and startups to get a loan for their financial needs. Most businesses avail these loans to meet their working capital needs, boost their cash flow, or even expand. Therefore, several institutions have provisions for MSME loans.

While most institutions require collateral for the business to be approved, some lenders provide MSME loans without collateral. Since most customers avail of loans to facilitate their businesses and boost their capital, the MSME loans without collateral are preferred because they provide affordable interest rates that make the payment cycle easier. Furthermore, these loans are usually short term loans that have to be repaid within 12 months. However, depending on the business needs, the loan repayment tenure can extend up to five years. The MSME loan procedure is relatively simple, and the eligibility depends on the applicant’s profile, repayment ability, financial stability and creditworthiness.

The MSME sector is crucial to the country’s economy and employs a significant portion of the population. Therefore, it is essential to provide all necessary support to advance these businesses and provide assistance whenever required. The MSME loan procedures are in place to allow these businesses to flourish and grow without much hindrance. In a broader sense, these loans allow the companies to operate without the fear of bankruptcy. These loans can be used to consolidate debts, make business expansions, invest in new markets, and manage stocks.

Must Read: When Should We Take SMEs/MSMEs loan- [September 2021]

How Can You Avail Quick Business Loans In 2021

You can avail of a business loan for expanding your business or for additional expenses related to your business. These loans are customized based on the business requirements to keep your business running smoothly. Business loans do not need collateral and hence require a lesser waiting time to process the loan. You can apply for a business loan from a bank or NBFC quickly. A business loan can be obtained promptly within 15 minutes to a week, depending on your documentation, eligibility, and the shortlisted lender.

How Can You Avail Quick Business Loans In 2021?

To avail of quick business loans, one must meet eligibility criteria for the loan. Check out the eligibility criteria below:

Business Loan Eligibility

You need to be a Self-employed individual/ proprietors/ private limited company/ partnership firm working in manufacturing, trading, or services.
The business should be at least three years old, and you need to have at least five years of business experience.
You should be at least 22 years of age while applying for the loan and less than 65 years of age at the time of maturity.
Enterprises should have a minimum turnover of Rs 10 Lakhs.
Enterprises should have been making profits for the past two years.
Enterprises should have a Minimal Annual Income (ITR) of Rs 2 Lakhs per year.

Business Loan Documents

Business loans require minimal documentation as they are collateral-free. The loan application involves the primary KYC documents to establish your identity and business process.

Here’s a checklist for your reference:

Recent photographs
Pan CARD
Address proof
Bank Statements
GST or ITR
Income proofs for the past six months
Proof of business existence

You can avail of business loans of up to Rs 50 lakhs* without collateral. The loans are credited within 24* hours if all the documents are intact. So, go ahead and apply for a customized business solution that you can flexibly repay within 60 months.

Must Read: 10 Questions Lenders Will Ask When You Need a Business Loan

Things you Need to Know When Availing a Contactless Personal Loan Online

With the increase in the use of the internet and technology, the need to avail of loans in person has become redundant. Standing in the long queues for your loan applications have become a thing of the past. Today, you can now apply for a personal loan at the ease of your fingertips.

When you can take a personal loan online, it eases the process and makes it faster. If you are looking for a personal loan, apply online on your preferred company’s website.

However, here are a few things that you must know when applying for a contactless personal loan online:

Are You Eligible?

The first thing to know is the loan eligibility, which is determined by the age, income, and nature of the applicant’s employment. Furthermore, the credit score also plays a crucial role. Therefore, it is also considered alongside various documents required for the personal loan to be approved, such as PAN card, Aadhar card, etc.

Documents Required

While many kinds of personal loans are available at your disposal, most loans share a commonality in the documents required. The documents required for a personal loan are mostly proofs of identity, address, income and proof of employment. These documents ensure that you are capable of paying back the loan amount on time.

Compare Before You Choose!

If you choose a personal loan and apply online, you can also compare the interest rates between the lenders on their respective websites. Furthermore, if you do not have the digital copies of the documents required for the loan, you can easily scan and upload them.

Must Read: LOOKING FOR A PERSONAL LOAN? HERE ARE A FEW KEY THINGS TO CONSIDER

Know How to Get Personal Loan Using an Aadhaar Card

Personal loans are called instant loans for a reason. Taking a personal loan is quick and hassle-free nowadays as it requires minimal documentation to get a loan. You can easily avail of a personal loan using your Aadhaar card.

The Aadhaar card is an umbrella identification system, and is excellent to determine if your identity is authentic using UIDAI Aadhaar biometrics. It acts as your age proof, ID proof and address proof. Providing your Aadhaar copy linked to your bank account will make the loan process faster as the verification is much simpler. Hence availing an Aadhaar card loan online is very simple.

Apart from Aadhaar card, you will need to furnish:

Bank statements of the past 3 to 6 months
Salary slips of the past three months if you are a salaried employee.
PAN card to ensure that you are a tax-paying citizen of India.
IT returns or Form 16
Business proofs for self-employed
The balance sheet of the past two years for self-employed individuals

Steps to Get a Personal Loan Using an Aadhaar Card

To avail of an Aadhaar loan online, you will have to submit your income proof alongside your Aadhaar card and follow the following steps:

Visit the lender’s website
Click Apply online option
Filling the online personal loan application
Upload Aadhaar card and other documents required for availing personal loan
Click submit

The lender will notify you of your eligibility criteria. As long as you pass the eligibility criteria, your personal loan amount will be credited to your bank within a day.

