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Personal Loan

Top Up Loan vs. Personal Loan: Which One is Ideal for Home Furnishing

After one buys a house, one wants to fill it with dining tables, sofa sets, beds, and other things. It makes one feel good and fits their style. One can always take out a loan, but it’s hard to find one with a low-interest rate. Over time, the banking field has come up with loan options. They are better for clients and save both time and money. If one wants to fix their house, they can choose between a personal loan and a top up loan. But before choosing either one, it’s best to know how they differ and how they can help. Let’s find out. [B-01] What is a Top Up loan? If one already has a home loan, the lender may let one borrow more money extra to what one already owes. “Top up loan” is what the bank calls an additional loan. A lender wouldn’t give a top-up loan to every person with a home loan. The loan can be granted to only those with a good history of making funds. So, if one pays on time, one should check to see if this option is available. Features of a Top Up Loan In general, the loan amount for top-up loans is high. They are usually taken for a long term of 20 to 30 years. The interest rate on top up loans is low. The lender keeps property deeds as security. After the person has paid back the loan in full, they can get the house’s deeds. The lender can sell the property if the person doesn’t pay back the loan before it’s due. Features of a Personal Loan Personal loans are small loans that usually don’t exceed Rs. 25-30 lakhs. The length of a loan is usually between 12 and 60 months. The interest rates on top up personal loans are lower than those on personal loans. The borrower doesn’t have to put up anything as security for these loans. Personal loans are used to pay for high or sudden costs. This includes medical bills, a wedding, college tuition, a trip, or home repairs. Personal loan eligibility rules are stricter. Lenders usually only accept people with a good credit scores and credit history. Which is Better: a Top-up Loan or a Personal Loan? Here are a few things one should think about before deciding on the best loan for their needs: Loan Interest Rate A top-up loan on the existing house loan can be taken. The most crucial benefit of choosing this sort of loan is that it has a lower interest rate. This is because the lender views the home as collateral and does not require one to provide extra security. As a result, one can get a lower interest rate of around 10%. A personal loan, on the other hand, is an unsecured loan. It means one doesn’t have to furnish any security. This allows the lender the authority to levy a higher interest of 12%-16% or more. This, as a result, leads to hefty equated monthly payments or EMI levels. Tenure of the Loan A comparison of a top-up home loan vs. a personal loan isn’t complete unless one talks about its length. Most home loans have terms of 20 years and sometimes longer. If one takes a top-up loan, one can extend the time they have to pay it back. But, the amount of the EMI could also change. One can get a personal loan for up to 7 years. They have to pay it back within that time. Due to this, it is vital to consider the loan term before applying for either loan. Loan Rebate Period A personal loan is the best one if one needs money within a few hours. Most lenders today offer instant personal loans. The money is deposited into one’s account within 2-4 hours with minimal documents. One can get a personal loan if one needs money right away. But if the person has a few days to manage, it’s better to wait and get a top-up loan with a lower interest rate. Since a top-up personal loan is a type of home loan, the lender needs to look at the current home loan again. If the person has been making his home loan payments on time, they should have no trouble getting this additional loan within 24 to 48 hours. Application, Loan Approval, & Other Fees People with a good history of paying back loans and credit scores can easily get top-up personal loans. They will not have to go through the application and approval process. It may take longer and be more difficult. The lender will first make sure the person is eligible for a personal loan and check documents before giving the loan. On the other hand, if the person needs money quickly and has all the proper documents, they can apply for a personal loan online. They will get the money within 48 hours (subject to eligibility). Getting a top-up on one’s home loan could take a while. It depends on how well the person knows the lender and how eligible one is. It also includes the debt-to-income ratio. Simple Documentation When a person applies for a top-up personal loan, the bank will already have all of the required documents. This is because the person had provided them when they applied for a home loan in the first place. If the person chooses an add-on loan, the document process is simplified and less time-consuming. On the other hand, a personal loan will require the person to fill out many forms and submit multiple files. Overall, the person can decide which loan is best for them by keeping the above factors in mind. Processing Fees on Top Up Loans The processing cost for a standard home loan also applies to the top-up. As a result, it will differ from lender to lender. The charge typically ranges between 0.35% and 1% of the loan amount given. [B-02] Conclusion Opting for any type of loan depends on what a person needs. If a person needs a loan to fix up their house, a top up loan would be the best choice because it would give the person more money to work with. So, before making a decision, one should go to their bank and talk to them about the different types of loans available. Visit Piramal Finance to learn more about various types of loans and explore different products and services.
08-11-2023
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Personal Loan

