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Piramal Finance offers the best personal loan in India. Some of the benefits of availing of a personal loan from Piramal Finance include competitive personal loan rates, quick personal loan sanction and disbursal, flexible repayment tenure, and many more.
Applicable Fees and Charges Piramal Finance Personal Loan
Some common fees and charges associated with personal loans are as follows:
The processing fee for a personal loan is related to the administration costs of the lender. It ranges from 0.50% to 2.50%.
A personal loan will be disbursed by a bank or financial institution only after the borrower's repayment capacity has been verified. Borrowers may need to hire third-party verification agencies. That is why they charge borrowers a verification fee.
All borrowers will have to contribute a certain amount toward GST.
Late payment fee:
When a borrower fails to pay the personal loan EMIs on time, they will have to bear a late payment fee.
Prepayment or foreclosure charges:
Borrowers are usually required to pay a prepayment or foreclosure charge when they are willing to close a loan before its stipulated tenure.
Prepayment and Part Payment in Personal Loan
When you get your hands on some extra funds, you should try contributing them toward your personal loan. The prepayment facility helps you repay a loan before the fixed tenure. It ensures that you will be debt-free sooner than the loan term. Instead of prepaying the entire amount, you can make a partial payment on a personal loan. A part payment involves paying a lump sum amount toward your personal loan. However, it is lower than the principal outstanding amount. Part payments can bring down the unpaid principal amount while lowering the EMIs and the total payable interest.
Types of Pre-Payment
Full Pre-Payment: It revolves around pre-paying the entire amount.Part pre-payment: It entails prepaying a significant portion of your outstanding principal to your personal loan bank.
Modes of Personal Loan Payment or Repayment
Electronic Clearance System (ECS): It revolves around making repetitive and periodic transactions.Post-Dated Cheques (PDCs): The payer writes a PDC to be withdrawn at a future date.National Automated Clearing House: The centralised system was developed in India to consolidate multiple ECS systems. The system supports fund transfers between different bank accounts. Debit mandate or standing instruction: In this case, the borrower can provide a fixed instruction to the bank to debit a specific amount from their account automatically.
How to Improve your Chances of Getting a Personal Loan?
You can improve your personal loan eligibility by increasing your credit score. A higher credit score makes you a reliable borrower.
Rebalancing your income and debts:
Your income-to-debt ratio helps determine the portion of your income that gets contributed toward covering your debts. A low income-to-debt ratio can make you more eligible for personal loans.
If you fail to repay your personal loan on time, your guarantor or co-signers will be responsible for repaying it. Therefore, adding a co-signer or guarantor makes you a low-risk borrower.
Limit Your Borrowing:
If you have too much debt, lenders will see you as a risky borrower. If you plan on taking a personal loan, try repaying your existing loans first.
Choose the Right Lender:
The best personal loan bank or financial institution will have less rigid eligibility criteria. As a result, working with a lender like Piramal Finance increases your chances of receiving personal loan instant approval.
व्यक्तिगत कर्ज एक असुरक्षित कर्ज है जिसका उपयोग विभिन्न प्रयोजनों के लिए किया जा सकता है जैसे कि कर्ज को समेकित करना, किसी बड़ी खरीदारी या घर के नवीनीकरण के लिए वित्त पोषण करना.