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Personal Loan

Best Way to Plan Your Personal Loan EMI Repayment

Personal loans can be used during any financial emergency. It is one of the best ways to get money to deal with an unforeseen situation. Many banks and financial institutions provide personal loans at attractive interest rates without any collateral. This makes it a go-to option for those who are looking for cash at the last minute. Applying for a personal loan is quite easy. If you have a good CIBIL score, your application will be accepted. The crucial part begins after you receive the loan amount. Your personal loan EMI will become an integral part of your monthly expenses for the chosen loan period. To maintain a good relationship with your lender, it is essential to pay your EMIs on time. Your personal loan repayment will also affect your CIBIL score. If you pay all your instalments on time, you will not only become a valued customer of your lender, but your CIBIL score will improve as well. [B-01] Are you worried about managing your personal loan repayment every month? Do not worry. We will provide you with some good tips to manage your EMI and pay them on time. Read on to known how to plan your EMI to ensure hassle-free payment of loans. Tips to Plan Your Monthly Personal Loan EMI Borrow as per your repaying capacity This is often a common mistake made when applying for a loan. It is important to apply for an amount that you can comfortably pay off. Your personal loan EMI will be an unavoidable part of your monthly expense till the loan is repaid. The EMI should not take a hit on your monthly budget. Try to use an EMI calculator. It will help you adjust your loan amount, EMI each month, Interest rate, and loan tenure. You can use it to choose an amount you can comfortably pay each month. Set aside an emergency fund for your personal loan repayment Missing your EMI payments can attract a penalty from the lender. It can also lead to an increase in your future EMIs and interest rates. A backup emergency fund will help you stay on track with your EMI payments. It can be small savings that can help you pay an EMI or two. You can even use it to pay off your loan early. This will help you save money on interest. A backup emergency fund is extremely essential to ensure that your EMIs are not delayed. Make sure you always have some liquid cash or other valuables to rely on in case of emergencies. You can create an emergency fund by investing in gold coins, mutual funds, or a bank’s savings/recurring account. Plan your monthly budget by including your personal loan EMI Including your personal loan EMI in your monthly budget will ensure that you pay them on time. Planning your EMI around your monthly budget is the best way to ensure that the loan is repaid on time. Drawing a monthly budget is a good way to handle your finances each month. Make sure that you have a percentage of income set aside as savings. Ideally, your monthly expenditure should not exceed more than 70% of your income. This should include your EMIs as well. You can keep the remaining 30% aside as savings or investments. Try to make additional repayments with bonuses or extra income You can make additional repayments apart from your personal loan EMI with any extra income you may receive. This may be a wise decision as the sooner you repay your loan, the lower interest you will pay. Also, repaying your loan early will positively impact your credit score. If you have had an increase in income during the tenure of your loan, you can opt for a higher EMI. If you are planning to pre-close your loan, make sure to check with your lender. Most banks and banking institutions levy pre-closure charges on personal loans. Do not opt for more than one personal loan at a time Managing multiple personal loan repayments can be difficult. It may be wise to close one personal loan before you apply for another. Multiple personal loans can not only affect your monthly budget but also take a hit on your savings. If you have multiple loans, you can join them into one loan. Adjust it to a larger tenure at a lower interest rate for easy repayment. Restructure your loan in case of repayment difficulties If you are finding it difficult to pay your personal loan EMI every month, you can talk to your lender. Instead of delaying payments, speak to your bank to adjust your tenure. A longer tenure will help lower your EMI, making it easier to pay. In many cases, banks are even willing to lower the interest rates for you. Reaching an amicable solution will lead to a better experience for both you and your lender. Choose the right lender Often, people go for lenders who offer the lowest interest rates. However, they may have other hidden fees and charges. Always opt for a lender that provides you with the best service. A low-interest rate and no hidden charges and fees will make sure that your hard-earned money is not wasted. Choose a lender that is ready to make adjustments to your loan as per your requirements. A lender that values its customers will ensure you have a hassle-less experience throughout. [B-02] Conclusion You should always treat financial obligations like personal loans as a priority. It is important to plan your finances accordingly. Many choose to repay their personal loan EMIs through extra income such as interest or bonuses received on their investments. This way, you will not have to worry about it being a part of your monthly budget. To achieve this, it is important to invest your money wisely and let it grow. Talk to your financial advisor today for more details on the best ways to repay your personal loan EMI. If you are looking for a personal loan provider, Piramal Finance could be one of your options. Visit their webpage for more details on personal loans and other finance options. You can also check their products and services and read informational articles posted there.
08-11-2023
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Personal Loan

