Fullerton Business Loan Interest rates in Goa
| Up To 10,00,000 | 10,00,000 Above | |
|---|---|---|
| Hospitals | 19.50% | 18.00% |
| Manufacturer | 19.50% | 18.00% |
| Others | 19.50% | 18.00% |
| Service Provider | 19.50% | 18.00% |
| Trader | 19.50% | 18.00% |
Features of Fullerton Business Loan Goa
| Type | Features |
|---|---|
| Processing Fee | 3.0% |
| Pre Closure Charges | 5.0% |
| Part Payment Charges | Allowed |
| Min Tenure | 1 Years |
| Max Tenure | 4 Years |
| Min Age | 24 Years |
| Max Age | 60 Years |
| Min Loan Amount | Rs.5,00,000/- |
| Max Loan Amount | Rs.30,00,000/- |
Fullerton Business Loan Goa Charges
| Type | Charges |
|---|---|
| E M I Bounce Charges | Rs. 2000/- |
| Insurance Cover | Applicable |
Documentation For Business Loan
For Proprietorship Firm
- Filled Application form
- Identity Proof (PAN CARD)
- Address Proof
- Last 2 years of Income Tax Documents
- VAT/CST/ST Registration copies (if any)
- 1 Passport Size colour Photographs
- 6 months Bank Statements
- Latest year business performance related documents.
- Other loansanction letters and their Track (If existed)
For Partnership Firm
- Filled Application Form
- Partnership deed
- Firm PAN Card & Address Proof
- All Partners Identity Proof
- All Partners Address Proof
- Last 2 years of Income Tax Documents
- Last 6 months of Bank Statements
- VAT/CST/ST Registration copies (if any)
- 1 Passport Size colour Photograph for applicant
- 6 months Bank Statements
- Latest year business performance related documents
Private Limited And Limited Companies
- Filled Application Form
- MOA/AOA and Incorporation certificate
- Commencement of operation (if it is a Public Ltd Company)
- Company PAN Card & Address Proof
- All Directors Identity Proof
- Last 2 years of Income Tax Documents
- Last 6 months of Bank Statements
- VAT/CST/ST Registration copies (if any)
- 1 Passport Size colour Photograph for applicant
- 6 months Bank Statements
- Latest year business performance related documents
- Other loansanction letters and their Track (If existed)
Identity Proof Of Partners/Directors
- Passport
- Driving License
- PAN card
- Photo credit card (with embossed Signature and last two months statement)
- Banker's sign verification
Age Proof Of Partners/Directors
- PAN Card
- Passport
- License
- School leaving certificate
- Voter card
- Birth Certificate
- LIC policy (only for age Proof)
Address Proof For Personal Loan
- Latest salary slip
- Current dated salary Certificate with latest form 16.
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Income Proof Of Partners/Directors
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Banking History For Business Loan
- Bank statements of latest 2 months
- 3 months bank passbook
Fullerton Business Loan FAQ's
Is there any age eligibility criterion for me to apply for a Business Loan?
You need to be at least 27 years of age to apply for a Business Loan under the 'Self Employed Business Category'. A relaxation of 2 years will be made if you are a non-professional. You cannot exceed 65 years of age at the time of Loan Maturity.
Are there any eligibility criteria that my business entity should meet for me to apply for a loan?
"Yes, the annual turnover of your business should be between ` 10 Lakhs and ` 100 Crores*. Further, your business needs to be in continuity for the last 3 years showing positive trends in turnover and profit for the last 2 years. Your Income Tax Returns of the last 2 years should reflect taxable income of above ` 2 Lakhs per annum. *Should your turnover be above ` 30 Crores, please refer to the SME Loans section to understand the solutions that are designed for the SME segment. "
What is a Business Installment Loan?
Business Installment Loans are the loans, which are used to meet medium term working capital needs.
How can I repay my Business Loan?
