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Personal Loan

10 Important Tips to Consider Before Taking a Personal Loan

What Does the Term “Personal Loan” Mean? People who are self-employed or receive a salary are provided private loans for various reasons. No security is required for these loans. The annual interest rate for a personal loan ranges from 11% to 28%. Important factors to take into account include the lender and credit score. The loan has a variable term that might be anywhere between one year and five years. As long as the money is used for good, there are no restrictions on how it can be used. [B-01] Essential Tips to Consider Before Taking a Personal Loan 1. Be aware of the actual borrowing amount The person applying must know how much money is needed to meet the needs. Someone who doesn’t know how much money they need can’t get a loan. The bank finds it much more helpful when the exact amount is stated. 2. The reason for applying for the loan Even though it’s not required, it’s a good idea to explain why a person chose a specific loan amount. The fact shows how much risk the bank takes by giving out the money. And it’s also clear whether the goal is legal or not. It has to decide whether or not to lend. Also, it seems more sincere compared to the other one. 3. Demonstrate the consumption pattern When someone tells the banks how to buy an asset, they are more than happy. It will soon pay off in more essential ways. The lender may also approve the loan with flexible EMI payments if the applicant seems like a good fit, has a good CIBIL score, and makes a strong case for how the loan will help them make money. 4. Repaying the loan with EMIs The actual EMI will depend on how long the loan is for. When the terms are longer, the EMIs are lower, and vice versa. But taking a long time to pay back the loan causes interest rates to rise over time, which makes the loan much more expensive. This is why interest is calculated based on how much must be paid back. This helps create the best possible EMI strategy. 5. A better loan suggestion Think about the bank giving loans with simple terms and low-interest rates. Even though most banks have similar rules, some may be more flexible and have less strict penalties. Before choosing a loan, people should always do the proper research. 6. Choose a low-cost EMI One should choose EMIs that are easy to pay each month without the risk of penalties. Estimate the ability to pay the loan’s monthly payments (EMIs). Its EMI calculator can be used to find a result based on the loan amount, interest rate, processing fee, pre-payment options, and loan tenure. 7. Look into other loan options Personal loans are not always the only way to get out of a bind. If the amount is not too significant, one can ask family and friends for a loan. This eliminates the need to pay interest rates; even if someone pays them off early, it won’t cost them anything. 8. Know what the lender requires. Before choosing a lender, the applicant knows the loan’s requirements. By doing this, anyone can avoid being turned down for silly reasons like age or money. 9. Ask for the right loan amount In the loan application, asking for the right amount is vital. Use a personal loan eligibility calculator to calculate how much one may borrow depending on income, debt, and other factors. Before applying for a loan, the applicant should think about it. 10. Ask the partner or parent to become co-borrowers Most of the time, the applicant can add a spouse or parent as a co-applicant. The applicant’s chances of getting a loan go up if they make a lot of money and have a good credit score. It will make it easier to pay back a loan and get one at a low rate. How Can a Personal Loan Be Used to Pay Off Several Debts? When a borrower has many obligations, they have to pay back a lot of debt. To make this payment, the user applies for a quick personal loan and uses the money to pay off all of his debts. He adds up all of his debts and pays the same amount each month on all of them. It makes the load lighter by lowering the amount of EMI. Bad debts only catch a small number of people. When things are this hard, personal loans can be beneficial. Conclusion All the above tips will make people more likely to be approved for a personal loan. If the borrower chooses the right lender, everything will go smoothly and without stress. It’s vital when someone applies for a loan. Now, where do I look? Use these tips to choose the best loan offer. Instead of following trends, it’s crucial to figure out what fits the financial situation. To discover more about tips for a personal loan and the lending procedure, visit Piramal Finances. [B-02] FAQs Is there a cost for the personal loan? Some personal loan companies may charge a fee to start the loan or to sign up for it, but most only charge interest. At the end of the loan, the lender will deduct an “origination fee” to cover the costs of running the business and getting the loan ready. It’s usually paid between 1% and 5%. A flat price, though, is charged. What is the minimum credit score required? Every lender looks at a borrower’s credit history to determine whether they are a good credit risk. A high score can help people get lower interest rates, faster approvals, and more. To keep the credit score up-to-date, all credit products must be checked and paid back on time.
08-11-2023
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Guide

Can I Change My Address on Aadhar Card Online?