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

Getting a loan is not as difficult as one might imagine. Thousands of people get loans every day, but certain factors could make you ineligible for a loan. This article discusses loan eligibility, factors that could affect loan eligibility, and how to apply for such a loan. Let’s get started with everything related to your application for a personal loan in Thane – Badlapur. [B-01] Eligibility Criteria for a Loan While a personal loan can be given to anyone, you must meet certain eligibility requirements in Thane. They are: You must be a permanent resident of India. You must have a monthly salary or income of Rs. 20,000. If you are applying for the loan for yourself, you must be in the age group of 21-65. You must have a stable income source if you are self-employed or salaried. You must have a CIBIL score of 750 or above. People who receive a cash salary will not be eligible for this loan. If you have a job, you must have been with that company for at least one year. If you have a business, it should be at least two years old. These are some general criteria when it comes to loan eligibility. However, they can differ among firms, and some may also have additional criteria. If you meet all the criteria, you are eligible and can get a personal loan in Thane – Badlapur. How To Find The Eligibility Criteria of Any Financial Lender To check the criteria of any financial lender, follow the following steps: Visit their website and check for a personal loan. Click on personal loan. A new page will open where you have to add details such as your work, net salary, address, mobile number, etc. Once all the information is entered, you will be able to see if you are eligible for that lender’s personal loan. Factors that Can Affect the Eligibility of a Personal Loan Application Even if you have met all the criteria for loan eligibility, the financial lender can still deny you if they find certain factors that make you ineligible for the loan. Here are some criteria that can affect your personal loan eligibility: Geographic Location Where you will live is a factor many financial lenders consider important when determining if you should be granted the loan. Residential Situation Your residential situation is a key figure that will be closely examined before the personal loan in Thane – Badlapur is approved. If you happen to live in a rented house, it is another monthly expense. It could affect the financial lender’s confidence in whether you can efficiently return the money on time with interest. But if you own your own home, your chances of getting a personal loan go up by a lot. Existing Credits If you have previously taken credit and not fully paid it back, that could affect your personal loan status. Even if the personal loan in Thane – Badlapur is indeed approved, the amount of money approved for your new loan could be lower than the existing amount. Your Workplace The company you work for can also significantly affect your loan approval status. If your firm has a good reputation, your personal loan could be instantly approved. However, the same does not apply to all companies. Credit History If you have a history of borrowing money, the financial lender will look into where you applied for the loan. You will easily get your loan approved if you have a spotless credit history. Income Amount Your salary will directly impact the loan amount your financial lender can approve. Basic Personal Loan Eligibility of Various Financial Lenders in Thane – Badlapur in 2022 BankAge LimitMinimum Work Experience Minimum IncomeSBIUp to 76 yearsNA**Rs.15,000HDFC21–60 years2 yearsRs. 20,000Axis21–60 yearsNA**Rs.15,000Kotak Mahindra22–55 years1 yearRs.25,000Tata Capital21–58 years1 yearRs.15,000IndusInd21–60 years2–5 yearsRs. 25,000Bank of Baroda21–60 years1–2 years60% of gross monthly incomeUnited Bank of Indiaup to 75 Years2 yearsNA*UCO Bank21–65 years1–5 yearsRs. 20,000 How To Apply For A Personal Loan in Thane – Badlapur? To apply for a personal loan in Thane – Badlapur, you can either visit the branch of your bank or financial lender or do it online. Follow these steps to apply for a personal loan online. Visit the bank’s website. Find the option for a personal loan and click on “Apply.” Check if you meet all the criteria and enter all the requested details. Upload documents to the site for the bank to verify your entered details. Click “Submit” and wait for approval on your loan application. If you are eligible and everything is correctly entered, you will receive the loan approval message on your phone or via mail in a few days. [B-02] Wrapping Up You don’t have to have a big business or a corporate job to get a loan. Whether you are a student, professional worker, self-employed, or a homemaker, you can apply for a personal loan in Thane – Badlapur. Piramal Finance is a financial lender that can easily and quickly get your personal loan approved. You will just have to meet all the eligibility criteria and watch out for key factors that could make you ineligible. After that, you are all set and can apply for a personal loan.
08-11-2023
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Personal Loan

