With the advent of the ongoing pandemic crisis, digitization has evolved into becoming a way of life whether it is a matter of interacting with people, transferring funds, or applying for a personal loan. With the emergence of reliable financial institutions such as Fullerton India that offers a completely contactless and paperless process to acquire a personal loan, one can easily check their eligibility, documents required, and finalize the loan parameters online before applying. An efficient way to deal with financial limitations during the COVID-19 era, a personal loan could now be easily obtained from modern financial marketplaces through a few clicks without stepping outside. Read on to know more about getting a contactless personal loan from Fullerton India.
One can easily obtain a contactless Fullerton India personal loan given that they fulfill the following conditions:
- The candidate should have an active mobile number. It would be even better if the mobile number is linked with the Aadhaar card, PAN and bank account.
- The candidate must have PAN
- The candidate should have the net banking facility activated on the main savings bank account in which the monthly salary is deposited.
- The candidate should also possess an active email ID for receiving and sending mails.
- The candidate should possess the physical original copies of main KYC documents such as the ID proof and address proof to complete the online verification without any hassle.
Eligibility for a Fullerton India personal loan
To acquire an online personal loan from Fullerton India, one must meet the below-mentioned eligibility criteria:
- The age of the candidate should be at least 21 years while applying for the loan and not more than 65 years of age at the time of loan maturity.
- The candidate must be working as a salaried professional in a public or private sector organization or should be a self-employed individual with a steady source of income.
- The candidate should have a total work experience of at least 1 year and must have been employed in the current organization for a minimum of 6 months.
- If the candidate is a salaried professional, the salary should be at least INR 20,000 per month (INR 25,000 for residents of metros). For a self-employed individual, the minimum required income depends upon the nature of their industry.
- Lastly, the candidate should have a healthy CIBIL score of 750 or more which demonstrates a good debt-handling and repayment ability.
Decide the Loan Amount and Tenure
Upon checking and confirming the eligibility conditions, the candidate can finalize the loan amount and repayment tenure of the personal loan for proceeding further. Even if a large loan amount is required, it is advisable to evaluate one’s finances and fixed monthly expenses for assessing the EMI affordability. Thereafter, one may opt for a short or long tenure depending upon the EMI amount they can comfortably accommodate in their budget.
One can compute and compare the EMI amounts through a loan calculator available on the Fullerton India website by entering different loan amounts, tenures, and personal loan interest rates. Finalizing the loan amount and tenure based on the EMI amount enables better financial management.
Keep the Documents Ready
While submitting the loan application, the candidate also needs to upload the soft copies of supporting documents online through Fullerton India’s website or the InstaLoan app (app is available for salaried applicants only) for verification purposes. The documents for availing a personal loan are as follows:
- KYC proof – Identity proof, address proofPAN
- Salary slips for the last three months (for salaried professional) / financial statements (for self employed)
- Bank statement for the last six months
- Income tax returns or form 16
Steps to Apply for a Personal Loan
One can easily apply online for a Fullerton India personal loan through its official website or the InstaLoan app by following the below-mentioned steps:
- Log on to the official website and click on the ‘Apply Now’ button.
- In the next step, you will be required to enter the nature of employment along with an active mobile number.
- Subsequently, a One-Time Password (OTP) will be sent to the mobile number for verification purposes.
- Next, the candidate will be asked to provide personal, employment, income and bank details
- Upon filing the application form, the candidate shall upload the softcopy of the required documents.
- After successful submission of the form and supporting documents, based on the information in the application form, you may be provided an in-principal approval. This means that your application will be taken up for further processing.
- Eligible applicants will be provided a tracking ID so that they can track the application status on the website or via the app.
- Upon successful verification checks and receipt of the signed loan agreement from the applicant, Fullerton India may sanction your loan request. The required funds will be disbursed in the borrower’s bank account shortly after loan approval.
Smriti Jain is the owner and senior content publisher at Financesmarti. Financesmarti is a website where she shares a lot of useful stuff for the people and business of India. This includes small business ideas and other banking information, as well. Smriti completed her education in science & technology from Delhi University. Smriti usually has interests in digital marketing now, and she has chosen this career for the full-time opportunity. The primary purpose of starting this blog to provide quality information on the banking industry to the people.