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Apoorv Chaudhary
by on July 29, 2021
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Fullerton India Business Loan is geared toward micro and small businesses and is designed to help them grow and expand as new business possibilities arise. 

What can you do with a Fullerton India Business Loan? 

Fullerton India Business Loans can be used to pay off huge debts or bills, purchase new stock, raw materials, or equipment, and help with business expansion. These loans can be obtained without the need for collateral, making the terms appealing to even the most inexperienced businesses. 

Fullerton India Business Loan Features and Benefits 

  • Loan amount: Fullerton India offers a loan amount of up to Rs.50 lakhs. 
  • Repayment period: The loan organization provides a flexible repayment period ranging from one to five years. 
  • Eligibility criteria that are very clear: The eligibility conditions that you must meet in order to qualify for a business loan are quite clear. 
  • The bare minimum of documentation is as follows: You will only be required to provide a few documents, making the entire procedure simple.
  • To apply for a business loan from Fullerton India, you do not need to put up any collateral or security. 
  • Account access via the internet: You may track and manage your business loan account through the Fullerton India service portal. 
  • Customized solutions: Fullerton India's offerings include pre-approved options for your working capital requirements. 

Who is eligible to take out a Fullerton India Business Loan? 

business loan from Fullerton India is available to private limited companies, owners, self-employed people, and partnership organizations engaged in trading, manufacturing, or services. 

  • If you have five years of business experience and have been in your present business for at least three years. 
  • At the time of maturity, the minimum age of eligibility is 22 years, and the maximum age is 65 years. 
  • For at least two years, your company must be profitable. 
  • A minimum annual sale of Rs.10 lakhs is required. 
  • A firm with a minimum yearly income of Rs.2 lakhs is required. 

What are the maximum loan amounts? 

Fullerton India business loans come up to Rs.50 lakh, based on the income level and creditworthiness of the company. Entrepreneurs and businesses in the Manufacturing, Trading, and/or Service industries can apply for this loan without putting up any collateral. 

Loans can be repaid over a period of 12 to 60 months, and a pre-closure option is available, allowing a loan to be terminated after 6 months of use. Foreclosure rates in your area might range from 3 to 7 percent per year. 

What are the current rates of interest? 

The Fullerton India business loan interest rate is determined by the applicant's credit score and the bank's relationship with the customer. The rates are set at the financial institution's discretion. The applicable rate of interest, which is linked to Fullerton Ind.'s prime lending rate, might range from 17 to 21% per annum at a fluctuating rate. 

What documents are required? 

  • Identity Verification (Passport Copy, Voter ID, Driving License or PAN Card) 
  • Ration card, telephone bill, the electric bill, rental agreement, passport copy, bank passbook/statement, or driver's license) are all acceptable forms of proof of address. 
  • Statements of Accounts (Bank statement or Bank Passbook of the last six months) 
  • Partnership Deed or Board Resolution Proof of a number of years in business (Trade license, Establishment or Sales Tax Certificate, MOA (Memorandum of Agreement) or Partnership Deed) for the previous two years Income Tax Returns complete with computation of Income, Balance Sheet, and Profit & Loss Account for the previous two years. 

What is the procedure for applying for a Fullerton India Business Loan? 

  • Go to the Fullerton India official website and select ‘Business Loan' from the menu. 
  • Select ‘Apply Now' from the drop-down menu. 
  • Select the type of loan you want (a Business Loan or an SME Loan based on your need). 
  • Fill in your personal information (name, email address, etc.) and upload the required papers. 
  • Fill in the loan amount and the repayment period. 
  • You will learn whether the lender is interested in evaluating your business loan application based on the information you give. 
  • If your company loan application is approved, you will be issued a reference number, which you must keep secure for future use. 
  • If any additional information is required, a representative from the lending firm will contact you later. 
  • The business loan will verify the application form and the documentation. If all of the information provided is correct, the lender will authorize your application for a business loan, after which you will be offered a customized offer on the loan amount and interest rate. 
  • If you agree to all of the terms and conditions, the funds will be transferred to your bank account right away. 
  • You can apply for a business loan from Fullerton India offline by bringing all of the required documents and the application form to the local Fullerton India branch. You will be assisted with the application procedure by a representative from the loan company. 

Conclusion: 

To sum up, the Fullerton India business loan is one of the popular business loans available in the market. You can get some extra benefits on Fullerton business loans and low business loan interest rates with Afinoz. We hope you got the information you were looking for. 

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