Personal Loan

Falling Short of Money? Don’t Worry, Consider a Personal Loan


Of course, careful financial planning can help you prepare for your financial goals. But occasionally, you run out of money despite making wise financial decisions. This might be for your ideal vacation, a wedding, a holiday, a house improvement, or even to pay for certain medical needs. 

You can benefit from a personal loan in this situation. You can spend some of the money you’ve already saved or borrowed for specific financial objectives. Choose a personal loan instead, which acts as an enabler.

A personal loan can be obtained by salaried people between the ages of 21 and 60 within 48 hours, often on the same day. Could we talk about the advantages of personal loans?


No collateral required

A personal loan is an unsecured loan. This indicates that you are not required to pledge or mortgage your current assets as collateral. However, the bank will check your financial stability and repayment capacity before approving and disbursing the personal loan. With a bank, the minimum net monthly income requirement is Rs 15,000.

To determine your credit score, your personal financial records and your credit report (obtained from credit information businesses such as CIBIL, Experian, Equifax, Highmark, etc.) are thoroughly investigated (which reflects your creditworthiness).

Requires minimal documentation

A personal loan requires less documentation than other loans do. Your age proof, address proof, photo ID proof, pay stub, Form 16, bank statements, income tax returns, and qualification proof or registration proof are typically needed. Along with a completed and signed loan application form, these documents and one photograph must be sent.

Competitive rate of interest

The interest rate you pay depends upon the following factors: income stability, work experience (in the current job, business, or profession and total), your credit score, existing EMIs (if any), your repayment capacity, and loan tenure, among other things.

If you are young, have a steady source of income with sufficient work experience, a good number of years before retirement, and have low or no EMIs. If your credit score is decent (750 or more), you can qualify for a personal loan with an extremely low interest rate. 

Comfortable loan repayment

You may opt for the EMI (Equated Monthly Installment) facility to ease your burden. Furthermore, the loan’s term could range from 12 to 60 months. You can choose the length of time and monthly repayment amount that suit you best (for the chosen tenure). To know how much the EMI on your personal loan will be, click here to know how much the EMI on your personal loan.

Also, you can choose to prepay your loan partially. There are no fees associated with partial personal loan prepayments at the bank. There are no foreclosure fees. Say you have enough money saved up or receive a windfall one day and want to foreclose on your debt. It is doable. For the foreclosure to proceed, all unpaid debts must be settled, and you will need to send the bank a letter asking for the foreclosure. Currently, no fees are associated with pre-closing a personal loan account with the bank.

According to the American Psychological Association, money is the main source of stress in the United States.

To be more precise, 54% of workers mention money.

More than their employment (18%), relationships (12%), and health worries (11%), matters are the main source of their stress.

All that financial stress has a significant impact on physical and emotional health. Ailments and complaints connected to stress account for 75–90% of all doctor visits, including chest discomfort, headaches, high blood pressure, sleeplessness, and depression.

You’re putting off doing something that you know is crucial in the long run.

It’s easy to feel like we’re falling behind when we know something is crucial in the long run but don’t prioritize it in the present. The distressing statement, “I’m not where I should be,” can lead us to assume that we are not on track for a bright future.

This is a perfect illustration, but more is needed to take charge of your financial situation. Avoidance might be the simpler option right now, but it can quickly lead to regret in the future.

Could you connect with the future you as a solution? What kind of lifestyle do you envision for the next ten years? Two or three decades, perhaps? Imagine yourself in your prime when you’re older. You will be inspired to start preparing today if you feel more connected to your future self and clearly define your desire.


A personal loan can be quite helpful and used for practically any circumstance. To ensure a pleasant and trouble-free experience when you need it most, please make sure you’re borrowing for the right reason(s) and read the fine print carefully. 

We hope that now you have understood the trends of taxation of gold in India, the security threats related to it, and the remedies to deal with it. Now you can easily avail yourself of gold loans without hesitation because knowledge gives you the confidence to perform.

You may always seek the advice of professionals like Piramal Finance if you need financial assistance. They can guide you on when to apply for a business loan. They can even suggest which is better between a personal loan and a business loan. You might have to wait until maturity to redeem these personal loans.

You can consult financial experts at Piramal Finance. They provide guidance and solutions to people’s financial problems.