Financial Freedom at Your Fingertips: Online Personal Loan Eligibility Check Explained

Personal loans come in handy when unforeseen emergencies take place that require immediate financial assistance.

With the plethora of financial institutions and apps offering financial help, it has become extremely convenient today to apply for personal loans. Even tracking the status of your application can be conveniently done with a few clicks. The verification, approval, and disbursal of the loan amount is also instant.

However, all this is possible only when you meet the eligibility criteria to apply for a personal loan.

Read on to explore the common eligibility criteria you need to meet to apply for personal loans.

Personal Loan Eligibility Check Online

To apply for a personal loan, you must meet certain requirements:

Credit Rating

Your creditworthiness is one of the most critical parameters that financial institutions and loan providers assess before they approve your application. Your credit rating can vary between 300-900, and any rating that is above 700 can attract instant approval and a low-interest rate on personal loans.

Your credit rating is a reflection of how you manage your debt and how smartly you maintain your financial health. If you have been making payments wisely, closing outstanding debts, and not missing a deadline, you will likely enjoy a higher credit rating. The higher your credit score, the better deal you will get on your personal loan application.

Age

One of the key aspects that is considered while approving personal loans is your demographics. The location you reside in, your age, your nationality, and your neighbourhood are important factors that can lead to the approval or rejection of a personal loan.

Indian residents that fall in the age bracket of 21-60 years are eligible to apply for personal loans from financial institutions like Fullerton.

Employment Status

It is substantial to have stable employment/business before you apply for a personal loan. You can be salaried or self-employed. For salary, you should have been working with your current employer for a minimum of one year, and if you are self-employed, you should have a total of 2-year of experience. Your monthly income should be at least Rs. 15000 to be eligible for a personal loan.

Loan Amount

Personal loan amounts depend on how much you need. You can take up to Rs. 25 lakhs as a personal loan; however, the amount granted entirely depends on conditions like credit score, sources of income, and your repayment history. Apply only for what you need. You must use the personal loan EMI calculator to assess the loan amount according to the interest charged and estimated monthly EMI.

When you fill in details like interest rate, loan tenure, and your expected loan amount in the calculator, it estimates the personal loan interest deduction, the monthly EMI you ought to pay, and the interest charges levied on your loan. If you want to decrease both, you must lower the loan amount. You can use various combinations till the EMI and interest charge fits your affordability.

Loan Tenure

Top financial institutions like Fullerton allow you to take a personal loan for up to 60 months.

Use the personal loan EMI calculator to assess the most conducive tenure. If you are looking for low-interest rates, you must go for a short tenure, and if you are looking for lower EMIs, then go for a long loan tenure. The longer your tenure, the stronger your relationship with the financial institution will be.

Outstanding Liabilities

Before applying for a personal loan, clear most of your outstanding dues, loans, or pending balances. This increases your credit score and makes room for your new personal loan and monthly EMI in your monthly budget.

A personal loan of the required amount and tenure will be approved only if the financial institution is confident that you can afford to repay it within the stipulated timeline.

Conclusion

Apply for a personal loan when you are 100% confident that you meet the conditions mentioned above.

Remember that any credit card or loan application rejection can adversely impact your credit rating. Hence, make sure you prudently check your eligibility and make every possible effort to maintain your credit rating, so you get the personal loan of your choice within hours!

Simplifying the Process: Applying for a Personal Loan Online

In today’s world, applying for a personal loan has become more accessible and convenient than ever before. With just a few clicks, you can complete the entire application process online, save your time and effort.

Understanding Online Personal Loans

Online personal loans are loans that can be applied for and processed entirely through online platforms offered by financial institutions. These application processes are streamlined and allows for quick approval and disbursement of funds.

Benefits of Applying for a Personal Loan Online

Applying for a personal loan online offers several advantages, including:

Convenience: You can apply for a loan from the comfort of your own home or anywhere with an internet connection, eliminating the need for in-person visits to a bank or lender.

Time-Saving: Online applications are typically faster than traditional methods. You can complete the process quickly, with minimal paperwork and documentation.

