Fullerton India Car Loan

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Buy your dream Car

Rates as low as 7.35%*
Up to 100% Funding
Doorstep Service
Hassle-free Disbursal
Unbiased Experts Advice

Fullerton India Car Loan Key Features –Jan 2021

Interest Rate 7.50%* per annum
Min Loan Amount ₹ 100,000
Max Loan Amount
(Loan to Value)
Loan up to 85% of On Road Price
or 100% of Ex-showroom Price
Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 2,311
Minimum Net Monthly Income ₹ 15,000
Minimum ITR for Self Employed ₹ 300,000
Age Criteria Salaried: 21 years to 60 years
Self Employed: 21 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs).
Processing Fee 0.40% of the principal amount
Foreclosure Charges No foreclosure charges
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement, and Car Quotation

About Fullerton India Car Loan

Fullerton India Credit Co. Ltd. is a non – banking financial company in India. It is headquartered at Mumbai, India, and deals with financing across retail and rural segments.

Fullerton India provides Car Loans at attractive rates of interest to the consumer for buying their dream car whether new or second hand. It is an easily available loan that can be procured by anyone even by ones who have a slightly low credit/CIBIL score.

Advantages of Fullerton India Car Loan

Fullerton India Car Loan

Fullerton India Car Loan Eligibility

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be minimum ₹ 15000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-65 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

Fullerton India Car Loan Interest Rate, Fees and Charges

Details on car loan interest rate and other charges are given below:

Charges New Car Loan Used Car Loan
Interest Rate 7.50% p.a. to 11.30% p.a. 14.80% p.a. to 16.80% p.a.
Processing fee 0.40% of the principal amount 1% of the loan amount or Rs.6,000, whichever is lower
Issuance of Duplicate Repayment Schedule Charges Rs.500 per instance Rs.500 per instance
Foreclosure Charges 5% of the principal outstanding 5% of the principal outstanding
Penal Interest 2% per month 2% per month
Part Payment charges 5% of the paid amount 5% of the paid amount
Cheque/Instrument Swap Charge Rs.500 per instance Rs.500 per instance
Documentation Charge Rs.500 per instance Rs.500 per instance
Issuance of Duplicate No Dues Certificate Charges Rs.500 per instance Rs.500 per instance
Registration Certification Collection Charge Rs.200 per instance Rs.200 per instance
Cheque Bounce/Instrument Return Charges Rs.500 per instance Rs.500 per instance
Issuance of Duplicate Statement Charges Rs.500 per instance Rs.500 per instance
Loan Cancellation/Re-booking Charges Rs.2,500 per instance Rs.2,500 per instance
Issuance of Credit Report Rs.50 per instance Rs.50 per instance

How to Increase Your Eligibility for Fullerton India Car Loan

  • Opt for a shorter tenure – When you choose a shorter repayment tenure, the EMI that you will be paying each month will be higher. This is an indication of your higher repayment capacity which will lead to banks feeling confident to lend to you. So, if you wish to increase your eligibility for a car loan, opt for a shorter repayment tenure.
  • Keep your credit score in check – If one wishes to increase your eligibility for a Bank of Baroda car loan, make sure that you maintain a credit score of over 750. You can use the Free Credit Score tool to check and maintain a healthy credit score. Checking your credit score regularly can let you take corrective measures to improve it if your score is low or give you the confidence to approach the bank if it is high.
  • Maintain a low debt-to-income ratio – A low debt-to-income ratio means that you have a good balance between your earnings and spends. Before banks lend to you, they will check how much percentage of your earnings goes into paying your debts and a low debt-to-income ratio will be an indication of your high repayment capacity. To enhance your eligibility for a car loan, you should ensure that you maintain a low debt-to-income ratio.
  • Apply for a loan for a lower amount – By applying for a loan for a lower amount, you can increase your eligibility for the Fullerton India car loan. A lower loan amount means that the loan will be repaid sooner and hence, the chances of you being eligible for a loan is higher.

Factors Affecting Fullerton India Car Loan Eligibility

Eligibility criteria for car loan are discussed in the below contents.

The eligibility for availing of a Fullerton India car will depend on the below-given factors:

  • Income – If your income is on the higher side, there are good chances of your eligibility for a Fullerton India car loan being higher. This is because a higher income indicates higher repayment capacity. To be eligible for a Bank of Baroda car loan, your yearly income should be at least Rs.3 lakh.
  • Loan amount – Your eligibility for a car loan from Fullerton India will be higher if you apply for a lower loan amount simply because if the loan amount is lower, the bank knows that the loan will be paid off quicker. Hence, they will be more confident to lend to you.
  • Repayment tenure – Choosing a longer repayment tenure can lower your eligibility for a car loan as it might give an impression to the bank that your ability to pay the loan is lower. This is because longer repayment tenure results in lower EMIs and the lender may tend to think that you cannot afford to pay higher EMIs. Therefore, the bank may be reluctant to lend to you.
  • Credit score – This is an important factor that most banks, including Fullerton India, consider when determining your eligibility for a car loan. A credit score of 750 and above is considered a healthy credit score by most lenders. If you have a healthy credit score, banks will be happy to offer you a car loan and hence, your eligibility will be higher.
  • Relationship with the bank – As stated earlier, Fullerton India offers instant car loans to their existing customers through the ZipDrive feature. This feature allows Fullerton India customers to can avail of loans instantly, at their convenience, with negligible documentation. This indicates that your relationship with the bank is an important factor while determining your eligibility.

