Step-by-step guidelines for getting a contactless personal loan from the Fullerton loan app
With online personal loan applications growing in popularity, many potential borrowers are looking for a guide on how to use them. And this article talks about it exactly.
In recent years, the digital nature of taking credit has made it possible for people to qualify for a personal loan online. Not only has the online route become more popular, because it is faster and more convenient. Due to the pandemic, digital personal loan applications have increased dramatically. Today, several lenders offer loans on their websites. Some financial institutions have gone further with personal loan applications. One such example is Fullerton India personal loan application, targeting salaried applicants.
What’s even better is the fact that a wide variety of people are eligible for personal loans. Here are the eligibility criteria for getting a personal loan from Fullerton India Instaloan app:
- You must be at least 21 years old to acquire a loan
- A credit score of over 750 is a must
- You must be an employee with a stable income with at least 1 year of professional experience and a minimum of 6 months in the current organization
- Your minimum salary should be INR 25,000 per month (for applicants from metropolitan cities) or INR 20,000 (for applicants from other locations)
- People over the age of 60 or who are retired are not eligible
- Applicants for cash salary will not be accepted
- You should have all the required documents
Apart from that, most lenders including Fullerton India also rate applicants based on various parameters like debt to income ratio, repayment history etc.
After eligibility, the most important aspect of personal loan applications is to submit all the documents. These documents are essential for verifying income, employment, address, etc. These documents are required in accordance with the lender’s policy as well as regulatory guidelines. Required documents include-
- Pay slips for the last 3 months
- Proof of identity
- Bank statement for the last six months
- Proof of age
- Proof of address
Depending on the applicant’s profile and the lender’s policy, additional documents may be requested.
Having scanned copies of your original documents is a must when getting contactless personal loan through online loan apps. Since there is no one-on-one interaction with lenders, you should have your electronic copies handy to speed up the upload process.
Get a loan online successfully
Getting a personal loan through a loan application is very simple and can be done much faster if the following are taken care of:
- Your cell phone number, Aadhaar card, PAN and respective bank account need to be linked / updated.
- The mobile number linked to your Aadhaar card and your bank account must be the same as the one you are applying for the loan with.
- The last 8 digits of the Aadhaar number in the copy you download should be hidden
- The net banking facility on your main savings account (the one you receive your salary from) must be active.
- Your current address should be updated on all documents.
- You should be able to access, receive, and send emails from the official email address you provided.
- You must have original hard copies of your main documents with the correct and current address. It is required to be able to complete the video KYC process.
Follow these tips and rest assured that your online personal loan will be sanctioned in no time, subject to eligibility. Download the Fullerton India Instaloan app now and access all the facilities that make it easier to take a loan
Online Personal Loan Interest Rates
Interest rates and the affordability of a loan go hand in hand. It forms the foundation of your loan and ensures that your financial health is not threatened in the future. Signing up for an affordable loan also helps you get out of debt much sooner. Many people who are new to loan applications mistakenly think they have higher interest rates. This can be true for loan applications that calculate the interest rate on a monthly basis. However, Fullerton India’s Instaloan app offers personal loans at lower interest rates as they are calculated on an annual basis.
Just because online personal loans are easier to obtain, doesn’t mean they have higher interest rates or higher processing fees than normal loans. Depending on your income, existing debts, the organization you work for, the loan amount required, and your credit score, the interest rate for a Fullerton India personal loan can range from 11.99 % to 36% per year. The best way to decide is to compare several loans in the market and choose the one that best meets your needs.
Besides following the step-by-step guide mentioned above, an eligibility calculator is a great tool. It helps you figure out the maximum loan amount you could get based on your repayment capacity.