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Personal Loan

Personal Loan in Ujjain – Check Eligibility & Apply Online

Personal loans are a good choice when you need extra money without sacrificing your savings. For many people today, personal loans are a secure way of obtaining quick capital without handing over any collateral in the form of gold, land, or other assets. But unfortunately, taking out a personal loan carries high interest rates. However, the practice is still prevalent, and several banks and non-banking financial companies (NBFCs) can be approached for the same. [B-01] What are personal loans? A personal loan is a loan without collateral or security. Borrowers are assessed based on their credit history and ability to repay. Personal loans usually have a higher interest rate than secured loans, such as home equity loans. However, a lack of security makes this type of loan popular among the people of Ujjain. Eligibility criteria for a personal loan in Ujjain A personal loan in Ujjain is available to those who meet the eligibility criteria. These criteria include: A resident of India must be the borrower. Borrowers must be at least 21 years old. Income sources must be available to the borrower regularly. The borrower’s credit history must be favourable. To qualify for a loan, the borrower must have a bank account. Documents required for a personal loan in Ujjain If you want a personal loan in Ujjain, your banks or the NBFCs will require some essential documents. The following documents must be submitted: Proof of identity: passport, Aadhar card, PAN card, voter identification card, driver’s licence Address proof: passport, Aadhar card, voter identification card, driving license, utility bill Proof of income: salary slips, bank statements Photocopies of photographs A signature is required Charges for a personal loan in Ujjain Although no collateral or security is involved, personal loans in Ujjain are still subject to some charges. Taking a personal loan may come with the following fees: Processing fee: The bank charges this fee once for processing the loan application. Typically, it is between 1% and 2% of the loan amount. Prepayment charges: Banks charge prepayment fees when borrowers repay their loans early. Typically, the prices range from 2% to 4% of the loan amount. Late payment charges: Banks impose these fees when loans are not repaid on time. These fees are typically calculated at 2% of the loan’s outstanding balance. Cheque bounce charges: Banks charge these fees for checks that have been returned due to insufficient funds. They typically cost Rs. 500 per instance. Collateral: There is no requirement for any kind of security. How to apply for a personal loan in Ujjain? A personal loan application in Ujjain involves the following steps: Please find out more about the bank or lender of your choice by going to their website. Ensure that all required information is entered into the online application form. Ensure that all required documents are uploaded. Ensure that the loan has been approved. Your account will be credited once the loan has been approved. As per the repayment schedule, begin repaying the loan. Interest rates on personal loans in Ujjain In Ujjain, personal loans are available at an interest rate of 10.99% per year. Banks choose interest rates based on the borrower’s credit score, income, and repayment history. Personal loans and EMIs The EMI for a personal loan in Ujjain refers to the monthly payment the borrower is required to make towards the loan. The EMI is calculated based on the loan amount, the interest rate, and the duration. Personal loan tenure in Ujjain Ujjain offers personal loans with tenures ranging from 12 to 60 months. In this context, the term refers to the period during which the borrower must repay the loan. Personal loan for self-employed residents of Ujjain A self-employed individual in Ujjain can obtain a personal loan designed for them. However, a higher interest rate is usually associated with these loans than with traditional personal loans. Personal loan for the salaried in Ujjain The personal loan for salaried individuals in Ujjain is a loan that addresses their financial needs. This kind of personal loan has a lower interest rate than a regular loan. Advantages of a personal loan in Ujjain Personal loans in Ujjain offer the following benefits: Unlike secured loans, personal loans do not require collateral from the borrower. Online lenders, banks, and credit unions all offer personal loans. Taking a vacation, renovating a home, or funding a wedding can be done with a personal loan. Credit cards usually have higher interest rates than personal loans. Personal loan applicants know exactly how much they will have to pay each month because interest rates are fixed. Home and auto loans have longer repayment periods than personal loans. Personal loans can be repaid early without penalty. Disadvantages of a personal loan in Ujjain Personal loans in Ujjain have the following disadvantages: A collateral-backed loan is more expensive than a personal loan. Only some people can get a personal loan. Personal loans can be overspent for many reasons. A personal loan usually has a higher interest rate than a secured loan. Borrowers must repay the same amount each month regardless of changes in the interest rate. Home and auto loans have longer repayment periods than personal loans. Personal loans may be difficult for people with bad credit. Personal loans can be expensive with prepayment penalties. [B-02] Conclusion Whether you are a business owner or a homeowner, you will see how easy it is to apply for a personal loan in Ujjain. Besides that, you will also be able to find out the pros and cons of the loan. This article aims to provide you with an understanding of personal loans and their requirements. When in a fix, you should seek the assistance of a reputable financial company such as Piramal Finance if you live in Ujjain and want a personal loan shortly.
08-11-2023
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Personal Loan