Getting personal loans have become accessible online with a minimal documentation process. Install the app today to experience the convenience.

Must Read: How to Apply for Personal Loan Using an Aadhaar Card in 2021

What to do if Your Personal Loan is Rejected

If you have been trying to avail of a personal loan but have been rejected by a financial institution, there are still some things that you can do. There are some steps that you can take in order to reapply for the loan and increase the chances of your loan getting approved.

A personal loan instant approval is difficult because a personal loan is an unsecured loan. There are several criteria that financial institutions use to check how eligible you are for a loan and what your ability to repay the loan is.

Why was the loan rejected?

The first step would be to inquire why the loan was rejected by taking the loan rejection letter from the financial institution that you applied to. Usually, this is given in about 30 days. From this, you can find out which factor caused the rejection, like an unsteady income, because you applied for a personal loan without documents, a low credit score, or a problem with the age limit.

What is your credit score?

For unsecured loans, credit scores are important criteria. Therefore, you need to work on increasing your credit score before reapplying for the loan for personal loan instant approval.

What is your debt to income ratio?

If your loan was rejected due to insufficient income, it might be necessary to look for loans available to people in different income brackets.

Did you get your documentation right?

While some places offer personal loans without documents, there may be certain criteria for a particular financial institution that you may have missed out on. Thus, checking your documents and their status before reapplying is integral.

What are your other options?

If you are having trouble meeting the criteria for a financial institution or specific lender, you may need to cast a wider net and look at options that may be in your favour.

Thus, the criteria for taking a loan are rather strict, but with a little research and effort, it may be possible to reapply for a loan and be successful in getting it approved.

Must Read: How To Select an Instant Personal Loan

4 Smart Ways to Manage Your Loan Even Better

Prioritising your debts will help you manage them quickly. You can easily navigate the process with good planning in place and a few tips to better plan your loan repayment strategies.

Smart Ways to Manage Your Personal Loan Even Better

Keep Track of Your Credit Score

To get a personal loan in India, your credit score is an important number. It ensures that your finances and your credibility are healthy. Making timely loan payments will help you save on late payment penalties and maintain a good credit score. Set reminders or have an automatic debit system in place to not miss out on EMI payments.

Allot a Budget

Allotting a budget to accommodate your personal loan EMIs will help you plan your commitments efficiently. Make time to chart out a budget along with tax benefits to understand your obligations and your budget. Using a personal loan EMI calculator to select your EMI according to your budget will help you reduce financial stress.

Debt Consolidation

Having multiple debts is confusing. It makes you not only pay higher interests but also you end up missing payments. Debt consolidation will help you pay off multiple debts with a single EMI making it easy and simple to manage.

Increase EMIs

Increase your EMI with every salary hike or an increment. This planning will help you repay loans faster and bring down interest rates. Foreclose your loan when finances improve. Even though you will have to pay a penalty charge, you can calculate your saved interest and compare your savings to understand if pre-closing will save your money.

Managing finances is essential for you to save money and invest smartly. It is not possible to achieve your goals without financial discipline.

Must Read: 5 Costly Mistakes to Avoid Before Applying for a Personal Loan

5 Ways of Increasing the Possibility of an Approved Personal Loan

A personal loan is one of the most popular unsecured loans due to ease of borrowing and relatively low-interest rates. It can be used to cover personal expenditures such as emergency hospitalization, home expenses, etc.

Even with a low salary, a personal loan can be availed using certain precautions beforehand. Here are five ways you can increase the chances of your personal loan getting approved.

CIBIL Score

Before taking a loan, it is important to check your CIBIL score since financial institutions usually base their decision to approve a loan on this. Therefore, a score lower than the minimum threshold may decrease the chances of you getting a loan.

Income

If you are wondering how much loan I can get, it is based on multiple factors such as your income, CIBIL scores, and general ability to repay a loan. However, to get your loan approved, it is beneficial to have a steady income. Therefore, employment status and income status are important for financial institutions to check your ability to repay the loan.

Joint Personal Loan

If you fall short on the eligibility criteria to avail of a loan, it may be very helpful to have a co-applicant. If you can split your loan burden with a co-applicant, perhaps with someone with a better income profile, the credit risk is reduced, and the financial institution may have a higher tendency to approve your loan.

Income-to-debt ratio

If you have a low salary, a personal loan can still be availed, but your income-to-debt ratio may have a role to play in this. The Income-to-debt ratio is your monthly debt divided by gross monthly income. For higher chances of your loan getting approved, less than 40% of your income should be used for EMIs.

Multiple applications

So, how much loan can I get?

No matter how worried you are about that, do not apply for the same loan with different lenders. This might reflect poorly on your financial condition and credibility.

Despite the ease of availing of a personal loan, it is ideal for keeping these pointers in mind to ensure success in terms of loan approval.

Must Read: 5 Factors that Affect Your Personal Loan Interest Rates

How Can you Save Time by Applying for Personal Loans Online?

Applying for personal loans online can surely save you time. Online personal loans are quick, convenient, flexible and hassle-free. These loans require minimal documentation that involves no paperwork at all.

