Fullerton India Car Loan

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Fullerton India Car Loan

Fullerton India Car Loan Key Features –Jan 2021

Interest Rate

7.35% 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 in 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 anyone can procure, even those 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 a minimum of ₹ 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

7.35% per annum

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 opt for a shorter tenure to repay the money, the EMI you will pay each month will be higher in Fullerton, India. This will be an indication of your higher repayment capacity for the Fullerton India Car Loan, which will build a sense of confidence in you.
  • Keep your credit score in check: If you wish to increase your Eligibility for a Car Loan for a Fullerton India car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score for Fullerton India Car Loan.
  • Maintain a low debt-to-income ratio: A low debt-to-income ratio in Fullerton, India means you have a good balance between your earnings and your spending. This is because before Fullerton India decide to lend to you, they will check the percentage of your earnings that goes into paying your debts, and a low debt-to-income ratio will indicate your high repayment capacity for Fullerton India Car Loan.
  • Apply for a loan for a lower amount: By applying for a loan for a lower amount, you can increase your eligibility for a Fullerton India car loan. In addition, a lower loan amount means that the loan will be repaid faster; therefore, the chances of you being eligible for a Fullerton India loan are higher.

Factors Affecting Fullerton India Car Loan Eligibility

Eligibility criteria for a 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 is a good chance that your eligibility for a Fullerton India car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a Fullerton India car loan, your yearly income should be at least Rs.3 lakh.
  • Loan amount: Your Eligibility Criteria for Car Loan from Fullerton India will be higher if you apply for a lower loan amount as if the loan amount is lower, Fullerton India knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan for Fullerton India Car Loan.
  • Repayment tenure: Choosing a longer repayment tenure can decrease your eligibility for a car loan in Fullerton, India. It might give an impression to the bank that you do not possess the ability to pay Your Fullerton India loan.
  • Credit score: This is an important factor that every bank, including Fullerton India, considers when determining your car loan eligibility. A credit score of 750 and above is considered to be a healthy credit score by Fullerton India and most lenders.
  • Relationship with the bank: As stated earlier, Fullerton India offers instant car loans to their existing customers, which allow Fullerton India’s customers to avail a loan instantly, at their convenience, with very few List of documents required for a Car Loan.

Fullerton India Car Loan Documents Required

Documents required for a 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

Loan Amount 2 Years 3 Years 5 Years 7 Years
1 Lakh ₹  4,480 ₹  3,090 ₹  1,982 ₹  1,512
3 Lakh ₹  13,439 ₹  9,270 ₹  5,947 ₹  4,535
5 Lakh ₹ 22,398 ₹ 15,450 ₹  9,912 ₹ 7,559
10 Lakh ₹ 44,795 ₹ 30,900 ₹ 19,825 ₹ 15,117

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 important that before approaching Fullerton India for a loan, you inform them about the amount of loan you need to borrow. Limit your Fullerton India loan amount after accounting for your own available funds.
  • Review your current obligations: Before taking a Fullerton India loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you estimate the amount of EMI you will be able to pay comfortably for the Fullerton India Loan after taking into account other obligations.
  • Calculate your Fullerton India car loan eligibility: Your Fullerton India eligibility is an assessment of your repayment capacity based on your monthly income. Fullerton India provides an LTV up to 100 % of the ex-showroom price and expects the borrower to fund the remaining value of the property with their own money.
  • Multiplier-based loan amount eligibility: Fullerton India also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating Your Fullerton India loan eligibility.
  • FOIR based loan amount eligibility: Fullerton India will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. Fullerton India applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations in Fullerton India or other banks to calculate your fixed obligations.

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. In addition, when you prepay, the outstanding balance on your loan for the vehicle reduces. Fullerton Bank provides you with 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 the same: This option allows you to reduce your monthly EMI and, hence, increases the availability of monthly surplus you can deploy for other purposes. This is suitable for borrowers who anticipate higher monthly personal expenses and, hence, 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 need to understand how much you will be paying towards the loan each month. This is simply known as EMIs or equated monthly instalments, 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 of 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 are 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, you can choose this scheme that 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
Fullerton India 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 apply for a car loan, you will get a call from our agent, and then there will be 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 Fullerton India is

7.35% per annum

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 a 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 applies 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 myself of a car loan from 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 log on to online Fullerton India payment to ‘see and pay your bills. You also get an electronic acknowledgement 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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