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Personal Loan

Personal Loan In Sonepat – Check Eligibility And Apply Online

Want to apply for a personal loan in Sonepat? Want to pay off your debts, buy a house, enjoy a family tour abroad, or arrange a grand wedding? Are you looking forward to learning more about personal loans and the way the system works? Then, this article is what you need to read as you come to learn more about personal loans, how to apply for them online, and what the minimum eligibility criteria are. A personal loan is a form of unsecured loan that you borrow from a lender and pay at a slightly higher interest rate in the form of monthly instalments. A personal loan, unlike other types of loans, does not require any type of collateral or security. It allows you to fulfil your dreams, and at the same time, you can pay off the debt in equitably spaced instalments eventually. [B-01] Where Should You Apply For A Personal Loan In Sonepat? Banks Banks are the preferred option if you are looking for a personal loan in Sonepat. Banks charge you a low rate of interest and divide your whole borrowed money into smaller parts so that you can pay them without worrying. Banks also give you a reasonable amount of time to pay off your debts, which is about 60 months. Private sources A private financier or a corporate bank can also provide you with a personal loan in Sonepat. The difference is that most of them charge a higher rate of interest than what banks would provide. Since there are no strict guidelines, they might have some “hidden interest” included with the interest, which you are not likely to notice. If you feel like going with a private lender, check their rating to make sure that your funds are secure. Sonepat is one of the biggest cities in Haryana and has a lot of economic activity going on. With its proximity to Delhi, it gets a lot of raw materials for its production of goods like bicycles. It has also made significant growth in the industrial sector. Benefits Of Applying For A Personal Loan In Sonepat? The benefits of applying for an instant personal loan in Sonepat include the following: You get quick approval on your loan, and if you have a good credit score, you will have your work done within 24 hours. A low rate of interest is another benefit of applying for a personal loan in Sonepat. Banks often charge you a decent interest rate so that you can pay it back comfortably. Most banks allow you to borrow up to Rs 35–40 lakhs as a loan amount, which is a huge advantage. You don’t have to worry about the paperwork because it is minimal in nature and doesn’t cost you a day. There is high flexibility in the period in which you have to repay the loan. The majority of it is spread out over 5 years in small instalments. Eligibility Criteria to Apply for a Personal Loan in Sonepat Age limit: You must be between 21 and 65 years old to be able to apply for a personal loan in Sonepat. This might vary from one bank to another and also depends on the credentials of the individual. Income: A person with a salary must be earning at least Rs 25,000 per month to be eligible to apply for a personal loan in Sonepat. A person who has a business should be generating Rs 5,00,000 per year to go for it. Work experience: If you happen to be a salaried individual, you must have work experience of about 1 to 3 years. If you are self-employed, your work experience must be between 2 and 4 years to get a personal loan. Credit score: Though not important for all banks, a credit score of 750 or more will help you get a personal loan in Sonepat. It will also help you settle at a lower interest rate. How To Apply For A Personal Loan In Sonepat Online Here are the simple steps you need to follow to apply for a personal loan in Sonepat: Visit the application page of the bank from which you want to get a personal loan in Sonepat. Enter your 10-digit mobile number, then the one-time password (OTP) that is sent to your number to confirm. Now, enter your basic details, like your name, date of birth, address, PAN card, etc., in the requisite bar. Now, enter the type of loan you prefer, the amount of loan you want to take, and the number of years that you will take to repay the amount. Now, upload all your documents, like your KYC details, bank statements, IT returns, credit history, etc. Now, verify all your documents to make sure that you have not missed anything, and finally submit. [B-02] Summing up A personal loan is not only a way of meeting a host of urgent needs but also enables you to fulfil your dreams, for which you have been collecting funds and resources over an extended period of time. You can easily apply for a personal loan in Sonepat from the comfort of your own home. You should also be careful not to miss anything important and contact your bank officials and advisor to clarify any doubts that you might have. Piramal Finance has a lot of engaging articles, blogs, and write-ups on similar topics. Make sure you check them out to learn more about personal loans, SIPs, mutual funds, etc.
08-11-2023
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Personal Loan

