Late Payment fee: 2% per month for the defaulted amount for the defaulted period.
Pre-closure charges: 4% of principal outstanding
Pre-payment penalty: 4% of the EMI paid in advance for the actual days. If only one EMI is paid in advance during the previous 5 days of the EMI date, no prepayment charges.
Penalty for cheque/NACH bounce: Rs. 500+ GST
(Charges are subject to revision)
Applicant Should be a Citizen of India.
Minimum Age 21. Maximum Age at the time of application is 50 Years for Private sector employees / Professionals and 55 for Govt. and Public sector undertakings.
Co applicant is mandatory for all loans.
Applicants should be full-time employees who are on the regular / permanent rolls of the Company who have completed two years unblemished service regardless of rank and position.
The total deductions from the monthly salary including the instalment of the loan availed shall not exceed 60% (FOIR)of the net take home salary.
Advance taken from the company as part of salary advance which is not exceeding for a period of six months can be excluded from calculating the FOIR.
The track should be clean and No DPD above 30+ shall not be consider for granting loan under this product.
Minimum Net Monthly salary should be of Rs.15000/-.
Maximum Loan to be restricted to 5 times of Net Salary.
Minimum monthly pension should be Rs. 20000 in the case of pensioners
Self-employed-Minimum 2-year vintage.
Minimum Cibil Score 650.
Lulu Personal Loans are intended to help meet any urgent personal financial needs of Individuals (Applicants other than individuals are not coming under this product) such as renovating home, marriage-related expenses, children’s education, purchasing household items, gadgets, or home appliances, meeting unexpected medical expenses or any other emergencies, acquiring properties, etc.
Loans will be granted to individuals only after the Lulu Finserv is satisfied about the credit worthiness, integrity, local standing, and repayment capacity of each borrower.
