Fullerton India

Fullerton India Business Loan

Years

Apply Fullerton India Business Loan @ 18%
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Interest Rate

18%-%

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Processing fee

Upto 1.50%

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Loan Tenure upto

3 years

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EMI per Lakh

3,615

About Fullerton Business Loan

Fullerton India Credit Company Limited (Fullerton) was launched in India in January 2007 as a fully-owned subsidiary of Fullerton Financial Holdings Pte Ltd to cater to business and consumer loans. Fullerton Financial Holdings Pte Ltd is itself a wholly-owned subsidiary of Temasek Holdings Pte Ltd, Singapore.

Fullerton specialises in SME financing by providing working capital loans to urban self-employed youth, rural microenterprises, rural housing, and loans for agricultural livelihood advancement. Apart from these Business Loans, Fullerton provides loans for commercial vehicles, two-wheelers, personal loans, home improvement loans, and loans against property for business and personal purposes.

Business owners will appreciate that lack of adequate financing options at the appropriate time can prove to be a significant hindrance in their growth. Fullerton Business Loan is the perfect remedy for business entities to satisfy their working capital and short-term finance requirements.

Fullerton caters to all types of industries by taking care of their essential requirements such as the provision of capital assets or meet miscellaneous industrial expenses. Fullerton Business Loans help small and micro enterprises to capture every business opportunity that comes their way. These Business Loans allow the business entities to focus on their activities while Fullerton looks after their financial needs.

Why Choose Fullerton Business Loan?

Choosing Fullerton Business Loans has the following benefits:

  • Adequate and timely finance: Get up to a maximum of 50 Lakhs to meet your business requirements like working capital and procuring fixed assets necessary for the business.
  • Flexibility: Fullerton Business Loans are renowned for their flexibility in tenure. You can repay the loan in up to 20 years.
  • Attractive interest rates: Fullerton Business Loans are available at competitive and attractive interest rates.
  • Minimum documentation: Get the advantage of the hassle-free documentation process and speedy disposal of loan applications.
  • Collateral-free: Business entities do not have to hypothecate any of their assets or offer additional collateral.
  • Transparent processing: Fullerton provides business enterprises with the facility to check their eligibility and apply online.
  • Easy repayment schedules: Avail the benefit of easy repayment schedules and variety of repayment options such as ECS, post-dated cheques, and online payment.
  • Prepayment of the loan: Fullerton permits prepayment of the Business Loan at any time during its tenure.
  • Wide coverage: Fullerton covers more than 58,000 villages and 600 towns in India with its vast network of 616 branches and a dedicated workforce of more than 12,000 employees.

Fullerton Business Loan - Features and Benefits

Fullerton Business Loans come with various attractive features and benefits, such as:

  • A wide range of Business Loan products are available
  • Facility to apply for a Business Loan online
  • Check your eligibility online using Business Loan eligibility/EMI calculator
  • Easy eligibility norms
  • Existing borrowers get additional benefits
  • Maximum loan amount of 50 Lakhs for meeting working capital needs
  • Attractive SME loan solutions available for businesses with turnover more than 30 Crores
  • Finance available for medium-term working capital requirements
  • Easy repayment options
  • Flexible tenure depending on the nature of your business
  • Attractive and reasonable interest rates
  • Simple documentation procedure
  • Quick sanctions and disbursals
  • No need for collateral
  • Online loan tracking
  • Prepayment or foreclosure of loans allowed

Fullerton Business Loan - Rate of Interest

The interest rates for Fullerton Business Loans are linked to the FICCL retail prime lending rate (RPLR) which is currently at 19%. The rates of interest applicable to Fullerton Business Loans are in the range of 13% to 16% p.a. Women beneficiaries get concessions in the rates of interest.

The rates of interest on loans to commercial vehicles are between 12% and 26% depending on the credit rating of the borrower.

The Solidarity Group Loan attracts rate of interest in the range of 24.5% to 27%.

Types of Fullerton Business Loans

Fullerton offers a variety of Business Loans depending on the business activity. There are two categories of Business Loans provided by Fullerton.