Online loans give you the leverage to apply for emergency funds without having to visit the lender. You just need to fill in the application form, upload the essential documents required for a personal loan, and wait to hear from the lender. Your loan will be approved within 24 hours, and the funds will reach your account within 30 minutes of approval.

Steps to Apply for an NBFC Personal Loan Online

Step 1: Visit the financial institution’s website or install the app

Step 2: Check your eligibility using the personal loan eligibility calculator

Step 3: Check if you meet the eligibility criteria

Step 4: Fill in the application

Step 5: Upload the necessary documents

Step 6: Click submit

The financial institution will immediately notify you regarding your loan eligibility. If eligible, the customer care representative will get in touch with you to discuss the terms. Once all the processes are done. The loan will be approved within a day. The disbursed loan amount will reach your account within 30 minutes.

Online application is the best way to check your loan eligibility and status without relying on the branch for updates. You can check all your loan-related details 24*7 independently. The receipts and all paperwork are digital, that you don’t have to file any paperwork. Choose a lender with good customer support to answer your queries on time and enjoy the perks of hassle-free loans.

Must Read: 5 Factors to Consider While Choosing the Right Personal Loan

Things you Should Know Before Choosing a Personal Loan

Urgent cash requirements are often unexpected and bring a fair share of problems with them. Therefore, it may be better to rely on a personal loan from a dependable financial institution in such circumstances.

Personal loans offer several advantages, such as personal loan interest rates, which tend to be relatively lower than other kinds of loans that do not require collateral. However, before you take a personal loan, it may be helpful to keep in mind a few tips that can make the process smoother.

EMI

While a zero percent EMI scheme seems like a dream, it may have certain caveats. Often the processing charges and other fees amount to more than expected and defeat the purpose of the zero per cent. This is why it is important to be wary of advanced EMI or 0% EMI options.

Choosing a lender

It may be tempting to apply for the first offer that comes to you through mail or SMS, but it would be prudent to choose only trusted financial institutions for your personal loan requirements. It is thus essential to research the various options available, perhaps speak to a few experts and then only make a deal.

Interest rates

The reducing balance method for personal loans interest rates is the most dependable, as flat interest rates bring their share of loopholes. However, make sure you also look at other extra charges you are being made to pay. Thus, even taking a personal loan requires research and awareness to ensure the best outcomes.

Must Read: 6 Situations When Fullerton India Personal Loan Can Be Your Life Saviour

How to Get a Personal Loan with a Low Credit Score?

Personal loans have become one of the most dominating loans in the country. Applicants have several needs, and they opt for personal loans to fulfil those dreams. Despite being a lifeline, getting a personal loan depends on various factors. Factors like a good credit score, employment status, monthly income etc., influence the personal loan interest rates.

To get a personal loan, it is essential to maintain a healthy credit score as it defines your creditworthiness. However, it is not highly unlikely to get a loan if you have a poor credit score. Below is the table that will help you interpret the probability of getting a personal loan.

Credit Score	Chances of Getting Approved
Above 750	Extremely High
700-749	High
650-699	Possible
600-649	Low
Lower than 600	Extremely Low

The credit score ranges on a scale of 300-900. A credit score above 750 is highly likely to avail of the benefits of a personal loan with low-interest rates. Even if the chances of getting a loan is low, if the CIBIL score is lower than 600, it is never zero.

It is possible to get a personal loan with a low credit score. You can use salary slips as evidence that you will be capable of repaying the loan amount you asked for. However, this method of gaining the lender’s faith might cost you high interest rates. Following the tips and checking for lenders with lower interest rates, improving your credit scores will help you score the best personal loan interest rates.

Must Read: 5 Simple Tips to improve your Eligibility to get a Personal Loan

Consider These Factors Before Taking a Two-Wheeler Loan

If you are looking to avail of a two-wheeler loan but considering what is the next step. Check out the factors to consider before taking a bike loan.

Check Your Credit Score

The first step is learning your CIBIL score. Credit scores above 750 are considered high, and they play a significant role in your two-wheeler loan online approval. If you have a high credit score, you can score the best interest rates and deals from your lender on your bike loan.

Your Eligibility

Use an eligibility calculator to understand the maximum bike loan you can take from your lender. Applying based on your bike loan eligibility will increase the chances of loan approval. You should also check your eligibility criteria to furnish the required documents for the loan well in advance.

Know Your Monthly EMI

Calculate your monthly EMI using your bike loan EMI calculator. Adjust the values to arrive at an optimum monthly instalment. Knowing your bike loan, EMI will help you determine which lender offers lower interest rates while allowing you to plan your finances and avoid a sudden cash crunch.

Choose Your Loan Type

You can avail of a secured or an unsecured loan based on your comfort. A secured loan involves pledging collateral, while an unsecured loan involves no security. Therefore, secured loans offer lower interest rates and longer tenures.

Knowing the factors to consider for a two-wheeler loan in advance can help you score the best deals and choose the best loan schemes wisely. Drive home your dream today with the best bike loan offers!

Must Read: Why You Should Choose a Two Wheeler Loan To Buy a Bike

Loans Against Securities 101: A Beginner’s Guide

Some tough times call for immediate as well as sudden financial assistance. In such circumstances, loans from financial institutions come to the rescue. If the individual possesses investments, there is an option to take a loan against such assets or securities.