Personal Loan for Salaried Employees | Eligibility Criteria and Features

In India, you can easily secure a personal loan if you have an income source. In certain cases, those with no income can also get a personal loan, but the probability is lower. Most banks and Non-Banking Financial Companies (NBFCs) prefer to give out personal loans for salaried individuals given the certainty of their income, and thereby repayment. Even among those who earn a consistent income, professionals with government jobs are more likely to get a personal loan because of their higher job security. Private-sector employees come in a close second. Sometimes, you can also find differential interest rates for the same personal loan for salaried employees in these sectors. So, what determines if you will get a personal loan or not? Apart from your job, other important factors that lending institutions look at are your age, credit score, company profile, your role in the company, your net CTC or monthly income, etc. You can also get a pre-approved loan that is disbursed immediately based on some pre-determined criteria. [B-01] Key Features of a Personal Loan Individuals mostly opt for a personal loan to take care of certain expenses that are heavy on the pockets but aspirational, like a wedding or buying a used luxury car. Here are some important things to note before opting for a personal loan for salaried individuals – The interest rate on personal loans is usually on the higher end of 10% and can go even higher based on the loan amount and lending institution. As a salaried person, you can get a personal loan of up to INR 40 lakhs. The loan repayment tenure can range from 5 to 7 years. A personal loan for salaried employees is usually devoid of any end-use restriction. There is usually a processing fee of up to 4% on a personal loan, but some lending institutions can also waive this. You can also get a pre-approval loan if you have a good credit score and a consistently satisfactory banking history (no defaults, a minimum balance in your bank account, etc.). A personal for salaried individuals can be used for any purpose. Eligibility Criteria for a Personal Loan You can now plan that European vacation or a grand wedding if you meet the below-mentioned criteria (as per RBI guidelines) for an easy personal loan for salaried employees. At the time of the loan application, you must be at least 21 years old. Your age should not exceed 60 years old or the age of retirement at the time of loan maturity. You must be an Indian citizen. You must be employed by either a private limited company or a PSU (Public Sector Undertaking) for the personal loan to be approved. You must have worked for at least 1 year with a consistent monthly income at the time of loan application. Your monthly income should not be below INR 15,500. A credit score of 750 and above is desirable to be eligible for a personal loan. Documents Required To avoid rejection and expedite approval, you must ensure that your documentation is spot on. Here is a list of all the important documents that you need to submit at the time of applying for a personal loan for salaried employees – A duly filled and signed loan application form. A recent passport-sized photograph of the applicant that is not more than 6 months old. A valid identity proof: an Aadhar card, passport, PAN card, voter ID card, or driving license Please show a valid proof of address, such as an Aadhar card, passport, voter ID card, driver’s license, rental agreement, proof of gas connection, bank statement, or utility bill. Aadhar Card, Passport, Voter ID card, or School Admit Card as proof of age Your salary slips from the last 3 months before the date of the loan application. Form 16 and income tax return proof for 2 years before the date of the loan application. 6 months’ bank statements. Your employment proof, like an employee ID card. Ensure that you sign all the documents before submitting them. You can submit them offline or online. Things to Remember Securing a personal loan is quite easy and hassle-free today. But ensuring that you check your eligibility beforehand and keep all your documents ready for submission makes the process even more stress-free. In addition, Make sure that your credit score is above 750 to increase your chances of getting a loan. Lenders try to keep your EMI payments to less than 50% of your total monthly income. Because of this, you should do the math before you ask for a loan amount quote. You can get a personal loan for salaried individuals even if your company is not listed on the lending partner’s application form. Most personal loans come with a foreclosure fee; it is best to check this information at the time of the loan application. [B-02] The financial landscape in India has changed quite a bit over the last few years. And lending institutions like Piramal Finance are quite favorable towards you as a borrower. Getting a personal loan for salaried employees is easier than ever before. All you will need to do is meet the eligibility criteria and comply with the paperwork. The rest is like a walk in the park!
08-11-2023
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Personal Loan