Self Employed Persons

S. No Type of Business Loan

1

Business Loan for Self-Employed

2

Business Loan for Women

3

Business Loan for Doctors

4

Business Loan for Chartered Accountants

5

Growing Enterprise Loan

6

Loan for Commercial vehicle

7

Solidarity Group Loan

8

Samriddhi Loan

Fullerton Business Loan for Self-employed persons

Business Loan for Self-employed

Loan Parameter Details

Eligibility

  • Minimum age: 27 years (relaxation of 2 years for non-professionals)
  • Maximum age: 65 years at maturity of the loan
  • Business turnover: Between 10 Lakhs and 100 Crores
  • The business should show a profit for the last two years
  • IT returns should reflect taxable income exceeding 2 Lakhs per annum

Nature of Facility

Term Loan

Loan Purpose

Meet working capital requirements and other short-term or medium-term business requirements

Loan quantum

Maximum amount 50 Lakhs

Collateral

No collateral

Repayment Schedule

EMI for a maximum of 48 months

Rate of Interest

13% to 16% p.a.

Processing Fee

Up to 6.5% of the loan amount

Business Loan for Women

Loan Parameter Details

Eligibility

  • Women beneficiaries who are self-employed can avail of this unique facility
  • All other eligibility norms are the same as applicable for general Business Loans

Nature of facility

Term Loan

Loan purpose

Start a new business venture or improve current business activity

Loan quantum

Maximum amount 50 Lakhs

Collateral

No collateral

Repayment schedule

EMI for a period ranging between 12 and 48 months

Rate of interest

Concessional rates of interest applicable to women beneficiaries

Processing fee

Up to 6.5% of the loan amount

Other facilities

Insurance cover available for the loan amount

 

Business Loan for Doctors

Loan Parameter Details

Eligibility

  • Minimum age requirement is 27 years with the maximum age not exceeding 65 years at loan maturity
  • Practising medical professional

Nature of facility

Term Loan

Loan purpose

  • Set up own clinic or upgrade existing one
  • Purchase medical equipment
  • Other financial needs related to medical practice

Loan quantum

Maximum amount 35 Lakhs

Collateral

Collateral is not necessary

Repayment schedule

EMI with a repayment tenure varying from 12 to 48 months

Rate of interest

13% to 16% p.a.

Processing fee

Up to 6.5% of the loan amount

Business Loan for Chartered Accountants

Loan Parameter Details

Eligibility

  • Practising chartered accountant
  • Minimum age should be 27 years with a maximum of 65 years at the time of maturity

Nature of facility

Term Loan

Loan purpose

Working capital loan to extend office premises and purchase office equipment

Loan quantum

Maximum amount 50 Lakhs

Collateral

No collateral

Repayment schedule

EMI ranging from 12 to 48 months depending on your preference

Rate of interest

13% to 16% p.a.

Processing fee

Up to 6.5% of the loan amount

Growing Enterprise Loan

Loan Parameter Details

Eligibility

  • Existing and new customers are eligible
  • Minimum age 27 years
  • Maximum age 65 years at maturity

Nature of facility

Term Loan

Loan Purpose

Short-term business requirements of growing enterprises

Loan quantum

Minimum: 50,000

Maximum: 2,50,000

Security

Hypothecation of articles purchased

Collateral

Two guarantors with net individual worth twice the loan amount

Additional documents

  • KYC documents, income proof, and photographs of guarantors
  • Income proof, IT return, financial statements, sales tax return of borrower
  • Quotation for articles to be purchased

Other facilities

  • No income documents for loans up to 1,50,000
  • Doorstep Cash repayment facility available
  • No post-dated cheque required

Loan for Commercial Vehicle

Loan Parameter Details

Eligibility

Self-employed person involved in transport business

Nature of facility

Term Loan

Loan purpose

  • Purchase of transport vehicle including light commercial vehicles
  • Purchase of heavy vehicles like trucks or tippers
  • Purchase of second-hand commercial vehicle
  • Refinance of a commercial vehicle already purchased
  • Repurchase of commercial vehicle

Loan quantum

Minimum loan amount is 1 Lakh

Security

Hypothecation of vehicle

Repayment schedule

Convenient EMIs

Rate of interest

12% to 26% depending on the track record of the borrower

Processing fee

Up to 2% of the loan amount

Solidarity Group Loan

Loan Parameter Details

Eligibility

  • Available to women beneficiaries belonging to self-help groups
  • Minimum two groups required
  • Minimum number of members in each group should be 3 with a maximum of 6.

