Which is the best-Fullerton Personal loan or ICICI Personal Loan?

While applying for a personal loan from any bank you need to read the guidelines to get the loan approved. Whether you are applying for Fullerton India personal loan or an ICICI bank for a personal loan, each has different criteria like quick disbursement, instant loan approval process, and benefits for the user. In Fullerton India, the minimum loan amount is Rs. 12,500 whereas ICICI bank offers a personal loan up to Rs. 20 lakhs.

ICICI Bank personal loan

The borrowers apply for ICICI Bank Personal Loan to meet their diverse financial needs during an emergency. This loan is unsecured and can be used for an emergency. ICICI Bank offers personal loans up to Rs. 20 lakhs within a tenure of 12 months to 60 months with minimal documents required.

Key features and benefits of ICICI

Apart from being the most reliable way to get the funds and to fulfil your financial requirements you can get ICICI Bank personal loan with many benefits, some of which are as follows:

• Once the application is approved, the funds are credited directly into your account within three seconds.
• ICICI Bank offers personal loans with the flexibility to choose the loan tenure. The user can apply from 12 months to 60 months.
• It offers online services to keep tracking of the application status and get assistance with 24x7 support.
• Minimum documents needed
• The interest rate will be fixed and will remain same throughout the loan tenure.
• The borrowers are not required to provide any collateral or security.

ICICI Bank personal eligibility

The ICICI Bank makes the personal loan process easy and accessible for the borrowers. It always understands your needs and therefore they established the eligibility criteria based on simple parameters:

• For salaried employees, it must be aged between 28 years and 58 years.
• The applicant must have a minimum monthly income of Rs. 30,000
• The interest rate is starting at from11.25% per annum.
• Types of personal loans are wedding loans, Holiday loans, Home renovation loans, Fresher funding, and more.

Documents required for ICICI Bank personal loan

• Identity proof: PAN/Aadhaar/Passport/Voter/Driving license/ and more
• Residence proof: Submit utility bill less than 3 months/valid rent agreement/ and more
• Last 3-month salary slips
• 2 passport size photographs

Fullerton Personal Loan

If you are applying for a personal loan to meet your unexpected expenses such as a medical emergency or planning to visit your dream destination then, Fullerton India Personal Loan is the right choice for you. The lender offers the loan amount up to Rs. 20 lakhs and ensures submission of minimum documents, fast processing, and flexible repayment tenure of up to 60 months as well as quick disbursal of the loan amount.

Features and benefits of Fullerton personal loan

To avail of complete features and benefits for Fullerton personal loan application, the user is required to follow the key points for completing the loan processing with the help of the following points:

• No hidden charges for using Fullerton India
• No guarantor required for applying for Fullerton personal loan
• Quick loan approval as compared to other non-banking financial companies.
• Low-interest rates for its loan applicants.
• Fullerton India can quickly apply for the online application.
• After the submission of your documents, the personal loan gets approved and disbursed into your account within 30 minutes.
• Additional benefits for existing customers like a top-up loan, digital query servicing, etc.

Eligibility criteria for Fullerton personal loan

The following are the key points for a Fullerton personal loan:

• The applicant should be an Indian residents
• The applicant should either be a self-employed professional or a salaried employee of a private limited company or public sector undertaking such as central, state, or local bodies.
• The individual should be at least 21 years and a maximum of 60 years.
• The interest rate is starting from 11.99% to 23.99%
• The loan repayment tenure is starting from 12 months to 60 months.
• The individual should be earning at least Rs. 15,000 p.m. If you are working in Delhi or Mumbai, it should be a minimum of Rs. 20,000 per month.

Documents required for Fullerton personal loan

• Completed personal loan application form with your recent photograph

• Proof of identity such as Aadhaar card, voter ID card, driving license, PAN/passport

• Address proof such as ration card, telephone bill, bank passbook or bank statement, rental agreement, electricity bill, passport copy, or driving license.

• Age proof such as PAN Card, passport, or certificate from a statutory authority

• Bank statements or bank passbooks with records of the last six months or your salary slips for the last three months.

• Copy of Form 16

• Processing fee cheque

• Income Tax Return

Bottom line:

Before applying for either Fullerton personal loan or ICICI Bank personal loan, it depends on you to compare interest rates and charges offered by various lenders so, that you pay affordable EMIs in the future. You can easily compare Fullerton India and ICICI Bank personal loans with its given eligibility criteria, interest rate, tenure, and documents required for loan approval. Apart from this, you can also check the credit score before the loan approval tenure.

Himanshu Kataria, Digital Marketing Executive