Top-up Loans vs Personal Loans

When people are in a financial bind, they start thinking about how to get cash quickly. But people can’t always borrow money from friends and other people they know. A few of the most common types of formal credit are personal loans, loans against collateral, top-up loans, and other forms of secured credit. People can get a fast loan as a top-up or a personal loan. Anyone can apply if they have a steady source of income and a good credit history and score. Let’s look at the differences between these two kinds of credit so people can make smart choices. [B-01] What is a Top-Up Loan? A top-up loan is an extra amount of money added to an existing home loan. This option is available to people with a home loan from a bank or other financial institution. It is an extra service that some banks offer to customers who have paid back their loans on time for a certain period. People who use a top-up loan don’t have to pay processing fees. These top-up loans are a great way to get around any financial problems, no matter why they are needed. Top-Up Loan Eligibility The criteria to get a top-up loan are the same as those for a home loan: The applicant’s bank statement for the past year shouldn’t show more than one EMI bounce. If a payment for an EMI bounces, the full amount must be paid by the next payment date. Home loan EMIs must be paid in full for at least six months. General criteria To apply, individuals must be at least 21 and no more than 65. Applicant must be a resident of India. Applicants must have a good CIBIL/credit score. It indicates that they are a better credit risk and will have to pay back less. Characteristics of Top-up Loans Loan Amount: The top-up loans depend on how much the old loan is worth. Typically, the top-up value is capped at a certain proportion of the existing loan. Approval may also depend on other things, like how much money the person makes. Instant Payout: The process of top-up loans is quick and easy. There isn’t much paperwork to fill out, and people get the money right away. No Security Required: The benefit of a top-up loan does not need any collateral. Applying for such a large extra top-up loan does not require security. Low-interest rates: A top-up loan’s interest rate might be the same or slightly greater than the original loan’s rate. This varies from lender to lender. Simple and quick: People can get this loan online. They can apply for it from their homes or offices, and the money is sent to them quickly and without any extra steps. What is 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 get personal loans based on their income, credit score, CIBIL score, etc. Personal loans usually have higher interest rates because they aren’t backed by security. Personal Loan Eligibility The criteria for getting a personal loan in India differ for each person: One must have a good CIBIL score over 700. To live in a city, the person must have a monthly income of at least INR 25,000. The person has to be between 21 and 60 years old. To get a personal loan, the person must have worked for at least three years before. Characteristics of Personal Loans Flexibility: Personal loans give people freedom. Unlike loans for cars or homes, this loan can be used for anything. So, anyone can borrow money for different needs. It’s a simple way to fix someone’s money problem right away. Fast approval: Pre-approval moves quickly. To get a fast personal loan, people have to be eligible. Having a good credit score is helpful. Depending on the lender, the loan usually takes 24–72 hours to be paid out. It’s great for difficult times. Existing bank customers may be able to get quick approval online. Little paperwork: Personal loans need little paperwork. This makes it faster. If anyone needs help, the customer service department can help. Loan agents can help people with paperwork. No collateral needed: Personal loans need no collateral. People’s money is in good hands. Personal loans with no collateral are the best way to get cash quickly. Tax breaks: When people take a personal loan to build or fix up their home, they may get a tax break. Section 24B lets them get a benefit of Rs 2 lakh. People must track how much money they use for the above things. Top-up Loans vs Personal Loans FactorsTop-up LoansPersonal LoansTypeTop-up loans are secured loans. People can get these loans from home loan providers.Personal loans are unsecured loans. Anyone can get it from any bank or non-bank financial company (NBFC).Ease of getting a loanBanks only give top-up loans to those with previous home loans.People can take this loan anytime from any bank & financial firm.CollateralNeededNot neededTenureA top-up loan‘s tenure is up to 30 years or existing home loans.Most personal loans are available for 1 to 5 years.Processing feeDepending on the relationship with the bank, people can get a free processing fee. Sometimes, it could be up to 1% of the loan’s principal.Processing fees can be free or range from 0.5% to 1% of the loan balance.Loan amount30% of the original loanUp to 75 lakhsDocumentationNo extra paperwork KYC documentation, credit history, income proof.ApprovalsChecks and figuring out the risks may take some time.Easy and fast approvalsForeclosure chargesNo foreclosure chargeForeclosure charge up to 5%UsagePeople can use a top-up loan for anything from home repairs and additions to paying for their kid’s college tuition and other personal expenses. People can’t use the extra money from the loan to gamble.Personal loans can be used for many things, like making improvements, travelling, getting an education, or even getting medical care in an emergency.A personal loan can be very helpful when investing in a business, fixing or replacing a car, saving for a down payment on a house, etc. [B-02] Conclusion Choosing between a top-up and a personal loan can be challenging. People choose based on the lender they go through and the terms offered by top-up and personal loan providers. The interest rate for both types of loans varies, depending on the lender. The loan size, current income, and credit history may influence top-up loan eligibility as well as personal loans. 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

Smart Reasons to Take a Personal Loan This Ganesh Festival

Ganesh Utsav is one of India’s most highly observed festivals. Since it marks a fresh start, many families use this time of year to work toward new aims. Indians across the nation start making plans such as setting up a company, going on vacation or holding a wedding. A quick and easy personal loan is a good financial choice for such expenses. Personal loans ease lending by offering fast access to cash, flexible repayment plans and online applications. Those who qualify for low-interest personal loans may be able to save money on other expenses. Read on to find out why it is a good idea to apply for a personal loan during Ganesh Chaturthi. [B-01] What Exactly is a Personal Loan? Personal loans are flexible loans that may be used to support various needs. A loan might be used to buy new items for the house or to finance a trip. It is a loan with no collateral and no security requirements. People are given loans based on their monthly salary and other qualifying factors. If someone is granted a loan, the cash will be sent as a lump sum into their bank account. Based on the lender, the payment might take around 24 hours or a few weeks. As soon as the loan is issued, people must begin planning their monthly repayment instalments. Most loans have set interest rates. That means the payments will remain steady month after month. Personal loans often are unsecured loans, which means there is no security behind the debt. Some people may have to utilise other assets, including a savings account, to be accepted. People can also ask a friend or relative to co-sign on the festive loan to increase their chances of approval. Personal Loan Advantages Collateral-Free One of the biggest advantages of personal loans is that they do not need collateral or security. As a result, people are not required to pledge their assets to get a loan. Because of this, festive loans are good for all sorts of borrowers, even those with few assets. Easy Accessibility Various banks and NBFCs offer personal loans. Since people have the option of applying online, that makes getting cash faster and more simple. As a result, people can get a loan during the festivities, when they may need it the most. Affordable and Flexible Repayments The interest rates for loans are fair. Also, banks offer repayment terms of up to 60 months or more. This makes repaying the debt easy for many people, who also have the option of selecting the term with the lowest EMIs. Less Paperwork Personal loans have reduced qualifying rules, making the loan open to more people. When it comes to paperwork, the bare minimum is required to apply for a personal loan. Both of these variables result in speedy loan approvals. Multi-Purpose Use Personal loans are versatile loans. People can use a festive loan to meet any monetary need they have. The loan amount is not restricted for use to one particular thing. This means people can use the money for any of their immediate needs. Reasons to Take a Personal Loan Access Money Without Putting Assets at Risk A personal loan is an unsecured loan in which people do not have to pledge any assets to get money. This allows people to meet their demands without giving anything up. Lenders will assess the borrower’s work status, salary and CIBIL score before issuing a loan. Obtain a High-Value Approval for Any Activity People have extra expenses during the festive season, including the Ganesh festival. This is why lenders provide high-value loans of up to Rs. 20 to 25 lakhs. This amount is generally suitable to cover any large expenses people may have. Lenders also process festive loan requests in minutes and sanction the loan within 24 hours after approval. This makes it easy to deal with sudden expenses. Take Advantage of Low-Interest Personal Loans Taking a personal loan during the Ganesh festival is a smart way to save money since most lenders provide seasonal discounts on loans. This way, people can select the finest low-interest loans. People may then use the money they save to fulfil other obligations. Choose EMIs with a Variable Tenor That is Cheap For paid workers, monetary firms usually provide a flexible payback time on a loan. People can pick a tenure ranging from 12 to 60 months. This allows them plenty of time to verify that the monthly payments are within their budget. People can better manage their money if they calculate their EMIs in advance using a personal loan EMI calculator. Borrow with Confidence Online or via a Pre-Approved Offer People no longer have to wait in line or fill out extensive paperwork at a bank branch. They can obtain personal loans online from the convenience of their own home. A personal loan can be issued by completing an online form and providing the required documents. Also, people can get substantial loans by asking their bank for a pre-approved offer. These packages include low interest rates and other perks. They have simpler and speedier application and approval processes. [B-02] Conclusion During the Ganesh festival, there are many festive loan offers to help people meet their festival-related needs. People can easily apply for a personal loan online which is hassle-free and does not require as much paperwork as applying for a personal loan at a bank branch. During festivals, unexpected expenses come up. A personal loan is a great way to meet these expenses with quick and easy cash into your account. For more information on festive loans, visit the Piramal Finance website and explore more blogs like this which can help you with information and guidance on personal loans and other financial services.
08-11-2023
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Personal Loan

