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Personal Loan

What Is a Typical Personal Loan Amount And Repayment Tenure?

Personal loans are without a doubt the best choice for people who wish to cover any expenses without any limitations. But what most people do not know is that the length of the repayment period affects both the total amount of the personal loan and the EMIs that are calculated from that amount. Because of this, it is very important to understand the different ways that personal loans can be paid back. [B-01] What Are Personal Loans? Personal loans are a type of unsecured loan that banks and NBFCs give out based on the borrower’s job, employment history, income level, and credit score. In some places, a personal loan is also known as a consumer loan. You can use the personal loan money to pay for any expenses that come up suddenly. People get personal loans when they do not have enough funds to pay for an emergency or when they do not want to use all of their savings to pay for their immediate responsibilities. Features of a Personal Loan Digital ProcessSince the whole process is done online, there is no need for paperwork or direct contact between the people involved. Digitalisation has made the personal loan application process quick and easy. Flexible TenureYou can decide how long it will take for you to pay back the loan. The loan tenure can be anywhere between 6 and 60 months. Multi-PurposeA personal loan can be used to pay for a wide range of things, such as a wedding, a vacation, new furniture for your home, unexpected medical bills, and many more. No CollateralPersonal loans are unsecured loans, which means that you do not have to put up any property or asset to get approval. Minimum DocumentationMost of the time, you only need a few documents to get a personal loan. You will need things like ID proof, address proof, and bank statements. Instant DisbursalIf you are approved for a personal loan, the money will be credited to your bank account within the next 24 to 48 hours. What is a Typical Personal Loan Amount? Usually, you can get a personal loan from a bank or an NBFC for any amount between Rs 10,000 and Rs 40 lacs. But the amount depends mostly on your financial history and your ability to repay the sum. If you choose a longer loan period, you will have more time to pay it back. This means that your EMIs and other monthly financial obligations can be balanced well. So, if you want a big loan amount, which would come with a higher interest rate, then a longer loan period can help you get lower EMIs. What is a Repayment Tenure? The term ‘loan repayment tenure‘ means the total amount of time that passes while you make the EMI payments on your loan to pay off the whole loan amount. Personal Loan Maximum Tenure Each lender sets a different limit on how long you can take to repay a personal loan. This is done to make sure that borrowers can choose a repayment tenure that works best for their finances. Even though the average maximum term for a personal loan is 42 months, you are given a chance to pay back the loan with more manageable EMIs. If you have a low monthly income, choose a longer personal loan tenure. This way, you will not struggle while paying off the loan. Personal Loan Minimum Tenure The minimum loan tenure also varies from one lender to another. Some experienced and well-known lenders offer the shortest loan terms of three months, while other lenders offer the shortest loan term of ten to twelve months. Most personal loans with shorter terms have higher interest rates, which means that the EMIs are usually bigger. So, people with high salaries can pick a shorter tenure of three months. What are the Factors that Influence Personal Loan Tenure? Interest RatesPersonal loan interest rates directly influence the tenure of your personal loan. If your loan’s interest rate is higher than average, you should choose a longer loan term so that you can take your time to pay it back. Monthly IncomeSince you will have to pay your EMIs from your monthly income, it is in your best interest to choose your tenure carefully. If your income is low, choose a loan term that lasts longer. If your monthly income is high, choose a loan term that ends quickly. This will make it easier for you to pay off the loan based on your capacity. Bank OptionsWhen it comes to the debt-burden ratio (DBR), every financer has their own rules. There are times when a bank will not approve a shorter personal loan term because it will cause your EMIs to go up. This, in turn, will cause the DBR to go up. If the DBR does not meet the bank’s standards, you will not get a loan from that bank. Existing LiabilitiesYour current financial responsibilities affect your monthly income, which you will need to make personal loan payments. If you have a lot of debt from the past that you need to pay off, you should choose the longest loan term possible. [B-02] Conclusion Personal loans are the best option when you are short on time and need cash right away. Before choosing a repayment tenure, you should carefully consider all its pros and cons. When you choose the wrong repayment tenure, it can be hard on your finances and prove to be a burden for you. If you do not know where to start or have questions about personal loans, you should consult Piramal Finance and find loan options that suit your needs.
08-11-2023
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Personal Loan