Nature of facility

Term Loan

Loan purpose

Meet any business requirement like setting up a small shop or do other business activities

Loan quantum

  • Minimum amount 22,000
  • Maximum amount 45,000
  • Top up facility available for amounts ranging from 4,000 to 7,000

Collateral

No Collateral

Repayment schedule

18 to 24 months

Rate of interest

24.5% to 27%

Samriddhi Loan

Loan Parameter Details

Eligibility

  • Available only to customers who have availed Solidarity Group Loan
  • Should have a healthy record of repayment

Nature of facility

Term Loan

Loan purpose

Continue meeting business requirements

Loan quantum

  • Minimum 35,000
  • Maximum 75,000

Collateral

No collateral

Repayment schedule

EMI for a period ranging between 12 and 36 months

Rate of interest

Same as that of Solidarity Group Loan

Other benefits

  • Pre-approved loan up to 60,000 available for borrowers with a good repayment track record
  • Loan available over the telephone

Small and Micro Enterprises Sector

  • There are six categories of Business Loans to the SME sector
  1. SME Loan
  2. SME Loan for Women
  3. SME Loan for Traders
  4. SME Loan for Manufacturers
  5. SME Loan for Doctors
  6. SME Loan for Commercial Vehicle
  • The products are similar to Business Loans for self-employed persons
  • The purpose of the loan is meeting the business requirements of the concerned borrowers
  • The turnover should be more than 30 Crores for being eligible for SME loan
  • All other features, including the rate of interest, remain the same

Documents Required Fullerton Business Loan

Applying for a Fullerton Business Loan through MyMoneyMantra has its benefits because our representative will guide you through the application process.

The documents necessary when applying for a Fullerton Business Loan are as follows:

  • Loan application form completed in all respects along with a recent photograph
  • Identity proof documents can be any one of: Passport, Voter ID Card, PAN Card, or Driving Licence.
  • Proof of address (any one of): Ration Card, Electricity Bill, Telephone Bill, Rental Agreement, copy of Passport, Driving Licence, or bank passbook/statement.
  • Proof of age (one of the listed documents): PAN Card, Passport, or certificate issued by a statutory authority.
  • Bank account statements for the previous two quarters or last three months salary slips
  • Form 16
  • IT Returns for the last three years
  • One signed cheque for payment of processing fee

Additional documents required for Business Loans

  • Profit and Loss Statements and Balance Sheet for the previous three years
  • Proof of the existence of business

Digital copies of the documents are necessary for uploading online after completing the loan application formalities.

Fullerton Business Loan - Eligibility

The eligibility norms are different for each loan depending upon the product and nature of facility. However, some of the common factors concerning eligibility are as follows:

  • The minimum age of a borrower is 27 years whereas the borrowers should not be more than 65 years old at the time of the maturity of the loan.
  • The annual turnover for a running business should be between 10 Lakhs and 100 Crores
  • Self-employed professionals should submit proof of their professional qualifications
  • The business concern should be in continuity for the past 3 years and a profit-making one for the last 2 years with the taxable income exceeding 2 Lakhs for the last 2 years.

Factors That Affect Eligibility for Fullerton Business Loan

Fullerton Business Loans have relaxed eligibility norms. Factors like age of the borrower, income generation capacity, relationship with Fullerton, and credit score can affect the eligibility for Fullerton Business Loan.

  • Age: The minimum age for applying for Fullerton Business Loan is 27 years. The company grants 2-year relaxation for non-professional borrowers. In any case, the maximum age of the borrower should not exceed 65 years at the time of maturity of the loan.
  • New business: Fullerton Business Loans are available to enable applicants to start a new business.
  • Existing business: Existing businesses can also apply for financial assistance from Fullerton. The eligibility criteria for existing businesses are that the annual turnover should be more than 10 Lakhs and that the company should show positive growth for the previous three years. The income tax returns should reflect a minimum taxable income of 2 Lakhs.
  • SME Loans: Business entities having annual turnover more 30 Crores are eligible for SME Loans.
  • Existing relationship with Fullerton: Fullerton has specific loan products for existing Fullerton customers alone. Such customers get additional facilities. Samriddhi Loan for women beneficiaries is a striking example where existing borrowers with good repayment track record get pre-approved loans worth 60,000.
  • Credit score: Having a good credit rating is essential for all kinds of Fullerton Business Loans. Fullerton checks out the credit rating of applicants at the time of loan appraisal.

