Setting your sight on Fullerton for a personal loan to meet your needs? Well, it’s quite an option to avail given the number of applications Fullerton nods. Also, the loan provided by the noted non-banking finance company (NBFC) remains a hassle-free experience for the customers like you. Given at varied rates according to your income and profession, the loan can suit different repayment tastes that borrowers are likely to have.
So, there’s a need to not only know Fullerton Personal Loan Interest Rate but also understand its meaning from different angles to be in a good stead. Let’s then begin the journey to explore interest rate and several other details pertaining to Fullerton Personal Loan.
What is Fullerton Personal Loan Interest Rate?
Fullerton provides the loan at interest rates of 20%-40% per annum. The rate is determined greatly by the income, loan tenure, as well as the competition that exists in the market. It’s the EMI that would be impacted greatly by the interest rate. Needless to say, a greater interest rate would increase the outlay of EMI and vice-versa.
Factors Affecting Fullerton Personal Loan EMI
Apart from the interest rate, the loan amount and tenure would also impact the EMI function greatly. A greater loan amount would raise the EMI and vice-versa. However, the tenure would influence the Equated Monthly Installment (EMI) differently. A longer tenure, which many have their eyes on, pulls them back with higher interest payment liability as compared to when the repayment period is shorter. The quantum of finance and tenure can be a maximum of 20 lakhs and 5 years, respectively.
How Long Should a Tenure be to Make Your Personal Loan Journey a Good One?
You should choose the tenure based on your income and repayment capability. Obviously, the tenure must not be the highest offered at Fullerton i.e. 5 years. But, at the same time, it must not be that short which would lead to an EMI very hard to service. So, the tenure has to be somewhere between to help fulfill your aspirations while also keeping the interest costs affordable. With the interest outflow being kept in control, you can save enough to fulfill other goals of your life.
What’s The Processing Fee & Other Charges Applicable to Fullerton Personal Loan?
The processing fee is levied at up to 6.50% of the loan amount plus applicable GST. This is a one-time fee that you have to pay upfront to get your loan application processed. Foreclosure charges can be levied at 3%-7% of the pre-closed amount plus applicable GST. Foreclosure is a loan term that means the closure of the debt before the expiry of its original tenure. However, you can’t pre-close the loan within 6 months from the date of the loan agreement.
Documents Needed to Apply for Fullerton Personal Loan
Submit the following documents that Fullerton seeks to approve a personal loan application.
- Identity Proof – PAN Card/Voter ID/Passport/Driving License/Aadhaar Card
- Residence Proof – Ration Card/Utility Bill/Passport/Driving License/Bank Statement/Rental Agreement
- Age Proof – Passport/PAN Card/Educational Certificates
- Form 16
- Last 3 Months Salary Slip (Salaried), Last 6 Months Bank Statement or Passbook (Self-employed)
- Last 3 Years Income Tax Return (ITR)