How to Get A Rs 50,000 Personal Loan Instantly 

Life is an endless cycle of ups and downs, and financial emergencies make up a major part of gliding through life. You may think you are saving enough for a specific event in the future, such as your child’s higher education or marriage, but an unexpected urgency may force you to dip into your savings. However, you can consider an instant personal loan rather than spending a major portion of your savings on such urgent needs. An instant personal loan is a loan product that lenders such as banks and NBFCs offer to individuals to cover any personal expenses. These expenses can include covering the expenses of any urgent need such as medical emergency, home renovation, marriage etc. However, similar to other types of loans, lenders charge interest on the offered loan amount which the borrowers are legally liable to repay along with the principal within the loan tenure. But how much instant personal loan amount is ideal? [B-01] 50000 Personal Loan: An Ideal Instant Personal Loan When you apply for an instant personal loan, you have to choose how much you want to raise as the loan amount. The loan amount should be based on how much money you will need to cover the expenses of the urgent need at hand. If you are looking to fund a portion of the expense from your savings, you can raise the rest by applying for an instant personal loan. However, Rs 50,000 is an ideal loan amount that is not too less or not too much and comes with nominal interest rates and flexible EMIs for repayment. offer a a The 50000 personal loan comes with numerous features and benefits that make it an ideal choice for borrowers. 50000 Personal Loan: Benefits and Features If you have analysed your personal needs and know that you want to avail of an instant personal loan with Rs 50,000 as the loan amount, all you have to do is apply for a 50000 loan. However, if the expenses are personal, you can go for a 50000 personal loan. When you apply for a 50000 loan or 50000 personal loan, you get the following benefits: Immediate Capital: A 50000 personal loan is a specialised product that allows borrowers to avail of Rs 50,000 as the loan amount instantly. Such an instant personal loan comes with quick approval and disbursal where quality lenders approve the loan within sometime. No Collateral: When you apply for a 50000 personal loan, generally lenders do not require you to pledge an asset as collateral. It means that you can avail funds instantly, without owning any valuable asset which would be tied up with the lender. Flexible EMIs: A 50000 personal loan offers an effective repayment tenure that starts from 12 months and goes on to 60 months. The borrower can repay the instant personal loans through flexible EMIs stretched throughout the loan tenure. Such flexible EMIs ensure that the borrowers can repay the loan effectively without experiencing any financial burden. No End-Use Restrictions: One of the best features of a 50000 personal loan is its ability to offer the loan amount without any restrictions on the end use. When borrowers apply for a 50000 loan, they can spend the loan amount on any personal legal expenses. 50000 Personal Loan: Eligibility Since 50000 loans do not require an asset to be pledged as collateral, lenders have designed eligibility criteria to mitigate the chance of default. Here is the eligibility criterion to apply for a 50000 personal loan: Entities: Salaried individuals working under the following can apply: Government Institution Private Sector Public Sector MNCs or related companies Partnership Firms Proprietorship concern Age: The borrower must be between the ages of 21 and 60. Income: The borrower must earn a minimum of Rs 25,000 per month. Work Experience: The borrower must have a minimum working experience of 6 months in the current organisation. 50000 Personal Loan: Documents Required Here are the documents required to take an instant personal loan of Rs 50,000 through a 50000 personal loan: PAN Card (Compulsory) Identity Proof (any of the following): Passport Driving Licence Aadhaar Voter Identity Card Address Proof (any one of the following): Registered Leave and Lease Agreement Passport Driving Licence Aadhaar Card / Aadhar Acknowledgement Voter’s Identity Card Utility bills like Telephone Bills/Electricity Bills etc. (not more than three months old) Income Proof (all of the following): Latest 1 month’s salary slips Bank statements from the previous three months Steps to apply for a 50000 Personal Loan If you are an individual who has an urgent need to cover and wants to raise Rs 50,000 instantly, you can apply for the 50000 personal loan by following these steps: Step 1: Open the lender’s website and navigate to the “Personal Loan” page. Step 2: Click on the “Apply Online” button and enter your phone number. Step 3: Enter the OTP received on the phone number to open the application form. Step 4: Enter all the required personal and professional details. Step 5: Upload all the required documents and click on “Submit”. [B-02] Conclusion Instant personal loans have become an ideal product for individuals who want to raise immediate capital to cover the expenses of any unexpected urgency. However, it is common to need clarification about which 50000 personal loan product. Hence, it is important to know everything before making an informed decision. If you have any future queries, you can head over to Piramal Finance to cater to your personal expenditure needs.
08-11-2023
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Personal Loan

What is Closing Procedure for a Personal Loan?