Comparison and Research: Online platforms allow you to compare interest rates, terms, and fees from different lenders, enabling you to make an informed decision.

Quick Approval and Disbursement: Many online lenders offer swift approval processes, often providing funds within a short period, sometimes even on the same day.

Easy Tracking: Online loan applications provide you real-time updates on the status of your application, allowing you to track the progress at any time.

Steps to Apply for a Personal Loan Online

Follow these general steps to apply for a personal loan online:

Research and Compare: Explore various lenders and compare their offerings, interest rates, repayment terms, and customer reviews to find the most suitable option for your needs.

Check Eligibility: Review the eligibility criteria set by the lender to ensure you meet the requirements related to age, income, employment, and credit score.

Gather Documents: Prepare the necessary documents, such as proof of identity, address, income, bank statements, and any additional information required by the lender.

Online Application: Visit the lender’s website or use their mobile app to access the online application form. Fill in accurate and complete information, double-checking for any errors.

Upload Documents: Submit the required documents digitally through the online platform. Ensure the scanned or uploaded files are clear and legible.

Review and Submit: Carefully review the application form and attached documents before submitting.

Verification and Approval: The lender will verify the provided information and assess your creditworthiness. If approved, you will receive a loan offer with the terms and conditions.

Acceptance and Disbursement: Read the loan offer carefully, understanding the interest rate, repayment tenure, and any additional charges.

Key Considerations

When applying for a personal loan online, keep the following considerations in mind:

Research the Lender: Ensure you choose a reputable and trustworthy lender by reading reviews, checking their website, and verifying their credentials.

Read the Terms and Conditions: Carefully go through the loan agreement, understanding the interest rate, repayment terms, late payment charges, and any other relevant terms.

Calculate EMI and Affordability: Use online loan calculators to estimate the Equated Monthly Installment (EMI) and assess its affordability within your monthly budget.

Protect Your Personal Information: Only provide personal and financial information on secure and reputable websites. Verify the lender’s privacy policy and data protection measures.

Conclusion

Applying for a personal loan online offers convenience, speed, and a simplified process. By understanding the benefits, following the steps outlined, and considering important factors, you can navigate the online application process confidently. Remember to research lenders, review terms and conditions carefully, and protect your personal information throughout the process.

The process of applying for a personal loan online may vary among lenders. Visit their respective websites or contact them directly for accurate and up-to-date information.

The Power of Personal Loans for Weddings

Embarking on planning your wedding can be both exhilarating and financially challenging. As the costs add up, you may find yourself seeking a solution to make your dream celebration a reality. In such circumstances, a personal loan can be the key to unlocking the wedding of your dreams.

Personal Loans for Weddings

Imagine having access to a substantial sum of money specifically tailored to cover your wedding expenses. From the elegant venue to the delectable catering, the exquisite decorations to the timeless photography, if you apply for a personal loan online, it can provide the financial means necessary to bring your vision to life. Furthermore, the flexibility of repayment options ensures you can manage the loan within your financial capabilities.

Why Choose a Personal Loan for a Wedding?

Applying for a personal loan online can alleviate the financial burden of planning your wedding. Instead of compromising on your aspirations or relying on the generosity of loved ones, a personal loan empowers you to orchestrate your perfect day while maintaining financial stability. In addition, the streamlined application process minimizes paperwork and offers a convenient online platform for a seamless experience.

Embracing the Simplicity: Applying for a Personal Loan Online

The digital era has revolutionized the lending landscape, providing a straightforward method to apply for personal loans for weddings up to Rs. 25 lakhs. You can easily complete an application form through the secure online portals offered by reputable lenders, providing essential personal and financial details. Following submitting your application, anticipate a prompt response, with approved funds swiftly disbursed into your account.

Conclusion

Your wedding day symbolizes a momentous occasion in your life, and a personal loan can be the bridge that connects your aspirations to reality. With its customizable features and user-friendly application process, securing a personal loan for a wedding ensures that you can curate an unforgettable experience without compromising your financial stability.