Get an Emergency Loan to Cover Urgent Expenses

Have some sudden expenses you need to take care of? An emergency always comes unannounced. You need to be well-equipped to handle it. During these turbulent times, you need immediate solutions — capable of solving the problem. If the problem is money, an emergency personal loan is a simple solution. Emergency personal loans might be helpful when you need immediate access to funds. An emergency personal loan can help with many expenses. From medical bills to last-minute business funds, emergency loans can cover everything. This article will help you determine whether an emergency personal loan is the best option for your emergency. [B-01] Why should you get an emergency loan to cover urgent expenses? There are many advantages of emergency personal loans. Here are some reasons you should consider getting an emergency loan to cover expenses. You get money without providing any collateral. In an emergency, most lenders will be willing to provide an unsecured emergency personal loan. These loans do not need any collateral. This feature is essential for several reasons. The biggest reason is that you can get approvals faster. This is because your asset does not need to be valued. This process usually takes time. Unsecured emergency loans are beneficial for people who do not have an asset. This way, you can get the loan without worrying about a mortgage. The largest advantage of an emergency personal loan is that you are not required to provide any collateral. These types of loans can be used by anyone with or without an asset. You can submit applications online. You don’t have to leave your home to apply for a personal loan in an emergency. You can apply for an emergency personal loan online through the lender’s portal. The process is simple. Complete the required fields of an online form. Upload the documents. This includes your identity proof, address proof, income proof, etc. Wait for the approval. The approval process, including the handing out of loan amount, is done online. Some lenders give applicants approval within 1-2 days. The loan amount is deposited in the account within a week. Some also provide pre-approved loans where the amount is deposited within 1-2 days. This feature makes emergency personal loans an ideal solution. You can get the funds you need without going to the bank or the lender several times. This is especially important if you have a family or medical emergency and do not have time to spare. You can get high-value sanctions. Depending on the details of your profile, you can get an immediate go-ahead for a sanction of up to Rs. 25 lakh. The approval depends on the documents you provide as well as your income. You get competitive interest rates. The interest rate on an emergency personal loan is reasonable. Interest rates for emergency personal loans can be as low as 12.99% p.a. Furthermore, you can get a longer tenure to pay off the loan. However, this depends entirely on your profile. You will have to submit the necessary documentation to get the details. You do not need to liquidate your investments. If you have invested extra funds beforehand, you need not liquidate them. Getting an emergency loan will help you. This will prevent you from ruining an investment plan you have made. You can continue your SIPs without compromising on emergency expenses. You can use the money for any emergency. Emergency personal loans have no end-use restrictions. You can use the money for both business and personal expenses. The principal amount can be used for medical emergencies as well. The principal amount can also be used to pay for any last-minute expense your business may incur. How do you manage an emergency personal loan? Let us look at a couple of pointers on how you can manage a personal loan: Make an accurate plan for the repayment of your loan by using the EMI calculator. You should ensure your application for an emergency personal loan is well-prepared. Due to your lack of planning, you can be forced to take on debt beyond your financial means. And as a result, your monthly payments might wind up being far more than you had intended. Preparation is a piece of cake when you use a personal loan interest calculator. These apps are available at no extra cost on the websites of many lending institutions. You can use them to determine the loan EMI, plan for loan payments, and find terms that apply to your situation. You can use the calculator to plan your finances. You have to be disciplined. When you receive an emergency personal loan from the right lender, you may get up to Rs. 25 million. However, your financial circumstances will determine your amount. You have to be disciplined when planning to pay back the loan. Plan your monthly expenses at the beginning of the month. You can also pay the EMI immediately after your income is credited. Regardless, the fact that you won’t have to withdraw money from your savings is a significant burden lifted off your shoulder. So, you can get an emergency personal loan to cover an unforeseen need. You can borrow as much money as you need. [B-02] Conclusion In a financial crisis, like a medical emergency, you may find it challenging to acquire the necessary funds. Having a savings account dedicated to emergencies is one of the best ways to deal with a sudden financial setback. But not everyone has a lot of savings, and even if you do sometimes they may not be enough. An emergency personal loan is a simple and effective solution for this problem. You can ask Piramal Finance for more information and guidance.
08-11-2023
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Personal Loan