Most pre-closing personal loans are short-term loans that last 60 months. You can choose how long the loan will last. Most lenders also have specific terms that make it easier for you to pay them early. If anyone is short on cash and needs to get through tough times, a pre-closing personal loan is one of the best options. The best thing about it is that you can use it for anything, unlike loans for cars or houses. Interest rates on loans given right away can be anywhere from 11% to 35%. It depends on how risky the credit is and on other factors. You can close a loan if you want to take on less debt. The debt with the highest interest rate should be paid off first. Find out how to close personal loans early and the steps of pre-closing a personal loan. [B-01] What is Meant By a Personal Loan? A personal loan is a type of loan a person takes for personal needs, such as paying off debt or investing in a company. A personal loan is also known as a consumer loan. All personal loans include these three elements: Evidence of the debt, also known as a promissory note The loaned amount, also known as the principal Debts related to borrowing, also known as interest rates. Once the loan’s repayment terms are met, the promissory note is revoked. If agreed-upon loan payments are not made, the lender may file a lawsuit to recover its money. Mortgages for homes or cottages are included in consumer loans. However, personal loans are not a common term used to describe them. Documents Required for Pre-Closing Personal Loan You can find the loan account number on the loan statement. By logging in, you can access online banking and see loan statements. Identity documents include a passport, a PAN, and an Aadhaar card. The loan account statement and the letter approving the loan are also important documents. Get an exact quote of how much someone owes for “late plus charges.” Ask the loan officer about any fees for paying off the loan early. To pay off a loan early, you must take a cheque made out to the bank where you got the loan and cash it. How Much is the Pre-Closing Personal Loan Charge? For pre-closing, a personal loan means paying off debt before the end of the loan’s term. Some lenders charge a fee for pre-closing the personal loan. But sometimes, a pre-closing personal loan can help lower interest rates and debt loads. How to Close Personal Loan Early? The process for pre-closing personal loans must be understood. Most borrowers wish to pay off the loan before the defined duration. But, the pre-payment process for pre-closing personal loans may vary from one lender to another. Here are the steps for a pre-closing personal loan- You can contact your relationship manager through online banking to get the payment plan. You can use customer service to let the lender know that the loan has been paid off early. Before signing and sending the pre-closing personal loan form to the lender, carefully read the rules. If the documents are late or don’t have enough information, the lender will stop or cancel the early payment. You can pay with cash, a cheque, or a DD. After turning in all of the paperwork, a borrower will get a pre-closing quote. An authorised person can fill out the necessary paperwork. This can be done when you can’t go to the branch. You must give the authorised person a letter and proof of identification. When the loan is over, don’t forget to get the paperwork from the lender. It comes with the No Objection Certificate and the Loan Closure Certificate. Different Types of Personal Loan Closure There are a lot of ways of pre-closing a personal loan. It depends on what you want and how much money they have. Here are the main steps for pre-closing a personal loan early: Regular Personal Loan Closure The loan is paid off when you make all EMI payments up to the last EMI. The lender will give you a No Objection Certificate and a Loan Closure Certificate. If it fits the loan terms, you can pay the EMI for as long as possible. Personal Loan Pre-Payment Personal loans can be paid back in full or in part. Depending on the lender, pre-closing personal loan fees can be anywhere from 0% to 5% of the loan balance. Foreclosing a Personal Loan For the loan account to be paid off early, the debt must be paid off at once instead of in regular payments. A foreclosure can be started by either the buyer or the borrower. It is a legal way for a money lender to get back the rest of a loan given to someone else. Is Pre-Closing a Personal Loan a Good Option? In many situations, pre-closing the personal loan is a smart move: 1. Helpful in lowering the debt load You should choose the pre-closure of a personal loan based on your financial situation. If you are in a cycle of debt. Opt for a pre-closing personal loan if you want to come out from the debt cycle. Before choosing a personal loan, you must figure out how much money you will save and consider the fees and penalties for paying early. 2. Tracks the credit score The credit score is unaffected by pre-payment and partial repayment of loans. Credit units and money lenders treat it as a loan paid back within the predetermined tenure. But, if you need a sufficient credit score history, paying the bills on time for a more extended period may help preserve or improve the credit score. [B-02] Conclusion When you have sufficient money, pay your loans early. Salary workers often pay off personal loans before they close to get bonuses. Even though paying off a loan is a relief, banks and NBFCs charge up to 5% of the total amount owed for a pre-closing personal loan. It is not worth it if you want to repay the loan early. Before borrowing, plan its usage and payback. Private loans are worth looking into compared to other ways to get money. Look at what different lenders offer to compare the rates and terms of personal loans. See the fine print for details on costs and penalties. It is wise to research the process of pre-closing personal loans before applying for a loan. To learn more, visit the Piramal Finance website and explore their products and services.
08-11-2023
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Personal Loan