Personal Loan In Pune – Talegaon – Check Eligibility And Apply Online

Banks offer several credit options, like credit cards, mortgages, home loans, automobile loans, etc., to their account holders during these unprecedented times of huge monetary requirements. Out of a multitude of alternatives available for managing finances, one of the simplest is a personal loan. These loans can facilitate your big purchases that might not be possible with your monthly income. If you are looking for a personal loan in Pune, you have several bank options, like HDFC, ICICI, SBI, and others, that offer you the loan. Generally, personal loans are available in Pune at an interest rate that ranges from 10% to 15% p.a. Although it might seem like an easy option to get adequate funds, it is important to comprehensively understand the concept of personal loans before applying for them. This article will shed light on crucial details of Personal Loan in Pune – Talegaon, that will help you make the best decision. [B-01] What is a personal loan? A personal loan is an amount of money that you can borrow from a bank or credit union. In most cases, this loan is unsecured, i.e., it does not require any collateral. On the contrary, it is lent based on your credit score, debt-to-income ratio, free cash flow, etc. A personal loan can be used for several purposes, like buying a high-priced home appliance, paying for your education, or simply repaying existing loans. A personal loan must be repaid in fixed monthly instalments. The average interest rate for personal loans in Pune ranges from 10% p.a. to 28% p.a. for a loan amount of Rs. 0.50 lakh to Rs. 5 lakh. Personal Loan in Pune – Talegaon – Eligibility Criteria To qualify for a personal loan in Pune – Talegaon, one must fulfil the eligibility criteria listed below. Personal Loan in Pune – Talegaon: Eligibility for Salaried People The loan seeker should be a citizen of India. They should have a CIBIL score of 750 or higher to get the loan amount. To get a personal loan in Pune, you need to make at least Rs. 17,000 per month. Should be employed by a public or private company or an MNC. Should have 1–2 years of working experience. The loan seeker should be between 23 and 58 years old. Personal Loan in Pune – Talegaon: Eligibility for Self-Employed Business Owners and Professionals The loan seeker should be a citizen of India. Should have a CIBIL score of 750 or higher. To apply for a personal loan in Pune, a business owner or professional should have a yearly income of Rs. 300,000. Should have three years of working experience. The loan seeker should be between 23 and 58 years old. Note: The eligibility criteria can differ depending on the loan provider. Documentation required for a Personal Loan in Pune It is indispensable to have proper documentation if you are looking forward to applying for a personal loan in Pune – Talegaon. Essential documents for a personal loan include: A duly filled application form Aadhar, Pan Card, Driving License, and Passport are examples of identity cards Address proof Age proof ITR statement for the past 3 years Bank account statements for the last 6 months Salary slips for the last 3 months Note: Additional documents might be required, depending on your application and the loan provider. How to find the best personal loan in Pune? Getting a personal loan continues to become easier day by day. However, finding the best personal loan in Pune still requires research. Here are a few things that you should keep in mind: Compare Interest Rates: Several banks offer personal loans. Consequently, there is competition for interest rates. Before submitting a formal application with any bank, you should compare and contrast what different banks provide. Consult a few lenders if you wish, so that they can assist you better. Finally, choose the one that offers you the lowest interest rate. No Fees Are Charged: Some lenders charge fees that can add to the amount of your loan. Before making an application, you must ensure that any such fees, like late payment fees, prepayment fees, or insufficient funds fees, are not charged by your lenders. Hidden fee amounts increase your repayment amount. So, don’t forget to ask about the payments that are included to avoid confusion and extra work in the future. Duration of Funds Transfer: Before applying for a personal loan in Pune with any bank, you must also consider the time it takes to transfer funds. The duration of fund transfers differs from lender to lender. While some lenders initiate the transfer on the same day, others require up to 10 working days. Consequently, you must consider the urgency of your financial requirement before submitting your application. Customer Experience: When taking financial help from a bank, you might face several complexities. From submitting your documents to the repayment of the loan, customer experience plays an indispensable role. For example, you don’t want to get stuck with a bank with lethargic operations. When looking for services, you should make sure the bank you choose has good customer service and makes it easy for you to get a personal loan in Pune. [B-02] Conclusion A personal loan can help you meet your financial requirements. Personal loans in Pune are available at an average interest rate ranging from 10% to 28% p.a. of interest rate, depending on the borrower’s CIBIL score. People with excellent scores can get personal loans at lower interest rates than those with mediocre or poor scores. Before applying for a personal loan, one must deeply understand the bank’s eligibility criteria. Furthermore, other crucial aspects should be considered when getting a personal loan in Pune – Talegaon, like the interest rates, types of fees included, customer services, and the time the bank takes to transfer the loan amount. Visit the Piramal Finance website to apply online for a personal loan in Pune – Talegaon.
08-11-2023
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Personal Loan

