In this digital age, where everything is available online, the demand for flexible and quick financing is ever-growing. Credit cards and instant personal loans are two prominent credit instruments available for consumers. Many people rely on credit cards for quick financing requirements. However, instant personal loans offered by Fullerton India provide more flexible financing than credit cards for new age consumers. Let us look at how a personal loan can be a better alternative to a credit card for raising funds quickly with flexible repayment tenure and reasonably low rates of interest.
Why is a Personal Loan Better than a Credit Card?
Despite each individual having a credit card today, a personal loan is your viable credit option during an emergency because:
- Loan Amount Limit: The credit limit on credit cards is low, whereas, with a personal loan, you can usually borrow a higher amount. Fullerton India offers personal loans online up to Rs 25 Lakhs as per applicant’s eligibility.
- Repayment Tenure: The outstanding balance on a credit card must be paid in the next cycle, offering a grace period of a maximum of one month. Part payment of this amount causes heavy interest rates. You can also convert credit card purchases into EMIs, however the tenure usually doesn’t exceed 24-36 months. Personal loans offer flexible repayment tenures between 12-60 months. You can select an optimal tenure so that the EMI amount can easily fit within your budget.
- The Freedom of usage: The personal loan amount is directly credited into the borrower’s account, and they have the freedom to make both small and big purchases. However, Credit card payment is done directly to the merchant and is a financially sound choice for smaller purchases only within the stipulated credit limit.
Years of experience has established Fullerton India instant personal loan as a trusted and reliable credit option to fuel your immediate expenses conveniently. Let us look at some of the benefits that Fullerton India Personal loan offers and how one can apply for the loan.
Benefits of Fullerton India Instant Personal Loan
The Fullerton India personal loan offers various benefits to borrowers like:
- Freedom of usage: The credit offered by Fullerton India comes with the freedom of usage. The borrower can use the money for any personal reason like education, planning a vacation, debt consolidation, growing business or even medical emergencies. There is no end-usage restriction on the personal loan amount.
- Reasonable Interest Rate: The personal loan is offered at the market-driven, affordable interest rate starting at 11.99%. The interest rate is not fixed and is proportional to the profile details of the borrower like income, credit score, past credit payment, employer, and many more. If you have a good profile, you can negotiate with the lender for a lower interest rate.
- Flexible Repayment Tenure: The repayment tenure for the loan also is flexible, making it easy for a borrower to make the payment.
- Loan Amount: Fullerton India instant personal loan can be availed up to Rs 25 lakhs, which helps cover all the necessary expenses of any individual.
How to Apply for Fullerton India Personal Loan?
Fullerton India offers a paperless process for loan application and quick loan disbursal. Whether you are a salaried or self-employed individual, you can apply for Fullerton India Personal Loan either through the website or the instant loan app (for salaried individuals only). The step-by-step guide for applying is mentioned below:
Step 1: Search for the Fullerton India personal loan on the browser of your laptop/phone, or tablet.
Download the Fullerton India app from the Play Store (if you are an android user) and Apple Store (if you are an iOS user).
Step 2: Visit the Personal loan page and read the terms and conditions.
Step 3: Using the loan eligibility checker, you can check whether you are eligible for the loan. Then click on ‘Apply Now.’
Step 4: Verify yourself by entering your phone number and the OTP sent on your number.
Step 5: Duly fill the application form with all your details like personal, professional and banking. Also, upload the necessary documents.
Step 6: Mention the loan amount you need and the repayment duration you prefer.
Step 7: Recheck your application form details and click on submit.
After you submit your application, the Fullerton India team will verify it, and you will receive a call back for the loan terms being offered to you.
Personal loans are excellent financial instruments that allow anyone to borrow credit from lenders without any collateral for a fixed tenure. Compared to credit cards, personal loans offer greater financing options at considerably lower interest rates. You can utilise the personal loan EMI calculator to plan your finances for the repayment phase beforehand. Though the personal loan is readily available, you must ensure to repay the loan amount on time. It will help you maintain a good credit score and easily borrow money in the future as and when needed.