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Fullerton Personal Loan Eligibility

Fullerton India Personal Loan Eligibility Calculator India

Last Updated 07th Jan 2021

Eligibility CriteriaSalaried Self Employed Professionals
ProfessionSalaried persons working in government, private or MNCs companies Professionals like Doctors, CA, CS, Architects
Applicant Age21 - 58 years27 - 65 years
Minimum Eligible Income ₹ 17,000 per month ₹ 2 Lakh gross annual receipts
Maximum Eligible Loan15x of monthly income  -
Maximum Loan Amount Eligibility ₹ 25 Lakh ₹ 20 Lakh
Minimum Work Experience12 months
Interest Rate 11.99% - 18.99% 17.00% - 21.00%
Personal Loan Eligibility Calculator
*Insurance Details
Fullerton India Personal Loan Eligibility based on Age
  • Age: There is an age criteria for the approval of personal loan. The minimum age requirement for availing a personal loan is 21 years and maximum age is 58 years. Fullerton India offers personal loans for a maximum period of 48 months.
Fullerton India Personal Loan Eligibility based on Income and FOIR
  • Net Income : Your net income required to avail a personal loan is ₹ 17,000 per month. Your eligibility is determined by your income (Net take home salary). Your capability of paying EMI’s is judged on the basis of income earned as your loan EMI’s are not affecting your living standards.
  • FOIR : FOIR (Fixed Obligation to Income Ratio) is an important parameter that Fullerton India uses to find out your Fullerton India personal loan eligibility. Fullerton India takes all your fixed obligations (like rent or current EMIs) into account while estimating your eligibility. Minimum FOIR required to be eligible for personal loan from Fullerton India is 0.60. Calculate and compare your eligibility with Fullerton India personal loan calculator and apply online for the eligible loan amount hassle free.
  • Co-applicant : Adding a co-applicant increases your eligibility for a personal loan as it increases your repayment capacity. Ensure that you add a co-borrower who has good income flow, limited fixed obligations and a strong credit score.

Illustration- Mr. A who is 25 years old has a net income of ₹ 17,000. He wants to take a personal loan of ₹ 1 Lakh for 48 months. Fullerton India allows a maximum FOIR of 0.60.

Based on the information provided by the applicant, bank will calculate his eligibility using eligibility calculator. With a salary of ₹ 17,000, the maximum amount for which he is eligible is ₹ 3.87 Lakh. The interest he has to pay for this amount for 48 months is 11.99%.

Fullerton India Personal Loan Eligibility based on CIBIL Score

  • CIBIL Score: Your credit behaviour and track record from your past lenders and credit card providers get captured in your CIBIL score. CIBIL score is the most important factor to define your eligibility to get a personal loan. When checking eligibility for a personal loan, Fullerton India will check the complete Credit report, which also includes all past running loans and your payment track record on loans and credit cards. Higher credit score increases your chances that your loan application from Fullerton India will get approved. However, low CIBIL score decreases your eligibility to get a personal loan. Fullerton India requires a minimum credit score of 650 to be eligible for a personal loan.

There are a few factors which affect your credit score -

  • Late payments on past loans – Any delay in payments on your existing or past loans can negatively affect your CIBIL score and it may also reduce your chances of getting a personal loan from Fullerton India.
  • High number of unsecured loans – Always maintain a balance between secured and unsecured loans. Higher proportion of unsecured loans in your total borrowings can negatively impact your credit score.
  • Usage of credit limit – Your credit card bills and usage of credit limit determine your credit behaviour. Frequent withdrawals and spending more than your credit card limit can be seen as a sign of potential financial stress, credit indiscipline and hence, may pull down your credit score.
  • Multiple loan applications – If you apply for a personal loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from Fullerton India, improve your credit worthiness to get a good score and your loan application to get approved.