Do you know what you can do online? Almost anything! Need to order gourmet items for a sudden special dinner? You can order groceries online, and they’ll be at your doorstep in no time. Have to buy a birthday gift but don’t have time to go to the market? You can browse through online shopping sites and order what you like. Need to open a bank account for your elderly parent or house help? That also can be done online. [B-01] So what about updating information on official documents, like the Aadhar? There are many reasons why you may need to change your address. We all know that the changed address should reflect on all official documents, including the Aadhar. The Aadhaar is a 12-digit unique identification number issued by the Indian government to all Indian residents. It serves as proof of identity and address. You can use it for various purposes, such as opening and operating a bank account, applying for a passport, getting a home loan, benefiting from subsidies and schemes, etc. If you have recently moved to a new house or locality and want the new address to reflect on your Aadhar, applying for the change and getting an updated Aadhar card is important. If you don’t have time to go to an enrolment centre and apply for an Aadhar card address change, you can do it online with these simple steps. Aadhar Card Address Change Online Open the link https://ssup.uidai.gov.in/ssup on a web browser. Log in with your Aadhar number and OTP received on your registered mobile number. Click on the Proceed to Update Aadhar option and fill in the required details. Upload the documents requested by UIDAI for verification. Check the preview of the changes you have made. Submit your request on the portal. Note down the URN and use it to check the Aadhar update online status. Always upload verified documents, or UIDAI will reject your address update request. Once your request is processed, you will receive the updated Aadhar card at your registered address. You may have to reapply for the update if your request is denied. Valid Documents for Aadhar Address Update To change the address on the Aadhaar card online, you will need to submit a scanned copy of some documents as proof of identity: On the website of UIDAI, you can find a list of valid documents that are accepted. You need to submit at least one of the following documents to update the address: Ration Card Voter ID Passport Driving License Latest Electricity Bill Latest Water Bill Latest Credit Card Bill Post office account statement/passbook Latest landline/telephone bill Property tax receipt Insurance policy document Property tax receipt Government photo ID card Kissan passbook Arms License Income tax assessment order Certificate of address issued by Village Panchayat head Freedom fighter card Pensioner card Vehicle registration card NREGS job card Registered rent agreement Passport of spouse/parents Marriage certificate issued by the government Bhamashah card Domicile or caste certificate issued by the state government Any disability card CGHS/ECHS card The address proof document must be in the applicant’s name, and if the document is not in the applicant’s name, they must submit a self-attested address change proof document. How many times can you change the details on your Aadhar card? Address (no limit) Name (twice) Date of Birth (once) Gender (once) Address (twice) Mobile Number Email Address You will be charged Rs. 50 per request, and you can update more than one detail at once. How to check the update status of the Aadhaar card? If you want to check the updated status of your Aadhaar Address Change, go to the UIDAI website and use your enrolment ID to get the latest updates. It may take 90 days for the changes to be reflected in the UIDAI account. You can also go to your nearby Aadhaar enrolment centre to check the updated status of the Aadhaar Address Change request. How to download your updated Aadhaar card? Online Method Visit the official website of UIDAI – https://uidai.gov.in/. Under the ‘Aadhaar Services’ section, click on ‘Download Aadhaar’. Enter the 12-digit Aadhaar number or 16-digit Virtual Identification Number, full name, and security code. Also enter your mobile number if you have registered it with UIDAI. Click on ‘Request OTP.’ An OTP will be sent to the registered mobile number. Enter the OTP and click on ‘Verify & Download’. You will be able to download a PDF version of the Aadhaar card. You can also print your Aadhaar card. Offline Method Visit the nearest Aadhaar enrolment center. Fill out the ‘Aadhaar Enrolment/Correction Form. Submit the form along with relevant documents. The executive at the centre will enter the details and take the biometrics. You will get an acknowledgement slip with a 14-digit enrollment number. Visit the official website of UIDAI – https://uidai.gov.in/. Under the ‘Aadhaar Services’ section, click on ‘Download Aadhaar’. Enter the 12-digit Aadhaar number or 16-digit Virtual Identification Number, full name, and security code. Also enter your registered mobile number. Select the ‘Enrolment ID’ option from the drop-down menu. Enter the 14-digit enrollment number, date, and time on the acknowledgement slip. Click on ‘Request OTP.’. An OTP will be sent to the registered mobile number. Enter the OTP and click on ‘Verify & Download’. The Aadhaar card will be downloaded in PDF format. You can also print your Aadhaar card. Why is it important to update the Address on your Aadhar? Your Aadhar card is mandatory to avail of financial, private, or government subsidies and benefits. Aadhar is considered a centralised and universally accepted document across India for every Indian citizen. The 12-digit Aadhar number has become a mandate to use any government services or benefits. As it has biometric and demographic data, it is a genuine way to verify your identity and avail yourself of various government schemes. [B-02] Conclusion It is vital to keep your Aadhaar card updated, as it is proof of identity and address. You can opt for an offline Aadhar change if the applicant is not tech-savvy. However, for those of us who might be too busy to get the Aadhar address changed physically, UIDAI offers an easy process to carry out your Aadhar card address change online. If you need more guidance with the above-mentioned processes, consult the experts at Piramal Finance. This online platform is what you need to learn everything about relevant developments and processes in the world of finance. For more information on financial matters or about personal loans, credit cards, and financial management, check out the blogs on their website!
08-11-2023
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Personal Loan