Personal Loan in Rajkot – Check Eligibility & Apply Online

If you are planning to apply for a personal loan in Rajkot then do read this article till the end. Personal loans are generally required to meet your financial needs. All kinds of personal loans in Rajkot are in high demand. Through this article, we will understand how to get instant cash or personal loan. [B-01] What is a Personal Loan? Personal loans are nonsecured loans offered by banks based on job records, ability to repay, and credit score. They are also known as consumer loans. These multi-purpose loans can be used to cover any needs. Key Aspects of Personal Loans in Rajkot A personal loan helps to fulfil unforeseen financial needs. The following are vital traits and perks of getting a personal loan in Rajkot: Flexible Payback With the rise of digital lending apps, personal loans in Rajkot payback modules have become automated, with EMIs debited automatically. Using the online loan app, users may plan the EMIs and payback terms using the online loan calculator. Easy Paperwork No paperwork is involved if a person applies for a loan online. In contrast to the standard unique loan form process, no tangible files are needed. Increased Loan Amount A loan for a maximum of Rs. 25 lakhs can be availed with little paperwork. There is no involvement of a third party. Free of Collateral A personal loan in Rajkot is a line of credit that does not need a security deposit or assets as collateral. This improves the time it takes to approve a loan. Customized Loan Amount You can calculate your EMIs ahead by using the loan amount, term, and rate as the basic parameters. Gaining certainty about the EMI amount relieves pressure. You can plan your EMIs using the primary factors of the loan amount, time, and rate. Eligibility for a Personal Loan in Rajkot Salaried workers need to earn Rs.15,000. This amount differs based on the tier of the city you live in, and the firm you work for. If you own a business then you need to have a specific yearly profit and turnover, based on the industry you are working in. You should mandatorily be an Indian citizen to apply for the loan. To get a personal loan in Rajkot, you should have lived in the same place and had the same address for at least a year. You must have a minimum of two years of experience. Your work history must be stable. Your age should be between 21 to 60 years. It is good to have a 750 CIBIL score and clean credit history. Those interested in receiving a personal loan in Rajkot may check their eligibility online. This can be done through the bank or lender’s website. Documentation Needed for a Personal Loan in Rajkot You may easily apply for a loan if you have all your documents in place. Make sure to get the following paperwork prepared before applying for a personal loan in Rajkot: Identity proof: Passport, Aadhaar Card, or Driver’s License ID Card (PAN card/ Aadhaar card) Embossed Signature Salary slip of last three months. Self-employed people have to show audited proof of the last two years. Proof of six months’ bank statement How to Get a Personal Loan in Rajkot? You can get a personal loan either by applying online or visiting the branch by yourself. To apply online, follow the steps given below: Go to the lender’s official website. Click on the Apply button. You will be asked to add your mobile number. After doing that you will receive an OTP Then you have to fill out the application form. It includes all your details. Fill it correctly and carefully. Upload the required documents. You will get the details of the same from the lender’s website. Finally, tap on the Submit button. Minimum and Maximum Loan Amount The loan amount largely depends on the factors such as how you have repaid your earlier loans, your annual income, credit history and credit score. These factors together define the loan amount that will be granted to you. The interest rate of a personal loan also differs based on every customer’s credit profile and the policies of the lender. Required CIBIL Score for Personal Loan in Rajkot A personal loan in Rajkot request must have a basic CIBIL score, which differs based on the lending firm. Most banks will approve your loan if your CIBIL score is 750 or more than 750. Most lenders also consider your earlier loans’ record and overall score. This contains data on the kind of loan and how much you still have to pay. If you have delayed the loan repayment or have submitted the instalments late, you might not get personal loans in Rajkot easily. [B-02] Conclusion There comes the point where one requires additional funds to fulfil urgent needs or some pre-planned ones. These can be medical urgencies, scheduled events, or vital asset purchases. In such cases, obtaining a personal loan is one of the best options. Several online money lenders provide cash loans with less documentation. There is no extensive paperwork, and the method is quite simple. A person above 23 years of age who is a paid employee of the registered firm can apply for a loan. Business owners operating for at least three years can qualify for a loan. For more info on how to apply for a personal loan in Rajkot, readers may visit Piramal Finance. You may find a lot of important info on their website.
08-11-2023
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Personal Loan

