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Fullerton India Credit Company Limited

Last Modified : September 14, 2018

Fullerton India Education Loan falls under Fullerton’s personal loan scheme. The education loan scheme is extended to students pursuing degree or diploma courses in India or overseas.

The loan covers caution deposit, academic expenses and travel expenses (for abroad studies). It meets students’ financial needs and promote academic excellence.

Why Fullerton India?

The NBFC provides instant online approval facility and 24 hour loan disbursal process to ease students’ of last moment financial needs. Also, no collateral is required while applying Education Loan for India and Abroad from Fullerton India

Are you eligible for Fullerton India Education Loan?

  • Indian National. Student must be an Indian national or NRI having Indian passport
  • 10+2. He/ she must have qualified 10+2 or equivalent examination
  • Co-signer. A co-signer is must to apply for education loan

How to apply for Fullerton India Education Loan?

Fullerton India provides online account access and online application form facility. Below mentioned are points that you need for the same

  • Visit the official website.
  • Ensure you research and study about all the variants of education loan offered
  • Click on the ‘Apply Now’ tab
  • Fill in necessary details and submit the form

Post successful filling of enquiry form, representative from Fullerton India will contact you and guide you for further loan procedures.

Below mentioned are all aspects of education loan offered by Fullerton India. Have a look:

Fullerton India Education Loan is offered with loan amount upto INR 50 Lacs for studies in India or abroad.

What makes you eligible for Fullerton India Education Loan?

  • Student must be an Indian national
  • He/ She must have qualified 10+2 with required grades/marks
  • The co-signer must be an earning member of your family in India
  • There is no age criteria mentioned

Present rate of Interest

Rate of interest charged ranges from 15% to 40% on all amounts

Quick Facts aboutFullerton India Education Loan

MarginNil, 100% finance facility
Maximum Loan LimitINR 50 Lacs
SecurityNo collateral security
Moratorium PeriodCourse period + 6 months or 1 year
Repayment (Maximum)Repayment of the loan can be done after the moratorium period by mode of EMI Maximum repayment loan: 20 years
Prepayment ChargesNil

Additional Facts about Fullerton India Education Loan

  • 6.5% processing fee
  • Zero margin
  • Zero collateral security
  • Zero prepayment or penal charges
  • 24 hour loan processing process

Courses covered under Fullerton India Education Loan

  • Graduate/ postgraduate degree (Masters or Ph.D.) /diploma courses conducted by renowned institutions/ universities recognized by UGC, Government, AICTE, AIBMS or ICMR.
  • Academic courses such as CA, CFA, and ICWAI.
  • Courses conducted by NIFT, IITs, IIMs, XLRI, IISc, and NID that are approved by Avanse
  • Vocational education or training courses approved by Avanse
  • Courses for noble cause such as teaching training (like B.Ed.), nursing courses, and from other training institutions approved by Central Government or by State Government

Expenses covered under Fullerton India Education Loan

  • Tuition Fee
  • Examination Fee
  • Library/ Laboratory Fee
  • Hostel Fee 
  • Cost of books, equipment, instrument or uniforms
  • Miscellaneous expenses- study tours, project work, thesis, etc.
  • Reasonable cost of computer or laptop (if required)
  • Travel expenses

Documents required for Fullerton India Education Loan

  • Admission letter
  • Cost of study statement from the institute
  • Attested copies of age proof, residence proof and birth date.
  • Self-attested passport size photograph of applicant, co-applicant, and guarantor.
  • Copies of qualifying courses.
  • Mark sheet of SSC and HSC
  • Income proof and/or copy of income tax return file of co-applicant, parents, and guarantor (if any).
  • Details of collateral security along with government approved valuation certificate (if any)
  • Bank account statement of the applicant.
  • Copy of passport and visa for abroad courses


Q: Does NBFC’s offer any interest subsidy scheme along with its education loan variant/s?

Answer: No, NBFCs does not provide any interest subsidy scheme initiated by the government.

Q: In whose name is the loan granted?

Answer: The loan is granted in the name of the student

Q: What is the age limit for availing loan from Fullerton India?

Answer: There is no age criteria, a student should also clear the other eligibility criteria’s stated by Fullerton India

Q: What does margin on any loan mean?

