Fullerton Business Loan Interest Rate Oct 2017
Fullerton India Business Loan Interest Rates India
|Loan for Self Employed||Features|
|Interest Rate||16.00% - 33.50%
Check Best Offers
|Tenure||From 12 months to 48 months|
|Lowest EMI per lakh||Rs. 2,834||Loan Amount||Min Rs. 150,000 and Max Rs. 5,000,000|
|Part Prepayment, Charges||Allowed after 6 EMI's, Prepayment charges vary by months: upto 17 months - 7%, 18-23 months - 5%, 24-35 months - 3%|
|Early Foreclosure, Charges||Allowed after 6 EMI's, Prepayment charges vary by months: upto 17 months - 7%, 18-23 months - 5%, 24-35 months - 3%|
Fullerton India Business Loan
Fullerton India offers loan to self employed and businessmen for financing the expansion or working capital requirements of their business. There are some benefits of taking loan from Fullerton India:
- You can prepay part of your loan anytime after paying 1% prepayment charges
- You can foreclose your entire Business loan anytime after paying 6 EMI's at foreclosure charges - Prepayment charges vary by months: upto 17 months - 7%, 18-23 months - 5%, 24-35 months - 3%
- Fullerton India has been rated 3.3/5.0 by customers for its service quality on MyLoanCare
Fullerton India Business Loan Interest Rate Calculator
There are multiple factors on which basis bank calculates your interest rate. Some of these factors are -
- Loan amount: Business loan rate in Fullerton India depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate. Bank gives loan of minimum Rs. 150,000 to upto Rs. 5,000,000. Interest rate for high loan amount can be lower resulting in lower EMIs.
- CIBIL Score: Fullerton India offers loan at higher interest rate if your CIBIL score is low or vice versa. However, to get loan from Fullerton India, your CIBIL score should be atleast 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.
- Revenue: Fullerton India will offer you loan at lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least Rs. 1,000,000.
- Time in Business: Fullerton India offers loan at lower rates if you have significant business experience. Minimum business existence to get loan from Fullerton India is 36 months.
Fullerton India Eligibility Criteria
Bank have a detailed criteria to determine the eligibility of a borrower for business loans. Some of the key criteria are:
|Age:||27 to 65 years|
|Minimum Turnover||Rs. 1,000,000|
|Business Existence (in months)||36 months|
|ITR (months)||36 months|
|Loan Amount||Rs. 150,000 to Rs. 5,000,000|
|Loan Tenure||48 months|
|Owned House or Place of Work||Not Required|
|CIBIL Score||750 and above|
Fullerton India Business Loan Eligibility Calculator
Eligibility of Business loan in Fullerton India relies on two important factor:
1.Your ability to repay the loan and
2.Your past track record in repayment of loans.
The main factors on which the eligibility of an applicant depends are
- Age: Age plays an important role to know your eligibility and repayment capacity. Fullerton India offers loan to those who are at least 27 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
- Loan Amount: Based on the loan amount eligibility, bank gives you loan ranging from Rs. 150,000 to Rs. 5,000,000. To improve chances of approval, apply for a loan amount that you can comfortably service.
- Profitability and Revenue: Loan eligibility significantly depends upon profitability on your turnover, revenue and profitability. Fullerton India requires profit for minimum 2 years and minimum business turnover of Rs. 1,000,000.
- Business Stability: Future business prospects and its stability is important to improve your eligibility for business loan. Fullerton India requires minimum business track record of 36 months. The bank will also look for minimum growth in sales for the last three year. A decline in sales for a certain period or below a certain limit might impact your eligibility to get loan.
- ITR and Banking: Bank gives loan only after checking your income tax return and bank statements. Your ITR details for minimum 36 months and bank statement for minimum 6 months will be required by Fullerton India.
- CIBIL Score: When checking loan eligibility, Fullerton India will look at the complete CIBIL report. Fullerton India will check your repayment history for all current and past loans and credit cards. Bank advise you to maintain a score of 750 and above to get loan approval.
