Personal loans can come to your rescue when you are running short on cash. Be it a vacation or an emergency, you can avail of personal loans for any need or requirement fabric sofas. These loans are now offered online too by lenders like Fullerton India.
You can use the personal loan app to apply for instant loans. Apart from providing personal loans online, this instant loan app also grants instant loans in paper-less format. This loan app offers you a loan based on your financial status.
Benefits of Personal Loans
Personal loans make your life easier by helping you with a sum of money in an instant. There are plenty of benefits to taking personal loans.
- Versatility and adaptability
Some loans can only be utilized for a specific purpose. However, personal loans can be used for various financial requirements without having to specify the need to the lending institution, like fees for higher studies or medical bill repayments.
Interest rates are lower, and borrowing limitations are fewer.
The interest rates for personal loans are usually cheaper than those compared to credit cards. Furthermore, you may also be eligible for a loan amount more than your credit card limit. In this loan app, you can apply for a value of up to 25 lakhs.
- There is no obligation for a security deposit
You may acquire an unsecured personal loan without putting up any collateral. Thus, you do not need to be concerned about mortgaging your home or other valuables in case of personal loans.
- It’s a lot easier to manage
One reason some people seek a personal loan is to consolidate debt, such as several credit card accounts. A single fixed monthly payment cycle is easier to manage when compared to controlling multiple credit cards with varying interest rates and payment due dates.
Eligibility for Personal Loans
You have to meet specific requirements to be eligible to take a loan of Rs. 25 lakhs from the app.
- Nature of Employment– You must be an employee of a private organization or be a public servant to apply for a personal loan on the instant loan app. Moreover, you can also be self-employed to apply.
- Minimum income– For salaried individuals, the minimum income should be 25,000 rupees. Besides, for self-employed people, it can depend on the annual turnover of the industry.
- Age– You have to be of at least 21 years to apply for a personal loan. Also, you cannot be over the age of 65 by the time of maturity.
- Credit Score– To apply for a loan at Fullerton India, you need to have a good credit score. The credit score stands as proof that you pay all your bills and utilities on time. In addition, a score of over 750 and above is preferred.
Required documents for Personal loans
You must produce the following documents to get your loan approved.
- The application form has been filled out and signed by you.
- Your identification proofs.
- Your address proofs.
- A document verifying your age.
- If you are a salaried individual, you must show your pay receipts over the previous three months.
- Records from your bank for the last six months
- Documents regarding your Income Tax returns or form 16
- In case you are self-employed, you have to show your financial statements or proof of income
Steps to apply for Personal Loans on the app
You may apply for a personal loan from Fullerton online with ease and flexibility. You can apply for a loan from the convenience of your own home. Hence, you can follow these simple steps on the app.
- Download and install Fullerton App
- Choose ”Personal Loan”. Click on Proceed.
- Choose ”salaried” or ”self-employed”.
- Next, your mobile number will be verified using an OTP
- That will send you to the next step, where you can input the loan amount and payback term of your choice.
- You will also be requested to enter personal, employment, and financial information.
Once done, the app will accept and process your application. Your loan will be approved shortly if you fulfill all the necessary clauses online furniture shopping. The process is instant, straightforward and effortless to say the least.