Blog #Fullerton India Personal Loan

Most people prefer taking personal loans in emergencies as they can be used for various purposes and helpful people in more than one way. There are several schemes offered on personal loan which the people can avail. The private and public banks grant personal loans to their customers. Personal loan calculator is an online tool that can help the borrower in calculating the loan amount. The internet rate on the personal loan depends upon the credit score of the applicant. A credit score of 750 or more and many more documents as required by the lender. One can choose from a wide range of options to get the best possible deal on the personal loan from various financing companies. One can also avail a wide range of schemes offered by the financing companies on the personal loan. 

Below are the important points mentioned to consider while taking a personal loan:- 

• Rates Of Interest:- may vary greatly on the bank and non-banking financing company (NBFCS). One should compare different financing companies online before applying for a personal loan. Make sure to always compare other options and get the lowest possible interest rate deal. 

• Assess All Costs:- One should check the processing fees, prepayment fee and late payment fee. One should make sure to check all the fees involved carefully while applying for a personal loan from the financing companies. This can help you get the best possible option and save a lot of money. It is always recommended to check all the costs involved while taking a personal loan.

• Compare And Choose The Tenure:- one should never forget to select a proper tenure as per convenience. It is recommended to select the loan tenure according to the financial condition. While applying for a personal loan, make sure to compare different options and check with all the financing companies. The lower the interest rate charged, the shorter the tenure.. Moreover, one should select a tenure plan according to financial conditions to avoid future debts. 

• Check For The Foreclosure Charges:- Sometimes, many applicants wish to pay the loan before time. Prepayment of loan can be chargeable. One should always look for the prepayment charges at various financing companies before applying for a personal loan. Checking the prepayment charges can be beneficial to avoid future loss. 

• Check The Agreement Paper:- one should always make sure to read the agreement paper of the loan carefully before signing it. Reading the agreement paper may help you in avoiding any kind of future loss. Reading all the pointers mentioned in the agreement paper is very important, and it may save you from losses. 

• Monitor Your Credit Score:- Monitoring your credit score is very much important. One should keep maintaining a good credit score to get extra benefits such as low-interest rates. Many lenders look at the borrower's profile carefully before lending them the loan. While availing of personal loans, maintaining a good credit score above 750 is necessary. 

Fullerton India personal loan can be applied online as well as offline with the minimal documentation process. The bank also offers a very flexible loan tenure. The applicant can choose the loan tenure as per convenience. A personal loan is ideal for emergencies. It has helped many people in rural as well as urban India. A personal loan has become a boon to people all over the country. One can avail of personal loans in times of emergencies from any financing companies. For avoiding any kind of loss, one should never forget to check and compare different lenders options. In the above article, important points are mentioned about personal loans. One can refer to the above article to know more about a personal loan. 

WHAT IS A PERSONAL LOAN?
A personal loan is an amount of money that a person takes from the bank for his/her personal use like marriage, vacation, holiday, getting a new home, renovating the old home and much more. After following the procedure and verification of the documents, the loan is approved by the bank, and the amount is finally credited to your bank account. After getting the amount, you can use it for your purpose.

HOW TO APPLY FOR A PERSONAL LOAN? 

If you are thinking to apply for a personal, you have to follow the following steps: - 

• Check your credit score- before applying for any loan; you need to check your credit score. More the credit score, the lesser the interest rate. An ideal credit score is around 701. You can maintain your credit score by paying the EMIs of the existing loans and all other debts on time.
  
  
• Compare the interest rates- Interest rates, the amount of your EMIs depend on the interest rate. You can check the interest rates offered by different banks on their websites. Some banks offer high interest rates, while others offer lower interest rates. You can check the amount of EMI that you would have to pay after taking the loan with the help of a Personal loan EMI calculator.
  
  
• Check the eligibility- After comparing the interest rates and other things, you can finally choose the bank you want to take a loan to. After selecting this, you can check the eligibility criteria of the banks, which too is given online on their websites.
  
  
• Fill up the form- After checking the eligibility and having done with the research, you can finally fill up the available online form. You need to fill in your details in that form like your personal details, financial details and employment details.
  
  
• Get the documents- After filling up the form, check the documents that are required. Collect your documents and then upload them to the bank’s website, or you can also go to your nearby branch of that bank.
  
