Fullerton India Personal Loan Interest Rate 27th February 2021
||11.99% to 19.00%
||Rs. 1 lakh to Rs. 50 lakh
||12 months to 48 months
||2% of the entire loan amount + applicable tax
||Allowed after 6 EMI's. Charges are:
7% between 1 month and 17 months
5% between 18 months and 23 months
3% between 24 months and 35 months
No charges after 36 months
|Part Prepayment Charges
Fullerton Personal Loan Interest Rate starts from 11.99%. The loan amount is between Rs. 1 lakh to Rs. 50 lakh on tenure 12 months to 48 months. The loan is available for both self-employed professionals and salaried individuals. You can use the loan amount to take care of any expense such as wedding, travel, healthcare, education, home repair, and a lot more. The lowest EMI per Rs. 1 lakh is Rs. 2,633 on the lowest rate of interest and for 48 months tenure.
In the below-given post, we will discuss about the features of Fullerton Personal Loan Interest Rate, its details, factors that influence the rate of interest, other charges, loan cost illustration, EMI calculation, interest calculation, and frequently asked questions.
Features of Fullerton India Personal Loan Interest Rate
Below given are the features of personal loan interest rate Fullerton India:
The lowest and the highest rate offered is 11% and 19%.
The processing fee is up to 2% of the entire loan amount.
There are no foreclosure charges after 36 months.
Foreclosure charges are 7%, 5%, and 3% if done between 1 month and 17 months, 18 months and 23 months, or 24 months and 35 months, respectively.
Part-payment is not acceptable.
The NBFC may apply other charges for late EMI payment, loan cancellation, EMI bounce, etc as disclosed in the loan agreement.
Fullerton Personal Loan Interest Rate Details
The interest rate is between 11% and 19%. The NBFC provides customized personal loan rates of interest and schemes for borrowers from special category, working in reputed banks/companies/government bodies, etc. You can also avail a top-up loan on an existing personal loan starting at 11.99%. Fullerton India does an assessment of your income, loan amount, tenure, existing financial liabilities, and other factors to determine the offered interest rate.
Below mentioned are the factors that influence the rate of interest offered by this NBFC:
- Loan Amount: The NBFC offers a loan amount between Rs. 1 lakh and Rs. 50 lakhs. Usually, financial institutions offer a lower rate for higher loan amount, and vice-versa.
- Income: Your monthly salary or income gives an idea to the lender about your ability to repay the loan. Lower rates are usually offered for individuals belonging to a higher salary or income bracket. Thus, the rate offered may differ as per your net monthly income and disposable income.
- Relationship with NBFC: Fullerton India offers discounted rates, charges, and schemes to existing customers. So, if you have had a good relationship with this financial institution (such as successful management of previous loan accounts, timely payments, etc) in the past, then you may get special rates on your loan.
- Repayment Capacity: Your ability to pay the EMI in time will allow the NBFC to decide the rate to offer on the personal loan. The financial institution may verify your repayment capacity by checking your repayment track record for loans taken in the past, CIBIL score, and other factors.
- Loan Tenure: The tenure for personal loan Fullerton is 12 months to 48 months. Loans on longer tenures may attract a lower rate, and vice-versa. So, choose the tenure to the loan after analysing the impact of it on total cost of the borrowing.
- Employer Category: The financial institution may have an internal list of organizations ranked from high to low. This categorization is on the basis on the company’s reputation, size, and existing relationship with the NBFC. It is possible that borrowers who work for companies categorized under higher rank, to receive a better interest rate and discount.
Fullerton India Personal Loan Charges
Though it is the interest rate that primarily defines the total cost of the loan, there are other charges and fees that affects the EMI. Below given are details of such personal loan charges by Fullerton India:
- Processing Fee: This is a non-refundable fee taken at the start of the loan or the amount is deducted from the sanctioned amount on disbursal. The processing fee is up to 2% of the borrowed loan amount. You will also have to bear the applicable tax.
- Part Payment Charges: Fullerton India does not allow part prepayment on personal loan.
- Foreclosure Charges: You can repay the loan as per the repayment schedule till end of tenure. Or, you can also choose to foreclose the loan before the tenure ends. Preclosure is possible after successful payment of the initial 6 EMIs. Charges for preclosure between 1 month and 17 months is 7%, while the charges are 5% and 3% when you preclose the loan between 18 months and 23 months, and 24 months and 35 months, respectively. There are no foreclosure charges after a period of 36 months.
- Other Charges: After the NBFC sanctions the loan, it will provide a statement of other charges on your loan account. These charges may include information about EMI cheque bounce charges, late payment penalties, loan cancellation charges, and a lot more.
