Figuring out how to go about borrowing a personal loan can an overwhelming process. You need to carefully pay attention to every aspect, to ensure you don't overlook anything. This article outlines all of the components that obtaining an INR 7 lakh personal loan encompass. Read ahead to get a better understanding of how this will fit into your financial needs.

Eligibility for Availing INR 7 Lakh Personal Loan

The applicant's age, minimum monthly income, CIBIL score, debt-to-income ratio, etc. are all eligibility conditions for obtaining a personal loan. It is mandatory to check all requirements before you can make an application.

  • Your age must be between 21 and 60.
  • You must be either salaried or self-employed.
  • Your monthly income must be at least INR 20,000 if you live in any city other than Mumbai and Delhi.
  • Your monthly income must be at least INR 25,000 if you live in Mumbai or Delhi.
  • Your CIBIL score must be 750 or above.

You can also use this Personal Loan Eligibility Calculator to quickly see if you meet the requirements.

Personalisation Interest Rates and EMI

Once you have cleared the eligibility criteria, move on to deciding the particulars of your personal loan. 

The fundamental components of a personal loan are the loan amount, interest rate, loan term, and EMI. In this example, we're discussing a loan amount of INR 7 lakhs. Credit score, applicant age, occupation, and repayment capacity are all factors that influence personal loan interest rates. The typical interest rate ranges from 11.99%* to 36%* per annum. The applicant chooses the loan tenure, and the exact interest rate is calculated based on the loan amount and tenure. The average loan term ranges from 12 to 60 months.

The EMI for a loan of INR 7 lakhs with a term of 52 months and an interest rate of 11.99%, for example, would be INR 17,326. Try out this personal loan EMI calculator to determine what your EMI will be based on your specifications.

Documents Required for Personal Loan

Here are the basic documents required for a personal loan. Make sure to have digital soft copies of these documents all in one place, so that you can save time while applying.

  • PAN Card
  • Aadhaar Card (Identity proof)
  • Passport (Signature proof)
  • Electricity bill (Address proof)
  • Past 6-month account statements

Apart from the documents listed above, there are additional specific requirements for salaried and self-employed individuals. Visit Fullerton India’s website here for the detailed list of documents required for a personal loan.

How to Apply for INR 7 Lakh Personal Loan?

Fullerton India’s application structure is optimised for a quick and smooth procedure for borrowers. After you have gathered all the documents, your personal loan is only a few clicks away, if you pass the eligibility criteria.  

Use “Apply Now” link to begin your application. Enter your mobile number and complete the OTP verification. After that, enter your loan requirements. The next step is to upload your documents, and then wait for an update from Fullerton India about the status of your loan approval. 

You can also check out Fullerton India’s concise guidelines on how to apply here. Scroll down and click on “How to Apply”, which is the last tab below the “Features & Benefits of Personal Loan” section.

Conclusion

Visit Fullerton India's website and go through the personal loan process to learn more. Furthermore, the loan is disbursed within 72 hours* following loan approval. Because the loan terms are flexible, you can select a loan repayment schedule that best meets your financial circumstances. Visit Fullerton India today, for FAQs, tools and calculators, and an overview of obtaining a personal loan.

Apply for Personal Loan

Reasons to buy

You can take our personal loan for a variety of reasons.

Wedding Expenses

Wedding Expenses

Higher Studies

Higher Studies

Exotic Vacations

Exotic Vacations

Hobbies

Hobbies

 

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