  
• Verification process- After completing all the steps, the bank will verify and cross-check your personal and financial details and various other things, like your credit score, documents, etc. Once the verification is completed, the amount of money will be finally transferred to your bank account in a short period of time. 

REPAYMENT OF A PERSONAL LOAN: - Once your loan is approved, and everything is done successfully, there comes the repayment of the loan. You have to return the amount that you have taken and that too with interest.  Following are the ways by which you can repay your personal loan quickly: - 

1. Foreclosing your personal loan: The personal loan is often used to fulfil short term financial debts. You can foreclose your personal loan if you have sufficient funds to do that. You can do this as soon as your lock-in period of the loan is over. But you may have to pay a penalty charge. Also, the prepayment on your loan saves a lot of interest, but at the same time, it lessens your financial burden.
   
   
2. Repay quickly on a higher interest:  You can take up this option when you have other existing loans on lower interest rates. You can pay your personal loan at a higher interest rate. Also, prioritizing debt is a smart way of ensuring that you repay it quickly.
   
   
3. Go for Debt Consolidation Loans: When you are struggling with the monthly EMIs and have multiple debts, you can go for debt consolidation loans to ensure that you are not lagging in paying your personal loan too often.
   
   

Different banks provide impressive interest rates on their personal loans. The interest rates of  Fullerton India Personal Loan ranges from 11.99% - 36%. There is also a processing fee. You can easily apply for a Fullerton India personal loan online on their website. After the approval of your loan, the amount will be a credit to your account within 30 minutes.

Also read this: Advantages of having a low-interest Personal Loan 

First of all, a personal loan is an unsecured loan which means no collateral is required. According to the RBI, personal loans account for 35% of total bank credit. A personal loan is the amount of money which we borrow from the bank to fulfill some of our needs or some luxuries like buying a car, going on a vacation. All the terms and conditions of the personal loan, every person needs to check. Which always allows the person to do so without paying the penalty amount for the foreclosure of the loan. The first question that arises to our mind before taking a loan is what would be the interest rate, what will be the tenure? So to answer this we can take help of the Personal EMI Loan Calculator.

So let’s talk about the advantages of a personal loan -

Interest Rates : 

As compared to secured loans, personal loans have a higher rate of interest but with collateral attached. And the interest rate is much lower than the interest charged by a private moneylender.

No Restriction : 

So there is no restriction on how the funds are spent. 

Tenure : 

The repayment of the loan can be extended up to 60 months. And you can also choose the tenure, depending on your needs.

No Collateral Required : 

It is one of the greatest advantages that collateral is not required for a personal loan.

Short Procedure : 

The documents required for a successful personal loan are very few. Some bank account statements and KYC details are only required.

Down Payment : 

If you have a big expense coming so you can always take a personal loan to pay the down payment. 

Fullerton India Personal Loan : 

You can apply for Fullerton India Personal Loan online or on their website. And there’s an instant disbursal which means that your loan will be approved in just 10 seconds if you are a premium customer.

Easier to Manage : 

Personal loans are very easy to manage. It helps to consolidate debts in case of multiple credit card accounts. A personal loan with a fixed interest rate and fixed tenure is much easier to manage than different credit card accounts with variable interest rates and tenure.

Medical Emergencies : 

There can be several times when your loved ones could be fighting for their lives but a due shortage of money they are not able to pay for the hospital. In that case, a personal loan can always help you save your family. 

Customized Plans : 

Many banks like Fullerton India Bank have specific personal loans according to your needs like Wedding Loan, Home Renovation Loan, etc. These loans are exclusively designed for the concerned need.

As discussed above, all of these are advantages of a personal loan. But there are also some disadvantages of personal loans. Like a person having a low credit score will have to pay a much higher interest rate. And also personal loans can always increase your debts.

Conclusion -

So, is it a personal loan for you? Yes, a personal loan comes with so many advantages, and obviously, it helps you with funds and fulfills your needs. But always, before accepting any personal loan, always check the interest rates and tenure period with the help of the Personal Loan Calculator to determine whether you can afford the monthly payments that you’ll be supposed to pay to the bank. And always find the best deal which is suitable to your needs and by checking all the options available in the market.