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Overview

At any point in life, we can face a dearth of funds to meet immediate financial emergencies or obligations that are unforeseen and unexpected. When it comes to the informal business sector, and small-scale companies that constitute much of the economy, the payment for the goods or services provided is usually irregular and erratic. However, in the case of inability to deal with working capital needs and cash flow fluctuations due to such sporadic payments can cause discrepancies in the functioning of the business or can lead to stagnation in growth and progress.On the personal front, we often face circumstances where we are in dire need of funds on an urgent basis - such as wedding expenses, medical emergencies, school fees, and so on.We at Fullerton India understand such needs, and would like to partner with you and help meet your financial needs and objectives and become a part of your life’s journey.

What are Short-Term Personal Loans

Short term personal loans are loans which can be repaid within a period of 1-2 years. Short term personal loans are unsecured loans. Thus, there is no requirement to post any collateral as security. These funds are quickly credited to your account after the loan gets approved. However, the term "short term" is not attributed to the speed of dispensation of funds but the limited tenure for repayment.

Eligibility

The personal loan eligibility for a small personal loan is listed below:

  • You must be a resident of India
  • Your professional experience should have lasted a minimum of one year
  • You must be currently employed for at least 6 months
  • You must be in employment with a private limited company or public sector undertaking (including central, state, and local bodies).
  • Your age must be between 21 and 60 years.
  • Your minimum income should be 20,000 per month. However, if you reside in the metros of Delhi or Mumbai, your monthly income must be at least Rs 25,000.

Documentation

We, at Fullerton, strive to dispense short-term personal loans quickly with the minimal and necessary documentation. Documentation for short-term personal loans can be broadly classified as income proof, proof of identity, and your credit history.

  • Filled personal loan application form with your recent photograph
  • Any proof of identity whether voter ID card, driving license, PAN card or passport copy
  • Any address proof (ration card, telephone bill, rental agreement, passport copy, driving license, bank passbook or statement, or electricity bill)
  • Any proof of age (PAN card, passport, or certificate from a statutory authority)
  • You bank statements or bank passbook with records of the last six months OR your salary slips from the previous three months
  • Form 16
  • Processing fee cheque
  • Income tax returns

Interest Rates

At Fullerton, we offer competitive interest rates so you can fulfil your financial obligations, goals, and objectives at a minimal cost. The income rates range from 11.99% to 36%. The rates may vary based on several factors such as net income, soundness, and validity of documents, existing monthly obligations, credit rating, business stability, credit history, etc.

How to Apply

You can opt for a short-term personal loan by clicking on the "Apply Now" button on the top-left corner of the home page. Here, you're required to fill some mandatory fields. On the completion of the form, you will be asked to upload some necessary documents. Once the documents are submitted, you'll be instantly informed if your profile fits with the organisation’s policy, and if Fullerton India will take your application for further processing, A customer service representative will get in touch with you. Based on the validity and soundness of the documents and the loan policy at the time of the application, we'll ensure quick disbursal of funds to your account as smoothly as possible. If you would like to know more, you are always welcome to give us a call or walk into any of our branches, and we would be happy to assist you.

FAQs

What are the benefits of a short-term personal loan over 'cash advance' on a credit card?

When you use your credit card to withdraw cash, the interest rates on the withdrawal can be phenomenally high. The rates can extend up to 36% on an annual basis. You can also expect transaction costs levied on withdrawals from ATMs. A short-term personal loan from Fullerton offers you customized repayment plans designed in consultation with you. Also, we'll provide you with a robust and predictable repayment plan so you can plan your finances and avoid being overburdened with financial obligations.When you use your credit card to withdraw cash, the interest rates on the withdrawal can be phenomenally high. The rates can extend up to 36% on an annual basis. You can also expect transaction costs levied on withdrawals from ATMs. A short-term personal loan from Fullerton offers you customized repayment plans designed in consultation with you. Also, we'll provide you with a robust and predictable repayment plan so you can plan your finances and avoid being overburdened with financial obligations.

Can I foreclose or prepay my Personal loan?

Yes, you can prepay the amount before the tenure of the loan. However, foreclosure is subject to foreclosure fees and charges.

You can talk to our customer service representative and place a formal foreclosure request via phone, via mail or by raising a request through the customer service portal/mobile app. And you'll always be welcomed if you intend to visit any of our branches for the request mentioned above.

* Terms and conditions apply
** Subject to foreclosure charges. Terms and conditions applicable.

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