Get a Personal Loan in Kolkata without Documents: Your Hassle-Free Financial Solution

Life can throw unexpected financial challenges, leaving us in a lurch needing quick funds. If you are in Kolkata, there is no need to worry. Keep all the documents ready, and the rest is sorted, with multiple lenders in the city offering different loan products.

This blog will explore how you can effortlessly obtain a personal loan in Kolkata without extensive paperwork, ensuring you secure the financial assistance you need.

The Simple Personal Loan Disbursement Process

A personal loan application does not have to mean drowning in paperwork anymore. Modern lenders like Fullerton India have revolutionized the personal loan disbursement process. They have made it easier to obtain a personal loan without documents or with minimal documentation.

Here’s a breakdown of the simple steps involved:

Online Application: Initiate the loan process by supplying genuine and thorough information, encompassing your complete name, contact particulars, employment background, and income, using the lender’s convenient online application form. This information will facilitate the loan approval process.

Digital Verification: Thanks to cutting-edge technology, lenders can verify your information electronically, meaning borrowers can easily get a personal loan in Kolkata without documents or with minimum documentation. Advanced algorithms consider various factors, including your credit score, income stability, and existing financial obligations, to assess your creditworthiness swiftly.

Eligibility Check: Once your information undergoes review, the lender assesses your eligibility for a personal loan, including your CIBIL score, income stability and age, bringing you closer to obtaining the required funds.

Personal Loan Approval: Once your eligibility is confirmed, the lender approves your loan application. They consider your financial profile to determine the loan amount, interest rate, and repayment terms that suit your needs.

Quick Loan Disbursement: Lenders expedite the personal loan disbursement process with minimum document verification online. The lender transfers the approved loan amount to the borrower’s account. Depending on the lender’s policies, you can expect to have the funds within hours or a few business days.

Conclusion

Obtaining a personal loan in Kolkata without documents is now hassle-free. Get the funds you need swiftly and effortlessly through a streamlined disbursement process. Ensure you select a trustworthy lender who provides secure and transparent services. Remember to borrow responsibly and assess your repayment capacity before obtaining a personal loan.

Online Route For Quick Personal Loan Application

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

Online Personal Loan Application Process

Check Applicant’s Eligibility

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

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

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

Upload Required Documents

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

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

Get ready for loan approval within minutes.

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

Should You Apply for a Personal Loan if You are a Salaried Individual?

Personal loans are ideal for any urgent financing. Salaried individuals looking for unsecured loans can quickly avail of these loans with minimal documentation. Getting an instant personal loan is even quicker than asking a friend for help.

Established NBFCs offer personal loans for salaried individuals easily with flexible terms and quicker loan sanctions. The process of applying for a loan is online and completely paperless. A salaried individual can apply for a personal loan if they meet the eligibility requirements. Let’s check out the eligibility criteria to avail of an instant personal loan.

Personal Loan Eligibility Criteria for Salaried Individuals

Minimum salary:
- 20,000 for applicants residing in non-metro cities
- 25,000 for applicants residing in metro cities
Age between 21 and 60 years
Credit score above 750
Should have work experience of at least 1 year
Should have worked in the current company for at least 6 months

How can salaried applicants apply for a personal loan?

Visit the personal loan finance company website or mobile app.

Register using the OTP verification.
Fill in the online application form.
Upload scanned documents required to apply for a personal loan.
Apply.

The lender will contact you to take the loan process forward.

If you plan to take a personal loan, it is imperative to check the maximum loan amount you can get using the personal loan eligibility calculator. This will help you understand if the loan finances suit your requirements. Apart from this, it’s important to carefully calculate your loan EMI using a loan EMI calculator to plan your repayment. Failing to do so can make the personal loan finance company mark you as a risky borrower. Avail of personal loans up to Rs 25 lakhs* at the lowest interest rates.

