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Published on Jul 28, 2021Updated on Oct 28, 2022
There may be unforeseen times in your life when you may be in need of a sizable amount of funds at short notice. Generally, under such circumstances, you have two options that may be available if you are looking to raise funds via banking channels.
You may either opt for a personal loan in India or choose the overdraft facility if you have a current account in your bank. However, there may be a cap applicable on the amount of funds you can borrow via the overdraft facility.
When it comes to a choice between a bank overdraft vs. a personal loan, which one should you go for? Understanding the distinctive differences between the two products can help in your decision-making process. Alternatively, there are a number of bank overdraft vs. loan that you can use to simplify the experience.
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If you have decided to go with a personal loan, the first step involves successfully meeting all the parameters of the personal loan eligibility requirements. These include:
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Moving on to the next stage involves:
1. Filling Out the Application Form: Click on the “Apply now” button on this page where you will find a dedicated application form for Personal loans. Fill out all the relevant and mandatory sections with information that is accurate to the best of your knowledge.
2. Document Submission: You will be required to submit minimal paperwork to avail of a personal loan from Fullerton India. The list of personal loan documents include:
If you are self-employed, you will need to submit one or more of the following:
The process of documentation can be carried out completely online.
3. Loan Amount Disbursed: Select your required loan amount simultaneously with your paperwork. The Fullerton India personal loan team will review and verify your application form, paperwork and run a credit check on you. Depending on the success of the verification checks, they will get in touch with you to discuss terms. After the loan agreement is signed. a sanction letter will be emailed to you, and the required funds will be transferred to your account.
Generally, after loan approval, funds transfer can happen within a few hours. The entire process from application to disbursement, providing everything is in place, usually takes 1-2 working days.
The difference between overdraft and personal loan using apps is evident. However, the route of funds that you opt for will take the primary situation into consideration along with these key points of differentiation.
However, if you still have questions, feel free to get in touch with our friendly Fullerton India customer care team on the toll-free number 1800 103 6001. Alternatively, you can email us at [email protected] for more information.
Due to the current COVID-19 pandemic restrictions, our offices are running at minimal capacity. Due to this, some of our processes may take a bit longer than usual. Please give us a few days to get back to you.
*Terms and Conditions apply. Loans are disbursed at the discretion of Fullerton India.