Personal Loan in Mumbai. Check Eligibility & Apply Online

A personal loan is a certain amount of money one can borrow from a bank for several purposes. For example, one may utilize a bank loan to repay their debt, repair a house, or for a certain event. Private loans are taken through banks, ward banks, and online lenders. Borrowed funds must be returned over time. They are repaid with interest amounts. A personal loan operates in the same way that most loans do. You ask for a loan. Then you present the required papers. The bank evaluates the credit score before making a loan offer. The cash is deposited into your savings account and you can use it as per your wish. Personal loans in Mumbai have an interest rate of around 10.25% per annum. It may vary from bank to bank. You can repay the loan in five years. The public sector also offers personal loans. The loan given by them has low interest rates. The repayment tenure of these loans is also longer than compared of a private lender. Banks also offer pre-approved loans and instant disbursal of loans. [B-01] What are the Features of Personal Loans in Mumbai? Here are some features of the personal loans offered in Mumbai: Interest rates begin at 10.25% per annum You can get a maximum amount of 40 lakhs approved The loan is disbursed instantly No security or collateral is required You can also avail of pre-approved loans Repayment terms are up to five years Most financial firms permit one to apply online What are the Eligibility Criteria to Get a Personal Loan in Mumbai? To obtain a personal loan in Mumbai, you must meet the following eligibility conditions: You must be a resident of India. Salaried persons must have at least one year of experience. You must be employed at a reputed organization or a renowned MNC. You should be a minimum of 21 years old to apply for a personal loan. Your minimum credit score should be 750 or above. You must either be employed or own a stable business of yours. Self-employed individuals must have at least one year of experience in their current sector. You should be living in the same place or city for at least a year. What are the Papers Needed to Get a Personal Loan in Mumbai? Passport, Driver’s Licence, Voters ID Card, Aadhar Card, and PAN cards as identity proof have to be shown by both salaried and self-employed persons. Electricity bill, Telephone bill, Voter ID, etc for residential proof. Salaried Persons The following documents should be submitted by the salaried person to get a personal loan in Mumbai: Income Reports Payslips for the last three months IT return proof of the past two years with acknowledgement from the IT department Form 16 from the employer Bank account statement for the past six months Self-Employed Persons The following documents need to be submitted by self-employed persons: Reports of profit and loss and income, audit report, or balance sheet. Proof of IT returns of 3 years. The license of company registration Last one year’s bank statement Ways to Apply for a Personal Loan in Mumbai There are various methods to get a personal loan in Mumbai: Apply online at the bank’s or NBFCs website Go to the bank’s or NBFC’s official website. Choose a personal loan from the offers menu. Read about the loan offer. Fill out the application form and add all the important details. After that, upload the documents as asked. Experts will verify your documents. Once the documents are approved, you will receive the loan amount in your bank. Apply in person at the nearest branch with the necessary papers. If you do not want to apply online. Why Take Personal Loans in Mumbai? There are various reasons, you may want to apply for a personal loan. A few of the general ones are listed below: Travel You can avail of a personal loan if you are planning to travel with your family or friends. It is the best way to fulfil your dream of visiting exotic places. Remember, you repay the loan on time. Wedding Indian weddings have long been about embracing unity. Nearly every remote family or friend attends your special day. To make your day even more memorable you can avail of a marriage personal loan. Though extravagant marriages are renounced by many, still people love to spend openly on their special day. You can make your wedding memorable by availing of a personal loan and repaying it on time. Home Carpentry work or buying new furnishings are all expensive. It sometimes restricts us to have a home decor of our choice. A personal loan is an excellent way to get finance and remodel your home. You can change your home without worrying about renovation costs. Contractors’ and interior designers’ fees, and the cost of raw materials can be easily managed by a personal loan. Medical Bills A medical emergency can come at any time. You will need money to cover medical expenditures. The rising cost of healthcare worsens the problem. A personal loan from a bank can be used to cover any medical emergency, whether an unexpected hospitalization or an accident. [B-02] Conclusion Availng a personal loan is not that difficult. Before applying for a loan, ensure that you have a good credit history. It will help you to get easy loans. If you want to know more about personal loans or any other type of loan do visit the official website of Piramal Finance. You will not only get good information on personal loans in Mumbai but detailed information on various financial topics.
08-11-2023
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Personal Loan

The Top 5 Reasons to Apply for a Personal Loan

Personal loans are debt products offered by lenders such as banks and NBFCs to individuals who want to raise immediate capital to cover their personal expenses. Such individuals, called borrowers, apply for a personal loan when their expenses are high or they do not want to use their hard-earned savings to cover the expenses. An instant personal loan allows such borrowers to receive a personal loan amount that they can use at their convenience. Such expenses can include buying a car, paying for higher education, covering marriage expenses, or paying for a vacation. However, when borrowers apply for a personal loan, lenders charge interest on the instant personal loan amount. The borrowers of the personal loan are legally liable to repay the principal amount along with interest to the lender within the instant personal loan tenure. [B-01] Instant personal loans have become one of the most in-demand loan products in recent years, owing to their flexible structure and unique benefits. When borrowers apply for a personal loan, they can use the loan amount to cover various personal expenses, which gives them an effective option to cover their financial liabilities and ensure their credit score remains high. However, when choosing among numerous loan products, it becomes hard for borrowers to narrow down on the ideal loan product that effectively caters to their needs. In such a case, an instant personal loan is a perfect choice for 5 reasons. Top 5 Reasons to Apply for a Personal Loan Here are the top 5 reasons to get a personal loan in India from a good lender: Quick approval and disbursal: Quality lenders have designed their personal loan products to work as instant personal loans to provide immediate capital to borrowers. When borrowers apply for a personal loan, quality lenders review the loan application in a matter of minutes, followed by quick approval. Once the lender approves the instant personal loan application, it takes less than 24 hours to approve the disbursal. The disbursal approval ensures that the borrowers get the personal loan amount into their bank account, which they can then use to cover various personal expenses. No collateral: Borrowers find it difficult to raise adequate capital from lenders when they apply for other loan products apart from personal loans. The main reason they face difficulties is the requirement to pledge a valuable asset as collateral. In the absence of collateral, the lender rejects their loan applications. However, in the case of instant personal loans, there is no need to pledge a valuable asset as collateral. As there is no need for collateral when you apply for personal loans, borrowers can ensure they raise immediate capital without worrying about tying up an asset, which the lender can sell in case of repayment default. No-end use restrictions: Personal expenses can include a host of expenses such as education, marriage, home renovation, medical emergencies, vacations, etc. Although lenders have designed specialized loan products for some of the expenses, such as car loans, home loans, education loans, medical loans, etc., borrowers can only use the loan amount of such loan products for the purpose specified in the loan terms. For example, borrowers can use the loan amount of a medical loan only for medical purposes, which they have to show to the lenders. However, in the case of instant personal loans, there are no end-use restrictions on the loan amount. It means that the borrowers can use the loan amount for any legal purpose without showing the expenses to the lenders. Flexible loan structure: Borrowers may face difficulties submitting the loan application for other types of loans as they may seem extensive and require filling in numerous documents. Furthermore, completing KYC may require uploading a host of documents. However, when you apply for personal loans, it follows an online loan application that is simple and time-saving. To finish the KYC process, you only have to enter a few personal details and show a small amount of documentation. Once you submit the personal loan application form, the lender approves the loan application within 30 minutes. However, you must fill in all the correct details. Nominal rates: Unlike other types of loan products, instant personal loans follow a cost-effective charging structure that the lenders have designed, keeping in check the various capital needs of different borrowers. When you apply for personal loans, you can avail of a loan amount ranging from Rs. 1 lakh to Rs. 10 lakh, where quality lenders charge nominal interest rates to mitigate the overall repayment burden. Furthermore, such lenders offer instant personal loans with zero prepayment and foreclosure charges. With an attractive cost structure, personal loans offer a pocket-friendly loan product within your budget. How to Apply for a Personal Loan? You can follow the below steps to apply for personal loans after choosing an ideal lender: Step 1: Open the lender’s website and navigate to the ‘Personal Loan’ page. Step 2: Click on the ‘Apply Online’ button and enter your phone number. Step 3: Enter the OTP received on the phone number to open the application form. Step 4: Enter all the required personal and professional details. Step 5: Upload all the required documents and click on ‘Submit.’ [B-02] Conclusion Personal loans have become an ideal avenue for individuals to ensure they raise immediate and adequate capital with flexible repayment terms and attractive interest rates. Now that you know the top 5 reasons to apply for personal loans, you are better equipped to raise immediate and adequate capital. However, choosing an ideal loan product among the numerous available personal loan products is vital. If you have any future queries, you can head over to Piramal Finance to cater to your personal expenditure needs.
08-11-2023
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Personal Loan

Personal Loan in Ghaziabad – Check Eligibility & Apply Online

Ghaziabad has grown over time to become the commercial hub of western Uttar Pradesh. It is on track to blossom into a real estate hotspot, with a slew of residential and firm growth poised to welcome the city. Being close to New Delhi has only aided its growth, making it a town people want to live in. When you need financial help in hard times, a loan comes to your rescue. You can get a loan to pay for immediate expenses and long-term goals. A personal loan may help with many things, from medical needs to buying a house to walking on Spanish beaches. You can repay the personal loans in 5 years. While looking for a personal loan in Ghaziabad, select a loan with lower rates to pay fewer EMIs. [B-01] How to Get a Loan with Lower Interest Rates If you want to get a loan, the following things will affect the interest rates: Annual Income Your financial stability Ongoing loan obligations, if any Credit history and credit score If you have a history of paying the loan on time, a good income, and a good credit history, then you might get a loan at low interest rates. How to Know Your Eligibility for a Personal Loan in Ghaziabad Salary holders are eligible for a personal loan in Ghaziabad. You should be earning a monthly income of at least Rs. 15,000. You should be a minimum of 21 years old and a maximum of 58 years old to apply for a loan. Those who work in the public sector can easily get a personal loan in Ghaziabad because there is better job security. To apply for a personal loan, you must have 2–3 years of work experience. You must be an Indian citizen to apply for a personal loan in Ghaziabad. With a good credit score, there are chances of getting a personal loan instantly. Some lenders provide loans to those with poorer credit scores, but at higher rates. Documents Required to Apply for a Personal Loan in Ghaziabad Once you know your eligibility for a personal loan in Ghaziabad, ensure you have the following papers to submit for approval: Passport-size photo Address proof (Aadhaar card, passport, driver’s license, etc.) Confirmed office address, including utility bills and GST/VAT registration Identity proof (PAN card, Aadhaar card, voter’s ID, and so on) Proof of earnings (the latest three months’ payslips or bank records) Salary Requirements for Personal Loans When deciding whether or not to give a loan, banks and NBFCs look at the applicant’s salary and debt-to-income ratio. Salary factors vary depending on the loan amount you are going to apply for. Salaried people: Based on the bank and kind of loan, the salary needed is between Rs. 7,500 and Rs. 50,000 of a person’s monthly net income. For self-employed persons: Your profit for the entire year must range from Rs. 1 lakh to Rs. 2 lakh to qualify for a personal loan. How to Get a Personal Loan in Ghaziabad Applying for a personal loan in Ghaziabad is simple and takes only four steps. They are: Fill in all financial data, such as name, address, and income. Choose a lender from the list of lenders in Ghaziabad. Choose the loan amount and payback time. Submit the form and supporting papers. You will be contacted when the form is approved. The loan amount will be released within 24 hours. How Can One Receive the Lowest Rate on a Personal Loan in Ghaziabad? Before applying for a personal loan in Ghaziabad, you should consider certain factors that impact the bank loan rate. Pay attention to these things if you want to get a loan at the best rate. Making a Down Payment If you pay a down payment of 20% or more of the loan amount, the bank will offer you a loan at a low interest rate. Most people fail to make a down payment on a loan. This results in banks or NBFCs granting them a loan with a high rate of interest. Deciding on a Loan Many websites help users decide where to get a loan. They do this by comparing loan offers from various partners. Make sure you do your research before applying for a loan. Firm’s reputation The bank will trust you if you are working with a renowned brand and have good work experience in terms of years. These factors positively impact interest rates. Negotiation Power If you have a good relationship with the bank, you might get a loan at low interest rates. The bank can also waive your loan processing fees. Debt-to-income ratio Banks or NBFCs often reject a form if the debt ratio exceeds 50% of your income. It affects the bank’s faith in your ability to repay the loan. If your debt-to-income ratio is less than 40% of your net monthly income, then the bank will give you a bank loan at a lower rate. Credit Score A credit rating of 750 or above is best for obtaining a personal loan in Ghaziabad. If your credit score exceeds 750, then it will be easy to avail yourself of a personal loan. The higher would be the credit score, the lower will be the bank’s interest rate. [B-02] Conclusion The loan can assist people in fulfilling many money demands, such as fast funding for a trip, quick finances to cover wedding costs, medical problems, or just money to purchase a gadget. Through Piramal Finance, personal loans in Ghaziabad may be obtained with less paperwork and a simple process. Visit their website for more informative blogs and to check out their other products and services.
08-11-2023
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Personal Loan