Get Your Home Renovated This Festive Season with a Festival Loan

People hold celebrations and give and receive gifts during the festive season. It is also seen as a good time to make big purchases like buying a new car, jewellery or tech gadgets. A lot of people also want to renovate their houses right before the holidays to add some brightness to the festivities. But, fixing up a home can cost a lot of money. Fortunately, banks offer reasonable interest rates and can even help people get a festive loan online during the holidays. A home that looks nice and is built well is a source of comfort and satisfaction. Guests will also have a good impression if a house is well-built and well-kept. With the holidays coming up and events underway, there is a general rise in house renovations. With affordable festive loans, people can redecorate their houses with easily-accessible finances. A festival loan is frequently used by people for home improvements. [B-01] What are the Pros of Getting a Festive Loan? It can cost a lot to make changes to your home right before a big event or festival. During the festival season, people have to worry about more than just the cost of home renovations. They also need to make purchases for giving gifts, holding large gatherings and buying new clothes. Along with the costs of remodelling their home, these extra holiday expenses can make a dent in a person’s budget or force them to cut back on their overall spending. Dealing with these financial problems is made easier by getting a festival loan. Applying for a festival loan can help people afford to make their house the place of their dreams during the festive season. With the finances from a festival loan, they can afford to purchase multiple items from fresh paint to new furniture. Here are some of the best reasons to get a festive loan around the holidays: Offers and Deals People often wait for the festive season to start before they begin their purchases. This means more people are shopping during the festival season. Lenders offer low interest rates and other advantages to attract customers. For example, some lenders do not even charge fees to process loans. This makes it possible for the borrower to get a festival loan at a much lower cost. If someone wants to save while upgrading their house, they can take advantage of these, and other, festive season deals. Festival Budget Increases Festival loans are specially launched during the festive season with special deals and low interest rates. So, those who need loans can make their money go a little further. They will not have to choose between buying a brand-new sofa set or a smart refrigerator. Because of the opportune loan conditions during the festive season, they can buy both. Easy Applications and Repayment Most festive loans are paid back over 5 years or so. As people have more time to repay the loan, the EMI is also easier to handle. Many lenders will not charge people a fee if they repay their loans early. So, for those who want to repay their debt before the 5-year period is over, they can easily do so without worrying about penalties. But this clause is different for each loan provider, so the borrower should check if they will be charged a fee for repaying their festival loan early. Most of the time, a person can get a home renovation loan to help pay for home improvements. This loan has a reduced interest rate, but it can take 10 to 15 days to collect the money. On the other hand, if someone meets the requirements, they can get a festival loan right away and begin their home renovations at the time they desire. Features of Festival loans These are the features and characteristics of a festival loan: No Collateral There is no need to provide security for a festival loan. Your CIBIL score and income will be enough for banks to decide if you can get a festival loan. Different Uses A festival loan can be used for many different things, unlike a home loan or a car loan, which can only be used to buy a house or a car, respectively. A person can get a festival loan to renovate their house or pay for unforeseen expenses. The lender does not limit how someone can use the money from the festival loan. Easy Paperwork It is easy to get a festival loan right away with an online application. A long and complicated process is not required for a personal or festive loan. One can get a festival loan almost immediately by showing the appropriate documents on income, address and identification. The money from the loan will be sent to their account within three to four business days, if not sooner. More Money A person can be sure that their insurance will cover even expensive home improvements that involve building work. The amount of the loan someone gets depends on their CIBIL score, monthly income, age, employer’s reputation, and other factors. [B-02] Conclusion A festive loan is a great way to get the money you need for home improvements. A festive loan can also help you pay for all of your other festival expenses in addition to your home renovation. During the festival season, banks offer special deals to help people apply for a festival loan. That is why a festival loan with a low interest rate is the ideal option for people in need of funds during the festive season. Keeping the festive loan in mind, Piramal Finance can help people get access to the finances they need during the holidays.
08-11-2023
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Personal Loan

Personal Loan in Vasai – Check Eligibility & Apply Online

Unsecured loans, such as personal loans, do not need collateral. Small businesses use this type of loan for short-term needs. A personal loan’s interest rate is usually fixed, so your payments will remain the same. If you are a resident of Vasai and need a personal loan, many lenders offer this type of financing. To get the best interest rate on a personal loan in Vasai, it is important to compare offers from many lenders. [B-01] Vasai as a location Vasai is a town in Maharashtra’s Palghar district. A part of the Mumbai metropolitan region, it is 50 km north of Mumbai. Vasai has 1.6 lakh residents (as of 2011). Vasai East and Vasai West are two parts of the town. Compared to Vasai West, Vasai East is older and more developed. As a close neighbour of Mumbai, Vasai attracts a lot of tourists. Indian tourists come here to see historical monuments and temples. Vasai is also a major industrial hub, with many large factories and industries. Its administration is handled by the Vasai-Virar Municipal Corporation. Vasai residents who need financial help can apply for a personal loan. Without assets to secure the loan, they are an ideal option. Taking a vacation, funding a business, or paying for medical expenses are all uses of personal loans. Your income and repayment capacity will determine the loan amount and term. Personal loans in Vasai are available online if you meet the eligibility requirements. Competitive interest rates are offered by several financial institutions. Compare the offers. You can meet your financial needs with a personal loan in Vasai. The following is a list of some of the top personal loan providers in Vasai: HDFC Bank: HDFC Bank has competitive interest rates on personal loans. Any HDFC Bank branch can help you apply for a loan. Loan amounts range from Rs. 25,000 to Rs. 10 lakh. ICICI Bank: ICICI Bank offers personal loans at competitive interest rates. ICICI Bank offers loans online as well as in branches. Loan amounts range from Rs. 25,000 to Rs. 20 lakh. Axis Bank: Axis Bank offers personal loans at very competitive interest rates. Axis Bank branches or online options can be approached. Loan amounts range from Rs. 25,000 to Rs. 15 lakh. Bajaj Finserv: Bajaj Finserv has competitive interest rates on personal loans. Bajaj Finserv again offers loans online as well as in branches. The smallest loan amount is Rs. 25,000, and the largest is Rs. 10 lakh. Vasai personal loans are available to those who meet the following criteria: Indian residents only. Age 21+ years. A monthly income of at least Rs. 15,000 is required. Credit history is important. Passport should be valid. When looking for a personal loan in Vasai, it’s best to look at what different lenders have to offer. Purpose of applying for a personal loan in Vasai Buying consumer durables, furniture, fixtures, appliances, etc. Flat/ house repairs/renovations. 2-wheeler buy. Ceremonies and weddings. Tours & travels at home and abroad. Debt repayment. Personal/family medical expenses. Personal loans in Vasai: why apply? Neither mortgage nor collateral is required to be deposited. Personal loans in Vasai can address a variety of issues other than financial problems. Individual income and capacity determine the amount of the personal loan. You don’t need a guarantor for a personal loan in Vasai. How is EMI calculated? EMI, or Equated Monthly Installments, is the fixed monthly charge you pay to the bank to repay the loan amount. Personal loan in Vasai has interest rates that are based on your profile and the interest rate. Personal loan in Vasai: CIBIL score Personal loan applications in Vasai depend on the lowest CIBIL score. To qualify for a personal loan in Vasai, you must have a credit score of at least 750. Institutions look beyond the score to the detailed behaviour on previous loans. This includes information about the type of loan taken as well as the amount borrowed. You may be unable to get a fresh personal loan if you have delayed payments on previous loans. Payback period It is possible to extend the loan term by up to 60 months, including one month of the moratorium. [B-02] Conclusion You could make all your plans a reality with a personal loan in Vasai. You may easily avail a handsome loan amount, tailor it to your needs, and easily repay it with the reliable schemes on offer. To calculate the EMI amount and the interest rate, you should use a personal loan calculator. When filling out the form with the bank, make sure that you are aware of the charges that will be levied. Additionally, it is imperative to understand how the loan system works and what potential problems might arise in the future. Whenever you are considering a personal loan, keeping in touch with bankers and advisors is key. Take a look at Piramal Finance’s official website. Get to know their products and services by reading their informative articles.
08-11-2023
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Personal Loan