Additional Read: 10 Questions to Consider When You Get a Personal Loan in Hyderabad

Want a Personal Loan? Choose between Fixed and Floating Interest Rates

Before availing of an easy personal loan, you must understand the vital concepts of floating interest and fixed interest. Understanding these terms is essential as they can have a crucial impact on your EMIs. You can apply for personal loan here: https://www.smfgindiacredit.com/personal-loan.aspx

Fixed interest rate loans have an interest rate that doesn’t change during the loan term. It stays the same when RBI changes its policy. In this way, the borrower can accurately predict future payments. Those who do not want any fluctuations in the interest rates prefer fixed interest rates. If the market is at a falling interest rate cycle or an expected hike in interest rates soon, it is feasible and logical to lock the deal at the current lower fixed interest rate. But keep in mind that the fixed interest rates are 1-2.5% per month higher than the floating ones.

Floating interest rates reflect economic or financial market conditions by fluctuating or “floating” over time. The RBI determines the base rate and applies a variable element to arrive at the final rate. The last interest rate changes by default when the RBI changes the base rate. So, those willing to take market fluctuations as a challenge or have a good knowledge of the market can surely take up floating interest rates. Also, if the market is at the end of a rising interest cycle or you expect rate cuts to be announced by the RBI shortly, the only reasonable rate for you is fluctuating. It helps you enjoy a 1-2.5% lower interest. But it is subject to changes in the RBI’s policies.

So, considering the tenure and amount of your easy personal loan, choose the best loan offer.

Must Read: What is the Income Tax Benefits on Personal loan?

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?

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

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

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

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

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

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

Should You Get a Personal Loan or Gold Loan?

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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?

How can one Get an Instant Loan Online?

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Personal loans online have made it a quicker and hassle-free option to get instant loan sanctions for anyone looking for urgent money. These loans do not require any collateral, and hence they are credited almost instantly. Additionally, these loans require less paperwork as the process is digital.

The instant personal loan process your documents quickly and grant you the personal loan within 24 hours. Additionally, the loans availed through the instant loan apps get you the loan up to 25,000 on the go. Many lenders offer low-interest personal loans through their quick loan apps.

How Can One Get an Instant Loan Online?

Checking their eligibility through the lender’s website.
Calculate your monthly EMI instalments using the EMI calculator
By installing a personal loan app and filling out the application form
Uploading the necessary documents requested by the lender
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ID proof
Address proof
Salary statement
Bank statements
Click Submit

Talk to the customer care representative to discuss further information while the application goes through the verification process.

If sanctioned, the amount will be credited to you within 30 minutes of loan approval.

Lenders offers low interest personal loans that start at 11.99%. If eligible, one can avail of a personal loan up to ₹25 lakhs if a salaried employee. Additionally, one can opt for flexible repayment tenures until five years and choose their flexible monthly instalments using the Fullerton India EMI calculator. Install the Fullerton Insta Loan app today to avail exciting benefits.

Must Read: Get a Fullerton India contactless personal loan completely online

Milestones You Can Reach with Personal Loans

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A personal loan is a collateral-free loan that helps you meet financial needs. Under this, borrowers get the flexibility to decide what they want to use their loan for. As a result, instant personal loans can help you reach a particular milestone in your life. These milestones include:

Milestones You Can Reach with Personal Loans:

Higher Education

Quality education is an investment, but student loans can have very high interest rates, often resulting in premature debt. Instead, you can get a personal loan to finance your higher education, as it is an excellent alternative to student loans.

Wedding Expenses

Having your dream wedding can be quite cost-inducing. To avoid compromising on your desires for this special day, couples can take personal loans to fund wedding expenses.

Debt Consolidation

For those with various debts, it is challenging to pay to different sources with different interest rates. Borrowers can take a personal loan for this. It makes repayment hassle-free and can even be cost-effective. To estimate whether this will be more cost-effective, you can use a personal loan EMI calculator.

Home Renovation

Home renovation is quite an expense and needs a pool of liquid cash to fund it. Unfortunately, many people do not have all the funds available. A personal loan can help you overcome this challenge and pay for the costs in comfortable instalments.

Lenders believes in helping you meet every important milestone in your life. Avail of our loan services for flexible repayment schedules and competitive interest rates that keep you financially stress-free during the loan experience!

Additional Read: How Does A Personal Loan Balance Transfer Work?

How Does a Personal Loan Help Settle Previous Debt?