Answer: Margin amount is the amount that a borrower has to pay through his/ her own sources in form of a down payment as his/ her contribution towards the education.

Q: Where can I avail Fullerton India Education Loan?

Answer: You can fill the application form online from the official website or contact the branch for the same. 

Q: What are the basis on which education loan application is evaluated?

Answer: Fullerton India considers various parameters when evaluating the education loan application. Some of these parameters are popularity of course, recognized institute, credit score of borrower/co-borrower, etc.

Q: My loan application was rejected once, can I apply again?

Answer: Yes, you can apply again. It is necessary that you have completed all your document requirements and fulfil the eligibility criteria stated by Fullerton India.

Q: Is there any minimum aggregate marks to meet the eligibility criteria to avail Fullerton India education loan?

Answer: No, there are no minimum aggregate marks stated by the Fullerton India in regard of eligibility to apply for the loan. 

Q: What is the discount/ rebate offered by Fullerton India?

Answer: There are no discounts/ rebates stated by Fullerton India 

Q: What all is included in tangible collateral security?

Answer: Fullerton India does not asks tangible collateral security. Tangible security includes documents related to land/ building/ government security/ public sector bonds/ units of UTI, NSC, Life insurance policy/ bank deposits/ shares or debentures. The value of the security should be equal to the education loan amount.

Q: Is collateral security mandatory for Fullerton India Education Loan?

Answer: No, Fullerton India offers unsecured loans as well. They are limited to certain amount of loan, for which borrowers does not require any security.

Q: Is scholarship or assistantship included in the margin?

Answer: Fullerton India charges zero margin. Hence, there is 100% finance facility available

Q: What is Moratorium Period?

Answer: Course Period plus one year, or six months after getting a job

Q: What is tenure of an education loan?

Answer: Tenure of education loan provided by Fullerton India is 20 years

Q: What does MCLR stands for?

Answer: MCLR stands for Marginal Cost of funds based Lending Rate. It refers to the minimum interest rate of a financial institution below which it cannot lend.

Q: What all expenses are covered under this course?

Answer: Expenses covered by Fullerton India education loan are:

  • Tuition/ college/ hostel fee
  • Examination/ lab/ library fee
  • Books/ uniform/ instruments
  • Caution deposit
  • Passage money for studies abroad, etc.

Q: Will my travel expense will be covered if I take loan from Fullerton India?

Answer: Yes, travel expenses are covered under this loan

Q: I have taken admission through management quota. Am I eligible?

Answer: There is no such provision mentioned by Fullerton India. You may contact the particular financial institution regarding the same.

Q: What do you mean by reputed or recognized institutes?

Answer: Institutes that are affiliated to state/ central universities and comes under UGC or AICTE are considered as recognized institutes. Reputed institutes are those which are well known and have standard course of repute. More often, NBFC’s provide the list of institutes they consider for loan. (You can contact nearest branch for the same)

Q: Are there any special benefits if I have secured admission to one of the top premier institutes?

Answer: Fullerton India does not provide any special benefits to students securing admission to top premier institutes

Q: What is the processing fee or prepayment charges?

Answer: Processing fee of education loan offered by Fullerton India varies for different applicants.

Q: Will cost of my computer be covered under the loan sanctioned?

Answer: Reasonable cost for the computer or laptop well be covered under the loan if it is required to complete the course. 

Q: Why is Pan Card necessary?

Answer: Pan Card is one of the mandatory document required by NBFC these days. It is mandatory because:

  • Easy to assess Income
  • Easy to trace borrowers

Q: Are diploma or certificate courses considered under Fullerton India education Loan (both for India and Abroad)?

Answer: Yes diploma or certificate courses are eligible under Fullerton India Education Loan. Regular degree or diploma courses like, shipping, pilot training, and aeronautical that are approved by Director General of Civil Aviation or Shipping

Q: Is a co-borrower necessary for loan?

Answer: Yes, it is mandatory to have a co-borrower to avail loan from Fullerton India.

Q: Does Fullerton India accept multi-city/multiple co-applicants?

Answer: Yes. If the primary co-applicant fails to fulfil the eligibility criteria, the borrower can add more co-applicants for the loan.

Q: Who can be my co-borrower?

