Personal Loan

How can you apply for an instant personal loan online at Piramal Finance?


What is a personal loan?

A customer can borrow a personal loan from a creditor for almost any reason, such as to repay a debt or finance a big purchase.

Once you get the funds, you have to keep paying the loan until it’s all paid off.

One of their main advantages is that personal loans have a set rate of interest and payback schedule compared to credit cards.

However, obtaining personal loans from banks or offline lenders may be time-consuming and risky. Offline lenders often charge increased rates of interest and levy high default charges. Piramal Finance is your one-stop solution to all these problems. We not only sanction quick personal loans but also value our clients’ transparency. The application process, terms and eligibility criteria are simple and explained below.

Eligibility to apply for a personal loan:

We are now offering personal loans to earning individuals. You can apply for a loan whether you work in the government or private sector. People employed in multinational companies or having businesses are also eligible. However, they need to have at least 6 months of work experience in the present firm.

The loan amount sanctioned will range from 1 to 10 lakhs. The interest rate starts from 12.99% annually, and all you would need is a basic monthly salary of Rs. 20,000–25,000. The repayment period ranges from 1 to 5 years. The required age to get a personal loan is between 21 and 60 years.

Clients do not have to pay a single penny from their pockets to apply for a personal loan. They are not obligated to make any payments throughout the loan application process either.

All charges and costs will be subtracted from the total sum of money given.

The charges include stamp duty, processing costs, documentation expenses, and the applicable GST. We appreciate our customer’s clarity, and any extra charges applicable will be mentioned in detail.

Let’s look at the documents needed!

Applying for a personal loan in Piramal Finance is quick and easy. You do not have to go through burdensome paperwork or wait in a queue to borrow money. All that is needed are as follows:

  1. Pan card
  2. Latest photograph
  3. Any identity proof. (Like Adhaar card, Voter ID card, Passport, or driving license.)
  4. An Address proof. (Like Adhaar card, Voter card, Passport, driving license, or electricity bill.)
  5. Income proof that includes the latest pay slip and the last three months’ bank statements.

Apply from anywhere, at any time!

All you would need to apply for a personal loan with us is a smartphone or laptop and an internet connection. You do not even need to have net banking for the application.

Complete these three steps to obtain a personal loan immediately:

1. Tap on the “Apply Now” box after entering your contact information in the section below.

2. Fill out the application by providing the necessary information as mentioned below.

a. The amount of loan required.

b. One-time password.

c. Your full name.

d. Choose the Piramal Finance location that is closest to you.

e. Choose your line of work.

f. Choose the range of your monthly salary.

3. A consultant from our company will contact you at the earliest to finish your application.

Once you finish providing the details, your application will be sent for internal assessment. After that, the approved sum of money is notified to the client. Upon receiving confirmation from the client on the approved amount, we immediately start the disbursal process. It takes about 2–3 days for the loan balance to reflect in the client’s bank account.

Would you need collaterals?

The answer is No!

Piramal Finance offers personal loans that are free of security. This sum is only sanctioned if the client qualifies for it in credit terms.

Can you have co-applicants? Yes!

  • To increase the chances of getting a loan, sometimes combining income is needed. Here. a co-application is required.  
  • The only person who can apply as a co-applicant is the spouse.
  • The co-applicant also needs to submit the aforementioned documents while applying for the loan. 

What happens when you miss a repayment?

The default charges are as low as 24% annually or 2% monthly on a missed EMI.

Let’s look at an example: A quote for an Rs. 5 lakh personal loan.

The EMI to be paid monthly on the loan amount of 5 lakh would be Rs. 11,377. This is when the interest rate is fixed at 12.99% annually. 

We consider the following to assess the level of risk from each borrower:

  • The consumer’s background and market reputation. Their use of internal credit is also noted. 
  • If the loan qualifies for bank funding, the kind of facility, and refinancing options. The loan’s fundamental characteristics—loan to asset value— are also important. 
  • The duration of the partnership and the client’s past repayment history.
  • Customers’ overall return and possibility for growth.
  • The ability of a client to pay back according to cash flow.
  • The type and value of primary or secondary collateral.
  • Assets that are being funded will be used as collateral for a loan.
  • Interest and a possible failure of the linked business.
  • Regulatory requirements, if any.
  • Any additional variables that might apply in a given situation.
  • The requested loan’s term, amount, and repayment plan.

Depending on how a number of the mentioned factors are combined, different customers may pay a varying interest rate for a similar period.

Applying for a personal loan at Piramal Finance is 100% secure and is trusted by lakhs of customers. The flexible EMI and loan repayment terms are among the company’s best offers. Moreover, the hassle-free application process and quick sanctions attract several clients. Think no more and choose Piramal Finance to get your personal loan approved in no time!