Fullerton India Car Loan Documents Required

Documents required for car loan and other eligibility are discussed below.

Salaried Individual

Category Documents Required
Identity Proof

 

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof

 

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof

 

(Any 1)

Birth Certificate
Passport
Driving Licence
PAN
Signature Proof

 

(Any 1)

Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents
List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

Fullerton India Car Loan Pre Calculated EMI

How to Apply for Fullerton India Car Loan?

  1. Visit Dialabank and fill a form.
  2. Wait for a call from our Relationship Manager who will guide you throughout the process.
  3. You can compare different offers from banks and choose the one which suits your needs.
  4. Thus, easily apply for a Car Loan through Dialabank and enjoy the best offers.

Tips to decide the right amount of EMI

  • Ascertain the amount you need to borrow: It is crucial that before approaching a bank for a loan, one needs to anticipate the amount of loan one needs to borrow. Limit your loan amount after accounting for your own available funds. Also, based on the EMI you can service, try to opt for the lowest tenure of loans as long tenure loans result in huge interest outgo.
  • Review your current obligations: Before, taking a loan it is advisable to do an evaluation of your current monthly expenses including any EMI obligations that you have on your current loans. The assessment will help you to anticipate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.
  • Calculate your Fullerton India Bank car loan eligibility: Your eligibility is an assessment of your repayment capacity based on your monthly income. Fullerton Bank provides an LTV up to 100 % of the ex-showroom price and anticipates the borrower to fund the remaining value of a property by own money. For example, at its lowest LTV, Fullerton Bank would expect its applicant to provide margin money. In case this margin payment is higher than your available funds as estimated by you, you might need to look for higher LTV loans, which may carry higher interest rates and hence, will result in higher EMIs.
  • Multiplier-based loan amount eligibility – Fullerton Bank calculates your loan amount eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating loan eligibility provided by the banks. Generally, it is 2.5 to 3 times the annual salary for salaried individuals and 6 times the annual income for self-employed professionals. The multiplier depends on the bank’s internal categorization of your employer company based on its reputation, stability, size, and growth in turnover.
  • FOIR based loan amount eligibility – Fullerton India will also expect your Fixed Income to Obligations Ratio (FOIR) to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The ratio of fixed income to your calculated fixed obligations gives your FOIR. Generally, banks lend up to a maximum FOIR of 0.50. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. Bank of Fullerton India’s assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short-term loans to improve your eligibility.

Car loan EMI – EMI changes in case of prepayment

In case you prepay your loan for the vehicle, a small penalty is charged. Prepayment in Fullerton Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your loan for the vehicle reduces. Fullerton Bank provides you two options:

  • Reduce your loan tenure and keep EMI on your car loan unchanged: This alternative allows you to shut your loan prior and save the interest outgo associated with the remaining term. This is suitable for borrowers who feel that they have adequate income to continue servicing the same level of EMIs.
  • Reduce the amount of EMI and keep your loan tenure same: This option provides you to reduce your monthly EMI and hence, increases the availability of monthly surplus which you can deploy for other purposes. This is suitable for borrowers who anticipate higher monthly personal expenses and hence, would require to reduce their monthly EMI obligations.

How to Calculate EMI on Fullerton Bank Car Loan

Before an applicant avail of a car loan from Fullerton Bank, you may require to understand how much amount you will be paying towards the loan each month. This is simply known as EMIs or equated monthly installments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses finely.

One can easily calculate the EMI for your car loan by using the below-given formula:

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E denotes the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.

One can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you

Fullerton India Car Loan EMI Calculator

The applicant has the option to know the EMI’s before availing a Car Loan. Thus, you can easily check through the link below:

Car Loan EMI Calculator

Fullerton India Car Loan Types

Fullerton India offers different types of car loans to its customers. You have the option of choosing the offer which suits your need the best. It offers the following types of Car Loans:

  1. New Car Loan –  Those who wish to buy a new car, this is the scheme for you. You can take Fullerton India Car Loan for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
  2. Used Car Loan – If you wish to buy a used car then you can choose this scheme which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
  3. Loan Against Car – You can opt for this scheme if you are in need of urgent funds where you can keep your cars as collateral with the bank where you can get Rs. 10 lakh or up to 50% of your car’s value

Compare Fullerton India Car Loan with other Banks in India

Car loan Banks Interest Rates EMI per Rs 1 lakh for 7 Years
Bank Of Baroda Car Loan 8.80% – 10.55% Rs. 1,599 – Rs. 1,689
Canara Bank Car Loan 8.70% – 9.35% Rs. 1,594 – Rs. 1,627
Corporation Bank Car Loan 8.75% – 9.50% Rs. 1,596 – Rs. 1,634
HDFC Bank Car Loan 8.50% – 11.25% Rs. 1,584 – Rs. 1,725
ICICI Bank Car Loan 8.82% – 12.75% Rs. 1,600 – Rs. 1,806
Union Bank Car Loan 8.85% – 11.85% Rs. 1,601 – Rs. 1,757
SBI Car Loan 8.65% – 9.70% Rs. 1,609 – Rs. 1,645

