Our personal loan interest rates start at 12.99% for salaried and self-employed applicants. Depending on our policy at the time of loan application, your requirement and profile, we decide the best personal loan rates applicable. The interest rates and processing fee (Between 0% - 6% of the loan amount) make up for the total cost of the loan. Please do note that the exact interest rate applicable to you would also depend on the loan tenure you select (between 12 - 60 months) and the loan amount requested. You can then draw your monthly budget accordingly so that it is possible to pay the EMIs with ease.
At Fullerton India, we value your ambitions and expectations. We will quote a suitable rate of interest that you can afford. We provide instant decisions in loan eligibility after online application, and communicate the fees and charges upfront and maintain transparent procedures. When you choose Fullerton India as your financial partner, you do not have to worry about hidden charges or fees.
Please see below, a complete list of personal loan charges and rates.
At Fullerton India, we bring you the best personal loan rates based on your individual and financial profile as well as your requirement. Apart from interest charges, we also charge processing fees and foreclosure charges are applicable in case of prepayment or foreclosure of the loan. Provided below is a brief snapshot of the current personal loan interest rates and the factors that influence its finalization.
|Personal Loan Interest Rate in India July 2020|
|Personal Loan Interest Rate||12.99% to 36%|
|Processing Fee||Between 0% - 6% of the loan amount|
|Loan Tenure||Up to 60 months|
|Lowest EMI Per Lakh||`2,275 for 60 months|
|Prepayment Charges||0% to 7%*|
Here’s a table of Fees and Charges to help you understand the same in detail,
There are a few personal loan charges to keep in mind. These, along with interest rates influence the total cost of the loan. Below enlisted is information on the applicable fees and charges.
|Fee Type||Applicable Charges|
|Delayed EMI Payment Interest
( per month of delay, every month)
|As stated under additional interest charge**|
|Collection of Cheque/Cash
|Cheque /ECS/NACH dishonoured Charges
(per dishonour of cheque/ECS/NACH per presentation)
|Swap Charges- for replacement of Post-dated cheques to ECS
|Swap Charges- for replacement of ECS to ECS
|Loan Cancellation charges
(loan cancelled before first EMI)
|Processing Fees||Between 0% - 6% of the Loan Amount|
|*Foreclosure charges/ pre-payment penalties shall not be charged on all floating rate term loans sanctioned to individual borrowers|
Summarized below are the foreclosure charges applicable if you wish to close your loan account before the end of the loan tenure.
|Foreclosure Charges||Personal Loan Salaried||Personal Loan Self Employed|
|0 to 6 EMIs fully paid||Not Allowed||Not Allowed|
|7 to 17 EMIs fully paid||7%||7%|
|18 to 23 EMIs fully paid||5%||5%|
|24 to 35 EMIs fully paid||3%||3%|
|36 or more EMIs fully paid||0%||0%|
|**Additional Interest (applicable for payment defaults):||Rate|
|**Additional Interest (applicable for payment defaults)||2% of overdue EMI per month calculated on a daily basis for both salaried and self employed personal loans|
The processing fee is up to 6% of the entire loan amount. This is a one-time fee which will be clearly mentioned in the loan agreement. This amount is the personal loan ROI for all the services including loan application, document verification, legal procedures, customer support, and other services involved in processing the loan.
We finalize the rate of interest after reviewing several factors related to the applicant. These factors include the applicant’s age, location, employment type, work experience, net income, existing monthly obligations, and more. The personal loan minimum interest rate is 12.99%*. The rates can go up to 36% depending on the applicant’s profile. To get the best personal loan rates, maintain a good credit score, clear the pending dues on EMIs, and make timely repayments on existing loans.
Fullerton India offers competitively priced personal loans to suit every customer’s needs. The personal loan interest rate is calculated based on several factors including your income source, employment or business stability, and existing monthly obligations. Our personal loan interest rates usually range between 12.99 - 36%, depending on your unique profile that gets generated after factoring in the aforementioned details.
To know more, please check the Interest Rates section. You can also get in touch with a customer care representative or email us at [email protected] to know more.
Fullerton India offers competitively priced personal loans to suit every customer’s needs. The personal loan interest rate is calculated based on several factors including your income source, employment or business stability, and existing monthly obligations.
* Terms and conditions apply
** Subject to foreclosure charges. Terms and conditions applicable.
Here are some articles which could help you understand us and our products better. Do share your comments and let us know what you think!