Celebrate the Festive Season with a Personal Loan

Festival season is a time for celebration and joy. Nothing beats the happiness of gifting your loved ones. However, you will need funds to cover festive expenses like gifts and the beautification of your home. Do not let a lack of funds dampen the festive spirits this year. A loan is a great option to celebrate the festivals in style. What about the hassles of applying for a loan? You are not alone in thinking loans are difficult to procure. There are various types of loans available. Most of them are offered on collateral. Loans like housing loans, vehicle loans and business loans are offered for specific purposes. However, you need a loan that you can use as per your needs. Personal loans fit the bill here. [B-01] You can take personal loans to celebrate your favourite festivals. Personal loans can be given with or without security. This depends on your income and the amount you wish to borrow. It is easy to apply for a personal loan. It is also disbursed quickly. There are different kinds of personal loans and different ways to get them. Various festive loans are also available during this season. Learning more about such loans will help you make informed decisions. Benefits of Taking a Personal Loan Many people turn down personal loans due to their higher rates of interest. However, they also have various benefits. Debt Consolidation Do you have various loans? Is it difficult to manage the EMIs of all your loans? The good news is, that you can use personal loans to pay off all your debts. This will also help build your credit score. Offers Funds for Emergencies You may have planned your finances well. However, if there are emergencies that require additional funds, personal loans can help you. The best part is that they are disbursed quickly without hassles. Serves Various Purposes The USP of personal loans is that they can be used in many ways. A personal loan can help you pay pending bills. It can fund your air tickets to celebrate festivals with loved ones. The uses are many. Types of Personal Loans This information should give you a good idea of how personal loans work. It is also important to understand their subtypes. Only some banks offer different types of personal loans. Some basic types of personal loans are given below. Festive Loans – These loans are like personal loans, but more appealing. They offer great deals with lower rates of interest and no extra costs. Festive loans are offered only for a specific time of the year. These loans also have a minimum limit. Credit Builder Loans – Most people use this loan to improve their credit scores. This will help them get great deals on any future loans. Debt Consolidation Loans – Want to pay back a friend but don’t have the money? Consolidating debt is a great choice for anyone. This will help you repay your debts and keep your records clean. Holiday Loans – Holiday loans spread the cheer! They take care of all your holiday expenses. Home Improvement Loans – A festival needs a beautiful house to decorate and entertain family and friends. It is the right time to apply for a home improvement loan. Drab walls, old fixtures and loose tiles? You can finally get all those issues fixed. This festive season, let the home shine in and out. Marriage Loans – A big fat Indian wedding indeed exists on everyone’s bucket lists. Don’t let a lack of funds spoil your dreams. Apply for marriage loans and make your dreams come true. This loan will cover all the marriage expenses such as food and decoration. Vacation Loans – Expenses for a vacation come with an endless list. This loan will cover everything from shopping to ticket bookings. Now you can heave a sigh of relief! You can relax and have a great time on your vacation. Role of Credit Score in Applying for Personal Loans CIBIL stands for Credit Information Bureau (India) Limited. This score will tell the lenders how reliable you are. This is based on your history of credits. The Credit Score is a vital part of getting a personal loan. Banks use the CIBIL score to decide whether or not to give a loan. CIBIL score ratings can range between 300 and 900. A score above 750 will help you get deals on loans. Most of these loans do not need mortgages and are not secured by assets. Hence, the CIBIL score is very important for building a lender’s confidence. Conclusion Festivals come with a lot of expenses. Lack of funding may prevent you from enjoying your festivals. Celebrate festivals in style with personal loans. Some banks may also offer festive loans to celebrate festivals. Personal loans are great for paying off or settling pending expenses. The best part about personal loans is that they do not require collateral and will be disbursed quickly. They also require less paperwork. Personal loans can be used for various purposes. You can use the amount for buying gifts or repairing homes. You can use it for holidays or pay off debts. Another option is to consolidate all your debts with a personal loan. Personal loans are an excellent option for resolving financial problems. The scope is endless. You can make informed decisions with adequate research. Visit Piramal Finance for more information on festive loans. Piramal also has information on a wide range of related topics. You can learn more about various services offered by Piramal. This will help you manage your finances with ease.
08-11-2023
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Personal Loan

Benefits of Applying for a Personal Loan in the Current Time

Personal loans are money weapons that can get people out of any temporary financial crisis. They are simple to get and accessible from almost all leading lenders. Whether organizing cash for a royal wedding, purchasing a car, or going on a trip with their loved ones, a personal loan may assist people when money is needed. People may not need to save in small increments for a flashy device. Applying for a personal loan may handle all of this for them. Repayments are simple, and they have plenty of time to do so without feeling burdened. Many websites allow people to apply for personal loans online. People no longer need to visit banks and stand in long lines. A few clicks on a smartphone or laptop are more than enough. Everything is done online, from applications to papers, approval to disbursement. These are just a few of the perks of opting for a personal loan. Let’s go through them in depth in the upcoming sections. [B-01] How do Personal Loans Function? Personal loans are pretty similar to other types of loans. One may apply for a loan via a bank or a lending firm. Then, have the lender provide all of the needed paperwork. The bank checks the data to verify that it is correct and complete. The lender then pays the loan balance to the borrower’s bank account, which they may then spend as needed. The borrower must repay the loan in equal monthly payments. The rate, loan balance, and loan time compute the payment amount. Perks of Applying for Personal Loans in the Current Time When people apply for personal loans, they get the following perks: Credit score boost An instant personal loan may be helpful if people are trying to raise their credit scores. Loans may help them boost their credit score in many ways, such as their credit mix, the forms of credit users have borrowed money on, the age of their credit history, and their credit use ratio. The credit score may drop when they initially take out a loan. Yet, their credit score will improve when they repay the loan on time. Simple loan filing People may apply for an instant personal loan online, via Internet banking, at an ATM, or in person at their local bank. The method is short, and the paperwork is modest. Easier to handle A single, set monthly payment on a personal loan is simpler to handle than many credit cards with varied rates, balance due dates, and other factors. Buyers who apply for a bank loan with a lower rate than existing credit cards may simplify and save money on their monthly payments. Funds used for any aim A significant perk is the ability to spend money on anything a person wants: a wedding, vacation, gadget, firm investment, house repairs, etc. Consolidation of debts The usual reason people take a loan is to consolidate debt. When users employ a loan to pay off many other debts or credit cards, they combine all outstanding sums into a single monthly payment. This debt grouping makes it simple to set a time for paying off the bills without being confused. Easy paperwork An instant personal loan needs much less processing time than most other loans. People may acquire a loan if they have the relevant details, like ID proof, address evidence, and proof of income. Users may not have to submit paperwork if pre-approved for personal loan. Repayment via money saved People may repay the personal loan in easy instalments, known as EMIs. Payment terms are often flexible. They may choose a term that enables them to boost the monthly outlay based on the demands. Users must consult an EMI calculator. No assets needed Unsecured loans do not need collateral for approval. This means they don’t have to keep the vehicle, house, or any item as collateral for the money. If they cannot repay the loan according to the terms agreed upon with the bank, they may face severe financial and credit effects. Yet, unlike a secured loan, they do not risk losing a house or car. Reduced loan rates Personal loans are often offered at cheaper rates than credit cards. The average loan rate in July 2022 was 10.28%, while the typical credit card rate remained at 16.80%. Personal loan rates ranging from 10.3% to 12.5% are offered to people with excellent credit. They may also be eligible for a loan that is larger than the limit on their credit cards. Flexibility Some loans are limited to being used for one thing. If users take out such a car loan, for example, they can only spend the money to buy a car. Personal loans may fulfill many goals, including credit repair and health bill payments. If people wish to finance a large purchase but don’t want to be limited in how they spend it, a personal loan may be a viable option. Before applying, people should confirm the loan’s allowed usage with the lender. [B-02] Conclusion Personal loans are pretty popular these days. Before people apply for personal loans, they should be sure the amount available meets their repayment capacity. They should also carefully read all of the terms. Make a strategy for how they’ll spend the money and how they’ll return it before asking for personal loans (with interest). Consider the advantages and disadvantages of obtaining a loan rather than another kind of financing. Instant personal loans are available from many lenders, fintech startups, and banks. Compare rates and select the best solutions. If they’re thinking about taking out a line of credit, seek bids from various lenders so they can compare interest rates and loan terms. Ensure to read the small print, which includes fees and penalties. Before committing, consider if the advantages of a personal loan outweigh the downsides. For more information related to personal loans, visit Piramal Finance and explore their products and services. They also have blogs similar to this one, so don’t miss out!
08-11-2023
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Personal Loan

Which Loan Should You Pay First – Personal, Auto or Home Loan?

Many times, one must take a loan (personal loan, home loan, or auto loan) to fulfil various needs. Taking a loan is not always a bad idea. Without a loan, most people, for instance, would not be able to buy a car or home. But when taking any loan (personal loan, home loan, or auto loan), one has to make payments on time to pay it back. Failure to do so can result in several issues, including damage to one’s credit rating and future money troubles. But the debt load can feel heavy if one has several loans to pay off. Therefore, in these cases, one must adopt a good strategy to repay the debt. [B-01] What are Personal Loans, Car Loans, and Home Loans? A personal loan is a kind of loan that can be used to cover any expense. It is an unsecured loan. This means you don’t have to provide collateral to the lender to get the loan amount. Your financial eligibility decides whether you are eligible for a personal loan. Personal loan approval is based on your income and debt-to-income ratio. A car loan, as the name implies, is a kind of loan that is only used to purchase a car. Unlike a personal loan, the loan amount can’t be used to fund other expenses. A car loan is a type of secured loan. Your car is used as security for the lender. The lender can take the car if you fail to pay your funds. A home loan is a secured loan. It is used to purchase a property by using it as collateral. Home loans provide high-value financing at low-interest rates. They are paid back in instalments. You can receive ownership of the property after repayment. Prioritising Loan Repayments Settling debts in order of priority assures savings. It also eases one’s monetary burdens at the same time. Here are some pointers: The person should clear the most expensive loan first. One should estimate the total borrowing costs for each of their loans. One must learn how much of the repayment will include interest. One should pay off the loan with the higher interest rate first. Since personal loans and credit card debt have the highest interest rates, one can begin by paying them off first. Some Factors to Consider Before Deciding Which Loan to Pay First There are many factors to consider before deciding which loan to pay first. These are as follows: Pay Off The Most Expensive Loans First The basic rule is that one must first pay off the most expensive loan. It means the person should pay the loan with the highest interest rate. This saves them money on interest. The annual interest rate on a personal loan ranges from 14-18%. The loan’s term is usually limited to five years. Auto loan interest rates range from 10-11% per annum with a maximum term of seven years. The interest rate on education loans ranges from 10-18% per annum. Home loans are the most cost-effective. They have interest rates between 9.7% and 11.5%. If interest rates were the only factor, personal loans would need to be repaid before loans for education, cars, and homes. Considering Taxes The Income Tax Department offers fair responses to home loans and education loans. Under Section 80C, principal repayment on a home loan for a self-occupied property up to Rs. 1.5 lakh is tax deductible. Under Section 24, there is an extra deduction for interest costs of Rs. 2 lakh. The total interest payment can be deducted from rental income for an asset that has been rented out (as opposed to a self-occupied property). With these tax benefits in place, a person in the highest tax bracket could reduce the actual cost of a home loan (20 years) to as little as 7.2% per annum. Tax benefits for auto loans are only open to self-employed people. Such loans’ interest charges may be deducted from their taxable income. Prepayment Fee If one decides to prepay their loan, a clause in their loan agreement may clearly state that they must pay the penalty. There is no prepayment penalty for floating-rate loans. But prepayment penalty clauses may be present in fixed-rate loans. It includes fixed-interest rate loans. The person’s loan agreement will include exact details. Other fees, like processing and prepayment, might be checked too. Pay Off a Loan On a Decreasing Asset Some experts state that loans held by assets that would lose value should be paid off first. A few loans, like one taken for a trip abroad, don’t build any assets. Such loans include auto loans and other types of vehicle loans. For instance, if one’s car has an auto loan for Rs. 5 lakh and its market value is Rs. 4 lakh, they won’t be able to pay it off even after they sell it. If one has a property that is appreciating (or does not lose value quickly), like a house, one can at least sell the property if they are under financial stress. Invest or Prepay? A common query is whether to invest the extra money to earn higher returns or prepay a loan. The basic rule of finance states that one should invest rather than prepay a loan if they can earn a return greater than the cost of their most expensive loan. One can’t avoid making interest and principal payments, but the returns on their investment are not certain. Many monetary products assure returns in advance, like fixed deposits. But the returns from such products will be lower than the actual interest rate on any of their loans. With the extra money, one should prepay their loans. [B-02] Conclusion The interest rate is the most crucial deciding factor for paying off any loan (personal, home or auto loan). One should not limit themselves to the interest rate given in the loan agreement. The person should try to find out the actual interest cost after considering tax benefits. They should compare potential interest savings with the cost of any prepayment fees. Once the person has done that, he should pay off the loan with the highest interest rate. One can visit Piramal Finance for more details on the type of loans one should pay first. They can also explore their products and services.
08-11-2023
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Personal Loan

Personal Loan in Pimpri – Check Eligibility & Apply Online

Personal loans are not secured loans. They do not need any security. You can use them for any reason, such as to meet wedding costs, home renovation, or meet medical expenses. A personal loan is ideal and meets all your demands. The loan amount might range from Rs. 50,000 to Rs. 30 lakhs and the repayment time can range from 1 to 5 years. A personal loan in Pimpri is a loan that offers financial help to people living in Pimpri at cheaper interest rates. To be eligible, you must have a stable source of income as well as a decent credit history. You can use the personal loan the way you want to, and ensure that you repay it on time. [B-01] Personal Loans in Pimpri & its Benefits A personal loan is not a secure loan. You are not required to put your house or property as security to get it approved. Documentation is simple. You can get a personal loan easily by providing some documents. It takes less time than a secured loan. You do not have to disclose the reason behind availing of the personal loan. There is no obligation from the lender’s side to use a loan in a particular manner. A personal loan can also be taken to meet bigger financial needs. You can borrow the amount between Rs. 50,000 and Rs. 30 lakhs. What are the Benefits of Pimpri-Chinchwad Instant Personal Loans? Instant personal loans or small money loans in Pimpri are mainly short-term loans. Once accepted, the funds are sent to your bank account immediately. Personal loans in Pimpri start at Rs. 10,000. If you are taking a payday loan, then you can pay the entire amount, as soon as you receive your salary. You can also repay the loan through EMIs. This will help you to retain high liquidity The loan term of a quick personal loan in Pimpri ranges between 30 to 90 days. It is a short-term loan or a payday loan. The tenure of an instant personal loan in Pimpri ranges from 3 to 12 months. The approval process for an instant personal loan in Pimpri via online cash is entirely online. This means that you can fulfil the formalities to get a loan without stepping out. Personal Loan Eligibility Criteria by Different Banks in Pimpri Banks provide personal loans in Pimpri to clients based on many aspects. This includes income, job, and firm continuity, to ensure that the loan is repaid with interest before the due date. The eligibility criteria for this loan are mainly based on a loan seeker’s work profile, roughly ranked into the two classes listed below. Salaried Self-Employed For both – salaried and self-employed people, taking loans varies as per their profile. In addition to the above factors, banks consider age, work history, current relations with the banks, repayment capacity, and so on. Documents Needed For a Personal Loan in Pimpri In contrast to secured loans, the document process for personal loans is relatively quick. Financial firms require a lot of paperwork to process a loan application. Here is the list of the documents that are required: PAN Card Aadhar Card Residence Proof Passport Size Photograph Proof of Permanent Address The last three months’ Salary Slips Recent 3 to 6 months bank statement for a salaried account Banks need balance sheets, loss and profit lists, partnership contracts and other vital documents from self-employed people. Personal Loan Charges in Pimpri Before availing of a personal loan, you should other charges along with the rate of interest. A loan constitutes other charges as well, apart from the interest rate. If you ignore them the overall loan cost can be increased. Ensure that you check all the points before finalising a loan plan. The charges are listed below: Processing Fee: A processing fee is a cost levied by banks on you to proceed with your loan applications. The processing fee remains between 1-3% of the loan balance. Prepayment Cost: Banks charge a fee when you pay your EMIs early. This amount ranges between 2% to 5% of the remaining amount. Late Fines: If you fail to pay your monthly EMI on time, banks will charge late fees from you. This late fee remains between 2-3% of the EMI. Documentation Fees: These is the fee charged to check your documents to process the loan application. This fee ranges between Rs. 500 and Rs. 3000. Charges Levied when Cheque Bounce: Every bounced cheque can cost you between Rs. 250 and Rs. 750. You should consider the above-mentioned factors before taking a loan. The bank charges may differ from bank to bank. What Effect Does The CIBIL Score Have on the Loan Application? There is a standard policy in which banks verify the data of all lenders who apply for loans. This is done through the Credit Information Bureau (India) Limited (CIBIL). This policy is known as the CIBIL Score. It is considered before giving a personal loan. If you have missed a loan EMI in the past, your loan application will most likely be rejected. The CIBIL score is counted between 100 to 999. if your CBIL score is 100 then your loan application will get rejected straight away. CIBIL score above 800 is counted as good and can help you to get the personal loan instantly. To avoid a low credit score, you can pay their loan EMIs on the time. [B-02] Conclusion A personal loan allows people to address a variety of financial concerns quickly. Whenever there s a shortage of money, you can get a personal loan improved, by fulfiling the eligibility criteria. You can apply easily for a personal loan in Pimpri. Visit the Piramal Finance website to get more information about various types of loans.
08-11-2023
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Personal Loan

Complete Guide On How To Get Paperless Personal Online 

Complete Guide On How To Get Paperless Personal Online Do you want to apply for a personal loan? Picture this: You're in line at the bank to get your loan approved when you realize you've forgotten an important document. It would be a hassle to go back home! Wouldn't it be easier if applying for a personal loan was as simple as sending an email from your phone? Thanks to new apps and user-friendly websites, applying for a loan has become a simple process. In this article, you will learn about paperless personal loans, the eligibility criteria, the documents you need, and more. What is Paperless Personal Loan? A personal loan is a type of loan you can get from a bank without putting up any assets, like a house, as security. A paperless personal loan allows you to apply for this loan digitally. You submit your documents online, and, after approval, you receive the loan money directly into your bank account. Best of all, there's no paperwork involved, and you don’t need to stand in long lines for document verification. How do apply for Paperless Personal Loan? In today's digital age, applying for a loan online is quite easy. You don’t need to take documents to the bank. Here’s how you can do it: 1. Choose a bank to apply for your personal loan.2. Visit the bank's official website.3. Fill out the online application form with your personal details.4. Submit the requested documents as mentioned in the application.5. You can scan your documents and upload them easily.6. Once the bank receives your documents, they will check their validity.7. If everything is in order, your loan amount will be sent to your bank account usually within 24 hours. Many banks now have helpful apps. You can apply for a loan directly within the app, and you can even track your application and pay your monthly installments through it. For example, SBI Bank has an app called YONO that lets you apply for loans. What are the documents required for a Personal Loan? While paperless personal loans are easy to get, you will still need to provide some documents. This helps the bank know that you are capable of repaying the loan. You can sign these documents digitally. Here is a list of documents you need for a paperless personal loan: - Identity proof (like PAN card, Aadhar card, Voter ID, or Driving License)- Address Proof (like Aadhar card, Passport, utility bill, etc.)- Digital copy of your bank statement- Salary slips (ask your employer for a digital copy)- Your latest loan statement- Recent bank statements for the last 6 months along with proof of any loan repayment- KYC (Know Your Customer) documents If you don't have digital copies, you can scan the physical documents and submit those. Eligibility Criteria to apply for Personal loan To qualify for a personal loan, you need to meet certain criteria: - It depends on your salary.- You must be an Indian citizen.- Your credit score, known as CIBIL Score, should be 750 or higher.- You must be employed by a multinational corporation, private firm, or public limited company.- You can also use an Eligibility Criteria Calculator to see if you qualify.- Your age should be between 21 and 67 years.- Regardless of whether you earn ₹15,000 or ₹25,000, you can apply. Different banks offer various types of loans. Here are a few: Quick Personal Loan: These loans are approved quickly with minimal documentation. - Pension Loan: This type is for government pensioners. You must meet certain criteria to apply, such as being a defense or government pensioner aged up to 76 years. - Loans Against Security: These loans require collateral. You can use property or financial securities as a guarantee. - Pre-approved Personal Loans: If you have a good credit history, some banks can offer you instant loans that are pre-approved. Each bank offers different schemes, and you can compare them on their websites. Some advantages of paperless personal loans include: - Secured Process: Everything is done online, which reduces the risk of losing documents.- Fast Disbursal: Once the lender approves your loan, the funds are typically transferred to you within 24 hours.- Time-saving: You don't have to visit a bank branch, as you can apply directly from your smartphone. How to transfer a paperless Personal loan? If you're struggling with your current loan's interest rates, you might be able to transfer your loan balance to another lender offering lower rates. This means another bank will pay off your debt, and you will repay the new lender instead. You can also transfer personal loans online without needing to visit a bank branch. Final Thoughts We hope this guide helped you understand the basics of paperless personal loans and how to apply for one from anywhere in the world online. Different banks have different interest rates for personal loans, so it's wise to compare them before applying. If you still have questions, consider seeking advice from experts at https://www.piramalfinance.com/personal-loan to get a better understanding of everything, including current interest rates.
08-11-2023
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Personal Loan

Personal Loan in Visakhapatnam – Check Eligibility & Apply Online

Vishakhapatnam is called the ‘The Jewel of the East Coast’. This is because of its beaches. A flexible private loan helps anyone to fund their urgent costs. Such as a medical issue or a vital family trip. Enjoy speedy loan approval and payout in Vizag without giving any security. Get a loan with a flexible term of up to six years and get easy loan payments. To meet your unplanned financial needs, you can get a personal loan. Apply for a personal loan in Visakhapatnam. Simplify financial control with better interest rates & flexible payback terms. A loan is a financial product. That allows you to get cash at low-interest costs. A loan can be taken for various reasons. When you pick a loan, you choose the amount of money at a specific interest rate. You may pay it with a hard & fast payback term, just like any other loan. [B-01] Perks of a Personal Loan A personal loan is a short to medium-term unsecured loan. You do not need to submit your assets as security for payment. They are approved within a few days to a few weeks with little or no paperwork. Personal loans are designed to meet various financial needs. This includes emergency medical bills, vehicle loan down payment, study expenses, etc. Personal loans offer monetary help at a genuine rate of interest. You must have a steady & stable source of income to qualify for a personal loan in Visakhapatnam. Decent credit history is also helpful in getting a loan instantly. There are no limits on how you can use the loans. You can spend the money as per your needs and desires. Documents Needed for a Personal Loan in Visakhapatnam Borrowers getting salaries: PAN Number 2 passport-size photos Proof of Address (rented/provided by Company/owned) Salary slips for the past three months Identity proof (Driver’s license/Aadhar card) Bank records for the last six months Self-employed borrowers: The borrower must submit all financial documents. (P&L Statement, ITR files, Balance Sheet) PAN Number Proof of Residence Aadhar Card 2 passport-size photos Eligibility Criteria for Personal Loans in Visakhapatnam Salaried and self-employed have different eligibility criteria: Borrowers with a Salary: You must be at least 21 years old and not older than 60. You should have 3 years of work experience. You have received your salary only through the bank account. You should have a clean credit record. Your workplace must be mentioned. Your monthly income should be at least Rs. 25,000. Self-Employed borrowers: Your age should be minimum of 25 years. To apply for a personal loan in Visakhapatnam, you must have proof of filing the ITR return. You need to show that you are running your business continuously for the last three years. Your credit scores should be great, with no debts and dues pending. You must be earning Rs. 2.5 lakh per annum. You must present your financial & bank reports. The paperwork must represent your records for the last three months. This is vital to get a personal loan in Vishakhapatnam. How Can One Get a Personal Loan in Visakhapatnam? Visit the Online Portal of any site that offers loans Navigate to the loan section and tap on the personal loan option You will get all the details required to get a loan approved in Vishakhapatnam Fill in the details and submit the form In case of any confusion, you can get in touch with the customer support team of the bank Prepayment Charges & Processing Fee of Personal Loan in Vishakhapatnam NBFC and bank charge the processing fee while approving the loan. The processing fee is 1% of the total approved amount. If you are planning to foreclose your loan, then the lender charges the prepayment fee. Many banks do not allow you to close your loan before 12 months. The charges also depend on the number of years the loan has been approved for. Prepayment charges maybe 4% of the remaining loan amount in the second year and 2% in the fourth year. [B-02] Conclusion Personal loan can be repaid within one year to five year of availing it. Some banks also extend the tenure upto seven years. The loan should be repaid in equal instalments on a monthly basis. CIBIL score plays an important role in getting a personal loan. It is an unsecured loan so the CIBIL plays a crucial role in getting a loan approval. While applying for a loan online, you should conduct proper reserach and finalise the one offering the loan at the best interest rates. The right lender will help you in getting the loan approved conveniently. and provide th good customer support. It will ensure that your loan disbursal and documentation process just went smoothly. A personal loan in Visakhapatnam gives cash for nearly all types of economic needs. Loans in Vishakhapatnam should meet the income needs of your kid’s higher learning, marriage or an important trip. For quick loans in Vizag, minimal paperwork is needed. Simple EMI choices for loan terms of up to five years are offered. A good CIBIL score, a good salary, & an early age may allow you to get loans at low-interest rates. You can learn more about personal loans in Visakhapatnam and other related topics from the Piramal Finance website.
08-11-2023
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Personal Loan