Answer: Your parent/ spouse/ guardian can be a co-borrower. A co-borrower should be your immediate family member, should have a steady source of income in India, and a good credit history.

Q: What all documents are required from the co-borrower?

Answer: Documents required from the co-borrower are:

  • Attested copies of age proof, residence proof and birth date.
  • Self-attested passport size photograph
  • Income proof and/or copy of income tax return file
  • Details of collateral security along with government approved valuation certificate (if any).

Q: What is the KYC requirement in education loan?

Answer: KYC requirements are the documents as a proof of personal identification and residence proof of the applicant as well as the co-borrower.

Q: What are maximum term for repayment?

Answer: Maximum term for repayment is 20 years

Q: How can I repay the loan?

Answer: You can repay the loan after the moratorium period by mode of EMI or through post- dated cheques.

Q: What is EMI? How are they calculated?

Answer: EMI stands for Equated Monthly Installments. It can be calculated by using the formula given below

EMI = [P x R x (1+R) ^n] / [(1+R)^ n-1]

Here, P is Amount of Education Loan, R is Rate of Interest, n is Tenure of the Loan.

Or simply you can use the EMI calculator provision available on official website.

Q: Is the loan disbursed in name of individual applicant or to the institute/ university directly?

Answer: The loan is disbursed directly to the institute/ university that you have taken admission to. Hence, an applicant is supposed to submit institute brochure with proper division of the fee

Q: If I am unable to complete my course in given tenure, will my repayment term be extended?

Answer: It is completely on the financial institution’s discretion to extend the moratorium period or not. You can contact your nearest branch for the same.

Q: Can applicant transfer his/her education loan to Fullerton India?

Answer: No such clause is mentioned by Bajaj Finance Limited. You may contact the branch for the same.

Q: What is method of application of interest on education loan?

Answer: The interest will be charged at simple rate from the date of disbursement till commencement of repayment of loan. After that, compound interest is charged on reducing balance. 

Q: What is interest rate of education loan?

Answer: Interest rate charged by Fullerton India for all loan amounts ranges from 15% to 40%

Q: Can ROI change during period of my course?

Answer: Yes, there is a possibility that interest rate changes during course period as it is offered at floating rates, which might change due to external conditions and internal policies

Q: What is employment verification in an education loan?

Answer: Fullerton India takes the responsibility to cross verify all the employment details of the applicant and co-borrower. If it fails to cross verify every detail provided, it might reject the loan application.

Q: Are there any tax benefits in education loans?

Answer: Under Section 80E of Income Tax Act, loan borrowers can avail the tax benefits. This benefit is only available over and above INR 1,50,000. Tax benefits can be availed once the borrower starts paying interest on loan. The deduction is available until borrower pays off full interest amount on loan or for maximum of 8 years (whichever is earlier)

Q: Can I repay my loan in foreign currency even if my financial institution is in India?

Answer: Yes, you can pay the amount in foreign currency (Euro, Pound, Dollar, etc.) NBFC might charge an additional currency conversion fee as per RBI regulations.

Q: Why do NBFC’s require insurance policy as security?

Answer: The NBFC’s require insurance policy as security in lieu of education loan provided. The insurance policy should be equal or more to the amount of loan sanctioned. In case of untimely demise of the borrower, NBFC recovers the amount from the insurance policy

Q: What is credit score? Is it important for education loan?

Answer: Credit Score is inclusive of various factors such as credit history (Loan history or credit card). If a student does not have a credit score, NBFC’s calculate it by considering factors such as University, College and the Course of admission. The academic background of student and credit history of co-borrower is also considered.

Q: Are NRIs eligible for the education loan?

Answer: NRIs are eligible for the loan if they have Indian citizenship and are Indian passport holder.

Q: Is Visa a necessary document for studying abroad?

Answer: Visa is needed as a document proof but it is not a sole requirement.

Q: What all procedures do one have to go through while applying for abroad?

Answer: A student who is applying for studying abroad have to give necessary documents required by the NBFC. One needs to have a thorough knowledge of the course they are applying for and in which institute as it can be asked on the airport by the foreign officials.

Q: If a student have any query, where or whom to contact?

Answer: student can reach out to the nearest branch in case of any query.

Customer Care Number: 1800 103 6001

Customer Care Id: