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 Interest Rates

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%.

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.

Fullerton Business Loan Charges

Fees TypeApplicable charges
Processing fees2% to 6.5% depending on the loan product
Delay in payment of EMI0.5% to 0.75% of the outstanding principal amount
Foreclosure charges3% to 4% depending on the date of the foreclosure. Foreclosure is not permitted before 6 months of loan commencement.
Cheque or cash collection charges300 per occasion
Dishonour of cheque or ECS30 per presentation
Swapping charge from cheque to ECS500
Swapping charge from ECS to ECS500
Cancellation of loan1,000

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.

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. NoType of Business Loan
1Business Loan for Self-Employed
2Business Loan for Women
3Business Loan for Doctors
4Business Loan for Chartered Accountants
5Growing Enterprise Loan
6Loan for Commercial vehicle
7Solidarity Group Loan
8Samriddhi Loan

Fullerton Business Loan for Self-employed persons

Business Loan for Self-employed

Loan ParameterDetails
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 FacilityTerm Loan
Loan PurposeMeet working capital requirements and other short-term or medium-term business requirements
Loan quantumMaximum amount 50 Lakhs
CollateralNo collateral
Repayment ScheduleEMI for a maximum of 48 months
Rate of Interest13% to 16% p.a.
Processing FeeUp to 6.5% of the loan amount

Business Loan for Women

Loan ParameterDetails
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 facilityTerm Loan
Loan purposeStart a new business venture or improve current business activity
Loan quantumMaximum amount 50 Lakhs
CollateralNo collateral
Repayment scheduleEMI for a period ranging between 12 and 48 months
Rate of interestConcessional rates of interest applicable to women beneficiaries
Processing feeUp to 6.5% of the loan amount
Other facilitiesInsurance cover available for the loan amount

Business Loan for Doctors

Loan ParameterDetails
Eligibility
  • Minimum age requirement is 27 years with the maximum age not exceeding 65 years at loan maturity
  • Practising medical professional
Nature of facilityTerm Loan
Loan purpose
  • Set up own clinic or upgrade existing one
  • Purchase medical equipment
  • Other financial needs related to medical practice
Loan quantumMaximum amount 35 Lakhs
CollateralCollateral is not necessary
Repayment scheduleEMI with a repayment tenure varying from 12 to 48 months
Rate of interest13% to 16% p.a.
Processing feeUp to 6.5% of the loan amount

Business Loan for Chartered Accountants

Loan ParameterDetails
Eligibility
  • Practising chartered accountant
  • Minimum age should be 27 years with a maximum of 65 years at the time of maturity
Nature of facilityTerm Loan
Loan purposeWorking capital loan to extend office premises and purchase office equipment
Loan quantumMaximum amount 50 Lakhs
CollateralNo collateral
Repayment scheduleEMI ranging from 12 to 48 months depending on your preference
Rate of interest13% to 16% p.a.
Processing feeUp to 6.5% of the loan amount

Growing Enterprise Loan

Loan ParameterDetails
Eligibility
  • Existing and new customers are eligible
  • Minimum age 27 years
  • Maximum age 65 years at maturity
Nature of facilityTerm Loan
Loan PurposeShort-term business requirements of growing enterprises
Loan quantum

Minimum: 50,000

Maximum: 2,50,000

SecurityHypothecation of articles purchased
CollateralTwo 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 ParameterDetails
EligibilitySelf-employed person involved in transport business
Nature of facilityTerm 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 quantumMinimum loan amount is 1 Lakh
SecurityHypothecation of vehicle
Repayment scheduleConvenient EMIs
Rate of interest12% to 26% depending on the track record of the borrower
Processing feeUp to 2% of the loan amount

Solidarity Group Loan

Loan ParameterDetails
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 facilityTerm Loan
Loan purposeMeet 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
CollateralNo Collateral
Repayment schedule18 to 24 months
Rate of interest24.5% to 27%

Samriddhi Loan

Loan ParameterDetails
Eligibility
  • Available only to customers who have availed Solidarity Group Loan
  • Should have a healthy record of repayment
Nature of facilityTerm Loan
Loan purposeContinue meeting business requirements
Loan quantum
  • Minimum 35,000
  • Maximum 75,000
CollateralNo collateral
Repayment scheduleEMI for a period ranging between 12 and 36 months
Rate of interestSame 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

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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 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.