Difference Between Personal Line of Credit and Personal Loan

Personal loans and lines of credit don’t need any security. The way they work is different, though. With a personal loan, you pay back the money you have borrowed all at once with monthly payments. On the other hand, a personal line of credit lets you borrow as much money as you need. You have to pay it back over time at a rate that changes. [B-01] A Personal Line of Credit vs. Personal Loans A personal line of credit is a loan where you take out a particular amount for a specific period of time, which is termed a draw period. You can withdraw money from the balance, the same as with the credit card, and pay the interest generated on that particular amount. General uses of personal lines of credit include Home Renovation Overdraft defence Crisis circumstances Boosting inconsistent earnings Personal Loans When you take a personal loan, you get a fixed amount of money and have to pay it back within a fixed time frame. The repayment amount is also set at the time of borrowing. Personal loans are not secured loans. Similarities Between Personal Line of Credit and Personal Loan Check the pointers given below to understand the difference between a Line of Credit and a Personal Loan: When you apply for any of these loans, a proper background check is done. Your credit report will be looked at to see if you are eligible for a loan or not. In personal loans and personal lines of credit both, you have to pay interest. The basic requirements for a personal loan and a personal line of credit are the same. They are a little less risky than other options, like home equity loans. Differences Cash Distribution: A personal line of credit works more like a credit card. It always has a credit limit and adds interest to any debt that is still owed. Even though you can get cash, you still have to pay the minimum amount each month. On the other hand, a personal loan gives you the full amount all at once. After that, you will pay back the loan amount by making fixed monthly payments. Higher interest rates: Both borrowers and lenders take a risk with personal lines of credit because the interest rates are higher. Interest Rates When you get a personal loan, you often have to pay interest on the money you borrow. Most of the time, the interest rate will be set. It means that the rate of interest will stay the same as it was at the time of taking the loan. Interest rates on personal loans are mostly based on a person’s credit score and credit history. Average rates can be as low as a little over 4% for people with good credit. Those with bad credit can pay as much as 25% more. You may have more freedom with lines of credit, but this usually comes with a higher interest rate. Also, unlike personal loans, the interest rate builds once the loan is approved. You should start paying interest on a line of credit as soon as you use any available cash. Also, interest rates on credit lines are unpredictable and can change. How to Choose the Best Option? Before choosing between a personal loan and a personal line of credit, you should figure out how much money you need. Each loan package has its benefits, it would be best for you to choose the one that best fits your needs. A personal line of credit can be the best choice if you don’t know how much money you need to borrow. It works best for unpredictable costs, like an unexpected home repair or a medical emergency. Like with a credit card, you only pay interest on the amount of the credit limit that you use. Keep in mind that the interest rates on personal credit lines change over time. The possible interest charges and the monthly payment amount will change. Personal loans, on the other hand, have fixed interest rates. It makes managing money easier because you know exactly how much you have to pay. Personal loans are often a good choice for large, one-time expenses. A personal loan Personal line of creditFinancing MethodInstalmentRevolvingRepayment TimeframeSix months to 60 monthsDepending on the circumstances, some can remain open forever.Interest rate Fixed Variable Total Amount₹41338.75 – 4,131,360 ₹82,627.2 – 826,272Qualifications neededA minimum credit score of 620. Verification of assets and income. Usually, debt to income is under 43%.Superior credit rating, verification of assets, and low debt ratio to income.Fees They pay application fees and creation costs, and early repayment is penalized.They pay application fees, costs per year, and costs associated with exceeding their credit limit.FundsWhat Works BestAnd one-time transfer to their preferred account, Clubbing credit card debt with a higher interest rate on expenses like medical and bills.They are drawn from as necessaryContinuously ongoing projects, including home remodelling, Recurring expenses, such as student loan payments And fees for emergencies. [B-02] Conclusion Personal loans and lines of credit are both ways to borrow money, but they work differently. A line of credit gives you access to money all the time. On the other hand, personal loans give you a lump sum and a fixed monthly payment. Before choosing the best way to borrow money to pay off debt, be careful. With personal loans and lines of credit, you can get money quickly, but they work differently. A line of credit is revolving credit you can borrow from as needed, but personal loans are given in one big sum. It’s important to remember that both types of credit require timely payment. So, a good idea would be to make a rough schedule for paying back the loan and see if that can fit into your budget. Visit the official website of Piramal Finance to understand the difference between a personal loan and a line of credit. You can also check out the various products and services they offer and read the informative blogs posted on their website.
08-11-2023
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