5 Reasons to Apply for a Personal Loan from Piramal Finance

The banking industry underwent a revolution with the advent of computers and the internet. And just like that, automation once again made lives easier. Gone are the days when you had to stand in a line outside your bank branch to get things done. Now, you can deposit or withdraw money from your account with the touch of a button. Similarly, the process of applying for a loan has become a breeze. All banks and financial institutions offer personal loans that are unsecured. This means that you do not have to provide collateral for such loans. These loans are perfect when you are in urgent need of some cash. Online application and minimum documentation requirements have now made it quite easy for you to apply for a personal loan online. [B-01] A personal loan is a good option to meet your short-term cash needs. Here are a few reasons why you can apply for a personal loan online: Sudden medical emergencies: Medical emergencies can never be predicted. Especially in times when people are falling ill more often, you may require it now more than ever. Many health insurances do not cover certain medical conditions. If you find yourself short on cash during a medical emergency, a personal loan online can be your best option. Business expansion: If you are planning to expand your business but are short on capital, you can apply for a personal loan. Also, these loans do not require collateral, making them more suitable. Low-interest rates on these loans make them easier to repay as well. Marriage expenses: Sudden marriage expenses can be quite difficult to handle. Weddings are a happy occasion and something to remember for years. If you do not want to compromise on the big day, a personal loan online can help fund your requirements. Home renovations: Sudden home improvement or renovation projects can put a dent in your savings. Instead of using your savings, you can opt for a personal loan online. Choose the required amount and the tenure, and your loan will be converted into easy-to-pay EMIs. Consolidation of debts: If you have many loans outstanding, you can apply for a personal loan to pay them off. It may be easier to pay one EMI a month. Also, personal loans have a lower interest rate than other loans, making them more practical. Personal loans are a great financing tool for you. However, you need to choose the right lender for a positive experience. If you are looking for the best personal loan in India, it has to be Piramal Finance. We are one of the leading finance companies with a focus on good customer experience. Here are the top 5 reasons why you should opt for a personal loan online from Piramal Finance: Zero pre-payment and foreclosure charges Finance institutions that provide low-interest rates on personal loans often have a lot of hidden fees and charges. Also, they charge a huge fee if you want to close the loan earlier. Piramal Finance understands that every penny counts. If you choose to pay off your personal loan sooner, we will not charge you for that. That is why we offer zero pre-payment and foreclosure charges. By choosing to pay off a loan earlier than your tenure, you can save on interest charges. It leads to an increase in your credit score. Minimum documentation processing Some financial institutions may require you to submit many documents other than income proof or bank statements. Often, this can delay the application process. With Piramal Finance, you do face this issue. We provide instant loans with minimal documentation. If you have a good credit score, we will accept your application. Also, quick sanctions and instant disbursal of loan amounts help us provide one of the best personal loans in India. Pocket-friendly monthly EMIs: One of the important factors of a good personal loan online is the EMIs. Your EMIs will be part of your monthly income for the duration of the loan. Hence, they should be easier to pay off. At Piramal Finance, we provide you with the option to adjust your EMI based on your convenience. This makes it easier for you to pay off your loan and improve your credit score. Flexible terms of the loan Emergency financial needs can make you worry. Therefore, it is important to choose a trusted financial institution. You can put your mind at ease when you choose Piramal Finance as it provides one of the best personal loans in India. We provide loans based on your needs, with loans ranging from Rs. 1 lakh to Rs. 10 lakh and a tenure of 12 months to 60 months. Clubbing of income for higher loan eligibility This unique feature of Piramal Finance helps you get a higher loan amount if you have multiple income sources. By providing the right documentation for other income sources, you can be eligible for a higher loan with Piramal Finance. A higher loan amount with an attractive interest rate will help fulfill all your emergency financial needs. If you are looking for higher loan eligibility, apply for a personal loan online with Piramal Finance. [B-02] Conclusion A personal loan needs to be quick and hassle-free. You can choose to apply for a personal loan for different reasons. Always opt for a personal loan online from a trusted name such as Piramal Finance. Our team of experts will help you through the entire application process to ensure fast approvals and disbursals. You can also visit our webpage for eligibility criteria and the personal loan EMI calculator. Check out piramalfinance.com for more finance-related blogs and other services offered by us.
08-11-2023
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Personal Loan