Personal Loan in Tambaram – Chennai – Check Eligibility and Apply Online

Tambaram is known for the flawless integration of traditional working systems and modern technology. It is also home to the rich heritage of the South and is a popular destination for foreigners. This metropolis of priceless offers has something for everyone, thanks to the seething vitality of Tamil cinema on the one hand and the dominance of the automobile industry on the other. However, the greater-than-average cost of living in this beta-level metropolis may strain your budget. Because of this, several banks are there to help you by providing low-interest personal loans in Tambaram, Chennai. One of India’s largest commercial and educational hubs is Tambaram. Here, anyone can easily start a business or get employment. This good fortune has come about as a result of the city’s several flourishing industries. Although Tambaram offers you a variety of career opportunities, everyone’s financial situation will experience ups and downs. You can choose a personal loan in Tambaram – Chennai if you live in this amazing place and need money quickly. [B-01] Personal Loan in Tambaram – Chennai – Online Application Here are the steps you need to take to get a personal loan online in Tambaram, Chennai: Select “Apply”. Verify the OTP given to your phone by entering the 10-digit mobile number. Your fundamental information, including your complete name, PAN, birthdate, and PIN, should be entered into the application form. The loan selection page will appear when you click “Proceed.” Enter the required loan amount. Select the repayment period, which can range from 12 to 84 months, and then click “Proceed.” Finish the KYC process and then submit your application. Eligibility Criteria for a Personal Loan in Tambaram, Chennai Those who fit the following criteria may apply for a personal loan in Tambaram – Chennai: Employees of private limited enterprises and those working for public sector organisations, such as federal, state, and local governments. People in the age range of 21 to 60 years. Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer. Those with a minimum monthly net income of Rs 25,000. Documents Required For A Personal Loan In Tambaram – Chennai Identity Verification (Aadhaar card, PAN card, driving licence, passport, voter ID, etc.) Signature evidence (passport, PAN card, etc.). Proof of address (passport copy, Aadhaar card, driving licence, utility bill (gas or electricity bill), voter ID, ration card, rent agreement, etc.) Six months’ worth of bank statements. How Can I Get the Lowest Interest Rate Personal Loan in Tambaram? Most people choose the bank that holds their salary account when applying for a personal loan since the paperwork is easier and the procedure is taken care of quickly. While this may work just fine for some people, the best course of action is to search for loans supplied by multiple banks and NBFCs at the best interest rates. More than that, there are a few other things that will favourably influence your loan interest rate. If you’re taking out a loan, the following are some things you should consider or take care of to achieve the lowest interest rate possible: Credit score When applying for a personal loan, it is crucial to have the best possible credit score. You will be able to receive a loan at a lower interest rate if you have a high credit score, and vice versa. When applying for a personal loan, a credit score of at least 750 is required. Make a down payment You’ll obtain a better interest rate on your loan if you make a sizable down payment. If you borrow more than 20% of the total amount, the interest rate you are given will almost certainly go up. Debt-to-income ratio Ensuring a constant debt-to-income ratio is important because it will determine if your loan application will be approved in the first place and how much interest you will pay. The debt-to-income ratio is the difference between a person’s income and all of their debts, including loans and credit card obligations. Tenure Choosing your tenure will directly affect the interest rate that will be applied to the loan amount. Even though the EMIs will be significantly lower, choosing a shorter duration will result in you having a much lower interest rate. The duration of the payback time is inversely correlated with the interest rate. Employee stability and your employer’s reputation The number of years of experience you have and the business you work for are crucial factors in determining both the approval of your loan and the loan’s interest rate. The bank will be more confident that you will return the loan if you work for a reputable organisation. Always bargain Even if most people are happy to accept the bank’s loan interest rate, bargaining is still necessary. You have a higher chance of negotiating if you’re a client of the bank that has your paycheck as collateral for the loan. [B-02] Wrapping Up Without having to worry about anything, you can easily obtain a personal loan in Tambaram – Chennai. In Tambaram, you can get the ideal financial solution thanks to simple payback terms, adaptable loans, and a tonne of extra services like managing your costs, assisting with savings, and informing you about your EMIs. For more such articles, log onto Piramal Finance.
08-11-2023
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Personal Loan

How Can You Get the Best Deals on Personal Loans?

People take out personal loans more than any other type of loan. One of the main reasons that a personal loan is so popular is that lenders do not limit how the money can be used. This is not the case with other loans. The person who has taken the loan can use the money for any purpose they have. People usually take out personal loans to pay for unforeseen expenses, medical emergencies, weddings or other festivities. Personal loans are also often used as down payments on a house or car, to make home improvements or buy furniture for the home. To get the best deals on instant personal loans, a borrower must know and follow specific rules, which are examined in this article. [B-01] Features of Personal Loans A personal loan does not need any collateral and the application process has less paperwork. After the verification process, a personal loan can be approved in as little as 48 hours. Personal loans help people get money, but they have interest rates. There are no limits on how the money from the personal loan can be used. 10 Tips to Get the Best Deals on Personal Loans Applying for the right loan amount is important. Loan amounts should be based on how much one can comfortably pay back in the future. So, figure out your actual needs before deciding how much to borrow. Here are some tips to get the best deals on a personal loan. Find Out the Interest Rate Borrowers can check the interest rates and conditions of personal loans by visiting the websites of different lenders. This can help applicants get a good deal on a personal loan. EMI calculators can help select the best options. Conduct Proper Research Before Applying For a Personal Loan Banks, NBFCs and fintech companies offer personal loans, but the terms and conditions differ between traditional and fintech companies. Banks and NBFCs may provide loans at low interest rates. Some borrowers may not qualify due to specified rules, but there may be better deals from other lenders. It is a good idea to use an online aggregator to compare the personal loan‘s terms, interest rates and fees. Keep a Good Credit Score Personal loans are unstructured credit. Thus lenders evaluate applicants’ credit scores to determine their trustworthiness. Since credit scores range from 300 to 900, 750 is usually a good score. If anyone’s credit score is low, they might not get a loan or a higher interest rate. Paying EMIs and credit card bills regularly or on time can help keep the credit score high. Choose Short-Term Loans Longer tenure loans may easily tempt borrowers due to lower EMIs. But these loans will cost more in the long run because the interest will continue to be added to the monthly balance. Personal loans with short terms keep the total amount in check. Also, personal loan calculators can help applicants determine which options are best. Ensure Regular Repayments Regular and on-time payments help keep a good credit history and keep late payments and other fees. Also, a bad review could make it harder to get another loan. Avoid Multiple Lenders If a borrower talks to more than one lender at the same time, it could lead to more than one inquiry. It looks like the borrower desperately needs money, which may not be good, and lenders could be less likely to lend money. So, it is best to look into and compare the eligibility requirements of different lenders and only go to those whose requirements match. Beware of Plans With No Interest Some lenders work with lifestyle or consumer goods stores to offer 0% EMI plans to entice people to borrow money. Borrowers often pay interest because they do not know about the high costs and processing fees until the last minute. Foreclosure Charges Foreclosure charges or early payments are also necessary when choosing a lender. Borrowers can sometimes pay off their loans early, but the foreclosures or prepayment fees are not worth it. To avoid being let down in the future, one must find out important details ahead of time or choose vendors who do not charge for prepayment. Check For Hidden Costs Find out if there are any processing fees, late payment fees or other hidden or built-in fees that can increase the total cost of a loan. If so, put these costs in the budget or figure out how to avoid them. Avoid Advance EMIs When an EMI is paid early, the interest rate goes up, and the borrower will pay more than what is shown. Some lenders may ask borrowers to pay advance EMIs before the loan is paid out. It is wise to stay away from advanced EMIs and look for banks or personal loan apps that only require regular payments. How to Apply for Instant Personal Loans? The benefits and features of an instant personal loan give people relief in an emergency. This is shown by how easy it is to apply for a personal loan online. There are only five steps to do this. Step 1: Go to the ‘Loan’ section, and click on ‘Apply Now.’ Step 2: Enter the basic information and upload the documents needed for a personal loan. Step 3: Wait for the application to be checked and evaluated. Step 4: Get the confirmation of approval. Step 5: Approve and authorise the online disbursement of the personal loan. [B-02] Conclusion Getting a personal loan is rather easy. Since people do not have to put anything up as security for these loans, personal loans are one of the most common types of loans in India due to their many benefits. Many companies also offer people personal loans. That is why choosing the right bank for your personal loan is important so you can get the best deal on your instant personal loan. For further information and useful blogs like this one, visit Piramal Finance to know more about instant personal loans and other important financial information and services.
08-11-2023
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Personal Loan