A loan against securities is usually for a short period, and the quantum of loans is small. You can get these loans against the following collateral:

NABARD Bonds
UTI Bonds
Mutual fund units
Demat shares

These are secured loans where the deposits are the collateral. These loans are easily obtainable at every financial institution and can be availed by the customers. They help one to stay afloat in times of financial turmoil.

How do these loans work?

These are usually accessible as an overdraft facility in a customer’s account after the securities are deposited. One can draw money from the report and pay interest only on the loan amount and the period the loan is utilized. Most institutions offer competitive loans against securities interest rates ranging between 10-18%.

How can one benefit from availing of these loans?

The loan allows borrowers to monetise investments without selling them instantly, thus immediately increasing their net worth. Here are some ways in which an individual can benefit from putting up securities as collateral for a loan:

Quick availability
Not relying on credit score
Flexibility in repayment
Low-interest rates

These benefits make this loan type highly popular and coveted. Being a secured loan, you also get longer tenures and better interest rates, further increasing this loan’s popularity. Ensure you have the best loan experience with informed decision-making and careful consideration of your chosen loan provider!

Must Read: Top Benefits Of Loan Against Securities

How to Get a Two-Wheeler Loan Online?

Today, in the 21st century, it is essential to own a personal vehicle. Almost every work will be left pending if a family does not own one. So, it becomes very crucial that you find the best two-wheeler loan. Finding the best two-wheeler loan might get tough so, here is your guide.

Many online loan apps provide the best two-wheeler loan. But, you must know how to do it in a fool proof manner.

Check out the information below and apply for the loan.

Why Choose Online Apps for a Bike Loan?

You must choose a reliable app for a two-wheeler loan because:

Through online app, you can opt for a replacement schedule of your choice
Instant Digital Approval
Hassle-free Documentation
Lowest Interest Rates
The low two-wheeler interest rate for all types of working professionals

Eligibility Criteria and Documents

The eligibility criteria for a two-wheeler loan by is:

The minimum age required while applying for the loan is 18 years, and the maximum age limit is 65
Applicant must be a resident of India
Salaried employees must have experience of 1 year while applying for the loan

Documents Required for Applying for the Bike Loan

To apply for a bike loan, the applicant must submit:

A valid Identity proof
Residence proof
Income proofs
A few passport size photographs
A copy of Form-16

How to Apply

To avail of the benefits of the lowest two-wheeler Interest rate offered, you must do thorough research and check out the various options available. Look into the lenders’ reviews also to check their reliability.

Choose the right lender and fill the application form for a bike loan. Submit the required documents for verification. Once verified, the loan will be sanctioned and reimbursed to your account.

Must Read: How to Get the Best Interest Rates on a Two-Wheeler Loan?

Complete Guide To Using The Mortgage Loan EMI Calculator

what-determines-property-loan-approval

One of the most common reasons for saving on finance all throughout the years is to acquire a home or house. However, the whole process of obtaining a loan against a mortgage can prove to be a very time-consuming task and often requires evaluating alternative options and factors.

But today, with the help of the mortgage loan EMI calculator, the whole process of selecting the best possible loan for your house is a quick and straightforward task. Here is your detailed guide to calculating the EMI for choosing the best viable option of loans for your home. (Calculate your Mortgage Loan EMI)

Steps To Calculate Your Through Mortgage Loan EMI Calculator

The steps listed below will help you calculate your EMI account against the loan taken.

Step 1: Determination of Loan Amount

In the first step, you need to determine the amount of loan you wish to take as a loan to meet your requirements. The maximum limit for such loans is fixed at Rs. 10 crores.

Step 2: Choosing the Period

In the second step, the period for which the loan will be taken must be determined. It must be done according to the time you will gather funds to repay the principal amount with interest.

Step 3: Rate of Interest

In this step, you will need to determine the interest rate charged permanently on the loan amount. The interest rate on such loans is not fixed and varies from time to time.

Step 4: Calculation of EMI

In the last step, the EMI is calculated against the entered mortgage loan amount, period, and interest rate.

Must Read: What are the 4 Basics of Qualifying for a Mortgage Loan?

Should You Get a Personal Loan or Gold Loan?

gold-loan-personal-loan-your-needs-1

Personal loans are collateral-free loans, while gold loans place gold as collateral and determine the loan amount based on the gold’s value.

Whether you get a personal loan or gold loan depends on your financial assets since not everyone has gold to spare. When making this decision, there are some key differences you need to be aware of.

Difference Between Personal Loan or Gold Loan

Unsecured vs Secured Loan

Gold loans require gold pledged as collateral (secured), while a personal loan requires no collateral (unsecured).

Interest Rate

Gold loan interest rates can go up to 24% p.a. Meanwhile, personal loan rates are usually competitive, starting at 11.99%. You can determine your rate using a personal loan interest rate calculator.

Loan Amount

Your lender determines the gold loan amount based on the gold’s value, sanctioning a loan of up to 90% of the gold’s value. Personal loans usually have an upper limit of about Rs. 25 lakhs.

Repayment

Gold loan tenures are usually between 3 months to 3 years. You can take personal loans for up to 5 years.

Documents Required

Gold loans also require proof of ownership of the pledged assets. Less documentation is required for personal loans.

Processing Speed

Gold loans may take a few days for disbursement. In contrast, personal loans can be approved instantly, with disbursal within 30 minutes if you meet the eligibility criteria.