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

The Maharashtrian district of Thane includes the city of Kalyan. The process of obtaining a personal loan in Thane – Kalyan, one of the state’s most important industrial areas, is fairly simple. Simple, short-term loans like personal loans can be used for any fine reason. No collateral or guarantee will need to be put up as a stake. It can be used to pay for urgent personal expenses like an unexpected medical bill or job loss, for a wedding or further education, to start a business, or to pay off debt. A personal loan in Thane – Kalyan has several benefits, such as minimal paperwork needs, no requirement for collateral, and no restrictions on using the money. A personal loan has a flaw in that it is the most expensive on the market due to its high interest rates. This is because the loan is unsecured, and the lender charges a high interest rate to protect their capital from a possible default. Depending on your unique credit profile, the interest rate on a personal loan could range up to 32% or even more. [B-01] Features and Benefits Personal loan In Thane – Kalyan is used for various reasons by different people. Your children’s schooling, marriage, or even the cost of a family vacation abroad may be secured with an immediate personal loan in Thane – Kalyan. To find out what makes a personal loan from Piramal Finance such a helpful tool for financing in Kalyan, continue reading to learn about its features and advantages. Applying for a fast loan in Kalyan doesn’t involve any security or collateral. It is simple to apply for a personal loan in Kalyan. After your application has been reviewed, the loan sanction process is quite quick. You can obtain a minimum of Rs 1 Lakh and a maximum of Rs.10 Lakhs personal loan in Thane – Kalyan. In Kalyan, personal loans have low interest rates and flexible repayment terms that range from one to five years. Eligibility for a personal loan Simple requirements must be met to use Piramal Finance for a personal loan in Thane – Kalyan. The candidate should be: Age requirements: Applicants must be between the ages of 21 and 60. Business people who are salaried, self-employed, or both are welcome to apply. Speak with your bank manager about your circumstances if you don’t have a steady job. Even though the amount you need to make depends on where you live and what kind of job you have, the minimum pay for paid individuals is usually Rs. 25,000. Must reside at the same residence and in the same city for at least a year. At least six months of job experience in the current job. Should have a history of steady employment. On the lender’s website, you may determine whether you are qualified for a personal loan in Thane – Kalyan. Uses of personal loans You might achieve specific financial goals with a fast loan in Kalyan. Continue reading to discover more about what your personal loan might be used for. Covering the cost of an unexpected trip. Paying for any unplanned costs. Buying a brand new house or renovating an old one. Paying for any expenses that exceed the credit boundaries on your credit cards. Documents Required In Kalyan, obtaining a personal loan is simple. However, it is crucial to have all the necessary paperwork to present to your lender. Once these documents have been given and validated, your application for the best personal loan in Thane – Kalyan will be considered. If you want to get a loan right away in Kalyan, the documents you need are listed below. The list of documents that are often required while applying for a personal loan in Thane – Kalyan is as follows: Any document, like a passport, driver’s license, voter ID card, Aadhar card, or PAN card, can be used to prove who you are. Lease or rental agreement, passport, driver’s licence, ration card, utility bill (not older than three months), and bank statement all qualify as valid address proof. Income-Proofing Documents: Most Recent Form 16 and Last Six Months’ Salary Slip. Bank Statements: A six-month bank statement with salary credit is required. Proof of continuous employment, such as offer letters and termination letters. Educational records such as degree certificates or transcripts for independent professionals Evidence that a business exists. Tax returns over the previous three years (self and business). Profit/Loss and Balance Sheet for the last three years, fully certified by a CA. Any additional paperwork required by the bank or NBFC How to avail of a loan? Piramal Finance has made it exceedingly simple to apply for a quick personal loan in Thane – Kalyan. By adhering to the three-step procedure outlined below, you can apply for the best personal loan in Thane – Kalyan. Go to the Piramal Finance website and begin completing the personal loan in Thane – Kalyan application. Provide the basic information, like your complete name and contact details (phone number and email). Fill in the details related to the loan. Enter the captcha and submit the form. After Piramal Finance has reviewed your application, you will get a call from their relationship manager. You don’t have to worry about how to pay for your dreams because Piramal Finance has you covered, no matter where you are. [B-02] Conclusion When do you need money urgently? For a family member’s higher education, a house repair, a family wedding, a medical emergency, or an outdoor trip. To meet your immediate financial needs, you can get a personal loan in Thane – Kalyan for up to Rs 10 lakhs. Many of us need personal loans, which is why Piramal Finance offers great interest rates and makes it easy to get a loan. You may get the best personal loan in Thane – Kalyan by visiting Piramal Finance right away.
08-11-2023
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Personal Loan

