Fullentron Business Loan

Fullentron Business Loan

Business loan with lowest interest rates is offered by Fullerton Bank online. You can easily get details about eligibility, documents required as well as benefits offered by the bank.
The Business loans by Fullerton Bank meets variety of business needs of an individual from working capital for stocks and manufacturing to loans for capital expenses. It helps in aiding small to medium size enterprise. If you wish to expand your business or are coming up with new start up then Business Loan from Fullerton Bank is a sure shot option for you.

Why Business Loan from Fullerton Bank?

The bank provides you loan for a wide range of capital requirements, financial needs and other business purposes. You can easily apply online and avail quick approval if you meet the essential requirements. It offers easy EMI repayments through cheques or ECS. Moreover no collateral required and can be availed by salaried individuals. In short Business loan from Fullerton Bank is a quick and hassle free process with minimal documentation.

Fees And Charges

The mentioned below are the fees and charges applicable that are levied by Fullerton Bank are as follow:
Types Of FeesCharges Applicable
Interest Rate18.00%
Loan Processing Charges2% of loan amount + service tax
Foreclosure ChargesPrepayment of the business loan along with prepayment charges after the completion of 6 EMIs.
RepaymentUp to 36 Months
Repayment Mode Swap Charges@ 24% p.a.
Maximum Loan amountUp to 40 Lakh loan payment
Cheque Swapping ChargesRs. 500
Amortization Schedule ChargesRs. 200
Cheque Bounce ChargesRs. 550 per bounced cheque
Legal/Incidental ChargesAt Actual
Stamp DutyAs per applicable state laws
Advantages of Fullerton Business Loan

Fullerton Bank comes up with attractive offers and advantages for its customers to apply for business loan online:

  •    Easy to apply and hassle-free process
  •    Instant approval
  •    Minimal documentation
  •     No collateral or security required
  •    Loan amount up to Rs. 30 Lakh
  •    Flexible repayment options offered to customers
  •    Easy EMI repayments through cheques or ECS
  •    Credit Shield offerings

Eligibility Criteria for applying for Fullerton Business loan

Your application for loan can be approved only once you meet the eligibility criteria. Below mentioned are the prerequisites you need to meet for availing the business loan:

S.NoEligibility FactorSalaried Individuals
1Age of the ApplicantMin 27 and Max 65 years
2Business OperationBusiness must be in profit for minimum 2 years
3Business TurnoverBusiness turnover should range between 10 Lakhs- 100 Crores
4Credit ScoreGood and acceptable credit score mandatory

Documents required for applying for a Business Loan from Fullerton Bank

Apply online for business loan with the essential documents required for an instant approval:

S.NoFactorDocument
1Proof of IdentityPassport Copy/ Voter ID card/ Driving License/ PAN Card
2Residential ProofRation card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License
3Bank StatementsBank statement / Bank Passbook of last 6 months
4Income Tax ReturnsLatest Income Tax Returns along with computation of Income, Balance Sheet and Profit & Loss Account of the last 2 years
Proof of number of years in businessTrade license/ Establishment or Sales Tax Certificate/ MOA/ Partnership Deed
Other DocumentsPartnership Deed/ Board Resolution.

Procedure for applying for Fullerton Bank Business Loan Online

One can apply online for business loan through our website with few simple steps by registering online:

First, register with us by providing the following details:

  •    Enter the required details including your employment type, name, e-mail address, city you are currently living in, type of business, annual income, required loan amount, and mobile number.
  •    Provide your consent.
  •    Choose HDFC Bank as your Business Loan partner.
  •     Fill in the form by providing some basic details like your gender, marital status, PAN Number, and others and click proceed.

For further queries you can go through www.fullertonindia.com

Know more about Fullerton Business Loans – FAQs

Q. Is there any age eligibility criterion for me to apply for a Business Loan?

A. You need to be at least 27 years of age to apply for a Business Loan under the ‘Self Employed Business Category’. A relaxation of 2 years will be made if you are a non-professional. You cannot exceed 65 years of age at the time of Loan Maturity.

Q. How will be my loan eligibility calculated?

A. Loan eligibility is dependent on primarily the following factors:
1. The credit score of the entity and/or the partner/director/proprietor of the borrowing entity as reflected in your CIBIL or Equifax report or any other credit bureau. Having a good credit score is a necessary but not a sufficient criteria. If the credit score is a border line case then the bank may take a subjective call to limit the loan amount.
2. The last 2 year financials of the borrowing entity. Factors like turnover, partner/director salary, depreciation, interest cost, net profit after tax are some of the key parameters that goes into deciding the loan amount.
3. Ability to service the EMI for the current loan be requested as depicted by the Debt service coverage ratio (DSCR). Banks generally ask for a DSCR of 1.0 to 1.5 depending on case to case basis.

Q. How business loan repayment process happens?

A. All business loan repayments happen in the form of an EMI (Equated Monthly Installment) through the customers’ bank account. The customer needs to give few PDCs (Postdated cheques) and sign an ECS mandate in favor of the bank disbursing the loan.

Q. What are the basic documents required for applying online?

A. • Complete loan application form with one passport size photograph
• Valid Proof of Applicant’s Identity: Passport, PAN card, Voter identity card, Driving license
• Proof of Residence: Ration card Tel/ Electricity Bill/ Lease agreement/ Trade license /Passport /Sales Tax certificate
• Proof of Age: Passport, PAN card, Voter identity card
• Financial Documents

Q. How important is credit score for applying for business loan?

A. It is advisable to not apply for too many loans, limit yourself according to the necessity. Credit score will go down as and when you apply for more and more loan.

Q. How EMI is calculated?

A. Loan amount x Interest/12) x [(1+ interest rate/12)^loan tenure in number of months] / ([(1+ interest rate/12) ^ loan tenure in number of months]-1

QUICK OVERVIEW
Apply online at interest rate starting @18.00% p.a.
Loan amount varying from Rs.50,000 to Rs. 40 Lakhs
Minimal documentation
Loan tenure up to 3 years
Competitive and transparent process

Reviews

The process is completely flexible and with minimal documentation.  Rajat Gupta

I searched and surveyed at various websites and compared different banks but found best features over here.  Shruti Sen

I got instant approval for my loan application and I am fully satisfied with the services.  Dheeraj Jain