Understanding these differences ensures you make the right decisions for your finances. With Fullerton India, you get personal loans approved instantly at competitive interest rates and flexible repayment tenures!

Must Read: How Does a Personal Loan Help Settle Previous Debt?

What Are the Conditions to Fulfil While Availing Loan Against Property?

istockphoto-1019219898-612x612

A loan against property is the loan availed by pledging an immovable property as collateral with a lender. The property can be residential or commercial. One can easily avail of loans up to 3 crores using the loan against property.

Conditions To Fulfil While Availing a Property Loan

You can avail loan against a property if you meet some eligibility terms, such as:

You can pledge properties that are residential in nature. It is not a problem if your property Is occupied by tenants and is rental in nature.
You can also avail loan against property using a land property type
Commercial properties can be used as collateral during loan against property application provided your documents are clear,
You need to have a stable income and be an employee of an established MNC, private sector or public sector.
You need to have a high CIBIL score of up to 750 or above.
Your age needs to be between 21 to 60
You need to be a resident citizen of India.
If you are self-employed, you need to show a steady source of profits for two years.

You can use a free online loan against property LTV calculator to understand the maximum loan against property eligibility based on the nature and value of your property.

To apply for a loan against a property, you can install your lender’s app and follow three to four steps. The loan will be credited in lesser time than usual due to the digital processing of documentation.

Additional Read: How to Avail a Loan Against Property Without Income Proof?

Questions to Ask Your Lender Before Taking a Personal Loan

personal-loan-1

Personal loans are convenient to undertake and require minimal documentation. But before jumping into it, it is important to ask your lenders a few questions to ensure that this is the right choice for your financial well-being. Here is a lists of few important questions to Ask Your Lender Before taking a Personal Loan.

Questions to Ask for Lender:

The interest rate largely influences the affordability of a loan. It is important to ask all shortlisted vendors what their interest rate is. Even a difference of 1%-2% can save you a lot of money under long term loans.

If you have assets that you can pledge, then asking the lender whether a secured loan would save money or not is a good idea. If yes, you can decide whether you want to take up a secured loan or not.

Extra charges are often overlooked as they are mentioned in the fine print of the documents. You must ensure you ask about them. They may include prepayment charges and other fees. These, in addition to personal loan interest rates, can amount to quite a lot of money.

Making a financial decision is a big deal, and it is important to ensure that you ask as many questions as you can. Holding onto questions because you do not think they are important is not a risk you should take. No matter how small, clarify all your doubts to avoid a financial burden on yourself in the future.

Having a complete understanding of your loan enables you to pay off your debt much sooner. Get started now and find a lender that offers competitive interest rates and full transparency!

Must Read: Get a Fullerton India Contactless Personal Loan Completely Online

MSME Loans for New Businesses

An essential part of starting and building a business is to get the financing right. With solid capital available, your business will have a good chance of constant inflow. Well established and larger businesses use multiple ways to raise funds. But the options for MSMEs are limited, and raising finances for the business can become tough. The optimal choice is MSME loans for new businesses.

The primary difference between small and large-scale businesses is the magnitude of investment. The government maximum capital regulation to turnover ratio for Micro Small Medium Enterprises is 1:5 in crores. Any business that exceeds these limits won’t be qualified for MSME loans.

MSME Loan

MSME loan is popularly known as an under 60 minutes loan. It is a financial scheme introduced by the government to boost its economy and help MSME businesses grow. The maximum capital you can avail of for a loan is one crore. While without collateral, the loan can be sanctioned in 60 minutes; otherwise, the entire procedure will be done in two weeks. The procedure finishes quicker when done online. The interest rate is directly proportional to the magnitude and type of work.

How to Apply for an MSME Loan

You can apply online by following these simple steps.

Fill your application: make sure to fill in relevant and accurate personal, financial and professional details. After the application is processed, the lender will contact you within a designated time.

Documents: Once your application has been reviewed, you must upload your documents to the site or app. The team will notify you once your documents are verified.

Sanctioning: After successful verification, a loan agreement will be sent to you, outlining the term and conditions and the MSME loan interest rate and repayment tenure. As soon as the signed contract is received, the funds will be disbursed to your bank account. Disbursement generally happens in 24 hours.

Additional Read: Challenges of Availing an MSME Loan

Save Your Time with Quick Personal Loans Online

If you are planning a sudden trip or in need of urgent funds without pledging any collateral, then personal loans are the best choice for you. Quick personal loans are the best solutions for quick emergencies.

How Do Quick Personal Loans Save Time

Instant Cash Disbursal
Personal loans are called instant loans due to the instant approval and loan amount disbursal. Once your application is verified and the loan agreement is accepted, the funds disburse to your account within 24* hours.

One Time Solution for Financial Needs
The traditional loan process used to be time-consuming before the advent of digitization. Now online loan apps have made the process easier and simpler. The documentation process can be done at the comfort of your home in just three to five steps, and the application is verified, and the loan is disbursed in 3 days If the documents are intact.

Consolidation of Debt
It is a safe option to manage multiple debts payments as a single instalment with debt consolidation. The interest rates you need to pay for the personal loan is much lower than the compound interest rate of multiple loans. You can avail of a single personal loan to consolidate all debts like settlement of multiple loans, credit card bills, EMI’s etc. This way, you will have to pay a single instalment instead of keeping track of multiple repayment dates and missing out on instalments.