Personal Loan in Raipur – Check Eligibility & Apply Online

Personal loans are a great way for people to handle their money problems. People are turning to personal loans as their need for expensive products grows. Personal loans have been a good option for a lot of people. This is due to their simple payment terms and low interest rates. Raipur, a rapidly growing city, offers several chances for growth in the real estate market. To benefit from the same, a smart user may invest the cash taken as a personal loan in the real estate industry. In time, one may hope for a good return on investment. A personal loan in Raipur may be obtained for a variety of reasons. This may include weddings, medical crises, vacations abroad, debt repayment, and so on. So, one may use a personal loan as they see fit. [B-01] What is a personal loan? A personal loan is a loan that a person takes from a bank to meet their financial needs. People don’t have to put up anything as security for a personal loan. So, it’s called an “unsecured loan.” People can get a personal loan in Raipur based on their income, credit score, CIBIL score, etc. Personal loans usually have higher interest rates because they aren’t backed by security. Why Choose Personal Loans in Raipur? There’s no need to provide the bank with any loan or asset security. A personal loan has many uses. It may be used to solve any cash deficit. The sum of a personal loan is set by the individual’s ability to repay and income. A collateral or nominee is not needed for a personal loan. Prepayment costs on a personal loan in Raipur Each bank and non-banking financial company charges a fee to handle a personal loan request. The processing cost is 1% of the loan sum. If users want to pay off their loan early, all loan firms will charge them a penalty prepayment fee. In most instances, people will be unable to cancel their loan before 12 months. After that, the fees vary based on the length of the loan. These fees range from 4% of the unpaid loan sum in the second year to 2% in the fourth year. Personal Loan in Raipur Needs A CIBIL Score Each banking firm has its own rules for the minimum CIBIL score needed to submit a request for a personal loan in Raipur. To approve a loan request, most banks demand a minimum credit score of 750. Banks consider not only the total score but also the specific behaviour on past loans. Any missed payments on past loans may prevent users from getting new loans. Personal Loans in Raipur: Salary Requirements When a banking firm gets a loan request, it must assess many aspects. The person’s ability to repay the loan is one of the factors they consider. The wage limits for repaying a loan amount are as follows: The person must have lived in Raipur for at least one year. A salaried person must have a monthly salary of at least Rs. 15,000. The minimum monthly income needed varies from one lender to another. The person must have at least 2 years of work experience. Applicants must be at least 21 years old. The person applying must be under the age of 60. People will be asked to submit some paperwork, such as bank records, address proof, identity proof, and so on. Documents Needed for a Personal Loan in Raipur People drawing wages Applicants must give one of the below papers as residence proof: passport/driving license/Aadhaar card/PAN card/utility bills from the last 3 months. They may provide their rental agreement papers. Any of the following documents may be used as ID proof: passport, Aadhaar card, voter ID, PAN card, or driver’s license. Proof of wage: six months of the most current bank records and six months of pay stubs. 2 passport-size photos. Self-employed people Two passport-size photos. People must give one of the following papers as proof: a passport, ration card, driver’s license, Aadhaar card, voter ID, PAN card, or utility bills from the last 3 months. A person may also provide their rental agreement. As identity proof, the person may give any of the below papers: passport, Aadhaar card, voter ID, PAN card, or driver’s license. Personal Loan in Raipur: Standards for Eligibility The qualification terms for a personal loan in Raipur differ for employed and self-employed persons. Salaried people The person’s minimum age needs to be 21 years, and the maximum age is 60 years. The person must have three years of work experience. Also, they must note the payment in their files. People must have a solid financial track record. The person’s active job area must be stated. Self-employed people The minimum age limit for a self-employed person is 25 years old. Applicants must have ITR records for the past 3 years. If the person is an expert, the firm must have been in the industry for at least 3 years. The person’s financial checks must be acceptable. The annual salary of the individual must be at least Rs. 2.5 lakhs. The complete paperwork technique for the single credit requires the person to provide their money-related and bank statements from the previous quarter of the year. [B-02] Wrapping Up Taking out a personal loan in Raipur from a respected banking firm is a better alternative than borrowing cash from family and friends. Different banks and NBFCs give loans at low interest rates. They are offered with little paperwork. Based on the financial record of an individual, the loan sum might be sent to their bank account within ten minutes to 24 hours. The amount can be credited in 24 hours to 7 days, depending on the bank’s loan approval method. It is best to do an extensive study before taking out a loan. Pick the lender precisely, and study the loan agreement carefully to prevent future surprises. For more related information, visit Piramal Finance and explore their products and services.
08-11-2023
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Personal Loan

Everything About Personal Loan Amortization Schedule

The personal loan amortization schedule determines the frequency at which the borrowed money is paid back. You will need to specify this in your loan agreement so that you don’t end up paying back the loan for many years. The amortization schedule of a personal loan shows how much debt you have over a period of time when you take out a personal loan. The periodic repayment of a personal loan overlaps with the regular gaps specified by your lender, such as weekly or monthly. It can be helpful to understand what an amortization schedule is so that you can plan accordingly when taking out your personal loan. Read on for more information about this payment structure and why it is so important for personal loans. [B-01] Meaning of Personal Loan Amortization A personal loan amortization schedule is a financial document that shows the loan amount, repayment term, and interest payment. It is prepared monthly or quarterly to show how a loan is paid off over time. The format of an amortization schedule varies depending on the type of loan. A loan amortization schedule can be used as a budgeting tool by showing how much money will be spent on interest each month. It can also help borrowers know how much they need to pay each month. After every change in the terms of the loan, the amortization schedule changes, for example, when the payment period or interest rate changes. Apart from personal loans, there are other types of loans for which it is also used, including car loans and credit cards. If you want to apply for a personal loan or any other kind of loan, you must understand these things about personal loan amortization. What is it? It refers to the process of paying off an unpaid debt over time using scheduled payments along with interest. This schedule is used for both personal and business loans, like mortgages and credit cards. Why is the personal loan amortization schedule important? A personal loan amortization schedule, also known as a personal loan repayment schedule, is a list of all the expected payments made over the course of a loan or lease. This includes the capital amount and the interest. This is usually done to help you keep track of your loan payments and avoid making any mistakes later on. Also, it can help you calculate how much you’ll need to pay each month to make the needed payments. An amortization schedule can come in handy at any time during your loan or lease term. Yet, it’s especially important when you’re about to make your first payment because it shows you how much you can afford to pay each month. This allows you to make sure that you don’t go over your budget by accident. It also shows you how much money you have left each month to use for other important expenses like food and housing costs. How is personal loan amortization calculated? Amortization schedule calculation is the process of defining and amortising a loan principal (or other unpaid balance) over a period of time. The goal is to reduce the amount of interest that occurs on the loan. A series of regular payments are made to offset a loan balance’s interest rate. When calculating an amortization schedule, it is important to take into account all relevant factors, such as the original debt amount, interest rate, term length, and regular payment amount. There are two main ways to calculate an amortization schedule: perpetual and scheduled. Perpetual schedules need to make regular payments for a set period of time; scheduled schedules need to make regular payments for a set number of years or months. Most of the time, businesses and individuals use an amortization schedule calculation when they get a long-term loan or line of credit to pay for big purchases like buying a house or car. The formula to calculate the first-month instalment is I = P[r(1+r)^n/(((1+r)^n)-1)] where, I = Monthly Installment Amount P = Principal Amount r = interest rate (per month) n = tenure of the loan (in months) For example, consider a loan amount of INR 10,000 for a tenure of 1 year at an interest rate of 10% (per month). As per the tenure of 1 year, i.e., 12 months, and a 10% interest rate on a loan amount of INR 10,000, The interest rate levied monthly would be (10%/12) = 0.00833% of the outstanding loan balance. I = 10000[ 0.0083(1+0.0083)^12/ (((1+0.0083)^12)-1)] = 880 The monthly instalment would be INR 880, where 0.008% of the unpaid principal amount will be the interest amount and the rest will be deducted from the outstanding principal balance. From the second month onward, the percentage of the interest amount in the monthly instalment keeps getting reduced, while the percentage of the loan amount in the monthly instalment increases. By the end of the 12th month, the loan will be cleared. Toward the end, only INR 8 is the interest amount paid. The total schedule or table recording the monthly payments is called an amortization schedule. [B-02] Conclusion The personal loan repayment schedule is one of the most important financial tools that you can use to manage your loan. It’s typically used to show how much you will owe in interest throughout the loan and how much you will pay each month to pay off that interest cost. You can also use it to better manage your budget and repay the loan faster. The best way to avoid being stuck paying the interest on an unpaid loan for many years or for a long time is to make sure that you have an amortization schedule in place. This schedule is a list of all the expected payments made throughout a loan or lease and helps you keep track of your loan payments and avoid making any mistakes later on. An effective amortization schedule will show you how much you can afford to pay each month and the balance left to pay off. If you are looking for a loan, Piramal Finance offers personal loans with zero prepayment and foreclosure charges. Apply Now.
08-11-2023
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Personal Loan

