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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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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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