Fullerton India Personal Loan Eligibility based on other factors

There are other factors also which are responsible for the approval of the loan by Fullerton India. Check to understand the importance of the following factors -

  • Job stability and profession - Job stability is important to improve your eligibility to get a personal loan from Fullerton India. Your total work experience and current work experience are assessed to evaluate your job stability and profession. Fullerton India looks for a minimum total experience of 12 months and also looks for applicants who have been employed in the current job for a minimum of 1 months.
  • Residence place and stability – Banks are very particular about the residence of the borrower. There are few areas which are considered negative by the bank. Fullerton India has a pre decided list of area where the bank will lend the loan. The bank also has a negative list area of locations in which it will not lend depending on the past credit behavior of borrowers from such localities. Fullerton India also gauges your residential stability by checking on the number of years since when you have been staying in your current residence. If you are staying in your own residence, it improves your chance of getting a loan from Fullerton India. Minimum residence stability to be considered by the bank is 12 months.
  • Industry Type – Fullerton India has a negative list of professions and type of industry, defined as customer or industry segments to which they will not give the loan. So, your chances of getting a loan approval also depends on your profession and industry you are employed in.
  • Salary Mode – Most of the banks consider salary transferred to the bank account as a secure and stable income with adequate income proofs. If you are earning well but getting salary through cash or cheque then bank will not give you the loan because bank needs concrete evidence of your salary to support your loan amount. So, salary transfer mode of payment is preferred by Fullerton India if you apply for a personal loan.

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FAQs

What are the eligibility criteria to avail Fullerton Indialoan?

The minimum age of the applicant required to get a personal loan from Fullerton India is 21 years. The maximum age for salaried employees can go up to 58 years.

What should be my income to secure a personal loan from Fullerton India?

The minimum income for a salaried employee should be at least ₹ 17,000 per month to secure a personal loan from Fullerton India.

How much work experience is required for personal loan from Fullerton India?

The applicant must have at least work experience of 1 months in avail the benefit of Fullerton India personal loan.

What is the maximum loan amount an applicant can get?

The maximum loan amount an applicant can get under a personal loan from Fullerton India is up to ₹ 25 Lakh.

Will CIBIL Score affect my personal loan from Fullerton India?

Yes, CIBIL Score does have an impact on your personal loan. A good score indicates a good repayment record and hence most banks avoid giving loans if you have a low credit score. The minimum CIBIL score for personal loan is 650 and above.

Do I need to have a guarantor to apply for Personal Loan from Fullerton India?

Personal loan is an unsecured loan, so a bank may ask for a guarantor. However, if your credit score is good and there is no default in your past repayment history, then you do not need a guarantor to get a loan from Fullerton India .

What is the minimum loan amount from Fullerton India for pensioners?

Pensioners can apply for a minimum loan amount of ₹ 25,000 from Fullerton India.


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Fullerton Personal Loan News - Mar 2021
  • 2019-06-14 : Fullerton India Home Finance Company opens a new branch in Vijayawada
    NBFC Fullerton India Home Finance Company Limited which operates under the brand Grihashakti has launched its new branch in Vijayawada at Bhaskar Plaza, 4th Floor, Gopala Reddy Road, Governorpeta. With the opening of this new branch, the total number of bank branches has reached 82 in Andhra Pradesh. The bank branch will offer facilities like savings account deposits, loans, including personal loans, and business loans.
  • 2019-04-25 : StashFin joins hand with NBFC Fullerton India for onward lending of $15 million
    The digital lending platform, StashFin has joined hands with one of the leading personal loans provider, Fullerton India. The partnership between them will benefit both the entities for onward lending of $15 million and enable them to expand their reach pan India. They are focusing to aim at meeting the growing personal loans needs of the customer without having to worry about any documentation or paperwork.
  • 2018-12-21 : ETMONEY partners with Fullerton India to offer personal loans up to Rs. 20 lakh
    ETMONEY has announced its partnership with Fullerton India Credit, a Non-Banking Financial Company(NBFC) with to offer personal loans up to Rs. 20 lakh in a hassle-free manner with minimal documentation. ETMONEY partnership with Fullerton India will allow ETMONEY to strengthen its presence across the country to offer unsecured loans for various credit needs arising from marriage, medical emergencies, travel, home improvements, and more.
  • 2018-12-12 : Qbera partners with Fullerton India for personal loans
    Digital lending platform, Qbera has announced its association with NBFC, Fullerton India to extend personal loans to underserved segments. Through this partnership, Qbera will assess risk and creditworthiness of the borrowers and will offer personal loans through Fullerton.
  • 2016-10-11 : Fullerton India gives special offers on personal loans
    Fullerton India has come out with special offers on personal loan in this festive season for the people of Andhra Pradesh and Telangana. Fullerton India is offering 0.5 per cent waiver on personal loan interest rates and special gifts for high value loans. The company is also offering 50 per cent waiver on processing fees of personal loan to women applicants. The offer is valid from October 1, 2016 till Diwali.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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