Know How Much Personal Loan You Can Get from Fullerton India?

Personal loans from Fullerton India are unsecured loans that help you finance your needs in uncertain situations. Personal loans can help you fund higher education, marriage expenses, health emergency, travel requirements, etc. People in India have increasingly been opting for personal loans to fill gaps in their budget. So, without further ado, let’s dive into Fullerton India’s instant personal loans and find out how much personal loans you can get.

How Much Personal Loan Can I Get?

The amount of personal loan which the lender allows you to avail depends on your eligibility. A person with higher eligibility can get a higher loan amount approved. Here are the eligibility conditions for a salaried and a self-employed individual opting for a personal loan with Fullerton India:

1: The applicant should be an employee of a private or a public enterprise.
2: The applicant’s age must range between 21 to 60 years.
3: The applicant’s income should be a minimum of Rs. 25,000 in Mumbai/ Delhi and Rs. 20,000 in other parts of India.
4: A self-employed person can avail loan calculated on the profit after tax and should be in business for a minimum of 5 years.
5: The applicant should have a minimum work experience of one year and at least 6 months in the present company.

How Do I Check My Eligibility for a Personal Loan?

The lender’s eligibility conditions decide the maximum amount of loan you will be eligible for a personal loan. The best way to check your eligibility is through the personal loan eligibility calculator available on the website.

Follow the below simple steps on the eligibility calculator to find out:

1: Select your location
2: Enter your age. You have to be at least 21 years old when you apply for a loan, and a maximum of 65 years of age, at the time of loan maturity.
3: Select your net monthly income (or yearly profit after tax if you are self-employed). Please note that this amount should be after all tax deductions.
4: Select your monthly EMI. This should be equal to the sum of all EMIs that you are currently paying, including those on your credit card.

The calculator will tell you an approximate amount you will be eligible for. Please note that this amount is only indicative. The final amount is decided by the lender with several other factors incorporated.

If you would like to calculate your eligibility manually, there are two methods you can use:

1: The Multiplier Method:

This is the same method used by the eligibility calculator:

For example, if you have a salary of Rs. 30,000, and no other EMIs, you can multiply your monthly salary by 27 to find out the loan amount you would be eligible for. If you apply for a tenure of 60 months, the amount will come out to be around ₹8,10,000.

Here is a list of expected personal loan amount based on familiar salary figures:

These figures are calculated upon the assumption that you don’t have any other EMIs, credit card bills or fixed monthly obligations, and fit the other eligibility criteria such as credit score, credit history and so on. These are sample figures to offer you a basic understanding of the calculations. If you have fixed expenses, you can calculate your personal loan eligibility by the Fixed Obligation Income Ratio.

Fixed Obligation Income Ratio Method

This method is used to calculate your loan amount based on the monthly installments you can have post expenses such as other EMIs, rent, etc. It takes into account the fact that you can repay your loan only after you have met your fixed, financial obligations.

If your salary is Rs 30000 with an existing EMI of Rs 8000, you can avail a personal loan of up to Rs 5.5 lakh. If your pre-existing EMI is lower, let’s say Rs 3000, your loan amount will increase up to Rs 7.7 lakh. This is assuming that your credit rating is good and your tenure is 60 months.

Steps to Improve My Eligibility for a Personal Loan:

If your eligibility is lower than the amount you require as a loan, you must begin working on it at least a few months before application. Here’s what you can do:

1: Pay off your existing debts including credit cards and loans.
2: Avoid applying for multiple loans simultaneously
3: Improve your credit score

Apart from your repayment capacity and your credit score, another factor that affects your eligibility is the presence of all the required documents. Here are the basic personal loan documents required for a swift and smooth application and approval:

1: Salary slips of the last 3 months.
2: Bank account statement of last 6 months
3: KYC documents that include PAN and AADHAAR card, driver’s license etc.

It is best to evaluate your requirements and make a list of the needs you want to fund with a personal loan before putting in an application. Read the terms and conditions of the loan offer carefully and pay your EMI on time to avoid any future problems.