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People often have multiple channels of financing, including loans and debt. Handling all of them separately and making monthly payments to different channels can be an inconvenience. Undertaking a personal loan to settle other debts can be a much-needed relief for many. The steps to taking this loan are also exceedingly simple today, as long as you meet the eligibility requirements.

You can express what tenure, monthly EMI, and the loan amount you are looking for during your personal loan application. Clients base these desires on their income, expenditure, and repayment capacity. Accordingly, the lender will let you know whether your request needs tweaking, and the two parties can come to a common ground.

Potential borrowers can use the EMI calculator to get a reasonable estimate of the loan and interest rates. Such calculators also help them financially plan and be prepared for the various payments they need to make. This further allows them to approximate how long it will take them to settle their debt, helping them decide the appropriate tenure for a better loan experience.

Lenders offers personal loans at competitive interest rates and a flexible repayment period. Annually, personal loan interest rates are roughly 18%. On the contrary, credit card interests are 24-36%/year. Taking a personal loan makes the repayment of debt much more cost-effective. You can comfortably pay it off between the span of 6-60 months. After crossing the 6-month mark, you can foreclose the loan without prepayment penalties.

Must Read: How to manage a Financial Crisis During Coronavirus (COVID-19)

How To Manage a Personal Loan?

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Before taking any loan it is imperative to learn how to manage it. Otherwise, you can land in a debt trap and have lenders harassing you for repayments. But managing a instant personal loan is relatively easier. Here are a few things you can do to successfully manage your personal loan and ensure that you have a smooth loan experience during your tenure.

Tips to Manage a Personal Loan:

Pay your EMIs before making any other payments every month: This is the most important tip to manage a personal loan. Most people forget their EMIs and end up defaulting on payments. This could invite charges and legal action from the lender, which can ruin your credit score in the long run. It is best to use a personal loan EMI calculator before taking a loan to understand your monthly obligations.
Keep a track of the different types of loans you have taken: If you have taken more than one loan, keep a track of them separately so as to avoid confusion at the time of making repayments. The best way is to make separate bills for each loan and prioritise payments accordingly.
Borrow only the amount required: Never go beyond your financial requirement by borrowing more than required. Interest rates are higher for personal loans as compared to other loans, so borrowing a higher amount will lead to a bigger expenditure and pressure on your budget. Always try to keep a saving fund for unexpected emergencies that might force you to borrow money in the future.

Keep the above tips in mind to manage your personal loan effectively.

Additional Read: How to get a Fullerton India Personal Loan? – Step by Step Guide

How to Apply for a Digital Personal Loan?

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The internet is a good place to look for information or to make small purchases. Unsecured personal loans are readily available on the web, and applying for them online leaves out the need to visit any bank branches. Many lenders offer this service as they recognize the convenience it offers, but also because it makes sense from their perspective too.

Here are Two Ways in which you can Apply for a Personal Loan:

Online application through lenders’ websites: This is the most convenient way to apply for a personal loan. It requires you to fill in an online application form and submit it with the required documents. This approach saves you the hassle of having to visit branches and applying physically. Most lenders, such as Fullerton India, offer an end-to-end digital process. From application to disbursal, everything can be done online. Lenders also offer tools such as personal loan EMI or interest rate calculator and personal loan eligibility calculator to make things easier for borrowers.
Personal Loan Apps: In a move to make personal loans available to everyone, lenders offer instant personal loans through mobile applications. You can check your eligibility, fill an application, submit your documents, and track the application from the convenience of your phone. Some of the apps also help you get personalised loan offers from various lenders on one platform.

Personal loans are now available anytime and anywhere to fuel your needs. Check out the best personal loan offers on various parameters like interest rates, tenure, and other fees to make an informed decision.

Must Read: How to get a Fullerton India Personal Loan? – Step by Step Guide

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

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A personal loan refers to the amount of money that you can borrow from financial lenders for a variety of purposes, like paying off debts, meeting wedding expenses, or going on a vacation. It is very easy to get a personal loan, provided you meet the eligibility criteria set by lenders.

