Fullerton Business Loan Interest rates in Gwalior
| 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 Gwalior
| 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 Gwalior 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 Gwalior
Gwalior is a major city in the India states of Madhya pradesh Known for its rich cultural heritage, the city of Gwalior has played an integral role in Indian history from ancient times,through the medieval era, and later during the Moghul and British colonial rule. The bustling city atop a hill, is dominated by the Gwalior fort which has been the battleground for many struggles for power. It is having a good historical and architectural significance.Gwalior according to ancient history was Gopalkash, said to be the same place where Bhima from the epic Mahabharata attained victory. Archeological excavations reveal that the city dates back to the middle Stone ages and Iron Age. The actual city was founded back in the 8th A.D. by Suraj Sen, the head of the Kachwaha clan. Legend has it, that a sage called Gwalipa, cured him of leprosy and thus the king named his city Gwalior. The city became the seat of power for many dynasties to come. From the 11th - 15th century, the medieval era saw the rule of Rajputs. This was followed by intervention by the Mughals, who were dethroned by the Rajput ruler Raja Man Singh, but only for a short
while.
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Places To Be Visited In Gwalior
Gwalior Fort
The location of Gwalior Fort itself is stunning. It stands magnificently on a rock that is isolated. The famous Mughal Emperor Babur described this fort as ‘The Pearl in the Necklace of the Forts’. The construction of the fort was begun over 1000 years ago. The architecture of the fort is stunning. You will be mesmerized by the stone carvings here. The fort houses three temples and six palaces. The fort stands silent proof for the rule of various mighty dynasties.
Sun Temple
The name itself says it. Yes, Sun Temple is dedicated to Sun, which is worshipped as a God. The temple was built by the famous industrialist G.D. Birla in the year 1988. It is a reproduction of the renowned Sun Temple in Konark. The temple’s exterior is made of red sand stone and the interior is made of white marble. The temple attracts tourists from all parts of the world. Religious faith apart, the structure of the temple and the atmosphere make people throng the temple. The tranquil atmosphere gives you peace of mind. You will also find an attractive garden inside the temple premises.
Jai Vilas Palace Museum
:Jai Vilas Palace is a stunning display of architectural grandeur of the bygone era. The palace built in European style has a blend of Tuscan, Italian and Corinthian styles. The palace is now converted into museum. The palace was constructed by Maharaja Jiyaji Rao Scindia in the year 1875. The Durbar Hall in the palace has its walls decorated with golden leaves. The largest pair of chandeliers in Asia is found hanging in the palace. Now a museum, the collections in Jai Vilas Palace are equally unique and awe inspiring.
Memorial Of Tansen
Tansen Memorial was constructed to commemorate a great musician of the bygone era. Tansen, the musician, was one among the nine gems that adorned the court of Akbar. The construction reflects Mughal style of architecture. The lush gardens surrounding Tansen Memorial offer great view. The memorial is famous for national level music festivals held here every year.
Tigra Dam
Tigra Dam is situated about 23 km from the city. The dam is huge and you will love the sight of migratory birds swimming in the water. Boating facilities are available here. This beautiful picnic spot is a perfect place to relax.