Online personal loans are the best to save your money, too, as they offer the lowest personal loan rates to borrowers compared to other types of unsecured loans.

Personal loans are just instant and hassle-free with many personal loan apps available today. Just put in ample research before you select one. Make the right decision and apply now!

Must Read: Things to Consider When Taking a Personal Loan

What Determines the Eligibility for Quick Loans?

When you are in a financial crunch needing funds, you can borrow up to rupees 25 lacs with the loan tenure options going up to 60 months. Instant personal loans are a great way to solve emergencies. There are no reasons asked when obtaining the loan. (check personal loan eligibility)

Here are the top few factors that you need to check to avail of a personal loan.

Your Salary

Salary is the most crucial factor that determines how much instant personal loan you can avail of. The higher your salary is, the higher the chances for approval and getting a higher loan amount. Your salary guarantees your repayment capability.

The minimum salary for availing of personal loans is rupees 20,000 monthly. The criteria changes to rupees 25,000 monthly if the individual is from Mumbai/Delhi.

Your Job Stability

Even if your salary is high enough, it could be hard to get loan approval if there is a lack of permanency in the job. This is because the individual’s repayment capacity gets affected if he/she were to lose the job. For a self-employed person, a year’s worth of after-tax profit will be considered. For salaried individuals, the work experience must be one year or more.

Debt-Income Ratio

Any individual with a high debt to income ratio will have a hard time getting the loan approval since lending money to him/her is risky.

CIBIL Score

The credit scores depict the creditworthiness of an individual. Credit Information Bureau India Limited calculates this score. Higher the CIBIL score, the higher the chance for loan approval. Minimum CIBIL score requirement- 750.

These are the factors that you have to keep in check when evaluating your loan eligibility. You can get a detailed evaluation using Fullerton India’s personal loan EMI calculator.

Must Read: How Does a Personal Loan Help Settle Previous Debt?

Tips to Improve Your Chances of Getting a Personal Loan

Many people borrow funds as personal loans due to an urgent or quick need to fund certain activities. In such cases, sanction periods play an important role. To get everything right in the first go, the following are a few tips to ensure to increase your chances of getting a personal loan in a short time.

Check Your Credit Report

Thoroughly fact-check your credit report before a personal loan application. This includes your credit score and balance. Alongside this, you should also check out for unexpected account balances, credit accounts you did not open, unexpected hard inquiries, and charges you do not recognize.

Check Your Income Stream

Ensuring a stable stream of income is important since lenders consider it when determining your repayment capacity. They cross-check whether your income comes from a credible source and how much debt-to-income ratio it amounts to.

Check for Co-Borrowers

If you do not have a strong credit profile and have a high debt to income ratio, then it is best to have a co-borrower. You can determine what loan amount you are eligible for with a personal loan calculator and choose your co-borrower with an excellent credit score and stable income.

Although personal loans are a quick fix for financial woes and the need for funding, following the procedure properly and proper documentation is an integral part of loan approval. If you meet the Fullerton India personal loan eligibility criteria, you get instant approval on your loan amount, and disbursement within 30 minutes!

Additional Read: Avail Personal Loan of up to Rs 10 lakh with Easy Tenure with Fullerton India

Obtaining a Personal Loan Quickly in Pune

A personal loan is one of the best ways to avail of funds without the worry of having assets on deck to pledge as collateral. An added advantage of personal loans is that there are no restrictions on end-use. Meaning, you can use the loan amount for any activity or purpose that you wish.

That said, there are a few parameters that you need to follow to be eligible for a personal loan in Pune. Most of these ways to obtain personal loans fast pertain to document submissions, certain income and age prerequisites, as well as your credit history. These requirements are also used to gauge your creditworthiness and to approximate your repayment capacity. These requirements, in more detail, are as follows:

1. Provide identification proof such as:

Voter ID Card
Aadhar Card
PAN Card

2. You must have a stable CIBIL score, something in the range of 700-900.

3. You must have a minimum of three years of work experience.

4. You need to have a minimum of 1 year’s experience with your current employer.

5. You must provide proper proof of income.

6. You should be at least 21 years of age when applying.

7. You should be under the age of 65 before the loan maturing.

You must verify your eligibility and other prerequisites before applying for an online personal loan. It helps you avoid rejection of your application and expedites the process to a considerable extent. Get the process started now and keep all your documents handy to avail of a personal loan instantly!

Must Read: Milestones You Can Reach with Personal Loans

How Can One Buy A Bike Without Down payment?

bike-rental-service-kolkata-04h5rntjki-696x391

What Is Down payment?

Down payment of the money is the upfront payment the person availing loan needs to pay to purchase the bike. Down payment requires you to pay some cash to purchase the vehicle while the lender covers 80 to 90% of the loan.

At the same time, lenders offer zero down payment bike loans where the two-wheeler will be completely financed by the lender without having to pay any down payment. This is a boon when you don’t have sufficient cash liquidity to pay in advance for the vehicle. Additionally, you get the freedom of choosing your favourite bike without having to worry about arranging a lump sum.