Unsecured Loans: Understanding Its Types and Benefits

There are two different types of loans. The first one is the secured loan, which is the most dominant type because most creditors and lenders offer secured loans. From the name, you can easily understand that you have to give something as collateral or a guarantee. If you cannot repay the debt, the creditor will have sole discretion to liquidate the asset. Therefore, they can get the repayment back. The second one is an unsecured loan that doesn’t ask for any collateral. It doesn’t matter what your credit score is or the documents you submit. The approval chances of an unsecured loan depend on your income, credit history, CIBIL score, consistent income flow, IT returns, and so on. The better these documents are, the better the chances are of getting the unsecured loan approved. However, before applying for such a credit type, it is better to know everything about unsecured loans. [B-01] What are the different types of unsecured loans? There are different types of unsecured loans. One has to understand the classifications of this credit type to decide which one to go for. Keeping this in mind, we have shared some details about the common unsecured loan types prevalent in the finance market. A revolving loan contains a specific credit limit that defines the maximum amount one can withdraw at a time. Usually, the credit repayment duration varies between a month and six months. But you can negotiate with the creditor to customise the plan. You can even change the repayment duration according to your convenience. A term loan is a kind of unsecured personal loan without any security. Here, you get a lump sum of capital, and you need to repay the amount with the principal in the form of fixed instalments. Payments must be made every month until the term ends. A consolidation loan helps repay the debt or any other unsecured loan you previously took. A wedding loan helps manage the budget for a wedding. It is almost like a personal loan, but here, the purpose gets specified as a wedding. An educational loan is one of the best examples of unsecured loans. A student can take credit from a bank or any other public creditor to complete his or her education. Once the student gets a job, he can repay the loan quickly. Usually, engineers can claim an education loan. What are the benefits of choosing an unsecured loan? A secured loan is quite feasible, as you can claim a higher principal amount with a lower interest rate without worrying about your credit score or the documentation. However, if you miss or delay the payment, the bank or the creditor will send notifications about using the collateral. Therefore, getting an unsecured loan sound much better than a secured loan. However, before you make any decision, understanding the full scope of benefits will help you. This way, you can ensure your choice is correct for the present and future. Keeping this in mind, we have listed some of the significant benefits of getting an unsecured loan. 7 benefits of an unsecured loan for a borrower The first and foremost benefit of an unsecured loan is that you won’t have to give anything as collateral. So, even if you don’t make your monthly payments on time, the creditor can’t take away your most valuable item. A good credit score is fundamental to getting unsecured loans. But you don’t have to wait until you can provide proof of having an item that matches the valuation of the loan. This is because no creditor will give you a secured loan without an asset valuation almost equivalent to the credit. If you do not have a good credit score, you can quickly partner up with any professional who will help you understand the ways to improve the number. Besides, managing all the debts on time and limiting credit expenses will also help a lot. These things will automatically raise your credit score and give you the best chance of getting a personal loan. You can change the attributes of an unsecured loan. For instance, the company you work for goes bankrupt without you, as an employee, having any knowledge of it. If you relay the information to the creditor, you may not have to give a high-interest rate for long. Also, the unsecured loan will help with tax exemption according to Section 80C of the Indian Penal Code. Once you submit all the documents during taxation, you can get a maximum exemption and save a lot of money. The documentation process associated with unsecured loans is relatively hassle-free. This is because most creditors want to see the income proof and the credit report. You don’t have to provide a legal valuation for any asset or complete details about the asset, such as the purchase bill or the title change certificate. Anyone can apply for an unsecured loan without following the rules and regulations put in place for secured loans. When you turn 18, you can opt for a personal loan, provided your guardian can repay the loan. [B-02] Conclusion In this article, we have explained the five most commonly chosen types of unsecured loans and their benefits. Based on this, you can decide if you want a credit type that requires no collateral, a high credit score, and income proof. If not, get secured credit, and for that, be ready to risk your asset. Before making any decision, you can consult an expert and understand the differences between secured and unsecured loans in detail. After all, you have to repay the credit. If not, either the credit charges a higher interest rate or forfeits the collateral. So, consult the experts at Piramal Finance and know the full benefits and scope of unsecured loans, as well as the risks.
08-11-2023
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Personal Loan