Get a Personal Loan During This Festive Season to Meet Your Financial Needs

The festive period is here! And, with festivals arriving, it’s time to begin planning the events. To make the most of the festive season, folks may decorate their house with new lights, buy a vehicle, and more. Such plans need an infusion of funds. Folks may pick a collateral-free rapid personal loan to handle large outlays. Banks are likely to have the finest personal loan deals during festivals. Now is the best time to apply if folks are hoping for a low-interest rate loan. Just use a personal loan EMI calculator to calculate the monthly payments. Choose a flexible term to make repayment easier to arrange. Continue reading to see how folks may use a festive loan to fund their major outlays this festive period. [B-01] Benefits of Personal Loans Personal loans don’t require the use of assets The start of the festival season raises the need for home devices, gold, land, cars, and festive clothes. Folks do not need to promise security when taking out a personal or unsecured loan, which is a vast benefit. It makes it easier for people of all income levels to get a loan and fund their festive shopping. As a result, people may enjoy stress-free shopping. Manage the excess spending flexibly Folk like shopping during the festive season due to the many gainful offers and deals. This unplanned expense might cost thousands of rupees and have a bad impact on the budget & savings later on. Folks may prevent this by taking out a festive loan, which can be used as a cover to pay all their costs. A personal finance service may support any needs, whether a person wishes to buy festive clothing, invest in a car, or buy land. Also, unplanned spending might cause issues in the case of a financial crisis. A personal loan may be used not just for fun reasons but also as a lifeline in a crisis or to soften the impact in awful cases. Improve the standard of living The holiday season in India overlaps with festive times. A wedding is a pricey event that needs a large budget, and a personal loan may assist folks in planning the ideal wedding. People may use it to pay the charges of hiring the place, buying clothing and jewellery, food, and so on. A person may also use a personal loan to rebuild and improve the inside of the house. Aside from that, they may use it to pay for travel expenses, finance a trip, or invest in school. Check the Eligibility for a Personal Loan The first step in asking for a personal loan is to see whether the skills fulfil the qualifying needs. Today, asking for a festive loan has become much easier since eligibility rules have been relaxed. This relaxation made financing easier for folks of all income levels. There may be small changes in eligibility rules based on the loan source. The basic personal loan eligibility rules are shown below. Employed Folks A paid person must be between the ages of 21 and 60. These folks must have a monthly salary of at least Rs. 15,000. Persons have been engaged at their present job for at least 6 months. Self-Employed Folks A self-employed person must be between the ages of 22 and 65. They must have a monthly salary of at least Rs. 15,000. They must have one year of job skills. As said before, personal loan ability is determined by factors such as age, level of income, job stability, etc. Keeping a good CIBIL score is one way to boost eligibility. The CIBIL / credit score, which varies from 300 – 900 points, shows the credit history. The higher the credit score, the easier it will be to get a festive loan. A person may raise their CIBIL score by showing a stable lending record, making regular repayments, & not overspending. How to Apply for a Personal Loan During the Festive Season? With a slew of festivals coming, markets tend to grow crowded and raise prices to profit from the extra need. Thus, it is great to apply for a personal loan ahead of the festival season to ensure that the funds are issued on time. How can folks ensure their loan form is granted as soon as possible? The first & most key step is to verify personal loan eligibility. Folk may also utilise the web eligibility tools given by almost all major lending banks for this purpose. Next, a person must pick the best bank by comparing and analysing personal loan rates. Finally, it is usually a good idea to keep the papers prepared so that the application phase goes well. The following papers are needed: Folks who work for themselves PAN Number Identity papers like Aadhar cards and voter cards Evidence of residency Proof of office location Proof of income Folks who are paid PAN Number Proof of residency Employment verification Identity verification When persons are all set to apply for the personal loan, they must go to the bank’s website, phone them, or go to the local branch. Folk may also apply for the personal loan online & have it granted quickly. To do so, a person must complete the request form and provide the needed paperwork. Folk may easily get debts up to INR. 25 lakhs if their request is approved. [B-02] Final Word A personal loan does not need any form of asset or security. It’s a great way to get over a short-term financial crisis and swiftly meet any urgent demands. The festive season has begun. It is a great moment to embark on new projects and make investments. There is also a monetary desire to make the festive period even more special. Due to the vast sum of buys to make, whether for oneself, dear ones, or the house, the festive season could be taxing on the purse for some. In any case, seek a fast personal loan to meet the extra expenses. Piramal Finance has similar blogs for folks to help them get a personal loan. Give the blogs a read and check out the other services they offer.
08-11-2023
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Personal Loan

