Online NBFCs provide instant Personal Loans with a low rate of interest. The approval time for such loans is as little as one minute. And with these fast loans, an individual can obtain a credit sum ranging from Rs. 50,000 to Rs 25,00,000. Fullerton India is one such platform where one can get Personal Loans at low-interest rates. You can apply for this loan from the comfort of your couch through their online application process.
Features of Instant Personal Loan
Most top online lenders, like Fullerton India, have transparent procedures and personalized loan options. With these many features, customers can avail of a Personal Loan within a few minutes.
Here are some of the top features of the instant Personal Loan offered by them-
Most online NBFCs give instant Personal Loans without collateral. When you take out a Personal Loan, none of your assets is at risk because no security, collateral, or guarantors are needed.
The application process is simple. If you meet all the requirements, loan disbursal will take only a few days.
The best part about Fullerton India’s Personal Loan application process is that it is 100% paperless. To avail of a Personal Loan, you don’t have many documents. Upload a few documents proving your identification, residence, and source of income. So, you don’t have to go through your entire house searching for every document when it comes time to apply for an instant Personal Loan.
Customers had to go to their financial institution’s office to apply and get approval for an instant loan in the past. But since the development of technology, you may now apply for a Personal Loan online while lounging at home. You only need to go to the lender’s official website or download the app and search for the Personal Loan section. Then, simply fill out your place of residence, employment category, email address, and mobile number.
Fixed Interest Rate:
The fact that you may obtain a Personal Loan with competitive interest rates is the most significant perk among the many that Fullerton India provides. This makes planning the repayment easier for you. Additionally, compared to other credit tools, you can receive larger funds for any purpose. The interest rate for the same is determined by considering several factors such as credit score, age, repayment capacity, etc.
Borrowers get the option of flexible repayment tenures so they can plan their expenses accordingly. You can choose a period that best fits your financial requirements. Either select a shorter tenure with a higher EMI or longer tenure with a lower EMI. But before settling on one repayment tenure, ensure that you use the EMI calculator to get an idea of the installments.
Things to Consider to Get Your Personal Loan Application Approval
Ensure that you compare all the features of various Personal Loans, such as interest rates, processing fees, prepayment fees, etc., before selecting one. Once you have looked at all the features and benefits, check if you are eligible.
Check your credit score before applying on the Personal Loan app. Credit history plays a crucial part as it showcases your credit behavior. Ensure that you repay all your previous debt on time to maintain a good score.
Make a note of your monthly expenses so you can decide on your EMI beforehand. You can use an online EMI calculator to get an approximate loan schedule.
When selecting a lender for your Personal Loan, don’t forget to look for one that provides flexible and easy repayment choices.
Watch out for various offers and deals. These are usually available around the festive season and provide the best rates in the market.
You can always get the lowest Personal Loan interest rate regardless of who you borrow from. Before applying for an instant loan, select your lender carefully and review all applicable fees and charges. Interest rates for Personal Loans might vary since they depend on a variety of external financial factors as well as internal lending policies.
Additional Read: 7 Smart Ways to Use a Personal Loan
John Smith, a professional content writer with more than two decades of experience as a writer and editor, covers many topics for ABmantra.com. He began his career writing about Health Tips, Finance, Fashion, Home Decor, Education and many more niches in his hometown of California, USA.