You can repay the loan in equal monthly installments (EMIs). The loan can be repaid through post-dated cheques. You can also repay through an ECS mandate to your bank.
What is an EMI?
EMI or 'Equated Monthly Installment' is the convenient monthly amount that you have to service to pay back the loan availed. The EMI consists of both the principal and interest components.
Do I need to hypothecate my assets or provide any other collateral to avail a Business Loan from Fullerton India?
You do not need to hypothecate any assets to avail a Business Loan from Fullerton India.
What is the maximum loan amount I can avail?
You can avail up to a maximum of ` 50 Lakhs. The amount would be calculated based on your income and other parameters that the Fullerton India Relationship Manager will explain.
Can I foreclose or prepay my loan?
Yes, you can foreclose your Business Loan after a minimum period of 6 months.
Is there any advantage that I can get if I have already availed a loan from Fullerton India earlier?
Yes, if you are an existing customer of Fullerton India, you will get additional benefits in processing time as well as in the interest rate.
About Fullerton
Fullerton Financial Holdings invests in financial institutions in emerging markets with a focus on Business and Consumer banking.
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Why Business Loans?
Owning a business is an exciting journey. When starting off there are many odds and ends to be met, once the business is set things will begin to takeoff. However nothing is possible in the business world without the right financing. Many business owners will review the financing options available to them, Business Loans are the best suitable for kind of your requirements.
As a business owner, your most difficult task is finding the money to operate your business. Taking the necessary steps to prepare for a small business loan can minimize the difficulty.
Learn what you need to know to clinch the loan deal.
You can get a loan for your business by proper preparation. The main requirements of attaining a business loan are your credit history, business plan, experience, education, and feasibility of the business you are expanding.
The most important task to obtain a business loan is to improve the business. Your business plan must answer the questions, a lending institution would ask for following.
The factors which will affect your business loan eligibility and rate of interest:
Interest rates
Rate of Interest will be based on bank/financial Institutions internal policies and terms. Generally Bank account conduct, reputation of the entity, repayment capability, credit history, Promoters Back ground and other credit related factors which can be evolve for Business Loans.
Tenor: from min of 12 months to Max of 48 months.
Interest Rate: from min 16(percent) to 22 (percent) .
Age: Min of 24 years to max of 55 years.
Repayment: Monthly EMI to be paid till the loan closure.
Repayment mode: By way of PDC, ECS or Standing Instructions.
Pre-Closure Charges: Will be applicable as per bank norms.
Expert Advice
Best Practices for Business Loan
Things not to do for Business Loan
Important points to be remember for Business Loans
Business Loans Vs Working Capital Facilities
| Business Loans | Working Capital Facilities |
|---|---|
| Generally Business Loan are small tenor unsecured loans offered by the bank based on the requirement, conduct and credit history of the entity. | Working Capital loans are related to business day to day operations, there is no limitation for the working capital facilities as per the entities financial performance and collateral capacity. |
| Business Loans are by nature it is a loan and need to repay the regular instalment till the loan will be cleared. | Working capital Facility is a facility you can avail the regular day to day transactions for your business purpose, generally WCF will be sanctioned for 12 months tenor. |
| Business Loans can be used for any related works, and there is no restriction for usage of funds. | WCF will be used only for business and business related purpose, there is a restriction on usage for facilities. |
| Business Loans will be only provide the fund based limits. | Working capital facilities can be sanctioned for fund based or non fund based requirement. |
| Only one type of facility can be availed from the Business Loans from the bank | Various types of facilities can be offered by the bank under WCF facilities. |
| Business Loans can be availed by small business owners. | WCF facilities can be availed by small business owner to big corporate. |
| Maximum tenor of loan is 48 months offered by the banks. | Maximum tenor will be 12 months based on the facility requirement. |
| Business Loans are costly than the WCF loans. Generally interest rates will be very from 18% to 21%. | WCF are relatively cheaper than the Business Loans. Generally interest rates will be vary 13% to 15% as per bank internal policy. |
| Minimum of 3 years vintage will be required for the business loans. | Min of 1 year vintage for calculation of eligibility will require for WCF. |
| Generally Business Loans will be used for unexpected requirement in business.. | WCF will be used for regular activities of business. |
| Loan disbursement will be max 7-15 days from the date of application. | Min of 15 days to max of 90 days will require for process the WCF request from the date of application. |
| Banks/Financial Institutions will prefer to provide the business loans to WCF customers. | Banks will prefer to take more collateral to fund the WCF. |
| Interest will be on total loan outstanding and will be calculated on monthly basis. | Interest will be calculated on daily basis outstanding and will be debited in account on monthly basis. |
About Goa
Goa is a state in India within the coastal region known as the Konkan in western India. Bounded by Maharashtra to the north and Karnataka to the east and south, the Arabian Sea forms its western coast. It is India's smallest state by area and the fourth smallest by population. Goa is India's richest state with a GDP per capita two and a half times that of the country.
