Who can get a personal loan from Fullerton India?

A personal loan is one of the best options in financial crisis to meet unexpected expenses. Most banks and NBFCs offer personal loans; there are also multiple apps for instant cash loans. Fullerton India is one of the best lenders in India.

Salaried professionals and self-employed individuals can get a personal loan at low interest rates from Fullerton India. You can apply for a personal loan ranging from Rs. 60,000 up to Rs. 25 lakhs from Fullerton India for up to 5 years. Existing Fullerton customers can enjoy a host of extra benefits, including top-up loans, digital query servicing and flexible repayment tenure. 

Fullerton personal loan eligibility criteria

Fullerton personal loans are available for both salaried professionals and self-employed individuals alike with very flexible eligibility criteria. Individuals aged between 21 years and 60 years can get a personal loan from Fullerton India. You should be working for at least one year and should be working with the current employer for a minimum of six months. 

Fullerton personal loan eligibility criteria

Age

• The loan applicant should be at least 21 years old at the time of application to get the personal loan

• Maximum age limit is 60 years 

Minimum salaryNet salary should be at least Rs. 20,000 per month and for applicants residing in Mumbai and Delhi minimum monthly salary is Rs. 25,000Credit scoreMinimum credit score should be 750Total work experienceShould be working in a reputed private organization or public sector undertaking (including central, state, and local bodies) The borrower should be employed with the current employer for a minimum of six months Loan termFrom 12 months to 60 monthsResidential statusIndian Interest rate11.99% to 36%

Factors that affect your eligibility for a personal loan?

Whether you apply for a personal loan or instant cash loan, there are some key factors that impact your eligibility for a personal loan.

Age: Age is one of the basic eligibility criteria you need to meet to get a personal loan. Individuals in their early 20s have more chances of getting a personal loan than applicants whose age is above 5o or approaching retirement. Because young applicants have sufficient time to earn and repay the loan. Fullerton personal loan is available for individuals aged between 21 years and 60 years. 

Monthly income: Your monthly income is a key factor that decides if you can get a personal loan or not. With monthly income, lenders determine your repayment capacity, after clearing all monthly obligations. The minimum income to get a personal loan also depends on your city of residence. The higher your income, the easier it is for you to get a personal loan. 

Credit score: Since a personal loan is an unsecured loan, you need to have a good credit score to apply for a personal loan or instant cash loan. Typically, a credit score of 750 or higher is considered suitable for personal loan approval. 

Job and work stability: Employment status and the organisation you work for affect your chances of getting approval for a personal loan. Lenders check your employment status before processing a personal loan application. It tells the lender about the stability in your income to repay the loan. While income criteria vary between lenders, a salaried person should have at least 2 years of work experience and should be employed with at least 6 months in their current company to get a personal loan from Fullerton India.  

Documents required for Fullerton personal loan

You need to furnish the following documents to get Fullerton India personal loan:

For salaried employees

• Personal loan application form with the latest passport size photographs

• Proof of identity: A copy of Voter’s ID card/ Driving license/ PAN card/ Passport/Aadhaar card 

• Residential proof: Ration card/ Telephone bill/ Rental agreement/ Passport copy/ Driving license/ Bank passbook or statement/ Electricity bill for the last 3 months

• Age proof: PAN card/ Passport/ Certificate from a statutory authority

• Income proof: Last three months’ salary slips along with salary certificate and latest Form 16

• Bank statement: Bank statement that shows salary being credited for the last 3 months 

For self-employed individuals

• Filled personal loan application form with passport size photographs

• Proof of identity: A copy of Voter ID card/ Driving license/ PAN card/ Passport/Aadhaar card 

• Proof of residence: Ration card/ Telephone bill/ Rental agreement/ Passport copy/ Driving license/ Bank passbook or statement/ Electricity bill

• Age proof: PAN card/ Passport/ Certificate from a statutory authority

• Business address proof

• ITR for the latest 2 years along with calculation of income, B/S, P&L a/c with all schedules verified by a Chartered Accountant 

• Bank statement: Current account statement of business for latest 6 months

• Form 16

• Proof of business continuation

• Additional documents: 

• Sole proprietorship declaration

• For partnership: Certified copy of partnership deed