Tips to Increase Fullerton Business Loan Eligibility

  • Improve your credit score: Improving your credit score should help to enhance your chances of being eligible for Fullerton Business Loan. It involves repaying your existing loans on time without any default. Setting up automatic repayment instructions can help prevent defaults. It can improve your CIBIL score significantly.
  • Keep all documents handy: Fullerton seeks minimum documentation when applying for their Business Loans. Keep your KYC and income documents ready for uploading online, as Fullerton accepts online applications.
  • Maintain a healthy relationship: Maintaining a good relationship with Fullerton improves your chances of availing further financial assistance from them quickly.

Why Apply for Fullerton Business Loan on MyMoneyMantra?

Applying for a Fullerton Business Loan on MyMoneyMantra makes it easy for you in many ways.

  • We provide the best advice in such matters, as our credit experts have decades of experience in dealing with credit matters.
  • Visit our website and apply for the Business Loan from the convenience of your home
  • Our representatives will assist you with the documentation and arrange for pickup of the same from your residence.
  • Above all, our services are available free of cost

How to Apply for Fullerton Business Loan?

Applying for a Fullerton Business Loan is easy.

  • Online application: Visit the official website of Fullerton and apply online. Click on the "Apply Online" option and fill in your details. Fullerton's representative will call back to complete the formalities. Instant approval facilities are also available. Fullerton facilitates online tracking of the Business Loan application.
  • Through MyMoneyMantra: Applying for Fullerton Business Loan through MyMoneyMantra is also possible.

How to Apply for Fullerton Business Loan on MyMoneyMantra?

  • MyMoneyMantra does not have any subsidiary. Hence, ensure to visit the official website of MyMoneyMantra to apply for Fullerton Business Loan.
  • Select the Business Loan tab from the menu bar
  • Submit your details by completing the user form
  • The system generates an OTP and sends it to your registered mobile number
  • It enables us to verify the genuineness of the application
  • On entering the OTP, we proceed with matching the best offers available to you in the market
  • Select the most suitable offer and click on the 'Apply' or 'Connect with bank' option
  • Our representative will contact you and explain the steps involved in the loan approval process
  • The representative will also help you in understanding the documentation procedure
  • Our dedicated team will extend the maximum support until you get the final disbursal of the Business Loan.

Other Products by Fullerton

Apart from Business Loans, Fullerton provides other types of loans to the retail segment.

Personal Loans for Salaried and Self-Employed persons

The range of personal loan products includes the following:

  1. Doctors
  2. Wedding
  3. Home Improvement
  4. Holidays
  5. Elite
  6. Women
  7. Emergency
  8. Loans Against Property
  9. Vehicle Loans
  10. Home Loans
  11. Loan Against Securities
  12. Garima Loan

How to Calculate Fullerton Business Loan EMI?

The Fullerton website has an EMI Calculator. On entering the loan amount, interest rate, and loan tenure, this calculator provides the EMI amount instantly.

MyMoneyMantra Business Loan EMI Calculator can also help you to determine your prospective EMI before applying for Fullerton Business Loan. Calculating your EMI is necessary to arrive at the Debt Servicing Coverage Ratio (DSCR). Usually, financial institutions require DSCR of 1.5 or more to be eligible for term loans.

Procedure for calculation of EMI using MyMoneyMantra Business EMI Calculator:

  • Visit the official website of MyMoneyMantra
  • Hover around the top right-hand corner 'Financial Tools' menu
  • It will show four different types of calculators
  • Choose the EMI Calculator option
  • Enter the loan amount, repayment tenure, and rate of interest
  • On clicking the 'Calculate' option, you will get the required EMI

Fullerton Business Loan Charges

Fees Type Applicable charges

Processing fees

2% to 6.5% depending on the loan product

Delay in payment of EMI

0.5% to 0.75% of the outstanding principal amount

Foreclosure charges

3% to 4% depending on the date of the foreclosure. Foreclosure is not permitted before 6 months of loan commencement.