It was ranked the best placed state by the Eleventh Finance Commission for its infrastructure and ranked on top for the best quality of life in India by the National Commission on Population based on the 12 Indicators.Goa is visited by large numbers of international and domestic tourists each year for its beaches, places of worship and world heritage architecture. It has rich flora and fauna, owing to its location on the Western Ghats range, a biodiversity hotspot.
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Places To Be Visited In Goa
Mangeshi Temple
Goa may have a long Portuguese history and quite a few famous churches, yet it is also home to beautiful temples and ornate mosques as well. Ponda region in Goa is famous for the 16th century Safa Shahouri Mosque as well as the 450year old Shri Mangesh temple dedicated to Shiva. The highlights of the temple are the seven-story lamp tower (deepstambha), a magnificent water tank, believed to be the oldest part of the temple and there is a prominent Nandi Bull as well inside the temple. Located on a small hillock, it is also one of the largest temples in Goa.
Dudhsagar Waterfalls
One of India’s most splendid waterfalls, Dudhsagar Falls are located approximately 60 kilometres away from Panjim. This multi-tiered waterfall gushes down milky white waters from a height of 310 metres, making it India’s fifth-highest waterfall. The site, nestled in a completely natural habitat is a pleasure to witness and one can even enjoy some swimming or rock climbing here.
Viceroy's Arch
Established in 1599 by Viceroy Francisco da Gama, the Viceroy’s Arch is made up of laterite and green granite. The archway was once the main street for entering Old Goa. The arch was built to commemorate the memory of the famous explorer – Vasco da Gama. The arch is embellished with an imposing statue of Vasco da Gama on the river side and with the statue of St. Catherine on the other side. The original arch collapsed in 1948 and was rebuilt in 1954.
Pandava Caves and Arvalem Waterfall
About 9 kms to the south of Bicholim town in North Goa is located the 6th century Pandava cave complex and Arvalem waterfalls. The cave complex is divided into 5 compartments and the ‘linga’ enshrined in the middle compartment is held in great reverence by devotees here.
Calangute
One of the most popular beaches in Goa and also the largest beach in North Goa. It is also the busiest and commercialized beaches in Goa and during peak seasons, this beach is swamped with people from all over the world. It offers a long coastline with an amazing view of the sea and the beach front is dotted shacks, restaurants, clubs and shopping outlets. Once can also enjoy a plethora of water sports at Calangute beach.
Fort Aguada
A well-preserved 17 century Portuguese fort, Fort Aguada is located on the Sinquerim Beach in North Goa. Built as the chief defence of Portuguese against the Dutch and Marathas, it was the most prized and crucial fort of the Portuguese. The fort is ringed by thick battlements and a deep dry moat. 2 things worth visiting inside the fort are the 13 metre high lighthouse built in 1864 and a vaulted cistern capable of storing ten million litres of fresh water. From here fresh water was supplied to the ships that stopped there.