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We all have aspirations and dreams to accomplish and many a time it so happens that we end up compromising. Further, one of the biggest hurdles faced by women is raising funds for a business idea. The business idea could be as simple as ‘opening a small shop’ or getting involved in several other small activities.
In an unfortunate scenario, many firms refuse to give loans to women owing to their low income. Understanding these needs of women, Fullerton India offers Solidarity Group Loan which empowers rural women, who can form a group and avail the financial aid without worrying about their income. Our Solidarity Group Loan is a special offering for women that gives them an opportunity to pursue their dreams and become financially independent.
An additional benefit that the Solidarity Group Loan customers can enjoy is the Top-Up Loan. Customers who want to expand their business or may require a certain amount for an emergency
can apply for Fullerton India’s Top-Up Loan. You can avail an amount of INR 4000 or INR 7500.
Small Amounts Offered
The Solidarity Group Loan offers an amount from INR 22,000 to 45,000
The tenure of the loan is in the range of 18 to 24 months
Especially For Women Only
The special loan can be easily availed only by women
No Collateral Required
Women can apply for the loan without worrying about providing a security
Interest Rate Rationale
The interest rate for Solidarity Group Loans ranges from 24.5% to 27% 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.
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