Personal Loans: Tips To Increase Your Chances Of Approval

There are times when you need money fast, but not from your usual source. In such circumstances, you may be looking for a quick loan from your bank or any lending institution. For instance, if your home got damaged and needs extensive repairs which require a lot of money, then borrowing it for your home repair is the best answer. When it comes to personal loans, they come as the best solution to your financial woes. They may not be reliable in the long run, but they do have their upsides. In this article, we will discuss some things that you need to keep in mind while applying for personal loans so that they get approved easily without any hassles. [B-01] Find the lender’s eligibility criteria There are many types of loans that provide you access to funds, but the lender’s eligibility criteria are critical. If you don’t meet the requirements, it may be impossible for you to get a loan. As a rule of thumb, it’s best to apply for a loan from a financial institution with which you have an established relationship. This will give you more confidence in the lender and will likely result in better service and lower costs. Improve your credit score When it comes to improving your credit score, there are a few things you can do. Keep your balance low and close old accounts. Pay down any debts that you have. Don’t ignore any potential problems that may show up on your credit report. Keep an eye out for signs that someone is impersonating you. Apply for the right amount that you need An important thing to keep in mind is to only apply for a loan amount you can afford. If you know you can comfortably handle the monthly payments and still have money left over, then go ahead and apply for the amount you want. But if you need additional financing, check with your lender to see if there are other options available to help you afford the greater amount. Check your fixed obligation-to-income ratio When you’re ready to apply for a loan, you should check your fixed obligation-to-income ratio. It’s a simple ratio that shows how much of your take-home pay goes toward paying off your debts. This ratio can help you figure out if you can afford to make payments on time and if you’d be better off taking a loan. Mention all your income sources Mention all your income sources to your lender. This is important because it shows that you can afford the financial commitment of a personal loan. You should also list all of the debts you have in order to show that you can manage your current financial obligations. This includes credit card balances, car loans, student loans, and any other loans you might have. Look for pre-payment If you are unable to pay your loan all at once, you can spread out the payments over time, making it easier to handle. This will also save you interest on unnecessary charges. It is important to keep in mind that pre-payment may not always be allowed and that it may increase your interest rate. It is important to do your research before asking for pre-payment, so that you know what’s right for your situation. If you are struggling to make ends meet, ask your lender if there are any programs that can help. There are many resources available to help people who may be struggling financially. Apply with a co-applicant Add a co-applicant or a co-borrower. If you are able to establish a prenuptial agreement, any known person should be listed as a co-applicant. This can be someone who can help you with the loan payments. They can also be someone who will share the responsibility of paying off the loan. If you are willing to work with a co-borrower, then a good approach is to pick someone who has a good credit score and strong financial management skills as well as an existing relationship with the loan officer. Apply for a longer loan tenure When you apply for a new loan, there is an option to choose between a fixed or variable rate. A fixed-rate loan has an interest rate that remains the same throughout the entire tenure of the loan. A variable-rate loan has an interest rate that increases or decreases as market conditions change. A longer loan tenure means you have the opportunity to lock in the lowest rate possible. This can save you money in the long run. To make sure you get the lowest possible rate, consider applying for a longer loan tenure. Avoid applying for multiple loans at a time Multiple loans are a risk that borrowers should avoid. It’s much easier to apply for a single loan than it is to apply for multiple loans. If you apply for two loans at the same time, your credit score will be negatively impacted by the amount of debt you have in your credit report. This could affect your ability to qualify for future loans, including car loans and home loans. Your personal loan would not get approved, and you could still have problems financing an unexpected expense such as repairs or a medical bill. Do not apply for another loan within 6 months of your application With so many factors to consider when looking for a loan, it’s important to start with one loan at a time. By doing this, you’ll be able to ensure that you’re making the right decision based on your situation and credit score rather than jumping from one bad decision to another without taking time to evaluate the options available to you in advance. It is best to have a minimum interval of 6 months between loan applications. [B-02] Conclusion When you apply for a personal loan, there are many factors that lenders take into account. Some of the most important factors include your credit score, your income, and the type of loan so that the lender can determine how much risk they want to take on. The best way to ensure that your personal loan is approved is to make sure that you are taking the right steps, including paying off any debts that you may have as well as making a documented plan to pay off the loan in the future. If you are looking to apply for a personal loan, visit the website of Piramal Finance for one of the best loan options.
08-11-2023
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Personal Loan