How to Apply for a Personal Loan for Students?

Education and health are two sectors that have seen an increase in expenses post the Covid-19 pandemic. While startups are coming up almost every day to cater to the changing needs of students, especially, the costs are also going up given the increased levels of learning and orientation toward higher studies. This increasing cost of education can prove to be a burden on most Indians. According to a report published by GrayQuest (a fintech company based in India), the average Indian household spends as much as 13% of its annual income to cover its children’s education costs! Given this scenario, a personal loan for students or an education loan is the best resort. And thankfully, it is now much easier to apply for student loans, given the relaxed guidelines by RBI and the increase in the number of NBFCs. [B-01] What is a Personal Loan for Students? By definition, a personal loan is a financial agreement that is arrived at between the borrower and the lender. Typically, the lender proposes a fixed monthly amount over an agreed-upon period to be paid back by the borrower. It is “personal” because only the borrower has the liability to pay it back, and no one else. Pros and Cons of A Personal Loan for Students By nature, personal loans don’t have a stipulated spending ambit. But many lenders prevent them from being used to pay students’ tuition fees. Instead, people apply for a student loan to cover related expenses like house rent or groceries (if students are living on their own) or purchasing books. The top benefits of a personal loan for students include the following: You can get instant liquidity to take care of immediate expenses. You can pay off the loan in easy monthly instalments. You can even build a good credit history. Despite its advantages, a student loan application has its demerits: It has higher interest rates compared to other loans. You are potentially adding more debt burden. Your credit score might be affected in the long run. How to Apply for Student Loans? loan application to help with Recently, it has prioritized a student loan application in order to help with education expenses. Its Model Education Loan Scheme, 2001, is the gold standard for disbursing personal loans for students. It allows the lender – banks or NBFCs – to check the borrower’s creditworthiness. This is important because it helps to ensure that those who borrow money for schooling can repay their debt promptly. In most cases, you as a student might be taking a loan for the first time, in which case you may or may not have a credit score. Under these circumstances, the financial institutions or the lender will check the CIBIL score of your parents, who then become the co-signer for the student loan application. Important RBI Guidelines for Applying for a Student Loan The RBI has carefully drafted guidelines to help with the student loan application process. You should consider these before applying: Merit: The term “merit” is often used subjectively to determine whether or not you are eligible for a personal loan for students. Technically, if you have cleared an entrance exam to a professional course or higher studies, you will likely be eligible. Institution Credibility: The credibility of the institution you are getting into for which you are applying for a personal loan will also determine your chances of getting the loan. The chances are higher if it is a prestigious college or academic institution. Collateral: A student loan application comes in two forms – secured and unsecured. Depending on the approved loan amount, your loan will be unsecured, where you do not have to cite any collateral; or secured when you have to put up collateral. Most lending institutions would demand collateral if the loan amount exceeds INR 4 lakhs. If it is below this amount, collateral will not be required. Moratorium Period: The time period you get to repay the loan and by which time you start repaying the loan is what constitutes the moratorium period. You should check that the personal loan for students you have secured has a moratorium period which only begins after course completion. Typically, one year is the minimum for this. If you opt to start your own company after the course, you might also be eligible for a moratorium during its incubation period. Amount: Personal loans for students come with a loan limit of INR 10 lakhs if you are going to study in India. If you are going to a foreign university, you can apply for a student loan of up to INR 20 lakhs. Tax Exemption: Students can claim tax exemption on the interest paid on student loans. As per the laws in Section 80E of the Income Tax Act, you can claim this as a subsidy while filing your tax returns. There are still other schemes like the Central Sector Interest Subsidy for meritorious students from economically weak backgrounds. Under the latter, you can claim a 100% subsidy during the moratorium period. [B-02] Securing a personal loan for students is thus quite simple and helpful. Remember that lending institutions like Piramal Finance have been set up to help with the progress of education. If you have adhered to the student loan application process to the T, then rest assured that you will be well on your way to fulfilling your life’s dreams.
08-11-2023
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Personal Loan