Fullerton India Car Loan for Top Selling Cars

Other Available Products from Fullerton India

Fullerton India Personal Loan Fullerton India Gold Loan Fullerton India Home Loan
Fullerton India Credit Card Fullerton India Two Wheeler Loan Fullerton India Education Loan

FAQs for Fullerton India Car Loan

What is the Fullerton India Car Loan?

Fullerton India car loan is the loan sum provided to its consumers by the company for a new or used car.

How can I get a Car Loan from Fullerton India?

  1. Visit Dialabank and fill a form.
  2. Wait for a call from our Relationship Manager who will guide you during the method.
  3. You can compare different offers from banks and other firms and determine the one which satisfies your requirements.
  4. Thus, easily apply for a Car Loan through Dialabank and experience the best offers.

✅ How does Fullerton India Car Loan work?

When you will apply for a car loan, then you will get a call from our agent and then, there will a document verification method. Then, the loan amount will be credited to your account.

✅ What is the Car Loan Interest Rate in Fullerton India?

The interest rate on a car loan in the Fullerton India is 7.50% only.

✅ How to Check Car Loan status in Fullerton India?

You can track your car loan status online on the Car loan situation website.

✅ How to Calculate Car Loan Interest in Fullerton India?

Use Dialabank’s EMI calculator to determine the interest as well as the EMI on your loan.
 

What is the maximum loan amount I can avail of on Car Loan from Fullerton India?

The maximum loan amount you can avail of on a car loan is up to 90% of On Road Price.

What is the loan tenure of the Fullerton India Car Loan?

The loan tenure of the Fullerton India Car Loan is a peak of 7 years.

✅ Can I get a 100% Car Loan from Fullerton India?

Yes, you can take a 100% Ex-showroom Price car loan from Fullerton India.

How much Processing Fee is applicable to the Fullerton India Car Loan?

Fullerton India charges a processing fee of 0.40% of the principal amount.

✅ What are the EMI options available on the Fullerton India Car Loan?

Fullerton India Provides two EMI choices Step-up EMI and Balloon EMI.

What are the charges for Prepayment in Fullerton India Car Loan?

You can prepay/foreclose your Fullerton India Car Loan with No foreclosure costs after the first 12 EMIs and 2% before the first 12 EMIs.

Can I get a top-up loan on my existing Fullerton India car loan?

You can get a top-up loan on your current car loan from Fullerton India for up to 150% of its value.

Do I need to provide a guarantor to avail a car loan from the Fullerton India?

Generally, you don’t need a guarantor for a car loan. However, you may need a guarantor if you don’t fulfill the eligibility criteria.

How to get the Fullerton India Car Loan Statement?

Get the statement in person by visiting your branch and requesting a particular statement.

                                                       or

You can get the statement online. To do this, you should have Fullerton India internet funding initiated.

How to Pay Fullerton India Car Loan Interest Online?

Simply logon to online Fullerton India payment to ‘see and pay’ your bills. You also get an electronic acknowledgment for every bill paid by you using e-PAY. You can also pay through Paytm.

What if I can’t pay the interest on Fullerton India Car Loan for 3 months?

Fullerton India imposes 24% of the exceptional amount or a Fee ranging from Rs.500 to Rs.5000 for not paying the EMI for 3 months.

How can I apply for EMI Moratorium on Fullerton India Car Loan?

You can apply for EMI Moratorium on Fullerton India Car Loans directly from the Fullerton India website’s Loan corner.

✅ What is the number for the Fullerton India Car Loan agent?

Call Dialabank at 9878981166 as it is one of the most trusted Fullerton India Car Loan agents. Dialabank even ensures the best offers on your Car Loan.

✅ Can I close the Fullerton India car loan online?

Fullerton India car loans can be closed by visiting the nearest branch and clearing off the outstanding amount.

✅ What is the Fullerton India Car Loan Customer Care Number?

Call 9878981166 and clear any of your queries with us anytime.

✅ How can I get NOC from Fullerton India for a Car loan?

You can get NOC directly from the branch for Fullerton India Car Loans.

What is the Fullerton India Car Loan closure procedure?

  • Just go to the bank with the documents.
  • Write a letter for pre-closure of the Fullerton India Car Loan account.
  • Pay the pre-closure charges as per Fullerton India Car Loan.

✅ What are the Fullerton India Car Loan preclosure charges?

Fullerton India Car Loan preclosure charges are up to 6%+ GST.

✅ What is the Fullerton India Car Loan maximum tenure?

The Fullerton India Car Loan maximum tenure is 7 years.

✅ What is the Fullerton India Car Loan minimum tenure?

The Fullerton India Car Loan minimum tenure is 1 year.

 

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