Disbursement Of Personal Loans – What You Need To Know

A Personal Loan is the first financing choice for salaried employees. But it is helpful to those with few assets to use as collaterals. Are you thinking of availing of a personal loan? Learn the complete Loan Disbursement Procedure. Here, we discuss the complete personal loan Disbursement Process. It also talks about what you can expect. So, whether you’re in the market for a small or long-term loan, this article will guide you through all! [B-01] What is a Personal Loan? An individual can take a Personal Loan for business or non-business purposes. These are typically unsecured. It means they are not backed by collaterals like a house or a car. Personal loans are also usually instalment loans. You need to repay it monthly over the loan tenure. With a Personal Loan, you can borrow a fixed amount for any purpose. With the repayment option, you can repay the loan amount over time. This is set during loan issuance. This can be as low as six months and as high as 60 months. The period depends on the amount you have borrowed. The interest rates for personal loans are usually lower than credit interest. Hence, these are sought after by people who are budgeting their purchasing goals. What does Loan Disbursement mean? Loan Disbursement is the release of funds from a lender to the borrower. The borrower typically receives the funds in a lump sum, and the loan is said to be “disbursed”. Loans are usually disbursed once the loan agreement has been signed and the borrower has submitted all the required documents. In some cases, the funds may be disbursed before the loan agreement is signed; this is known as ‘Pre-Disbursement’. Once the loan is disbursed, the borrower is required to make repayments or pay EMIs every following month. The borrower must pay monthly EMIs. It’s repayments for the principal amount plus the interest to the lender. If the borrower fails to make a payment on time, he might face penalties. In most countries, loan agreements can be cancelled. Sometimes, the borrower must pay an amount (previously agreed) to compensate the lender for cancelling the loan agreement. Let us now get to the complete process that involves Loan Disbursement. Personal Loan Disbursement Confirmation After the Personal Loan has been disbursed, the bank will send a confirmation letter to the borrower via email or paper copy. The bank will also provide a calendar showing when your payments are due and a table that helps you calculate the principal-to-interest ratio. Mode of Personal Disbursement Loan Once done with the application process, your Loan Disbursement Process usually starts within 24 hours or might take up to a week. Once a bank approves your application, it provides you with a cheque to collect from the branch. You can then take it to your financial institution and deposit it into your account. The loan amount can sometimes be credited to your bank account by the concerned bank in an NEFT transfer. Factors on which the Amount of Personal Loan Disbursement depends Different factors affect the amount of personal loan that gets disbursed, depending on their eligibility. These include income level, location, and other individual preferences. Generally speaking, the more financial assistance you need help with, the higher your monthly payment will be. However, there are a few exceptions to this rule – anyone with good credit scores will likely get lower rates than those with less-favourable ratings. And people in rural areas may receive better terms than those living in major metropolitan areas because lenders can often find borrowers there more easily. There are also several different types of loans available for personal use – direct lending from banks and other financial institutions (i.e., commercial loans), peer-to-peer loans (which can also involve online platforms), refinancing existing debt (including mortgages and car loans), and reverse mortgage borrowing/lending where home equity is tapped as collateral for a loan against it. Personal Loan Repayment Procedure Once you have received the money, you will be able to repay the loan you took out from your bank by the terms of your agreement with them. You can repay the loan either through post-dated cheques or ECS. The option to set up an auto-debit with standing instructions makes the repayment process easier for borrowers. This option allows borrowers to have their repayments automatically deducted from their bank account, reducing the need to remember to make regular payments. The process can be set up so that the total amount paid back each month is predetermined, meaning there is less chance of running out of money if a large sum needs to be repaid quickly. [B-02] Parting Words Opting for a Personal Loan is not always a bad choice. Even for a rookie, it takes some time to learn the tidbits of managing their finance. If you’re looking to budget your big dreams and make that massive purchase for your future, a Personal Loan might be a good option. However, before taking that big leap, it is important to thoroughly learn the Loan Disbursement process thoroughly. Any doubts should be addressed before the process begins. Finally, remember the most important thing before applying for a loan – don’t forget about your financial goals! Also, keep an eye out for eligible offers. After all, debt can ruin lives but also pave the way to new opportunities if managed wisely! Get in touch with the best personal financing provider in India. Piramal Financing provides up to 10 Lakhs of Personal Loans to eligible applicants to help you achieve your dream wishlist!
08-11-2023
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Personal Loan

During This Festive Season, You Can Get a Special Rate on Personal Loans

Various loans and deals are being thrown our way over the festive season. Are they worth it? Do users truly need them? Folks should not be scared to use their wallets over the festive time for gadgets and other goods. And those unique discounts, incentives, and 0% interest loans entice them even more. Should folks accept or reject these ‘benefits’? Banks provide instant personal loans with diverse EMI choices over different periods. Banks also give loans with 0% interest loans & 0% process charge payment systems. [B-01] Advantages of Buying Goods and Services and Getting Loans During Festive Sale Products on Sale: As said before, all offline and online stores provide festive time deals and discounts. Most banks and Non-Banking Financial Companies (NBFCs) reduce processing costs and interest rates. As a result, if buyers have been thinking of buying a high-priced item or getting a large sum loan, now may be the time to do it. Cashback Deals: Many merchants provide rewards on credit and debit card payments. In general, online merchants provide tempting cashback deals on co-branded bank cards. Reduced Interest Rates: Many major banks and NBFCs offer cheaper interest rates on home, automobile, and personal loans. This is due to the strong demand for these loans during festivals when buying costly and vital items is deemed lucky. Banking firms attempt to acquire as much market share as possible by taking benefit of growing needs by offering favourable interest rates. Process Fees are Reduced: Another hardship for debtors is the processing fee, which banks & NBFCs charge all across the festive season. The processing fee might vary from 0.25% – 6% of the personal loan sum based on the kind of loan. Some banks and credit card firms also impose flat process costs that are the same for all users, despite of loan size. If the process fee decrease is large, it might reduce the overall loan outlay. Instant Acceptance: As people want to get products on important days, such as Laxmi Pujan, Padva, and Dussehra, banking firms aim to expedite the loan approval phase. Improves Credit Score: Taking out credit card EMIs & loans and returning them on time can help people enhance their credit scores. Users may utilise it to create their credit profile if they are trying to boost their credit score or develop a credit history and receive great offers on lines of credit. Check the Eligibility for a Personal Loan The first step in asking for an instant 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 individual must be between the ages of 21 and 60. These people must have a monthly salary of at least Rs. 15,000. Individuals are required to be engaged at their present job for at least 6 months. Self-Employed Folks Self-employed folks 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, 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. Folks may raise their CIBIL score by showing a stable lending record, making regular repayments and not overspending. How to Get 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 and most key step is to verify personal loan eligibility. Folks may also use the online qualifying tools given by all major loan banks for this aim. Next, they 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 folks are all set for the personal loan, they should go to the bank’s website, phone them, or go to the local branch. Folks may also get a personal loan online and have it granted quickly. To do so, they must complete the request form and provide the needed paperwork. Folks may easily get loans up to INR. 25 lakhs if their request is approved. [B-02] Final Word Getting an instant personal loan is not a bad idea. It is critical to evaluate how much individuals are saving and to look for any hidden fees. People often buy due to a sale on the goods or an EMI option offered rather than because they need it. Those who buy for joy rather than need do not save money. Folks don’t think of how large the discount or refund is. As a result, it is vital to analyse their desires and needs before taking benefit of festive deals. Instead of spending, this sum might be properly invested in short-to-medium-term monetary assets. 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

Why is a Personal Loan Better Than Borrowing from Friends?

