Fullerton Bank Personal Loan Details

To track the live status of the loan application, visit www.fullertonindia.com. It is the bank’s official website. Here on the homepage, you can find the ‘Contact Us’ tab. In this tab, there is an option ‘Track your personal loan application’. Here, you have to fill in basic details such as your mobile number, birth date, and loan application ID. Make sure to fill correct details. After submitting the details, the institution will help you with the current status of your loan application. You can even track the status of the online submitted form on InstaLoan App or by calling up with customer care. You will receive a call back about any query, usually within 24 hours.

The Fullerton personal loan charges are mentioned below

• 30 is cheque bounce charge.
• The processing fee is up to 6.5 percent of the loan amount.
• 75% per month is the interest charged on delayed EMI payment interest every month, per month of delay- on the outstanding principal loan amount.
• Collection of cash/cheque is Rs. 300 per collection.
• 1000 is the loan cancellation charge for loan cancelled prior to the first EMI.
• For any replacement on post-dated cheque to ECS, Rs. 500 is charged as swap charges.

EMI is also known as equal monthly instalments. Most of the loans come with a repayment plan of EMI. Monthly instalment makes it easier to manage the repayment burden. The EMI comprises of two equally divided components, interest and principal borrowed. Depending on the rate of interest applicable, loan amount, and tenure, the interest payout will differ.

A longer tenure will cause you to pay a higher interest amount but lower instalment every month altogether, and vice-versa. Thus, you must always choose the shortest possible tenure depending on your repayment capacity. Even if shorter tenure prospective seems attractive, it is not always possible to pay higher EMI amount. Thus, you may have to choose a longer tenure than you may want.

To plan repayment judiciously, follow the below-mentioned steps:

• Draw a Monthly Budget : Make a note of all your financial liabilities and spending on the same in a month. Strike out any expenses you can avoid. Now stick to the budget plan and follow it strictly. Curtail unnecessary expenses and save maximum for repayments.
• Spend Wisely : At times you may want to let it go easy and overspend. But a few moments of joy will only disrupt your finances. So, your priority must be to take care of your financial liabilities until you are done with repayments, before you can splurge. Spend wisely on any leisure or expensive habits, and replace those with economical ones.
• Strive to Reduce EMI Burden: Keep repaying more than the EMI amount every time to reduce the burden of the loan. A few thousand of rupees itself makes a huge difference. If you make it a habit of pushing maximum funds towards repayment of loan, you will be able to close the loan before time and save on the interest payout.
• Do Not Miss Payments: It is best to keep a track of EMI date and pay the instalment on time. Missing or delaying payments will attract penalty charges even if you miss the payment unintentionally. So, make a note of the EMI date and act on the reminders by the bank so as to avoid any additional charges and penalties.
• Foreclose the Loan if Possible: Like discussed, to close the loan, you need to make the payments quicker. Now remember that Fullerton may charge a prepayment penalty if you close the loan before a specific time period. Check for the possible penalties and repay only when the penalties are no longer applicable.

It is always possible to improve your eligibility for the loan. Even if you already meet the eligibility criteria by the financial institution, you can convince it for a better term and rate if you surpass their expectation. This can be achieved in a follower manner.

• Be Polite: Be humble and polite with the customer executive and never lie about any detail, be it your income, professional, place of residence, etc. It sets the first good impression to the lender and they will be prepared to be flexible about terms and conditions.
• Documentation: Keep all the documents ready for submission. It kills the hassles involved otherwise to gather the paperwork and process the loan. If all the copies and originals are ready for submission and verification, the loan gets processed faster and makes the financial institution think that you are a responsible and disciplined person.
• Credit Score: Be someone with a good CIBIL score. Even if you meet the minimum credit score requirement, it may not always fetch you the lowest rate of interest. So be regular with payments and have a CIBIL score of 750+ and as close as 900 as possible.
• Timely Payments: Be on time with payments right from the start. Never miss or delay any payment. And just in case of a financial contingency, the institution may rework the repayment plan given a genuine reason and your previous repayment record.
• Lump Sum Payments: You can reduce the EMI burden and boost your loan eligibility by making a lump-sum payment at the first few months of the loan. This will make the lender believe that you are serious about repayments and doing your best to close the loan in a financially disciplined manner.

If you are an existing customer with a good repayment record with Fullerton India, then your loan application will get processed faster and the bank will already have your details and documents. The institution will be aware of your repayment capacity, income, and thus, able to trust you better than new customers. It may even have special rates of interest for existing customers. As understood, existing customers are eligible to take a top-up loan facility if they have existing outstanding principal amount.