Fullerton India Business Loan EMI Calculator
Fullerton India Business Loan EMI is a fixed amount that you pay each month towards the repayment of your loan till the end of tenure. Lowest EMI offered by Fullerton India is Rs. 2,834 per lakh loan amount. EMI of Fullerton India depends on factors like:
- Interest Rate: Higher the interest rate, higher will be the EMI. For a 48 months loan from Fullerton India at an interest rate of 16.00% per annum, EMI will be Rs. 2,834 per Rs. one lakh loan amount. At an interest rate of 33.50% for the same loan, the EMI will be Rs. 3,807.
- Loan tenure: Longer the loan tenure, lesser your smonthly EMI. At interest rate of 16.00% per annum, the EMI on Fullerton India business loan would range from Rs. 9,073 to Rs. 2,834 for loan tenure ranging from 12 to 48 months.
- Amount Borrowed: Fullerton India Loan EMI will be high if you apply for a high loan amount. For amount borrowed Rs. 150,000, the EMI at 16.00% for 48 months would be Rs. 4,251. Similarly for amount borrowed Rs. 5,000,000, the EMI at 16.00% for 48 months would be Rs. 141,701.
- Business loan EMI calculator of Fullerton India helps you to calculate your monthly EMI at different rate of interest
- Fullerton India EMI calculator helps you to know your capacity to repay the loan after meeting your regular monthly expenses
- You get a rough idea about your monthly EMI and can plan your monthly budget accordingly
Fullerton India offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:
In addition to interest rates, business loan also carry some other charges which include:
- Foreclosure Charges- These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Fullerton India allows prepayment of loan after paying 6 EMI’s with prepayment charges - Prepayment charges vary by months: upto 17 months - 7%, 18-23 months - 5%, 24-35 months - 3%
- Processing Fee- Fullerton India asks for a processing fee of 2% with applicable service tax
- Address proof of individual: Aadhaar Card, Voter’s ID Card, Bank statement, registry copy, rent agreement , utility bills
- Identity proof of individual: Passport, Driving License, PAN Card, Aadhaar Card, Voter’s ID Card
- Business existence proof: PAN, sales tax/ excise/ VAT/ service tax registration, copy of partnership deed, trade license, certificate of practice, registration certificate issued by RBI, SEBI
- Copy of Income Tax PAN for 24 months
- Bank statement of last 6 months
Compare Fullerton India Business Loan with other banks
- Allahabad Bank
- Andhra Bank
- Bajaj Finserv
- Bank of Baroda
- Bank of Maharashtra
- Capital First
- Corporation Bank
- Development Credit Bank
- Dhan Laxmi Bank
- Fullerton India
- HDFC Bank
- ICICI Bank
- IDBI Bank
- Indian Overseas Bank
- IndusInd Bank
- Kotak Bank
- RBL Bank
- Syndicate Bank
- Tamilnad Mercantile Bank
- Tata Capital
- United Bank of India
FAQs on Business Loan Fullerton India
Bank offers loan at 16.00% rate with the lowest EMI of Rs. 2,834 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to Fullerton India.What is the interest charged on HDFC Bank business loan?
Interest rates on Business loan in Fullerton India are very attractive starting from 16.00% to 33.50%. Bank offer various offer for self employed professionals to get loan at very low rate of interest.What is the lowest EMI per lakh on business loan from HDFC Bank ?
If you apply for loan from Fullerton India, your lowest EMI per lakh will be Rs. 2,834.What is the minimum and maximum tenure of business loan in HDFC Bank?
These loans are shorter tenure loans. You can repay your loan in a flexible period of minimum 12 months to maximum 48 months.How much business loan amount I can borrow from HDFC Bank?
Fullerton India offers you loan if you need a minimum amount of Rs. 150,000 to a maximum amount of 5,000,000.What is the processing fee charged by Fullerton India on business loan?
Fullerton India charges a processing fee of 2% with applicable tax.Is age an eligibility factor to get loan for business from Fullerton India?
Yes, age is an important eligibility factor to get loan as you should be at least 27 years old at loan approval time and 65 years old at loan maturity time.What are the prepayment charges on business loan from Fullerton India?
Bank charges a fee in case you want to repay your entire loan amount before the end of tenure period. The fee charged by Fullerton India is Prepayment charges vary by months: upto 17 months - 7%, 18-23 months - 5%, 24-35 months - 3%.
Fullerton India Business Loan Customer Care Number, Email, Application Status, Branches
|City||Customer Care Number|
|Mohali Sas Nagar||1800-103-6001|