Factors Affecting Two-Wheeler Down Payment

Cost of the Bike
Your Repayment Capacity
Credit Scores

Check your approximate monthly instalments using the Bike loan EMI calculator to determine if you will be comfortable paying off the loan amount without incurring any financial burden

You can apply for the two-wheeler loan is the lenders’ online app in four easy steps:

Fill in the online application
Upload required documents to confirm eligibility
Once the documents are digitally verified, the lender will contact you to complete the terms and conditions.
Once the process is done, the loan will be sanctioned, and the funds will be disbursed.

We provide two-wheeler loans with zero down payment, allowing you to purchase your bike without worrying about arranging a cash lump sum. Once your loan is authorised, the lender will calculate your EMI depending on the interest rate and loan period. We offer the lowest bike loan interest rates, between 8% and 28% per annum.

Must Read: Benefits of Using an EMI Calculator Beforehand for a Bike Loan

Things to Keep in Mind When Taking a Loan Against Property

istockphoto-947072134-612x612

A property loan is a secured loan wherein immovable assets like property or land is pledged as the mortgage. Here, the borrower must be the owner of the property.

A loan against property is a great way to finance hefty expenses. But many borrowers tend to overlook factors that play a huge role in a LAP’s affordability. These are as follows:

Things to Keep in Mind When Taking a Loan Against Property

Ensure that you take up the lowest possible tenure based on your financial standing. A lower tenure ensures that the amount paid in interests is as low as possible.

Property loan interest rates are slightly higher than standard loans. However, borrowers need to negotiate for the lowest possible interest rate based on their credit card score.

Most property loans have a processing fee attached to them. The fee is usually 1% of the amount borrowed. Therefore, when deciding to undertake this loan, make sure you have this amount ready.

If you are in desperate need of funding, LAP’s can be tricky to navigate through. Unlike instant personal loans, a LAP takes 2-3 weeks for processing and disbursal. So, ensure that you submit all the requirements correctly and on time.

Making a financial decision is a big deal, and it is important to ensure that you have all bases covered to secure your financial health in the long run. Covering all aspects of loan taking can enable you to pay off your debt much sooner. Get started now and find a lender that offers competitive interest rates and full transparency!

Must Read: All About Loan Against Property

Where Can You Use Short-Term Loans for Your Business?

NBFC-Business-loan-sss

Businesses require proper funding to grow at their optimum pace. Short-term loans are the perfect solution to financial crunches or lack of funds in businesses. Short-term loans can be used for the following purposes:

It is always important to stay prepared, but some situations arise out of the blue and can cause severe damage to your business’ finances. Availing of a loan with a competitive business loan interest rate can help your business stay afloat through such trying times.

You can use borrowed funds to expand your business. Business loans assist you in covering the costs of renovations, hiring more employees, marketing, etc., which eventually enables the expansion of your business.
One of the main aspects of being the best in your niche is to have up to date equipment. But they are quite expensive, and many businesses do not have the funds to finance them. In such instances, a short-term loan is the best option to explore.
Some businesses are seasonal, and it can be challenging to bring in substantial revenue during off-season times. A short-term loan can help keep your company running during this time by helping pay for salaries, inventory, power bills, rent, etc.

Instead of compromising on expanding your business or risking its shut down, it is advisable to undertake a short-term business loan. Once the funds are used to their optimum potential and a return on investment is received, you can pay off the debt. Get started now and find a lender that offers competitive interest rates and flexible tenures!

Must Read: 7 Reasons Why Unsecured Business Loans Are Financially Beneficial for Small Business

Important Factors to Know Before Taking a Personal Loan Balance Transfer

0_URjy9edEB2mlD-1u-1

What Is a Personal Loan Balance Transfer?

A personal loan balance transfer is the option to transfer their existing personal loan balance from one lender to another. It happens when a different lender offers lower interest rates, better service, top-up loans etc. Though the offer will look lucrative, you must evaluate the offer before taking personal loan balance transfer. So, here are few factors that you need to consider:

Important Factors to Know Before Taking a Personal Loan Balance Transfer

Consider The Processing Fees and Surcharges

While transferring from one lender to another, you may be charged a certain processing charge by the old lender to close the previous loan account. You should calculate these additional charges to determine if the transfer is still worth it.

Check Terms and Conditions

Read the terms and conditions that the new lender offers you before signing the deal. Ensure that there are no hidden clauses before taking the decision.

Evaluate The Revised EMI And Tenure

The people transfer their loan from one lender to another due to lower instalments offered. However, one must learn the tenure they offer as extended tenure will lead to an overall higher payment.

Additional Offers

Some lenders offer pre-approved personal loans and additional discounts on financial products when you opt for a balance transfer. Sometimes you end up availing of services that are not required to avail the offer. So, think twice if you require those additional policies even though the offer is attractive.

While personal loan balance transfer is undoubtedly excellent for reducing your financial burden, it is imperative to think twice and judge if the lucrative offer is beneficial.

Additional Read: Avail Personal Loan of up to Rs 10 lakh with Easy Tenure with Fullerton India

Top Tips to Prepare for A Mortgage Loan

istockphoto-932278678-612x612

Mortgage loan is also like any other loan which we take against any kind of security. That is, if we take a loan by mortgaging the house or property, then it is called mortgage loan.