Ways to Avail Better Interest Rates for Personal Loan

Facing a sudden emergency or running out of funds? It could a medical emergency where your insurance is just not enough to cover the expenses. Likewise, it could be for your wedding or that holiday you have been longing for. There can be multiple situations in life when you might face a financial crisis and need immediate help. In situations like these, a personal loan is your saviour! Personal loans are hassle-free. They require minimum documentation and are disbursed in no time. However, since they are unsecured loans, the Personal Loan Rate Of Interest can be higher. The smarter way is to look for the best deal. Deals with lower interest rates can reduce your burden of bearing high monthly EMIs. With the growing technology, it is easy to get a personal loan. But it is equally hard to get one at a lower rate of interest. There are many factors that lenders consider. No worries! We have got you covered. Keep scrolling to know how you can get the best interest rate for your personal loan. [B-01] How To Get a Good Personal Loan Rate Of Interest? Here are some factors that can help you to get a personal loan at good interest rates: Maintaining a Good Credit Score A score of 750 and more is often regarded as a healthy credit score. It makes it easier for you to get loans. This helps you to get the required loan amount with the desired repayment term at an affordable interest rate. This is because individuals with a higher credit score are given personal loans at a lower interest rate. A 750+ credit score indicates solid financial management and higher creditworthiness. You can maintain a good credit score with ease by paying your dues on time, limiting the credit utilization ratio to 30%, and avoiding impulsive credit card purchases. Your lender will have more confidence in your ability to repay loans. Comparing the Lenders to Get the Best Deal Comparing the lenders is the wisest method for getting a personal loan. Time invested in thorough research will directly help you save a lot. In case you’re wondering, it is quite easy to compare personal loan offerings online. All you have to do is evaluate each loan’s advantages and benefits to pick the one with the lowest interest rate. It might take some time, but it will be worth it. While comparing the loans offered by several lenders, you may also check eligibility, EMI payment, and loan amount. There are several online personal loan EMI calculators which you can use to calculate interest rates. This will surely help you in getting a clear idea about the monthly payments. Try to Have a Good Repayment Record Needless to say, you must always try to repay your loan and credit card bills before the due date. This helps you in boosting your credit score. Also, it aids in lowering personal loan interest rates. Try to Pay Off Your Existing Loans You are less likely to get a lower interest rate on a new personal loan if you have an existing loan. Therefore, before opting for a personal loan, aim to clear out all previous loans. If not, at least reduce your overall debt to less than 40% of your monthly earnings. Check for Ongoing Special Deals Always keep an eye on special deals, which are generally offered during the festive season. Banks often send seasonal or festive deals to existing lenders via email and text messages. You may also check your financial mobile apps. See if there are any pre-approved personal loan deals or limited-time discounts that you can avail of right away without having to provide any paperwork. This can ultimately enable you to reduce your long-term loan payback costs. Maintaining a Good Relationship With the Bank A personal loan at a lower interest rate and with better terms of service may be easier to get if you already have a solid working relationship with a bank or lender. This is because the bank or lender is aware of your responsible credit behaviour. Moreover, there is often less risk involved than lending money to a new client. Interest Calculation Method It is usually necessary to consider how a lender determines the interest charged on personal loans. Loans are usually given at lower interest rates. You may end up paying more interest rates sometimes because of the loan tenure. Long-term loans have a high rate of interest. Remember that you can opt for personal loans at either a fixed interest rate or a reduced interest rate. When the interest rate is fixed, it is calculated on the full loan term on the total loan amount you have borrowed. Now, say you have opted for the reduced interest scheme. Then, the interest on your personal loan is only calculated on the amount that is yet to be paid. Applying for a personal loan with a decreasing interest rate is a smarter choice. It will end up costing you less money on the interest. Maintaining a Healthy Professional History Long-term stability in your career is beneficial for getting personal loans. Also, you can get them at a lower rate of interest. Lenders frequently demand that you should have a minimum of two-year employment history, including one year with their present company. Personal loans with better terms and cheaper interest rates are frequently provided to those working with reputed public, private, state, or central government organizations. So, lenders believe that applicants having stable employment and income tend to repay the loan timely. [B-02] Wrapping up It is important to check the interest rates while applying for a personal loan. The pointers discussed in this article will help you understand Personal Loan Interest and Personal Loan Rates. To understand other financial aspects and types of loans, do visit the website of Piramal Finance. You will find many informative articles on various topics.
08-11-2023
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Personal Loan

How do Paperless Personal Loans Work?

How people use banking services has changed a lot in recent years. Most people do not want to wait for days for their banking needs to be met. Instead, they want solutions that are quick and easy. Now, this is possible with the rise of digital marketplaces in the financial world. Financial institutions are building a cashless infrastructure to make the economy more digital. Some lenders are offering personal loans that do not require any paperwork. This is an excellent example of how the financial world is changing. Since we live in the digital age, people want quick solutions to their financial needs. Personal loans are available from various lenders to meet these needs and help customers care for their finances. It is believed by many people and businesses that paper loans may be a thing of the past. Let’s examine how paperless personal loans are changing the loan business. [B-01] How Are Paperless Personal Loans Processed? Banks and other financial institutions are using technology to accept and approve digital personal loan applications, reducing their paperwork. Customers can fill out loan applications and get instant paperless loans approved. Today, people can get a paperless personal loan by filling out and submitting an online personal loan application form. The borrower must include soft copies of all the paperwork that the bank or other financial institution may require to determine if the borrower is eligible for the personal loan and if they can repay it. When the applicants send the digital application and documents, the bank instantly receives them. Since it is digital, there is no chance of the applications being misplaced. The bank then looks at these documents and decides whether to grant a loan. If the personal loan is approved, the amount that the borrower has requested is put into their account. With the arrival of the Internet, it is now straightforward for banks to accept and check digital versions of documents from people who want to borrow money. Customers no longer have to go to the branch office to apply for a loan and fill out the paperwork. They can do this from anywhere, and it is easy for banks to approve personal loans. The steps to apply for a paperless personal loan are mostly the same for all lenders on the market, which are: The applicant must go to the lender’s website. The applicant must fill out the information requested about themselves on the online personal loan application form. The applicant must upload all of the required documentation as digital copies. When the bank receives the online application form and documents, they will be checked. If the loan is approved, the loan amount is then sent to the applicant’s bank account. Pros of Instant Paperless Loans From applying to receiving the money, getting a personal loan online is faster and easier than the traditional method of going to a bank branch in person and waiting in line to submit a personal loan application. Here are some benefits of getting a paperless personal loan online: Simple Process Paperless personal loans require no paperwork, frequent bank visits or form signing. Anyone can apply for a personal loan from the comfort of their home with just a few clicks. Less Processing Time From approval to payment, everything is done online. It saves people from having to go to the bank more than once to turn in forms and other paperwork. Since there are fewer people involved, the loan is approved faster. Safe and Secure Information Digital platforms go through strict security tests and follow all the security rules and regulations set by banks. Therefore, the financial institution ensures that the applicant’s personal and financial information stays private and safe when it is sent through the platform. Required Documents for Paperless Personal Loans Banks provide paperless personal loans to qualified applicants. These instant paperless loans are easy to get because they are granted in a short amount of time and do not require any cumbersome paperwork. To receive the loan amount, the borrower must send the bank the required documents to prove that the applicant is genuine and has the means to repay the personal loan. Since the application is made online, these documents will be scanned and uploaded onto the bank’s web portal or website. With digital signatures, applicants also do not have to visit the bank to sign documents. Some of the documents needed for paperless personal loans include: PAN card Proof of identity Proof of address Bank statements Salary slips Utility bills Checklist for Paperless Loan Applications Credit Rating Several lenders state that they offer loans without paperwork. But it is unlikely to get a personal loan if the person does not have a good credit history. A credit score shows the ability to pay back loans, and a higher credit score makes it more likely to get a loan quickly. That is why it is important to keep a good credit score. Document Preparation The paperless personal loan applicant will need to prepare their supporting documentation and have it ready while making their online application. When prompted, the applicant will need to upload the requested document to the application form and carefully review the completed application form before submitting it. Some of the requested documents can include a person’s PAN card, ID card and bills from their utilities. For loan approval, proof of address is also essential. [B-02] Conclusion There are an increasing number of financial institutions that are offering paperless personal loans. Anyone who wants to apply for an instant paperless loan should read all the terms and conditions carefully and make sure they understand them. Also, compare the loan proposal to what other banks offer and look at their payment plans and any fees or charges. For more information on instant paperless loans, visit the Piramal Finance website for guidance and other blogs on paperless personal loans.
08-11-2023
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Personal Loan

