Looking to apply for a personal or business loan? Fullerton (now SMFG) offers flexible and fast loan solutions for salaried individuals, professionals, and business owners. Here’s a complete breakdown in simple terms to help you understand if you’re eligible and what you’ll need to apply.
🔹 Eligibility Criteria
- Age Limit:
- Private/Limited Company Employees: 21 to 65 years
- Government Employees: 21 to 60 years
- Minimum Salary Required: ₹30,000 per month
💰 Loan Amount & Tenure
- Loan Range: ₹1 lakh to ₹30 lakhs
- Tenure: 1 year to 5 years
- Special Cases:
- Doctors can get up to ₹30 lakhs with 100% FOIR (Fixed Obligation to Income Ratio).
- Pensioners (Govt. Employees) eligible up to age 65.
- Even if you already have loans like a home loan, car loan, or personal loan, you can still apply.
🧮 FOIR/DBR Limits (How much EMI you can afford)
- Net Salary ≤ ₹32,000: Up to 60% FOIR
- ₹32,001 – ₹45,000: Up to 65% FOIR
- ₹45,000: Up to 70% FOIR
For Proprietors/LLP/Partnerships:
- ₹30K–35K: 50% FOIR
- ₹35K–45K: 55% FOIR
- ₹45K: 60% FOIR
🔁 Balance Transfer (BT) Policy
You can transfer 100% of loans like:
- Personal Loan (PL)
- Credit Card dues
- Used Car Loan
- Commercial Loan
- Home Loan (HL)
- Loan Against Property (LAP)
- Jumbo Loans
- Loan on Credit Cards
Conditions:
- Credit Card must be at least 6 months old
- For PL BT: 6 months of EMIs must be paid
- No recent over-limit or late fees on card statement
🏢 Eligible Employment Types
- Employees of:
- MNCs, Government, Public Ltd, Pvt Ltd companies
- Hospitals and Educational Institutions under Trusts/Societies
- Proprietorship, Partnership & LLP Firms
- Fourth Grade employees (Except MCD & NDMC)
Note: Company must be registered with MCA for 2+ years. No company category required.
🟢 Pre-Approved (AIP) Cases
- Green and Amber AIP (approved-in-principle) cases under CRM allowed
- Salaried: ₹1L – ₹30L
- Proprietors/LLPs: ₹1L – ₹7.5L
🏠 Residence Requirements
- If loan > ₹10 Lakhs: Must own or have parental residence
🔎 CIBIL / Inquiries / Other Checks
- CIBIL Score: Even “-1” and “0” CIBIL cases considered
- Max 10 inquiries allowed in last 3 months
- For Govt. Employees: Loans up to ₹10L even with -1/0 score
- For Pvt Ltd/LLP/Proprietors: Up to ₹5L allowed with -1/0 score
📑 Documents Required
- Photo
- PAN Card
- Aadhar Card
- Residence Proof
- 3 Months Salary Slips
- 6 Months Bank Statements
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🔖 Final Note
Whether you’re salaried or self-employed, Fullerton (SMFG) provides loan options that suit your needs. Flexible policies, BT options, and minimal documentation make it a great choice for those seeking hassle-free funding.