Meeting the rules and regulations of the lender is very important, as they have the key to unlock your loan. Before approving a personal loan, lenders verify many things and you need to go through all the checkpoints to get the funds sanctioned. One of the most important things is to have a high CIBIL score. Do you need personal loan with bad CIBIL score? Can you still get it approved? Read on to understand how to get a personal loan with a low CIBIL score.

How to Get a Personal Loan with a Low CIBIL Score:

Income Evidence for Loan Repayment

Income evidence like bank statements or salary slips can make the process of getting a loan without a high CIBIL Score hassle-free. While submitting your personal loan application to the lender, attach all your income evidence documents, which will assure the lender of your repayment abilities in spite of poor CIBIL score.

Get a Guarantor

If you have a low credit score, then you can opt for a guarantor with a good credit score. If the guarantor agrees, then the lender can approve your personal loan.

Low Personal Loan Amount

If you request the lender for a high amount of personal loan with a low CIBIL Score, then it’s not likely to be approved. This is because lenders doubt the repayment abilities of a borrower with a low credit score. However, if the loan amount is low, then you can convince the lender to provide you a loan.

Once your loan is approved even if your credit score is low, ensure that you pay it back promptly so that your CIBIL score improves. This way, it would be easier to get your next loan approval.

Must Read: Does credit score affect to your personal loan application?

Things to Check Before Availing a Personal Loan

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Quick personal loans are loans wherein the financial institution allows you to withdraw the requested loan amount immediately. It can have multiple benefits, but you should keep the type of loan and its associated rate of interest in mind before applying for one. You can apply for personal loan here: https://www.fullertonindia.com/personal-loan.aspx

Tenure

Another thing to keep in mind while thinking about taking a quick personal loan is tenure. Loans can have a fixed tenure or a variable tenure. If you have a longer tenure, that means you have to pay less money per month. However, you end up paying a lot more interest in all this way. If you have a shorter tenure, that amounts to higher monthly payments. This is true for the same loan amount.

Floating interest

Opting for this option means that the interest rate will keep on changing throughout the loan. This change has a direct cause-and-effect relationship with the market and the index. If planning to take a loan wherein the interest rate is already a lot, you should consider floating interest. There are good chances of the interest rate going down in such a situation.

Fixed interest

As the name suggests, in these kinds of loans, your interest rate remains fixed for the duration of the loan. This helps one to plan their finances better since they know and anticipate the loan price for its duration.

Consider all the factors at play here before making a decision: your monthly income, your monthly expenses, the interest rates, any assets you own, and others. Using a personal loan interest calculator makes this process easier.

Additional Read: 2 Scenarios When Instant Personal Loans Better Than Credit Card

5 Reasons Why to Apply for the Personal Loan

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A personal loan is beneficial on many counts: it may help pay for unplanned expenses like weddings, medical emergencies, starting up a business, or other necessities. However, before you apply for such a loan, you must figure out an EMI amount that would be payable for you. You may use a personal loan EMI calculator to figure out the exact amount, but here are a few guidelines to go by:

Your monthly salary

Before applying for an instant personal loan online, you should factor in your monthly salary. To manage your other expenses, your EMI should be your salary minus your monthly expenses. An industry thumb rule is that EMI should never exceed half of your salary for the month.

Monthly expenses

You cannot cut back on your necessary monthly expenses such as food, water, electricity, rent, clothing, toiletries, etc. You must have a general estimate of this amount as well as some sort of leeway in case your calculations have gone wrong.

Any pending loans

Another thing to consider before finalizing your personal loan EMI amount is your already pending loans. If you have another loan of any sort – either another personal loan, home loan or a loan against property – the EMI for all these loans should not exceed half of your monthly salary, as mentioned above.

Payback capability of the object

It is advisable to not take personal loans for anything that doesn’t guarantee a certain amount of payback. This payback can be personal or financial. For example, taking a personal loan for a business gives some sort of payback.

Number of working years left

Your EMI should have ended before your retirement. Even otherwise, you must have enough money in savings to sustain yourself through your non-working years.

Try to keep in mind the aforementioned points while applying for a personal loan online. It will no doubt help you in the long run.