How to Get Pre Approved Personal Loan from Piramal Finance 

If you need quick and easy financial assistance, then a pre-approved personal loan from Piramal Finance could be the ideal solution for you. With this type of loan, you can get the funds you need in as little as 24 hours, and there is no need for collateral or a co-signer. Plus, you can use the loan for any purpose you see fit, whether it is for home improvements, medical expenses, or even a much-needed vacation. If you are interested in applying for a pre-approved personal loan from Piramal Finance, then read on for more information on how to do so. [B-01] What is a pre-approved personal loan? A pre-approved personal loan is one approved in advance by a lending institution. This means that the borrower has been through a thorough credit check and has been approved for a loan up to a certain amount. The benefit of a pre-approved personal loan is that it can be used for any purpose, and the interest rate is usually lower than that of a standard personal loan. A pre-approved personal loan can be a great financial tool for those who need access to cash quickly. It is important to understand the terms and conditions of the loan before signing on the dotted line, as there may be some drawbacks. Piramal Finance: A trusted name in personal loans Piramal Finance is a well-known and trusted name when it comes to personal loans. The company has been in operation for over 40 years and has a powerful reputation for providing quality financial products and services. Piramal Finance offers a wide range of personal loan products, including loans for home improvement, medical expenses, education, and more. Piramal Finance is an excellent choice for borrowers who are looking for a reliable and reputable lender. The company’s loan products are competitively priced and offer a variety of repayment options to suit your needs. The company is known for its competitive interest rates, flexible repayment terms, and customer-friendly service. How to get pre-approved for a personal loan from Piramal Finance? If you are looking to get a pre-approved personal loan from Piramal Finance, there are a few things that you will need to do. First, you will need to make sure that you have a good credit score. This is because Piramal Finance will check your credit score before approving you for a loan. If you have a good credit score, you will have a better chance of being approved for a loan. Next, you will need to gather all necessary documentation. This includes things like your ID, proof of income, and bank statements. You will need all this documentation to apply for a loan. Once you have all the necessary documentation, you can apply for a loan online (Pre Approved Loans Online) or in person. you apply online, you will need to fill out an application and submit it for review. If you apply in person, you must bring all your documentation to a Piramal Finance branch and speak with a loan officer. Once you have applied for a loan, you will need to wait for a decision. Piramal Finance will review your application and decide based on your credit score, income, and other factors. If you are approved for a loan, you will be given a loan amount and interest rate. You will then need to sign a loan agreement and begin making payments. Eligibility criteria for a personal loan from Piramal Finance You must fulfil several requirements to be eligible for a personal loan from Piramal Finance. The applicant must first be at least 21 years old. They also need to be salaried workers. Third, they need a consistent source of revenue. They need to have a solid credit history, fourth. Fifth, they need a bank account that is in their name. They must also present identification and residency evidence. The benefits of a Pre-Approved Personal Loan from Piramal Finance A pre-approved personal loan from Piramal Finance can offer several benefits, including: The ability to shop around for the best interest rate: By getting pre-approved for a personal loan, you can shop around for the best interest rate without impacting your credit score. The peace of mind of knowing how much you can borrow: A pre-approval letter from Piramal Finance will give you an estimate of how much you can borrow, which can help you budget and plan for your financial needs. The flexibility to use the loan for anything: Unlike some other types of loans, personal loans can be used for a variety of purposes, including consolidating debt, funding a major purchase, or paying for unexpected expenses. The security of fixed interest rates: With a personal loan from Piramal Finance, you will know exactly what your interest rate will be for the life of the loan, so you can budget accordingly. How to make the most of your loan from Piramal Finance There are many ways to make the most of your loan from Piramal Finance. You can use the loan to consolidate your debts, pay for unexpected expenses, or make a major purchase. Here are a few tips to help you get the most out of your loan: Create a budget: It is critical to do this before applying for a loan. This will enable you to calculate how much you can borrow and how much you must pay back each month. Compare lenders: Not all of them are created equally. Before selecting a loan, it is crucial to compare interest rates, costs, and payback periods. Read the fine print. Before you sign anything, make sure you have read and comprehended the terms and conditions of your loan. Pay your bills on time: After taking out a loan, it is crucial to pay your bills on time. Your credit score will suffer if you miss a payment, and the cost of your loan will rise. Pay off your loan early: If you have the means to do so, think about doing so. You’ll pay less interest as a result, and you’ll pay off your loan faster. [B-02] Conclusion If you are looking for a personal loan, then you should consider Piramal Finance. They are one of the leading financial institutions in India and offer a wide range of personal loan products. You can get pre approved loan offers from Piramal Finance by following the simple steps mentioned in this article. So, what are you waiting for? Go ahead and apply for a personal loan from Piramal Finance today!
08-11-2023
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Personal Loan

Personal Loan in Kolkata. Check Eligibility and Apply Online

Kolkata, the capital of West Bengal, has excellent resources. These include a convenient location and a low cost of living. This opens up many commercial prospects. There are several banks and other financial organisations in the city. They will aid you in applying for a personal loan. This, in turn, will meet your financial demands. Kolkata is situated along the Hooghly river. A major commercial centre, Kolkata is home to numerous banks and financial firms. The city has advanced significantly over the past few years. This has happened due to IT development and business expansion. These developments have increased people’s need for banking services. There are no restrictions on the use of low-interest personal loans in Kolkata. To apply for a personal loan in Kolkata, you are not required to give the banks or NBFCs any security. There are many reasons why you would need an instant personal loan in Kolkata. The list below displays some: [B-01] Medical expenses. Debt consolidation. House renovation. Vehicle repair. Education. Weddings. How To Apply Online For A Personal Loan in Kolkata Applying for a personal loan online in Kolkata gives hassle-free financial support. You need to first determine your eligibility for a personal loan in Kolkata online. Then, you can get to apply for one. You will need a strong Internet connection to apply for an online personal loan in Kolkata. You can apply for a personal loan in Kolkata online with just a few clicks rather than waiting in long queues. Additionally, online personal loans in Kolkata receive rapid approval. It provides you with the needed money very soon. Applying for a personal loan online entails the following 4 steps: To get started, click the “Apply Now” button. Fill out the form completely, including the amount and duration. Upload the required files. Select “Submit”. Eligibility Criteria For A Personal Loan in Kolkata The candidate must reside in India. Age: The minimum age for submitting an application is 21 years. The maximum age when the loan is due is 60 years. The candidates must be salaried, that is, work for a public or private company. They could be an employee of the state, the federal government or a local government. They could also be self-employed professionals or self-employed non-professionals. Typically, a credit score of 750 or higher increases your chances of getting a personal loan. Documents Required for A Personal Loan in Kolkata Form of application with photos attached. ID documentation: PAN card, Aadhaar card, voter ID, passport, and driver’s licence Address verification options include voter ID, an Aadhaar card, a duplicate of a ration card, energy or gas connection bills, a passport, or a driver’s licence. Age verification documents: Aadhaar Card, birth certificate, SSC certificate, voter ID, and PAN Card. Statement of recent 6-month bank account statements. Salary certificates and slips for the previous 3 months. Recent Form 16/ITR for the previous 3 years. Benefits of A Personal Loan in Kolkata Here are some advantages of applying for a personal loan in Kolkata online: No security is necessary An instant personal loan in Kolkata is an unsecured loan. For this, there is no need for collateral. So, you can apply for it online without providing any security. Minimal documentation To apply for a personal loan online in Kolkata, you need to submit minimal paperwork. You must give proof of your identity, address, and income. Affordable interest rates You can quickly compare personal loan interest rates in Kolkata. You need to do this before applying for a personal loan in Kolkata. Low-interest personal loans in Kolkata are available based on your qualifications and reputation. Flexible loan term You can repay the money over a flexible period of 1 to 5 years when you apply for an instant personal loan in Kolkata. You can select the repayment period. This online personal loan in Kolkata is based on your comfort. Instant approval When you apply for a personal loan in Kolkata, the banks and NBFCs evaluate your profile. You will receive quick approval for a personal loan in Kolkata. There is no delay after a successful profile check. Simple repayment It’s simple to make payments on an online personal loan in Kolkata. Equated monthly instalments (EMIs) let you repay an online personal loan in Kolkata with ease. Purpose fulfilment An instant personal loan in Kolkata is not targeted towards any particular goal. You can use an online personal loan in Kolkata to address a variety of issues. [B-02] Wrapping up The best choice when you face a financial emergency is a personal loan. This loan is unsecured. Thus, you receive funding immediately. The disbursement takes place soon after. You will be notified through email and SMS as soon as it does. The email will provide in-depth information about the loan. The SMS, on the other hand, will just give you a brief overview. The email will mention information such as net loan disbursement after processing fees. It also has the loan’s repayment period, the applicable interest rate, etc. For more related information, log onto Piramal Finance.
08-11-2023
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Personal Loan