Personal Loan In Rohtak – Check Eligibility & Apply Online

Applying for a personal loan has become easy nowadays. More and more people have no qualms about taking a personal loan in Rohtak today. They find it economical when the huge amount is converted into manageable EMIs as well. From bearing medical expenses to renovating their homes and attending a family wedding, there is no occasion when a bank or nonbanking financial company (NBFC) fails to pay the required amount. But check the terms and conditions carefully, and one can learn if he is eligible before signing the application form. [B-01] What is a personal loan? In short, a personal loan is a loan that is paid to the borrower without any collateral. It is an unsecured loan easily available to all Indian citizens, provided they meet the eligibility criteria. It is important to understand that the lender will charge interest and set a specific tenure for repayment. The interest rate is bound to be a trifle higher than a home loan or car loan because you are not allowing the bank or NBFC to auction the collateral if you fail to repay the loan. How to get a personal loan in Rohtak? Rohtak is a district in the Indian state of Haryana. It is a small, bustling area that houses several small businesspeople and executives. You will find no shortage of lenders in the region that is now part of the NCR. Almost all major banks, both government and private, have a branch in Rohtak. Moreover, there are multiple small lending agencies, including reputed NBFCs, thriving here. You are welcome to pick and choose the lender and approach them to obtain the required sum. Be careful about the credentials of the lender, however. It is a good idea to compare the rates of different banks before making the final decision. Eligibility Criteria The first question you have to answer is whether you can obtain a personal loan in Rohtak. You will find the conditions differ from bank to bank and between NBFCs. But the following conditions must be met without any exceptions. Age: You must be an adult and not a senior citizen. Most lenders will provide loans to citizens between the ages of 21 and 60. However, a few lenders may extend the maximum age to 65. You would have to check individually when you need to get a personal loan in Rohtak without any delay. Nationality: You must be an Indian citizen with valid documents to prove it. Employment Status: Being employed or earning a regular income is most important. The banks want to be assured that you can repay the personal loan despite financial downturns. But you can get the loan if you are a salaried worker at a public or private company, a professional who works for themselves, or a business owner with a good annual turnover. Experience: You must prove that you have worked at your present job for at least 6 months. Again, this requirement is very different from one bank to the next. Many of the bigger banks ask for 2 to 5 years of experience. Interest Rates: It is important to check the interest rates of various lenders and opt for one that will be most suitable for your purpose. Do not be lured by the promise of exceedingly low interest, however. There is bound to be a catch somewhere. It might be a good idea to check RBI guidelines related to a personal loan in Rohtak and elsewhere in India before approaching the lenders. While most lenders offer personal loans at an interest rate of 12.99% per year, you are sure to find multiple banks offering lower rates too. EMI on personal loans This is a term often heard when you seek a personal loan in Rohtak. While you may understand that you would have to pay a particular sum to the lender regularly, it is advisable to check out all the details associated with EMI to be fully satisfied and in control. Some of the facts that you need to be aware of are: Equated Monthly Installment (EMI) is a fixed sum you must pay the lender on a particular date each month. The EMI amount is calculated on the principal amount and the interest each month until you pay off the personal loan in Rohtak within a few years. You will thus find the EMI to be dependent on the principal, interest rate, and loan term. You may choose to pay more for a month if possible. This will result in a reduced EMI, or the term may be shortened. Both may be applicable at the same time, too. However, that occurs at the discretion of the lender. Online Application Tips You do not have to visit the bank branch or the office of the NBFC physically to obtain a personal loan in Rohtak. You can apply for it from home using a laptop, desktop computer, or smartphone. Log in to the lender’s website and navigate to the concerned page. Check the features of the loan along with the eligibility and interest rates to make a decision. You could also calculate your EMI by using an EMI calculator online. Upload the documents as needed and click on the “submit” button to complete the procedure. You will be provided with a reference number as an acknowledgement. Use the said number to track the status of your application until it is approved. [B-02] Conclusion Do not wait for years to renovate a home or borrow from a local lender when you want to pay for your daughter’s wedding. Approach a bank or NBFC and apply for a personal loan in Rohtak. Repay with easy EMIs and enjoy life to the fullest. Check out the eligibility criteria and interest rates at Piramal Finance when you are eager to get a personal loan in Rohtak.
08-11-2023
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Personal Loan