Tips to Prepare for A Mortgage Loan

Check Your Credit Scores

The first thing one needs to monitor when preparing for a mortgage loan is the CIBIL score. A high credit history with scores greater than 750 will prove your credibility. Get your scores in advance, check for their accuracy, and make your credit payments as regular as possible.

Do Thorough Research

Research the loan interest, the amount sanctioned by lenders etc., before you apply for loans. Applying for loans with multiple lenders will affect your CIBIL score. Hence do good homework and zero down on the best lender who offers you better rates and terms.

Be Realistic

Use the lender’s mortgage loan EMI calculator to calculate the monthly instalments that suit your budget and the interest you will be paying for it to get a better idea and plan your finances accordingly. Choose a realistic instalment and evaluate your finances so that it doesn’t affect your credit scores for the future.

Look For Flexible Repayment Options

A mortgage loan is a long-term loan as it involves a higher sum. There are times you want to end your 15-year mortgage loan when your finances improve. Hence look for lenders who allow prepayment without any extra charges.

Choose A Trustworthy Lender

The hard inquiry that lenders make will reflect on your credit report; hence, applying for several mortgage loans together will eventually affect your CIBIL score and the loan sanctions everywhere. Hence zero down on one lender using their digital platforms and go for it.

Fullerton India offers mortgage loans up to 12.5 crores based on the asset value pledged. We offer affordable lap interest rates from 9% and a flexible tenure of up to 15 years. Apply now!

Additional Read: Guide to Unlock the Best Mortgage Loan for You

What are the Benefits of an SME Loan

sme

An SME loan is designed specifically for small and medium enterprises. Therefore, it comes with a lot of benefits attached to it. These benefits include.

Benefits of an SME Loan:

Minimal Documentation

When wondering how to apply for an MSME loan in a time of emergency, the first thing that might strike business owners is how lengthy the process will be. This is far from the truth. MSME loans require very minimal and basic documents to get sanctioned which saves you a lot of time.

Flexible Tenure

Most SME loans have flexible repayment tenures which ensures that the borrower is not burdened by the stress of tight deadlines. Hence, allowing them to focus primarily on the growth of their business and get good returns to be able to pay back on time too.

Unsecured

MSME loan eligibility is not based on the pledging of assets. Due to its unsecured nature, small and medium business owners find it much more convenient to avail it as they do not have many, or any assets, for that matter in the initial stages of business establishment.

No Prepayment Charges

Prepayment penalties are levied if borrowers try to disburse their loan before the tenure matures and to secure lenders from losing out on interests. For MSME loans, however, these charges are not levied. This makes repayment even more flexible.

Fullerton India offers business loans to MSME’s that can help you boost your business without having to worry about funding. With competitive interest rates and flexible tenures, it is surely a step in the right direction for your enterprise

Must Read: What Are The Steps To Get A Small Business Loan?

How to Avail a Loan Against Property Without Income Proof?

istockphoto-1001168084-612x612

A loan against property (LAP) is taken against a residential or commercial property mortgage or plot. Before your financial institution sanctions, they evaluate and determine its monetary value. If the title deeds are in place and free of any legal issues, you get the loan at a certain percentage of the property’s market value at the time, typically between 40-60%.

Since a LAP is a secured loan wherein you pledge your property, your loan against property interest rates is relatively lower than the interest rates for personal loans. You also get much longer tenures with collateral in place.

Availing a LAP Without Income Proof

Whether or not your loan has collateral on the line or is collateral-free, income proof is an integral part of any loan availing process. The following are a few tips on how to work through this:

Ask your lender if there is any other proof or document that you can provide to prove your repayment capacity.
Adding a co-applicant on the loan, someone with income proof, a good credit score, and steady earnings can sway the decision in your favour.
Maintaining a good credit score can be your saving grace. It assures your lender that you have been consistent with debt repayment in the past.

Fullerton India offers LAP loans that can help you fund your financial needs. With competitive interest rates, long tenures, and flexible repayment schedules, you quickly become financially secure and stable while repaying the loan at your leisure. Go for it.

Additional Read: Crucial Things To Know About a Loan Against Property

Get a Personal Loan in 4 Steps

0_vER7uDd94lvrayNz

In times of financial emergency, instant personal loans can be handy and beneficial for you. The advent of instant personal loans further eases this since these loans are speedy, as the name suggests. The following are the 4 steps involved in availing one.

4 Steps to Get a Personal Loan:

Application

The first step of the process is requesting an online personal loan application form. After receiving the form, it is essential to accurately fill in all the details to prevent rejection of your application. Checking your eligibility with an online calculator before this step ensures a more speedy process.

Documentation

To avoid a longer sanction period, make sure you submit all the required documents punctually and adequately. Different lenders can ask for different documents, but address, identity, and income or employment proof are the main requirements.

Verification

After all the documents have been uploaded, the lender cross-checks and evaluates what you have uploaded. They also check your credit score and history, which are critical factors determining whether you are eligible for low interest personal loans.

Signing and Disbursal

Once the verification is complete, you are handed the agreement papers. Once you sign them, the amount is disbursed into your account in 24 hours. You can then use your newly acquired personal loan however you please!

Fullerton India aims to make getting a personal loan as hassle-free as possible. Our instant approvals and on-site calculators help you calculate eligibility, loan amount, and EMI before your application process, promoting better financial planning during this process.

Additional Read: Here is how a Personal Loan Online Better Than offline process