A personal loan is an unsecured credit provided by various financial institutions, credit unions, or personal lenders. It is a multi-purpose loan that can be used to pay a debt, finance a vehicle, buy an appliance, pay an emergency expense, or any other personal expense.
The documentation plays a significant role in the sanction of the personal loan. That is why one needs to get the documentation right to avail of this loan. Doing this helps you to get the loan smoothly and speedily. It is also recommended to check the lender’s eligibility criteria and ensure that you meet the requirements before applying.
The most crucial aspect of a personal loan is the financial institution from which you prefer to take the loan. Right from the application to approval and disbursal of the loan, the financial institution plays a key role in getting you a hassle-free personal loan. Fullerton India is one the most preferred personal loan providers that assure you complete peace of mind before, during, and after your personal loan.
Fullerton India personal loans follow an online application process which saves precious time and effort. What’s more, based on their eligibility, applicants may get an instant in-principal approval. After final loan approval, the funds are transferred to the applicant’s bank account directly.
So, what are the documents needed for Fullerton India personal loan?
- Filled and signed application form (can be online as well)
- Passport size photographs
- Identity proof like an Aadhaar card
- Address proof like a rent agreement
- Birth certificate for personal loan interest rates
- Bank statements for the last six months
- Income tax returns (ITR) of at least the past three years
Steps involved in Fullerton India personal loan processing
- Checking for eligibility
- Credit score check
- Documentation and verification
- Approval
- Disbursal
Time Taken for a Personal Loan:
Approval for a personal loan usually depends on the lender. It is undoubtedly straightforward to apply for a loan, and you can also find out if you’re eligible. Remarkably, the entire application process gets completed in less than an hour.
After you submit the application, your personal loan takes 1-7 days to get approved, followed by disbursement in a couple of days. While the online loan process is quicker, sometimes it may take a few days or weeks to process.
The approval is based on income proof, credit score, and several other factors. The application is processed faster if you have a credit score of 750+. As there is no collateral involved, the verification process helps to ascertain if the applicant is credit-worthy or not. Thus, submitting the complete documentation is crucial for speeding up the loan approval process.
So, ensure that all your documents are in order. Also, remember that your credit score should be high when applying for a personal loan.
Why do People Take a Personal Loan from Fullerton India?
A personal loan is the best way to get the finances you need to fulfill any emergency or aspirational needs. Here are some reasons why people take out a personal loan from Fullerton India.
- Debt Consolidation
When you consolidate existing debts into a single loan with a personal loan for debt consolidation, your debt becomes more manageable with one monthly payment. The Fullerton India InstaLoan app enables eligible salaried individuals to take such loans at better interest rates and thereby reduce their debt.
- Home Remodeling
Homeowners can upgrade their homes according to their needs with a personal loan. Personal loans can be taken for home renovation, repairs, expansion projects, or even for purchasing new furniture or the latest applicants to make your home more comfortable for your family.
- Down Payment for Vehicle or Home Loan
Purchasing a car or a home often required borrowers to pay at least 10%-20% of the total amount needed as a down payment from their own pocket. In case there is any shortage of funds, a personal loan can help bridge the gap.
- Wedding Expenses
Some couples may not wish to spend their savings or emergency funds on the wedding. The expenses involve a wedding dress, catering, photography, honeymoon, etc. A personal loan enables couples to spend upfront and repay via easy EMIs within an agreed-upon tenure. Instant Personal Loans are also a popular choice among proud parents in charge of organizing their children’s wedding arrangements.
Why Prefer Fullerton India?
- Competitive interest rates start from 11.99% per annum
- Minimal documentation
- Digital processing (Instant in-principal approval for salaried personal loans only)
- Flexible repayment tenures between 12 to 60 months
Applying for a Personal Loan Online:
- Download the Fullerton India Instaloan app (if you are salaried), and register yourself with your mobile number.
- Enter your basic information, including personal, employment, income & bank details
- Select loan amount & tenure
- Submit your documents
Depending on your eligibility, you may get an in-principal approval. A representative of Fullerton India will get in touch to take the process ahead. After successful verification checks & loan agreement execution, the loan is approved and the funds are disbursed to your bank account.
Benefits Of Taking Personal Loans Online from Fullerton India
- Minimal Documentation
As many personal loans are pre-qualified, you don’t have to verify everything.
- No Collateral Required
A personal loan does not require collateral or security for disbursing, making it extremely easy.
- No Branch Visit Needed
The digital process ensures that you can apply for an instant personal loan from the comfort and safety of your home.
- Quick And Easy Disbursal
All the instant personal loans online are disbursed directly into the applicant’s bank account. So, you will get access to the funds immediately.
For more information on personal loans, contact us now!
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