Can a Student Apply for a Personal Loan?

Education costs have gone through the roof due to consistently high inflation. Everyone might not be able to pay for a good college. Because of this, many college students have to take out loans to pay for their costs. But a few things could make them ineligible for a student loan or require a big down payment that they might not have. Personal loans might be better for students than borrowing from well-meaning but potentially risky family members or friends. [B-01] Can a Student Get a Personal Loan? The reply to “Can students get a personal loan?” is “Yes, they can.” Students can get a personal loan and pay for their education with the money. This kind of loan is the best choice if students need money to pay for short-term courses like diplomas, certificates, or vocational courses. Personal Loans for Students: Features and Benefits The highest loan amount is 15 million INR. The time to pay back the loan is flexible, ranging from 1 year to 5 years. Getting a student personal loan might make going to college a reality. It’s a great alternative to other ways to get credit. Students can borrow up to INR 5 lakh without putting anything of value up as collateral. The interest student pay on loans is tax deductible under Section 80E of the Income Tax Act. Short-term and vocational programmes benefit greatly from this kind of financing. Documents Required to Get a Personal Loan for Students To approve a personal loan for students, lenders need some paperwork. Identity/Age Proof (Any one)Ration cardPAN cardPassportAadhar cardDriving licenceVoter ID cardBirth certificateAddress Proof (Anyone)Aadhaar cardPassportRation cardUtility billsDriving licenceIncome ProofLast 3 months’ bank statementsBank passbookPhotographsPassport size photographs Conditions for Getting a Personal Loan for Students Personal loans for students have easy and precise requirements, such as: Those who want to apply must have a monthly income of Rs. 13,500. There must be a direct deposit into the applicant’s bank account. Score of 650 or higher on Experian or CIBIL. Applicants must be between the ages of 21 and 57. Things to Remember before Applying for Student Personal Loan 1. Determine Need Students should know their needs before getting a personal loan. Personal loans are one-time loans, so they should know how much they need for tuition and other school costs. This will help students avoid borrowing too much and save money on interest. 2. Lender Choice Most banks and NBFCs will give out personal loans. To get the most out of the benefits, lenders should be compared based on the interest rate, processing fee, pre-closure fees, how easy it is to apply, customer reviews, etc. Then choose the right one based on the comparison. 3. EMI Calculator Online calculators can estimate monthly payments based on the loan amount, how long it will last, and the interest rate. The payments on a personal loan start right away. Calculating EMI helps students to check their loan affordability and monthly payments. 4. Approach Lender Students can apply for a personal loan after choosing a lender and an amount. Anyone can do this online or at a lender’s branch. Before applying for one, find out everything about a personal loan, including the terms and limits. Also, get all the important papers and information ready. What Should One Consider When Getting a Student Personal Loan? 1. Interest Rate Personal loans have the highest interest rates, anywhere from 12 to 28 % per year (p.a.). On the other hand, the APR for a student loan is between 6% and 13% per year. If the applicants have a good credit history, they should use this when negotiating with the bank for a lower interest rate. 2. Collateral Most importantly, students don’t have to put up any assets as security for a personal loan like a Loan against property. 3. Fee to process Students must pay a fee when applying for a loan at a bank or other financial institution. This fee can be anywhere from 1% to 3% of the total loan amount, just like the processing fee on a student loan. 4. Pre-payment Charges Remember that most banks and financial institutions will charge a fee if anyone wants to pay off their personal loan in full or in part. The fees range from 2% to 5%, which can add up to a lot. How to Get a Personal Loan for Students? The easiest and fastest way to get a personal loan for students is to do it online. To get a personal loan online, do the following: Go to the lender’s official website Choose a Personal Loan from the list of loans. Select “Apply Now” Fill in the information and send the form. The lender will look over the information, and the applicant will get a call or text message. Applicants will have to upload the documents the lender needs or ask for them to be picked up. Once the approval is granted, the lender will immediately put the money into the bank account. Existing customers may apply using online banking, making the procedure quicker and simpler. [B-02] Conclusion A student personal loan is the best way to pay for college because students don’t have to have a steady income, and the interest rates are reasonable. Parents or legal guardians must be the primary applicant if anyone is under 18 and doesn’t work. They can get a loan depending on their credit history and income. Personal loans are an alternative to educational loans if anyone needs money for the required school loan contribution or can’t get an educational loan. 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