Cheque or cash collection charges

300 per occasion

Dishonour of cheque or ECS

30 per presentation

Swapping charge from cheque to ECS

500

Swapping charge from ECS to ECS

500

Cancellation of loan

1,000

Fullerton Business Loan Customer Care

Various avenues for contacting Fullerton Business Loan Customer Care are available:

  • Toll-Free No: 1800-103-6001 available between 9 am and 7 pm on all working days except Sundays and public holidays
  • Email: Namaste@fullertonindia.com
  • Post: PO Box No 8108, Bandra East, Mumbai 400051
  • Registered Office: 3rd Floor, 165, Megh Towers, PH Road, Maduravoyal, Chennai 600095
  • Corporate Office: Supreme Business Park, Floors 5 and 6, B-Wing, Powai, Mumbai 400076
  • Know status of online application: Give a missed call to 9594763763 to get a call back within 24 hours
  • Escalation of your complaints is possible by sending email to ccrc@fullertonindia.com and further to escalation@fullertonindia.com.

Fullerton Business Loan FAQs

Is Fullerton Business Loan available for starting a new business?

Yes, Fullerton Business Loans are available for starting new businesses. Existing business entities can also avail these loans to improve their presence in the market.

Are there any eligibility criteria for existing business concerns?

Fullerton stipulates that existing business concerns should have a minimum annual turnover of 10 Lakhs and up to 100 Crores. Business entities with an annual turnover exceeding 30 Crores can opt for loans under the SME Loans category.

What is the age eligibility criterion for availing Fullerton Business Loans?

The minimum age requirement is 27 years. If you are a non-professional self-employed person, there is a relaxation of two years. The maximum age at maturity of the loan should not be more than 65 years.

What is the maximum amount of Business Loan available at Fullerton?

The maximum loan available at Fullerton Business Loans is 50 Lakhs.

What are the different avenues of repayment available?

Fullerton offers term loans repayable by EMIs. The different methods to pay your EMI are through PDCs and ECS. Facilities to make online payment are also available. Fullerton offers facilities to collect cash or cheques from your doorstep.

Is there any collateral for Fullerton Business Loans?

No, Fullerton offers collateral-free Business Loans.

Is prepayment or foreclosure of Fullerton Business Loans available?

Yes, borrowers can prepay or foreclose Business Loans in part and full depending on their choice.

Do existing Fullerton customers get any additional benefits?

Yes, existing customers with good repayment records get additional benefits in the form of interest concession and pre-approved loan offers. 

How do I benefit when I apply for Fullerton Business Loan from MyMoneyMantra?

Applying for Fullerton Business Loan from MyMoneyMantra has many benefits, such as:

  • MyMoneyMantra is a one-stop destination for affordable and hassle-free Business Loans
  • We have tie-ups with more than 90 banks and financial institutions to cater to the varying demands of our clients.
  • We help you compare different Business Loan options offered by various banks and assist you in choosing the appropriate one depending on your business profile.
  • Our representatives will assist you with the loan application and facilitate the pickup of your documents at your doorstep.
  • Our services are available free of charge

How do I contact MyMoneyMantra for Fullerton Business Loan Query?

You can contact us in three ways:

  1. Fill up your loan application on our official website
  2. Call our dedicated customer care number 1800-103-4004
  3. Drop an email at contactus@mymoneymantra.com and provide your contact details. Our representative will contact you and do the needful.

How do I benefit from prepaying my Fullerton Business Loan?

You end up saving on the interest component. Use the Business Loan Prepayment Calculator available on our site to determine the benefits of prepaying your Fullerton Business Loan.

Fullerton Business Loan - Snippets

Fullerton India has the distinction of being the first financial institution to offer loans for purchasing solar TVs

Fullerton India has partnered with d.light, a company renowned for providing solar power solutions, to offer loans for purchase of solar-powered TVs. Fullerton India offered this unique product through Gramshakti, its rural business arm in various districts in Karnataka.

Fullerton encourages students to showcase their digital innovations in the financial sector

Finnovatica, the brainchild programme of Fullerton India encourages talented students to develop innovative digital solutions that can help redefine the rural and retail lending landscape in India. The senior executives of Fullerton mentor engineering students from six premier engineering institutions in India with a view to introduce innovative business process and discover exciting channels for customer acquisition. 

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