Personal Loan in Thane – Dombivli – Check Eligibility & Apply Online

People often argue that getting a loan has become very difficult, and they are not completely wrong. The government of India did make some new rules, but they did so to ensure the security of the loan recipient and the loan amount. So, the loan approval process is now a bit more difficult than before, but it’s not that difficult. However, getting a personal loan has never been easier. With little formality and no collateral, it has become one of the most sought-after loans in the country. Today, we will learn about how to apply for such a loan and pass the eligibility criteria for your personal loan in Dombivli. [B-01] How to Apply for a Personal Loan in Dombivli To apply for a personal loan in Dombivli, you will have to fill up the personal loan form and submit some documents so that the bank can verify everything. Once the details are verified, your bank will check if you are eligible for the loan. You can either visit the nearest branch of your bank or follow these steps online to apply for a personal loan in Dombivli. How to Apply for a Personal Loan at Your Bank To apply at a bank branch, you will need to take some documents and some passport-size photographs with you when you go to the bank. Once you have your document list and photographs, visit your bank and ask the bank staff for a personal loan application form. Fill out and submit the form along with all the relevant documents. The lender will verify your application form for a personal loan in Dombivli and check your eligibility criteria. If you are eligible, the loan will be disbursed to your bank account. How to Apply for a Personal Loan in Dombivli Online Visit the lender’s website. Choose the personal loan option from the loan section. Click on “Apply Now.” Enter all the details asked for in the personal loan application form. The lender will check your eligibility. If you are eligible, you will need to submit your KYC and income documents. The lender will verify the documents. If everything checks out, your loan will be approved and transferred to your bank account in no time. Nowadays, you can also submit a personal loan request through an email or a phone call to the customer service centre of the lender. They will contact you to complete the formalities and eligibility check; alternatively, you can make a request through the ATM kiosk, and someone from the bank will contact you. Documents Required for a Personal Loan in Dombivli Here is the list of documents that will be required or accepted by the lender. Identity Proof: You will need to bring some documents, such as your Aadhaar card, voter card, passport, or even a ration card, to prove your identity. Address Proof: A rent agreement or house registration certificate can be used for address proof. Aadhar cards and voter ID cards are also good options. PAN Card: The PAN Card is a vital document that you must carry with you when obtaining a personal loan in Dombivli. Income Proof: Bank statements of the last 3–6 months, a salary slip, a Form 16 along with an income tax certificate, etc. are considered income proof. You might need to submit one or multiple of these, depending on the requirements of your lender. Personal Loan Application Form: Carry with you the filled-out and attested application form for the personal loan. Passport-size photographs To check loan eligibility online, use the Eligibility Calculator These days, you can use various online eligibility calculators to find out if you are eligible for a personal loan in Dombivli. Search for a personal loan eligibility calculator online and enter the details as follows: Enter the city where you live. You will also have to enter your monthly salary or income. Then, you will have to enter your date of birth. Enter your monthly expenses, such as rent (if you are living in a rented home), bills, daily expenses, and so on. You will have to enter where you are working. If the company you work for has a good reputation, then your loan could be instantly approved. Once you enter all the details, the website will show you if you are eligible for the loan. Certain Factors That Can Affect The Eligibility of Personal Loan Application Certain factors can affect your loan eligibility, such as Where you live, Your employment status and place of employment, How much do you earn, Your credit history and credit score, Your age. Where you live is critical to getting your personal loan in Dombivli approved. So, if you live in your own home, your chances of securing a personal loan increase exponentially as compared to living in a rented house. Also, if you have previously taken credit or have a bad credit history, chances are that you will not be eligible for the loan. [B-02] Bottom Line Using this guide, you can easily apply for a loan without the fear of getting rejected. Since you are looking for a personal loan, we will be happy to recommend Piramal Finance. It is one of the leading financial corporations that offers an easy personal loan. So go ahead, visit Piramal Finance’s website, check for their eligibility criteria, and apply for a personal loan online.
08-11-2023
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Personal Loan