The Fees Associated With A Personal Loan Must Be Taken Into Account

Are you looking forward to getting a personal loan? Before you do so, here’s what you need to know. A personal loan is an instant way of availing yourself of funds to fulfil your financial needs. Personal loans are easily available today and require minimal documentation but no collateral. However, some additional charges associated with the personal loan must be taken into account to avoid any future surprises from extra expenses. Read on about these personal loan charges in detail to save yourself from any future disappointments. [B-01] Personal loan fees and charges Consider the following personal loan charges before applying for a personal loan: Processing Fee: A processing fee for a personal loan is an amount that the bank charges while processing a personal loan. The fee generally covers the administration costs of the application process. The processing fee for a personal loan varies from bank to bank. A borrower can choose two ways to pay the processing fee for a personal loan: Paying the processing fee right away during the application process. Having the processing fee subtracted from the loan amount at the time of disbursal of the loan. Default Charges: The banks allow you to repay the loan amount through equated monthly instalments (EMIs). A default penalty is charged if you fail to pay the EMI amount on the default date of the month. Prepayment Charges and Foreclosure Charges: The banks earn money through the loan interest you pay. In some cases, the borrower may repay the amount before the stipulated tenure, which may incur a loss to the bank. The banks apply prepayment or foreclosure personal loan charges to recover this loss. Part-payment Charges: The banks give you the option of making partial payments on the loan amount. You can make a part-payment (an amount greater than EMI) after a specified number of instalments have been paid in full by the borrower to the bank. The advantage of doing so is that it reduces the EMI and interest amount. However, when you make the partial payment, the bank bears the loss of reduced interest. That’s why the banks apply part-payment charges to the borrower. Duplicate Statement Charges: You can ask your bank for a duplicate statement of your payment schedule if you need one or if you ever lose track of the total amount of your outstanding loan debt. If you pay a small fee called “duplicate statement charges” to your bank, you can get these details. Verification Charges: The banks hire a third party (an agent). The agent verifies the credentials of the applicant and assesses the repayment capacity. An applicant bears this extra charge of the application process as a “verification charge.” Goods and Services Tax: A small fee called Goods and Services Tax, or GST, must be paid by the person who wants to borrow money during the loan approval process or while paying back the loan. Loan Cancellation Charges: A loan amount may be cancelled by certain applicants after it has been approved or disbursed. The applicant must pay a loan cancellation charge, which varies from bank to bank. Change of Loan Repayment Mode: You will have to bear a processing fee for a personal loan if you want to change the mode of repayment, for instance, from EMIs to lump-sum repayment (amount). Other charges: Some additional personal loan charges may include legal charges, statutory charges, stamp duty, documentation charges, bounced cheque charges, etc. These charges vary from bank to bank. Personal Loan Fees and Charges At Piramal Finance Schedule of Fees & Other ChargesDetailsProcessing Fees.Up to 4 % of the Loan amount + applicable taxes (payable before disbursement of Loan).Default Interest.2% p.m. on default of PEMII/EMI from the date of default till the date of actual payment. Documentation Charges.Up to 0.5% of loan amount + applicable taxes repayment.Prepayment charges.Up to 5% of the Principal amount + applicable taxes.Part Payment Charges.Up to 5% of the Principal amount + applicable taxes.Cheque Bounce Charges.Rs. 500/- + applicable taxes.Collection pickup charges.Rs. 250 per visit + applicable taxes.Any Legal costs/charges.At actuals + applicable takes.Recovery-related charges.At actuals + applicable taxes.Stamp duty charges.At actuals + applicable taxes.Statutory Charges.At actuals + applicable taxes.Loan Repayment Schedule (only applicable for a physical copy of the statement). 500/- + applicable taxes.Change of Loan repayment mode.500/- + applicable taxes.Duplicate No due Certificate issuance charges (only applicable for a physical copy of statement).500/- + applicable taxes.Statement of Account (only suitable for a physical copy of the statement).500/- + applicable taxes.Cash collection charges.1% of collection amount of Rs.50000 and above in cash + applicable GST. Personal loan charges FAQs Q1. Should I pay the loan application fee upfront? Never pay a loan application fee upfront. A licenced lender will never demand an upfront payment from a borrower. Q2. Is it possible to make partial payments on personal loans? Yes, partial payments are accepted for some personal loans. It is only permitted once a specified number of instalments have been paid in full by the borrower and come with apart-payment charges Q3. Can failure in loan repayment impact my credit score? Yes, failure to repay a personal loan will lower credit scores and limit one’s future access to credit. [B-02] In conclusion The best way to meet your financial needs is with a personal loan. But if you or someone you know wants to get a personal loan, you need to be aware of a few personal loan charges that ease your journey right from the application process to the repayment period. The processing fee for a personal loan is the administration cost charged by the banks during your application process. Beware of the extra personal loan charges that may bring future surprises if not known initially. Piramal Finance gives you access to a hassle-free personal loan by disclosing all the personal loan charges at the time of the application process. Apply for a personal loan, or call 1800 266 644 to learn more.
08-11-2023
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Personal Loan