Personal Loan in Ranchi - Check Eligibility and Apply Online

Sometimes you need more cash but need help avoiding dipping into your savings. Consider taking a personal loan in Ranchi if you are based in the city or live in Jharkhand. Your reason for taking the loan could be anything: You may want to reconstruct a part of your home, for instance, and find yourself needing more than the allocated amount. Also, consider paying off your credit card loans or meeting your medical expenses in one go. It is better to be safe than sorry, right? Well, a personal loan can help you eliminate your financial woes at the earliest opportunity. [B-01] What is a personal loan? It is important to remember that the RBI standards guide personal loans in Ranchi. It is similar to the process relevant elsewhere in India. In short, this kind of loan is an unsecured loan. In other words, you do not have to provide collateral such as property, gold, or any other asset to get the specified sum. The lender cannot auction your land or home or retain your gold ornaments should you fail to repay the loan. Only some things are advantageous for you, however. You will be aghast to find that the interest rate for taking a personal loan in Ranchi is considerably higher than the interest for a home or car loan. Well, it is common for the lender to cover the risks by providing you with the required sum as and when you need it. The no-questions-asked approach justifies the increased rate of interest. Personal loan providers You may feel anxious when you are unaware of the providers to approach when you need to get the money as soon as possible. But you will be happy to learn that banks and non-banking financial companies are willing to give personal loans in Ranchi. The rate of interest and the criteria for eligibility vary based on the amount of the loan. Therefore, you may compare the terms of different providers before connecting with the most suitable one. Eligibility There are no fixed eligibility requirements for you to take note of when you are eager to apply for a personal loan in Ranchi. However, it is vital to check the following facts before proceeding with the process: Age: You must be an adult, i.e., over 18 years of age. Most banks and NBFCs deny loans to individuals who are 60 years old! However, a few financial institutions are willing to provide personal loans to 60 or more individuals too. It is advisable to check with the concerned bank or NBFC to know whether you fit the criteria. Nationality: You must be an Indian to obtain a personal loan in Ranchi. However, you don’t need to reside mainly in Ranchi. Occupation: It is essential to be salaried to obtain a personal loan. However, even self-employed individuals or professionals such as doctors, engineers, lawyers, and chartered accountants are eligible. Business owners with a good turnaround can also expect a personal loan from the top financial institutions in the city. Obtaining a personal loan in Ranchi is easier when you work for one of these firms: Steel Authority of India, Tata Motors, State Bank of India, Coal India, Mecon, Microsoft, Wipro, Nestlé, Govt. of Jharkhand, BSNL, Tata Steel, Central Mine Planning & Design Institute, Johnson & Johnson, Vodafone, or HCL Infosystems. Income: A higher income indicates that you can repay the loan quickly. Most banks will provide the loan when the borrower earns at least Rs. 15,000 per month. Business owners and self-employed individuals must prove that they make a gross income of Rs. 2,00,000 annually. Documents Simply stating that you are eligible will not do. You must have the proof handy too. So, if you want to get a personal loan in Ranchi, make sure to give the lender the following: Proof of identity Address proof Income Proof: A recent salary slip and bank statement revealing details of monetary transactions for the last three months. Certified copies of the professional degree(s) along with the license or registration number. These are mandatory for self-employed professionals seeking a loan. How to apply for a personal loan in Ranchi Submitting an application requesting a personal loan has become incredibly easy. To finish the paperwork, you can go to the nearest bank branch or the office of the NBFC you want as a lender. Be sure to have all the documents, along with proof of your identity and address. Then, send the correct form to the authority and wait a few days for the requested amount to be transferred to your account. Alternatively, you may choose a speedier option without physically visiting the bank or NBFC. Just log in to the bank’s official website and proceed with the following steps: Go through the features associated with the personal loan. Check your eligibility by clicking on the specific tab. Find out more about the interest rate(s) and processing fee. Upload the documents and click on the “submit” button. You would be pleased to find the money in your bank account within hours, especially with prior approval. Then, you’ll have to wait a week for the bank or NBFC to finish evaluating your documents and checking your details before the loan is paid out. [B-02] Conclusion A personal loan in Ranchi will help you overcome the difficulties and keep your life on track. The process has become more straightforward now, thanks to online applications. However, check your eligibility before applying. Solve your money problems in a hassle-free manner.
08-11-2023
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