Get a Loan Up To Rs. 25 Lakhs Using Instant Personal Loan App

Jun 30, 2020

Why would one need a personal loan? Is the process of obtaining a personal loan any different from a business loan or even a housing loan? Is it simpler? Can it be obtained online through a personal loan app? Is there any personal loan eligibility calculator that lets us know immediately as to the maximum personal loan amount that we qualify for? If these questions have ever crossed your mind and always wanted to know how to get a personal loan, read on to find out more.

What is a Personal Loan?

In recent times there has been a trend to avail a personal loan, especially by the younger generation who have just started out professionally or are a few years in. So what exactly is a personal loan? Simply put, it’s a loan that’s used to fulfill one’s short term obligations, such as:

  • For Wedding ceremonies.
  • For enjoying a holiday, maybe abroad or within the country.
  • For one’s child’s education.
  • For any medical emergency.
  • To pay off existing debts/debt consolidation.
  • Towards home improvement activities such as buying new furniture or renovation.

The above examples are not an exhaustive list but a few examples of short term obligations. These loans, as specified above, are a go-to for most people, as it helps fulfill their wishes, be it purchasing the latest mobile phone, or paying fees for a part-time course.  All the above can be easily achieved by availing a personal loan. Availing of a personal loan today takes hardly a few hours, provided that you satisfy eligibility criteria and all your documentation is readily available.

Must Read: Types of Personal Loans in India

How to Get a Personal Loan of Rs 25 Lakhs*?

Now that we know what is a personal loan and the reasons for availing such a loan, let’s understand how to get a personal loan of Rs 25 Lakhs*. Please note that this is the loan amount you can be provided depends on several factors including

  1. Your monthly income.
  2. Your existing monthly obligations.
  3. Your CIBIL score - A score of 750 
  4. Bank account statements
  5. Employment history, etc.

Please note that to get a loan amount of INR 25 lakhs, you will need to score high on most of the points mentioned above. For instance, if your CIBIL score is less than 750 but you have a high monthly income and good employment history, you may still qualify for an INR 25 lakhs loan*. Similarly, Fullerton India offers loans up to INR 30 lakhs for professionals like doctors and chartered accountants.

Eligibility Criteria and Application Process

These days, one can easily avail of personal loans on a mobile, using an instant personal loan app. It’s that simple. All that is required by any institution providing loans would be to keep a digital copy/soft copy of certain documents to avail a personal loan online. The list includes:

  • Photo
  • ID proof, which includes PAN Card and Aadhar Card
  • Address Proof, which includes Passport Copy/Ration Card/Electricity Bill
  • Latest salary slip, as proof of income
  • Latest copy of Bank Statement

Using a personal loan eligibility calculator, one can easily ascertain the maximum loan amount that can be availed (up to some extent). Also, Instaloan app is one of the most user-friendly mobile apps that provide access to a wide range of Personal Loans anytime and anywhere to salaried borrowers. The app helps one to check their eligibility, submit an application, and perform various other functions pertaining to the application and management of personal loans. The app is compatible with iOS and Android phones. If you are self-employed and would like to apply for a personal loan from Fullerton India, you may do so by applying on our website online.

Fullerton India’s eligibility criteria are based on many factors such as monthly income, credit score, current monthly obligations/expenses (which include EMI’s on pre-existing loans, credit cards), location, employment history, residential status, etc. Your remaining income, after meeting all financial obligations should be at least 30% - 40% of your net monthly income. When you apply using the Fullerton India Instaloan app or online on our website and submit your application, based on the information provided by you, you will be given an instant approval on your eligibility for the loan you have applied for, based on which your application will be taken up for further processing.

Loan Repayment Tenure

The personal loan repayment tenure at Fullerton India is between a minimum of 12 months to a maximum of 60 months.

Interest Rates and Charges

The personal loan interest rate at Fullerton India starts at 11.99%, and thus eases one’s financial burden. Processing fees also will be charged ranging between 0% to 6% of the loan amount.

Must Read: Complete Guide About Fullerton India Personal Loan

Nowadays, some expenses are impossible to foresee. During such trying times, time becomes the most important factor. With Fullerton India, a Personal Loan is just a click away. It takes a few minutes to fill and get approval for your loan, as opposed to the traditional method that requires multiple meetings with the lender and mountains of paperwork. More importantly, you can get funds in your account within 24 hours, after your application has passed all the required steps of verification, and the loan agreement is signed and approved.

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