Personal Loan in Vijayawada – Check Eligibility & Apply Online

Andhra Pradesh is the third-largest state in the country. Vijayawada is in the middle of the state, between Hyderabad and Visakhapatnam. Krishna District is home to this town. Past names for the city include Bezawada. It is the second-busiest bus terminal in Asia and one of India’s busiest rail junctions. This city is the state commercial centre of transport, social and agriculture sectors. Many business owners and people in need are getting personal loans in this city. [B-01] Personal loans: what are they? A personal loan is a loan that you can get without the need for collateral or security. It needs a small amount of documentation and no collateral. Any financial need can be met with this loan. Your bank and you must agree on repayment terms for the amount you owe. Monthly payments are made over a period of months or years. Eligibility criteria for a Personal Loan in Vijayawada Personal loans in Vijayawada start at a rate of 10.25%. This loan is given by banks and non-banking financial companies. They go up to a high tenure of five years for personal loans. These loans offer a loan amount of up to Rs. 40 lakh. You may use it for any purpose except speculation. Some lenders also offer pre-approved instant personal loans. These loans are provided to current customers who meet the criteria. A personal loan in Vijayawada is available to: The loan is available to people with a monthly salary of Rs 15000. A personal loan is available to Indian residents between the ages of 21 and 70 A personal loan is for salaried employees Applicants who are working in private MNCs and are also self-employed can also apply Your chances of being approved for a loan are higher if your credit score is 750 or above. But, some lenders offer lower credit score personal loans at higher interest rates Personal Loan Documents Documents required for obtaining a personal loan in Vijayawada include: The KYC documents should have Aadhar cards, driver’s licenses, PAN cards, etc. You need a two-month salary slip as proof. At least six months of bank account statements. This includes a salary account for people who work for a company and a current account for people who work for themselves. Fees for a Personal Loan in Vijayawada Banks and non-banking organisations offer loans for a fee. The fee is between 1% and 5% of the loan amount given. You will have a penalty prepayment fee if you choose to close your loan before the end of the loan term. In most cases, you will not be able to close your loan before the 12-month period has expired. The charges for the loan depend on how many years have passed since the beginning. In the second year of a loan, these charges range from 4% to 2% of the pending loan amount. Low-Interest Personal Loans in Vijayawada A good credit score is vital for a low-interest loan. With a credit score of 750 or higher, you will be eligible for loan offers with lower interest rates. Also, you will be able to get better rates. Including your repayment history, your income, your debt-to-income ratio, and more How to Apply for a Personal Loan The following steps must be followed to go for a personal loan in Vijayawada: Visit the lender’s or bank’s website to learn more about them. You need to fill in the information on the form. Make sure you upload all the documents. Make sure that the loan has been approved before moving forward. If the loan gets approved, the credit will begin to apply to your account. It is time to begin repaying the loan under the repayment schedule. With a bad credit score, is it possible to get a personal loan in Vijayawada? It is possible to get a personal loan with bad credit. The cost of the loan will be high due to the high interest rate as well as the amount of the loan. It is always advised to increase your credit score. 750 or above is good to be able to get a personal loan at better terms and interest rates in the future. Personal loan EMI EMI is the term used to show the amount the borrower is told to pay for the loan each month as part of the loan term. It is checked by using the loan amount, the interest rate, and the term of the loan to find the monthly instalment. Pros of a Personal Loan in Vijayawada The following are some of the benefits of taking out a personal loan in Vijayawada: A lower monthly payment is easier to manage than a higher one. In the case of larger purchases or expenses, it may be necessary to borrow larger amounts to cover them. There is no need for collateral. It is easier to make predictable, stable payments with a fixed interest rate and long terms. Cons of a Personal Loan in Vijayawada The following are some of the cons of personal loans in Vijayawada: A rise in interest rates The interest will increase over a longer period The availability of loans is less [B-02] Conclusion To provide you with information about personal loans, we have explained the points above. There are some benefits to doing this. Not only will it help you locate what you are looking for, but it will also be good for you. A good financial company like Piramal Finance is a great place to start if you’re trying to find balance in your financial life.
08-11-2023
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Personal Loan

Can I take a Personal Loan for Home Renovation?

