At Fullerton India we believe in the growth of your firm or company, therefore, we have come up with Fullerton India Hypothecation Loan. This loan is beneficial for manufacturing and processing industrial units to meet their need for establishing new plants and purchase of machinery. The loan could be considered against the hypothecation of plant and machinery and finished/semi-finished goods. Wherever possible, land and building owned by the applicant/borrower shall be taken as collateral security by way of mortgage.
No prepayment penalty
You can close the loan at any point of time as there is no prepayment penalty on pre closure.
Convenience
A wide variety of equipment covered for funding including Agri & Farm, Power, Irrigation, medical equipment, MSME equipment, etc.
Flexible repayment schedule
The maximum repayment period is up to 7 years
Complete Transparency
No hidden charges and you can get funding up to 75% of your asset cost.
These are the eligibility criteria you must fulfil before availing this loan:
The interest rate for Hypothecation Loans ranges from 22% to 32% per annum
Fullerton India Credit Company Limited
Policy for Determining Interest Rates, Processing & Other Charges
Reserve Bank of India ( RBI) had vide its Circular DNBS / PD / CC No. 95/ 03.05.002/ 2006-07 dated May 24, 2007 advised that Boards of Non-Banking Finance Companies(“NBFC”) to lay out appropriate internal principles and procedures in determining interest rates, processing and other charges. Further, vide circular DNBS (PD)C.C. No. 133 /03.10.001/ 2008-09 January 2, 2009, RBI advised the NBFCs to adopt appropriate interest rate models taking into account relevant factors and to disclose the rate of interest, gradations of risk and rationale for charging different rates of interest to different category of borrowers.
Keeping view of the RBI Guidelines as cited above, the following internal guiding principles and interest rate model are therefore laid out by the board of Fullerton India Credit Company Limited (the “Company”). This policy should always be read in conjunction with RBI guidelines, directives, circulars and instructions. The Company will apply best industry practices so long as such practice does not conflict with or violate RBI guidelines.
The policy of the Company for determining Interest Rates, Processing and Other Charges is as follows:
Interest Rate :
Penal Interest /Late payment charges
Processing /documentation and other charges
All processing / documentation and other charges recovered are expressly stated in the Loan documents. They vary based on the loan product, exposure limit, customer segment, geographical location and generally represent the cost incurred in rendering the services to the customers. The practices followed by other competitors in the market would also be taken into consideration while deciding the charges.
Others
The interest rate models, benchmark prime lending rate (BPLR) and other charges applicable shall be reviewed by the Empowered Committee periodically and suitable recommendations will be made to the Board.
Fullerton India Credit Company Ltd offers competitive annualized interest rates across its range of products. The interest rates* for our loan products vary and are based on the following:
*The interest rate would be computed on daily balances basis and changed on monthly rest at the rate as set out in the loan agreement. The interest rate range is indicative and the final rate is arrived at basis (a) Profile of Customers (b) Tenure of the Loan(c ) Geography of residence (d) Nature of Collateral (If provided (e) Prior / existing relationship with Fullerton India. Interest rates are subject to change at any point of time at the sole discretion of FICCL
Here’s a table of Fees and Charges to help you understand the same in detail,
|
Type of Fees |
Charges Applicable |
|
Delayed EMI Payment Interest ( per month of delay, every month) |
As stated under additional interest charge* |
|
Cheque /ECS dishonoured Charges (per dishonour of cheque/ECS per presentation) |
30 |
|
Swap Charges- for replacement of Post-dated cheques to ECS (per instance) |
500 |
|
Swap Charges- for replacement of ECS to ECS (per instance) |
500 |
|
Loan Cancellation charges (loan cancelled before first EMI) |
5000 |
|
Processing Fees |
An amount not exceeding Three (3) per cent of the Loan Amount sanctioned |
|
CERSAI charges |
For loan amount less than/equal to 5 Lacs, deduction will be 110/- per collateral |
*Additional Interest (applicable for payment defaults):
on the Principal amounts outstanding under the Loan payable from the relevant due date until the date of actual payment / rectification of default.
**Additional Interest (applicable for payment defaults) 0.75% per month on the outstanding principal loan amount (for both salaried and self-employed Personal Loans).
***Additional Interest (applicable for payment defaults) An amount not exceeding zero point five(0.5) per cent per annum on the Principal amounts outstanding under the Loan payable from the relevant due date until the date of actual payment / rectification of default.
Rate of interest conversion fee - an amount not exceeding one (1) per cent of the loan amount sanctioned ( Loan Against Property/LRD)
|
Within 6 months from the Agreement Date |
5.00% |
|
Within 7 months to 12 months from the Agreement Date |
5.00% |
|
Within 13 months to 24 months from the Agreement Date |
5.00% |
|
Within 25 months to 60 months from the Agreement Date |
4.00% |
|
Within 61 months to 84 months from the Agreement Date |
3.00% |
|
After 84 months from the Agreement Date |
3.00% |
Loans Against Property/LRD Part Pre-Payment Charges
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