Personal Loan In Srikakulam – Check Eligibility & Apply Online

Srikakulam is a big city located in Andhra Pradesh in south India. It is a major tourist hub and a centre of culture that offers great job prospects for the residents. If you are living in Srikakulam, you might need money to take care of any urgent tasks. Now you need not use your savings to meet your urgent needs, as a personal loan in Srikakulam will help you with your requirements. You can opt for a personal loan in Srikakulam from a bank or NBFC at low-interest rates. There is no need for security to apply, and you can use the money for any purpose. The process for a personal loan in Srikakulam is very simple, and you can easily finish the steps in a few minutes. If your profile meets the rules laid out by the lender, you can get the money in your account in a few hours. Read on to know more about the eligibility for a personal loan in Srikakulam and how to apply for this facility. [B-01] Check Eligibility for Personal Loan in Srikakulam Be it a bank or an NBFC, every lender has a given set of rules to decide if a profile is eligible for a personal loan in Srikakulam or not. Before you apply for this loan, you also need to check if you can get a personal loan in Srikakulam. Here are the vital aspects that you must note: Location: To be eligible for a personal loan in Srikakulam, you must live within city limits. Most banks or NBFCs will not offer a loan if you reside in a rural area. Credit Score: Your CIBIL score must be more than 750 when you apply for a personal loan in Srikakulam. Some lenders may also accept a lower CIBIL score of 700+, but you must confirm it first. Salary: To get a loan from a bank or NBFC, you must get a salary every month. Most lenders need you to have a salary of at least Rs. 25,000 for a personal loan in Srikakulam. Age: When you apply for a loan, your age cannot be less than 21 years old or more than 60 years old. Work experience: You must have work experience of at least one year to get a loan from a bank or NBFC. Out of this, the last six months must be with the same employer. Employer: Your employer must be a private or public company. Employees of a local, state, or central body can also apply. Nationality: You must be an Indian national with proof of citizenship. Documents: You should have the originals of all the documents that the lender needs. This will include KYC proof, income proof, ID proof, and others. Interest on a Personal Loan in Srikakulam If you meet the rules of the banks or NBFCs, they will offer you a personal loan in Srikakulam. But before you accept an offer, you must learn about the interest rate on the loan. The rate of interest will have a direct impact on your EMIs and the overall cost of the loan. Different lenders will charge varying interest rates. Hence, you need to compare various loan offers to select the one with the best interest rates. Here are some tips to help you get the best interest rates on a personal loan in Srikakulam: Improve Your Credit Score: Your CIBIL score will directly impact the interest rate for a personal loan in Srikakulam. To boost your CIBIL, you must close all your loans and clear your credit card bills before you apply for a loan. This will help you get the best offers for your loan. Pay EMIs on Time: If you cannot close your loans or credit cards, you must have a track record of paying all your EMIs on time. This will also help boost your CIBIL score and get you the best offers. Negotiate: If you have an old relationship with the lender, you can negotiate with them to get the best deal. Even a 0.25% lower interest rate can lower your EMIs and reduce the loan cost. Compare: During certain times of the year, many lenders offer great deals on personal loans. It would be best if you then compared all the offers for a personal loan in Srikakulam to find the lender who offers the best interest rates. How to Apply Online for a Personal Loan in Srikakulam After checking your eligibility for a personal loan in Srikakulam, you can apply for a personal loan online with the help of the steps shared here: Go to the website or app of a good lender that offers a personal loan in Srikakulam. Now, click on the link for personal loans, and a new page will open on the screen. You will need to enter some crucial details to process your loan. Most lenders ask for details like your name, age, salary, work history, loan amount, duration, and other information. You may also need to upload scanned copies of some docs to verify your details. Verify the details once again, and then click on the submit button. The lender will receive your profile details and check to see if you are eligible for a personal loan. If some details are not there, a representative will contact you and ask for the information or documents you must provide. The result of your loan application will be shared via SMS or email. If approved, the loan amount will be sent to your bank account within a few hours after you confirm. You must now pay your EMIs monthly to repay the loan within the given period. [B-02] Conclusion You can get a personal loan in Srikakulam for tasks like a holiday, higher studies, medical care, etc. To keep the EMIs low, you must select the best lender. Piramal Finance is a famous name in the sector, as they offer the best deals on such loans. Get in touch with them to take advantage of the best offers.
08-11-2023
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