Additional Read: Does Credit Score Affect Your Personal Loan Application?

Buy your Dream House to Help of Personal Loan

For countless people, buying their own house is a lifetime dream. This may be because of the pride of ownership or watching its value appreciated, amongst other things. Either way, it is a milestone and can be a turning point in the lives of many people.

So, you have a house. What else is there to do now except make it home? If you’re taking a personal loan (https://www.fullertonindia.com/personal-loan.aspx), here are a few ways you can put the money to good use for the same.

Basic kitchen appliances

The move into a new house can be hectic and tiring, but it isn’t possible to sustain yourself on takeout forever. It is, therefore, crucial to buy a good fridge, a stove or an induction system, a mixer, and enough utensils. Not only are these investments, but they will also be there with you as and when your family grows.

A sitting arrangement

A basic sofa set and a small center table are a must-have for any house. Such an arrangement in your living room gives you the feeling that yes, the house is indeed yours. It gives you space to simply exist with your loved ones, reveling in that enjoyment of their company. If you cannot afford a brand-new sofa set, there are multiple options to buy it second-hand or at an auction.

A space to sleep

Having a good, comfortable sleeping space is one thing that can truly make your house feel like a home. Invest in a good-quality, sturdy bed frame, and a comfortable mattress. A good night’s sleep is crucial, and isn’t that also a way to celebrate your new home?

Some basic furniture

You’ll need to keep adding furniture to your home over the years, but when you’re starting, there’re a few things you should have. This includes a wardrobe, a dressing table, and even a study/work table.

You should also make use of a personal loan calculator if doing the above. Buying a house is a financially important part of your life, and using one can help plan your finances better.

Must Read: Reasons why to opt for Fullerton India Instant Personal Loan

When Medical Insurance Fails: Take a Personal Loan

A personal loan always comes in handy in medical emergencies. When your medical insurance is inadequate to cover the cost of hospitalization of either yourself or a loved one, fill out an online personal loan application. Here are a few reasons why it may be beneficial:

Instant funding

Online lenders often disburse personal loans within a minute of request. The terms and conditions might differ from NBFC (Non-Banking Financial Companies) to NBFC, but you generally get the loan very soon after requesting it.

Repayment in EMIs

Instead of taking money out from your FDs and savings, take a loan that you can pay off of your salary over the next six to twelve months. This reduces the stress of instant repayment and allows you to spend extra hassle-free time with the people you love. However, be careful about the personal loan interest rates – having an extremely high one might make it difficult to return the money in a timely fashion and an unnecessary cost to you.

Good quality medical care

Taking a personal loan ensures that you’re able to provide the best medical facilities to those affected. Good medical care can be the difference between life and death. Thus you must get consultations/operations from the best doctors.

As you can see above, taking a personal loan in such a dire situation can end up having multiple benefits.

Must Read: Get a Personal Loans For Your Perfect Holiday

3 Benefits of Personal Loans

Personal loans are a form of quick loan which can be used for any purpose such as paying for weddings, holidays or starting a business. Here are some benefits of applying for a personal loan:

Rapid disbursal / Quick disbursal of funds

A lot of online vendors disburse loans within 24 hours of receiving a request. This rapid disbursal is ideal if you have an urgent need for funds, or if you’re facing an emergency.

Must Read: What Are Short Term Personal Loans?

No collateral required

Since personal loans are mostly unsecured, you do not need to pledge any of your assets. This helps in making personal loans accessible to everyone.

Fewer documents needed / Hassle-free Documentation

Applying for a personal loan online is a wholly paperless process – all documentation happens online. Here are the documents you may need, depending upon the financial institution you are applying from:

Loan application: To provide details on the loan, such as the amount required and the purpose of the loan, amongst others.
Identity proof: Any proof of identity that has been provided to you by the government.
Proof of address: This might overlap with identity proof, and it includes proof of home or the lease agreement.
Employment proof: If you’re employed, lenders need this to verify your payback abilities.
Income tax returns.

Using a personal loan calculator may be of assistance. It helps you estimate the sum of money you will need to pay in each EMI installation, which will no doubt help in planning your finances better.