Features & Benefits of Emergency Loan
When it comes to a loan for emergency, there are several features and benefits you can expect. Whether you need a personal loan for an emergency or a medical loan, the loan process is quite simple. Features and benefits that come with Piramal Finance loan for emergency include:
Loan Amount and Tenure
No Security Required
Attractive Interest Rates and Easy Repayment
Quick, Hassle-Free Disbursal
Documents Required for Emergency Loans
Are you applying for a personal loan of Rs. 1 lakh? Here are some documents you must submit as part of the loan process:
Address Proof:
You can provide any of the following documents: Electricity bill, ration card, passport, bank statement
ID Proof:
For proof of ID, you can prove any of your KYC documents such as your PAN card, Passport, Aadhar card, Voter ID
Income Proof:
Salaried individuals – salary slips and Form 16
Self-employed professionals – ITR/P&L statements
Bank Statement:
Applicants must submit the latest 6 months’ bank statements to prove their repayment capacity
Photograph:
Applicants must submit a recent passport-sized photograph
Interest Rates & Charges for Personal Loans for Medical Emergency
Interest rates for an emergency loan from Piramal finance start at 12.99*%pa. Apart from the interest charges, you may also be required to pay processing fees when you apply for a loan for an emergency. The processing fee is 4% of the loan amount plus taxes, and it is deducted directly from your loan amount upon approval. You should also be aware that the loan for emergency may include other charges such as foreclosure and prepayment fees. Make sure to read all the terms and conditions carefully before applying.
The following are some of the emergency personal loan charges you should be aware of:
Processing Fee
The processing fee is the fee charged by Piramal Finance for processing your loan application. Piramal Finance charges a processing fee of 4% of the loan amount plus taxes, which is deducted from the loan amount upon approval.
Goods and Services Tax (GST)
The Goods and Services Tax (GST) is a government-imposed tax on loan services. The rate of GST charged varies, so double-check the loan offer document before applying.
Verification Charges
Verification charges are applicable if the loan application requires a field visit for document verification or for any other type of loan process. Piramal Finance charges a fee of Rs. 250 for each visit.
Charges Levied for Issuing Duplicate Statements
If you lose your loan statements or need to get additional loan statements, Piramal Finance will charge a nominal fee for issuing duplicate statements.
Penalty for Defaults
If loan repayments are delayed, loan applicants may be liable to pay a penalty fee. Piramal Finance charges a default penalty of Rs. 500 plus applicable taxes.
Penalty for Prepayment and Part Payment of Loan
If loan applicants want to repay the loan before the end of the loan tenure, they may be required to pay a penalty fee. Piramal Finance charges 4% of the loan principal amount plus applicable taxes as a penalty for prepayment and part payment of a loan.
Types of Personal Loans:
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அடிக்கடி கேட்கப்படும் கேள்விகள்
An emergency loan is a loan granted to borrowers who are in urgent need of money. This loan can be used for any short-term financial requirement, such as medical bills, home repairs, or other expenses.
Here are the steps to apply for the Emergency loan from Piramal Finance:
After completing the final process within 24 hours, the personal emergency loan will get credited to your verified bank account.
The calculation of the personal loan for emergency EMI is done using the following formula:
EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1]
Here,
P = Principal amount
R = Rate of Interest
N = Number of years for repayment (this is calculated in months)
Yes, people can avail emergency loan with low credit scores. Piramal Finance offer emergency loans for bad credit. However, the loan amount and interest rate may be higher than normal.
Yes, Piramal Finance offers marriage loans to government employees at lower interest rates. Government employees are usually considered lower risk, and thus, Piramal Finance charges them with lower personal loan interest rates than they would for others.
Piramal Finance offers a minimum of Rs. 50,000 and a maximum of Rs. 10 lakhs, depending on your eligibility criteria.
Yes, loan applicants may foreclose or prepay for Loan for Emergency. However, Piramal Finance charges a 4% prepayment fee on the amount of the personal loan plus any applicable charges that are prepaid or foreclosed.
Piramal Finance offers loan for emergency at competitive interest rates with flexible repayment options. The loan amount can be obtained quickly, and the loan process is hassle-free. Customers can also avail exclusive benefits such as loan insurance, cashback offers, EMI moratoria, etc., on loan for emergency from Piramal Finance.