Do folks need quick funds to pay their health bills? Do people have a house loan down payment due this week? Don’t people have enough cash for their son’s wedding? Do folk have to pay their sister’s college fees next month? We have all been in this situation at some point. Getting financial help from family and friends is well-known in Indian culture. Most people believe that taking cash from friends or family is OK if they return it as quickly as possible. Also, it is faster and simpler than getting a personal loan. Yet, they must be aware that money has the power to create or ruin any ties. If people think about it, they will find that asking banking firms and getting a loan offer various perks. This article tells why a personal loan is safer than taking one from friends and family. [B-01] Reasons Why Folks Must Think about Getting a Personal Loan You now have more lending choices A personal loan can be taken from a bank, online lender, credit union, or instant loan platform. This gives people a broad range of choices to select the best one for their needs. They can be sure that many formal lenders are ready to lend them money based on their eligibility. When it comes to lending from family or friends, a person may not know who can assist them financially. Personal loans have well-defined terms & conditions Interest rates, repayment period, & late fees are all fixed conditions and terms of personal loans. It’s a legally binding deal that provides a person with many details about what to intend as they pay off the debt. This makes future planning more accessible. Also, once a person has paid off the loan, they have no duty to the lender. The loan terms may be vague when taking money from a personal link. Lending from friends can strain a relation Lending from friends and family can cause a rift. There are other dangers linked. If a person does not return the debt, their relationship may suffer. It’s also worth noting that people who can’t pay back their friends may have to turn to more costly means of getting money in the long term. Personal loans may assist in the building of a credit history A personal loan might be a terrific method if a person wants to boost their credit. Individuals may build a strong credit history by asking for a loan using a lending app and completing their payments on time. This may enable a person to qualify for lower interest rates on future loans & lines of credit. Taking money from relatives or friends doesn’t offer the same benefits. People are free to utilise the borrowed cash for any task Personal loans may be used for many things, including debt relief, financing an enormous buy, or making home repairs. Personal loans are a flexible choice for folks because of their flexibility. The person is also not mandated to inform the lender where the person intends to spend the taken funds. When borrowing from friends, a person may feel more compelled to inform them of where and how they intend to spend the money. One lender can provide a person with the precise count folk need Asking for an instant personal loan makes more sense if folks need a big chunk of cash. With a personal loan, people know that the bank can provide the precise sum of money they need. Borrowing from friends may result in them being unable or reluctant to lend you a large sum, and a person may find taking from others further complicates their economic situation. People may also ask for an instant personal loan, which allows them to pay interest only on the cash they use, giving it a more effective method to get credit. Eligibility to Apply for a Personal Loan The criteria for getting a personal loan differ for each person: One must have an excellent CIBIL score of over 700. To live in a city, the person must have a monthly income of at least INR 25,000. The person has to be between 21 and 60 years old. To get a personal loan, the person must have worked for at least three years before. Papers Needed to Apply for a Personal Loan While various lenders may request a wide variety of papers during the loan process, the key ones that most of them might ask for from people are given below: Valid Identity Proof Authentic Address Proof Proof of Age: people often do not need to provide distinct proof of age since ID and address verification papers include the date of birth. Form 16 or the most recent payslip or bank account records reflecting the credited wage for those who are salaried For self-employed people, the most recent six-month bank proof for the primary account, IT filings for the last two years, P&L accounts, and balance sheets. The person must complete and submit the loan form for the instant personal loan by the lender and the required papers. On the lender’s website, one may print the form as well. [B-02] Final Word Taking out an instant personal loan from a respected banking firm is a better alternative than taking cash from family and friends. If people need cash quickly, they may use pre-approved personal loans. Different banks and NBFCs give loans at low-interest rates. It is offered with little paperwork. Based on the person, the loan sum might be sent to their bank account in ten minutes to 24 hours. In the absence of a pre-approved offer, a person may apply for a personal loan, which can be paid in 24 hours – 7 days, based on the bank’s loan approval method. It is best to do an extensive study before taking out a loan. Pick the lender prudently, and study the loan contract carefully to prevent future surprises. Piramal Finance has similar blogs for folks to help them get an instant personal loan. Give the blogs a read and check out the other services they offer.
08-11-2023
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