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Personal Loan

Personal Loan in Rajkot – Check Eligibility & Apply Online

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

Personal Loan in Mumbai. Check Eligibility & Apply Online

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

The Top 5 Reasons to Apply for a Personal Loan

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

Personal Loan in Ghaziabad – Check Eligibility & Apply Online

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

How to Apply for a Personal Loan for Students?

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

Personal Loan in Lucknow - Check Eligibility and Apply Online

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