Buying a home is the first step towards independence. It also comes with a lot of responsibilities. A home needs constant upkeep. It will require painting and repairing fixtures and tiling, among others. You may be able to cover most of these expenses on your own. However, a substantial revamp may require more funds. Here’s the good news! You don’t have to put all your plans on hold. You can simply go to a bank and apply for a personal loan for home repairs. [B-01] What Is a House Renovation Loan? A house renovation loan may be used for home repair projects, such as improvements. This may involve painting the inside of the home or creating a modular kitchen. Personal loans may be used for undertaking non-financing repairs. These may include adding an extra room to an existing building, which increases the value of the home. Banks, non-banking financial companies (NBFCs) and mobile lending firms provide instant loans. They have higher approval rates and shorter payback terms. These loans may be used for various reasons. Should I Take a Home Improvement Loan? The decision to procure a house renovation loan depends on the loan amount and the interest rates. Before deciding on a personal loan, you need to consider these factors. Personal loan rates may vary from 10.50% at the lowest to 33% at the highest. While a limited house renovation loan might help deal with the need for funds, a high interest rate may be a dampener. One perk of home improvement loans is that they do not require security. You will not be asked to offer your property as security to procure the loan. Features of a Personal Loan for Home Repairs Adaptable tenure The term of a quick personal loan often ranges from one to five years. You may return the loan at your convenience. A large amount as a loan Loans of up to Rs. 25 Lakhs may be obtained for house repair. Rapid approval When you request a loan, the bank or financial institution will first check the paperwork. The bank will then approve the loan in a few minutes. The loan will be issued to the account as soon as it is authorised. Eligibility requirements You must meet the eligibility needs to qualify for a personal loan. You can request a loan for home improvement if you are a paid employee who meets the wage requirements for the loan. No assets are needed Personal loans do not require assets. Hence there is no threat of losing assets or securities if you are unable to repay the loan. Eligibility for Availing of a House Renovation Loan Age: To procure a personal loan, you must be aged between 18 years and 65 years. Type of resident: You must be an Indian resident or a non-resident Indian (NRI). You must have a permanent address or a rented residential address where you have lived for at least a year before applying. Employment: You may be salaried or self-employed. Credit Rating: You must have a trustworthy credit rating of 700 and above. Documents Needed for a House Renovation Loan Identification proof: PAN card, Aadhaar card, voter’s ID, driver’s licence, and passport. Address proof: Bills issued by the government such as electricity bills, ration cards, passports, Aadhaar cards, PAN cards, and voter’s IDs. Income proof: Wage slips for the last three months. Bank account records for the last twelve months for self-employed people. Proof of employment or business: Income tax returns (ITRs) for the last three years. How to Compare Home Improvement Loans Research banks and financial institutions for good interest rates. Comparing the rates will help you procure a house renovation loan with the lowest rates. Here are a few things to look for when comparing home repair loans. Annual Percentage Rates (APRs) APRs show the total amount of the loan, along with any fees levied by the lender. It could be the ideal place to begin if they belong to a credit union. Federal credit unions have a maximum APR of 18%. Loan Duration A long-term loan may have low instalments. However, you may have to pay a higher rate over the entire term compared with a short-term loan. Use a home repair loan calculator to analyse payments for loans for multiple durations. Option to Add a Co-Signer Some lenders may allow you to include another person on the loan form. Adding a person with a good credit score or higher wages may help lower the APR or borrow more money. How to Apply for a Personal Loan for Home Repairs The process for availing a personal loan is simple. You may borrow up to Rs. 25 lakhs. A home improvement loan may cover many house renovation needs like changing the floor tiles, painting the walls, changing the fixtures and repairing the ceiling, among other things. You may borrow cash as needed and repay it as soon as possible. The most important part of applying for a bank loan is defining the precise loan demand and amount. This will help you obtain the exact amount required. You may apply for a personal loan by following the steps below: Step 1: Begin by entering the personal and job info. Step 2: Choose the lending partner, loan amount, and time frame for repayment to obtain quick online approval. Step 3: After accepting the loan, you will immediately get the funds in your bank account. [B-02] Conclusion Home renovation funds are given to people who wish to renovate or improve their houses. This may involve carpeting, decorating, tiling, upgrading, rebuilding, repairing, and extending, among others. Personal loans may also be used to carry out house improvement or extension projects since personal loans have no restrictions on use. If you have an existing house loan, you can seek loans for home remodelling too. This will be provided in addition to the existing home loan. Home repairs may be expensive. However, you can still renovate your home with ease. A personal loan is a great choice if you don’t have the funds ready to finance a home renovation. Give your home a new look! This will improve the visual appeal of the property and increase its value. Check out Piramal Finance to learn how you can avail of a home improvement loan. You can also learn more about managing your finances.
08-11-2023
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