Personal Loan in Lucknow - Check Eligibility and Apply Online

Lucknow is One of the oldest cities in India. It is sometimes referred to as Nawabo ka Shehar. The city has a strong network of small company owners who trade in fabrics. A personal loan is an unsecured loan that the borrower may utilise for any reason they see fit. Any loan that doesn’t require collateral is known as unsecured. Personal loans are provided by banks, credit unions, and other financial institutions. The bustling city of Lucknow is located in Uttar Pradesh state. It is also the state capital. Therefore, Lucknow is regarded as the most significant metropolises in one of India’s largest states. This means that the city’s economic activity ensures a good climate for all financial organisations. When it comes to creating jobs, Lucknow comes in sixth among all Indian cities. The city has a lot of manufacturing facilities, valuable real estate, and commercial hubs. They justify the presence of the country’s major banks. These banks offer a variety of loans. [B-01] Personal Loan in Lucknow – Online Apply Instant personal loans are the most practical solution in any financial emergency. Applying for a personal loan online involves looking up information on eligibility and documentation requirements and interest rates. Here are some reasons why applying for a personal loan in Lucknow online is very important: You may compare personal loan interest rates across banks. You should do this before applying for a loan. It could get you the lowest interest rate online. Fast loan approval and disbursement are features of personal loans. You must meet the eligibility requirements for an immediate personal loan online. These are pretty simple. Interest rates for personal loans are determined by your income. The ability to repay and credit history are also factors. To be eligible for low-interest personal loans, your total debt must not exceed 40% of your income. There is brief paperwork needed to apply for a personal loan online. But, it is not feasible to apply for an instant loan without any supporting documents. To qualify for low-interest personal loans, this is very necessary. For EMIs, the repayment period for an instant personal loan in India ranges from 12 to 60 months. Without having to wait in long queues at the banks, you may easily choose to apply for one and pay at your convenience. Eligibility Criteria for Personal Loan in Lucknow Job description: Lenders provide personal loans to paid individuals (those working in the public and private sectors), independent professionals, and independent non-professionals. Age: 21 years old when the loan application is submitted. Also, 70 years old when the loan is due. You need to be an Indian resident. You need to have a credit score of at least 750. Documents Required for Personal Loan in Lucknow Application form properly completed with photos attached. Identification documents: PAN card, voter ID, driver’s license, Aadhaar card, passport. Aadhaar cards, copies of ration cards, Voter IDs, driver’s licenses, passports, electricity bills, and gas connection bills are acceptable forms of address proof. Age verification documents: Aadhaar card, birth certificate, SSC certificate, voter ID, and PAN card. ITR/Form 16 for the last 3 years. Three most recent pay stubs. Bank account statement over the past 6 months. How Can I Obtain A Personal Loan In Lucknow With The Lowest Interest Rate? When requesting a personal loan in Lucknow from a bank or NBFC, there are a few things to consider. You must ensure that your loan application is written in a way that will enable you to negotiate a favourable interest rate on personal loan with the lender. Although applying for a personal loan in Lucknow is simple, the lender ultimately decides whether to accept or reject the loan application. Your chances of getting a loan approved are improved by having a strong credit score. A credit score of 750 or more is favourable because it shows your ability to repay the debt. Your credit score has an impact on the interest rate that the lender will offer. A good credit score can get you a cheaper interest rate and vice versa. Make sure you evaluate your financial situation before applying for a personal loan. This can help you avoid requesting a loan amount that either exceeds or falls short of your needs. You will end up paying the lender a higher sum of money in interest. This happens if you borrow more money than you need. Similarly, if you borrow less money, you can run out of money. Therefore, conduct your homework and identify the bank with the lowest interest rate. Finally, apply for a loan to cover your requirements. [B-02] Wrapping up Many banks in Lucknow provide personal loans and other financial goods at reasonable terms and conditions. If you’re searching for a personal loan in Lucknow, you’ll be glad to learn that rates start at just 9.60% and that the maximum amount you can borrow is Rs. 30 lakh. Obtaining a loan requires little documentation, extremely low processing costs, and rapid disbursals. To read more such articles, log onto Piramal Finance.
08-11-2023
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