Personal Loan Fullerton Illustration
Below mentioned is a brief illustration on Fullerton Personal Loan cost:
|Annual Percentage Rate (APR)
||11.99% to 19.00%
|Example of total loan cost and applicable charges/fees
- Borrowed Amount: Rs. 1 lakh
- Tenure: 12 months to 48 months
- Interest Rate: 11.99% to 19.00%
- Processing Fee: 2% of the loan amount + applicable tax or up to Rs. 2,000
- Fee to Loanbaba: No fees
- Total Monthly Cost: At 11% for 48 months, the EMI is Rs. 2,633 per Rs. 1 lakh. At 19% for 12 months, the EMI is Rs. 9,216.
At 11.99% interest rate, here is the Fullerton personal loan EMI for different tenure and loan amount:
|Rs. 1 lakh
|Rs. 3 lakh
|Rs. 5 lakh
|Rs. 10 lakh
EMI differs on personal loans taken at different tenures. As per the above given example, it is evident that EMI is lower for a loan taken for a longer tenure.
With each EMI payment, the interest component reduces and the principal repayment increases.
To understand the EMI payment, refer the amortization sheet provided by the financial institution. You will get to know the entire repayment schedule till end of tenure.
Fullerton Personal Loan EMI Calculation
Equated monthly instalment or EMI is a fixed amount you pay to the financial institution for the loan taken. The EMI is repayment towards the borrowed amount. It consists of both the interest and principal component. You need to pay EMI on a fixed day of the month till end of tenure. The EMI on personal loan Fullerton India depends on the loan tenure, loan amount, monthly income, interest rate, and other factors:
||4 Years Loan
||3 Years Loan
||1 Year Loan
|Rs. 12 lakh
|Rs. 6 lakh
|Rs. 3 lakh
From the above given illustration, it is evident that loan amount and tenure influences the total cost of the loan, with the applicable interest rate.
A lower loan amount and shorter tenure will increase the cost of loan and vice-versa.
This is why you need to decide the loan amount after a careful analysis. If possible, try to repay the loan sooner to reduce the interest payout.
However, judge your repayment capacity before choosing the desired loan amount.
Fullerton India Personal Loan Interest Calculation
Below are details of EMI on Rs. 1 lakh at lowest rate 11.99% at different tenures:
|Fullerton India Personal Loan EMI
|At 11.99% on Rs. 1 lakh (EMI per month)
|Total repayment amount principal + interest
||Rs. 1.26 lakh
||Rs. 1.20 lakh
||Rs. 1.13 lakh
|Total interest payout
As observed, EMI is lower if the loan is taken for a longer tenure. Total interest outgo is higher however on a longer tenure.
As per the above information, the lowest EMI is Rs. 2,633 on Rs. 1 lakh for 48 months. The total interest payout in this case is Rs. 26,384.
If the loan is taken for 2 years on the lowest rate, then the EMI is Rs. 4,707 while the interest payout is Rs. 12,968 which is a lot lower than loan taken for 48 months.
FAQs for Fullerton India Personal Loan Interest Rate
Below given are the frequently asked questions about Fullerton personal loan interest rate:
The beginning interest rate is 11.99% and the lowest EMI per lakh is Rs. 2,633. In case you pay an EMI more than this amount to any bank or NBFC, then you may opt for balance transfer to Fullerton India.
Existing or past customers with a good relationship with Fullerton India can expect a better offer on the interest rate and loan scheme. Apart from this, government employees and people working for reputed companies can expect discounted rates too.
The loan amount is between Rs. 50,000 and Rs. 25 lakhs. The tenure is between 12 months and 48 months. The interest rate is between 11.99% and 19%. Longer the tenure, lower is the rate of interest. A shorter tenure and lower loan amount will help reduce the total cost of the loan, and vice-versa. However, a lower rate is applicable usually on higher loan amounts and tenures. Thus, check your repayment capacity before choosing a loan amount and tenure, upon which Fullerton India will apply an interest rate.
Your credit score or CIBIL score helps the NBFC to understand your repayment capacity. The expected CIBIL score to get a personal loan is minimum 750 and above. A good credit score will convince the financial institution to provide best interest offer. You can negotiate for a lower rate of interest with a good CIBIL score.
The processing fee is up to 2% of the borrowed loan amount. Any applicable tax is charged separately. This is a mandatory and non-refundable fee that you need to pay at the time of the loan agreement. Or this charge is deducted from the principal loan amount during disbursal.
If you calculate the equated monthly instalment before taking a personal loan, then here are the benefits you can experience:
If the EMI is more than your budget for the month, then you can lower the loan amount to fit the monthly budget, so that the EMI amount is more affordable.
Knowing the estimated EMI for every month, helps in planning spends carefully.
You can opt to prepay the personal loan in future based on the EMI amount in case you have additional income/amount on you.
The outstanding balance on the loan reduces when you prepay the loan. In this case, the EMI amount will also reduce. You can save a lot on the interest outgo if you choose to foreclose the loan and reduce the EMI amount. You can foreclose the loan after paying the first 6 EMIs. But, preclosure charges apply thereafter till 35 months. So, if you prepay the loan, consider your monthly budget and EMI affordability.
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