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Personal Loan

Apply Online For Personal Loans In Ahmedabad With Instant Approval

Ahmedabad is one of the world’s ten fastest-growing cities. The city’s strong growth in the IT, real estate, and healthcare sectors has attracted many people. Along with the growth of the city comes the rise in living costs. In the event of a sudden need for finances, a person’s savings, whether they are salaried or self-employed, can run low. An instant personal loan is an easy and convenient way to meet your money needs, both now and in the future. Applying for personal loans in Ahmedabad online helps many people meet their financial obligations with just a few clicks on their smartphone or laptop. [B-01] Who Is Eligible For Personal Loans in Ahmedabad? If a person wants to apply for personal loans in Ahmedabad, these are the eligibility requirements: The minimum age should be 21. The maximum allowed age is 70 years. The applicant must be an Indian citizen or resident. If the applicant’s credit score is 750 or above, they have a better chance of getting a personal loan with a lower interest rate. The applicant can be salaried, self-employed, employed by the public or private sectors, or a member of the staff of the state, federal, or local governments. Documents Needed to Apply for Personal Loans in Ahmedabad These are the following documents that are needed to apply for personal loans: Completed application form Identification documents such as a PAN card, voter’s ID, driving licence, Aadhaar card, passport, or ration card Documents to prove age, such as an Aadhaar card, birth certificate, SSC certificate, voter’s ID, or PAN card Income Tax Form 16 for the last 3 years Last 3 months’ salary slips Bank account statement for around 6 months Uses of personal loans in Ahmedabad A personal loan may be taken out for a variety of reasons, such as medical bills, wedding costs, essential items, vacation costs, or other financial needs. An instant personal loan is a good option for those who need quick access to money without having to wait a long time for their bank to approve the loan. Since the interest rates for personal loans are lower than those of other types of loans, including credit cards, it may help you to apply for personal loans and save money in the long run. Features of Personal Loans in Ahmedabad These are the features of an instant personal loan: Loan amounts between Rs. 25,000 and Rs. 25 lakh A quick and easy online loan application process 1 to 5 years of adaptable loan tenure Interest rates suited to each customer based on their profile Starting interest rate of 10.75% for a personal loan Less documentation is needed Low EMIs Average Annual Salary for Personal Loans in Ahmedabad A monthly income is essential to qualify for a personal loan in Ahmedabad. Your salary per month should be at least Rs. 15,000. The annual salary criteria will vary depending on the bank that is issuing the personal loan. If you are applying for personal loans as a self-employed person, then the annual profit that your company has earned needs to be at least Rs. 1 to 2 lakh. Personal loans are also granted to those who have a low salary at a low rate of interest. Benefits of Personal Loans in Ahmedabad There are multiple benefits to applying for an instant personal loan, including: Used for Various Purposes: A personal loan can be used to meet any kind of financial need. There are no restrictions on how the money can be used. Quick Approval: Personal loans are granted quickly in comparison to home loans or car loans. This is partly because the application process is straightforward and is mostly offered online. No Collateral Needed: Since an instant personal loan is an unsecured loan, no collateral or other security is needed. Less Documentation: Most lenders require only minimal documentation such as address proof, ID proof, income proof, and other documents. To apply for personal loans, less documentation is required, compared to other loans. Relaxed Repayment Terms: Personal loans have easy payback terms of up to 7 years. This gives you the freedom to select the loan tenure that is convenient for you. Complete Online Process: Since the application and processing are done online, more people find it easy and convenient to apply for personal loans in Ahmedabad. All that is required is to go to the bank’s website, complete the online application form, upload all the required documents, and click submit. The funds are transferred to your account within a few minutes or hours. Tenure: For repaying the loan, the tenure can be spread out over a year or more, making it easier to plan your EMI repayments. Assistance: Some banks also have phone or online representatives who can assist you at any point throughout the loan application process. [B-02] Conclusion Personal loans in Ahmedabad are easier to get today than they have ever been in the city’s history. This is mainly because finding out about loans and applying for loans are completely conducted online. Since the process to obtain an instant personal loan is easy, more people find it convenient to apply for personal loan in Ahmedabad online for their various needs. Once the loan is approved, the money is sent to the person within 24 hours or even less. Furthermore, the payment terms are simple for customers to adhere to. Banks and other lending institutions have made it easy to get an instant personal loan. If you need advice on where to apply for a loan, the application process, the documents required, and information on EMIs and other repayment details.
08-11-2023
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Personal Loan

Are Pre-approved Personal Loan Interests Calculated Monthly or Annually?

Are you in urgent need of money and looking for some easy options? Then, pre-approved personal loans can be a great option. Many banks and other financial institutions offer them from time to time. Pre-approved personal loan have annual interest rates. You repay the amount through Equated Monthly Instalments (EMIs). So, if you want to apply for a pre-approved personal loan or know every detail about them, then keep reading. This article will cover every detail about them, along with their interest structure, whether it is monthly or annually. [B-01] What is a pre-approved personal loan? A pre-approved personal loan is almost the same as a personal loan. The difference is that it is an instant loan and is offered to some selected customers only. For pre-approved personal loans, all the initial screening has already been done by the bank, so the rest of the process can be completed very quickly. Benefits of getting a pre-approved personal loan The benefits of getting pre-approved loan offers are various. Here are a few examples: Quick disbursal – In pre-approved personal loans, the disbursal of the amount of the loan is very quick. Sometimes it is done in a couple of hours. Fewer documents – Pre-approved personal loans require very minimal documents. This is because the banks already have your information and it has already been approved. Low-interest rates – The interest rates of pre-approved personal loans are low and competitive. This is because banks offer them to increase the sale of loan products. Negotiation and discounts – As banks offer pre-approved personal loans, they offer many discounts and negotiable terms with them. No security – There is no need for security to get pre-approved for personal loans. The eligibility criteria for getting a pre-approved personal loan As pre-approved personal loans are offered by the banks, they generally set their eligibility criteria. It may slightly differ from one bank to another. Some common eligibility criteria are as follows. Your credit score is very good. It means it is above 700 or 750. You pay your credit card bills on time and do not max them out. You might have taken a loan from the bank and paid it on time without any delay. The bank might have checked your overall credit history and found it creditworthy. The bank might also have checked your income and expense ratio. If your expenses are very low compared to your income, then it is a good sign that the bank might have noticed. Are pre-approved personal loan interest monthly or annually? Pre-approved personal loans come with annual interest rates charged on the principal amount you borrow. You have to repay it through EMIs, which include the principal amount, the interest charged, and other fees if applicable. You have to pay your EMI by the due date every month, or you can choose auto-deduction from your savings account if you have any with the bank. The annual interest rates of pre-approved personal loans at some of the banks are as follows. ICICI Bank10.75% onwardsAxis Bank10.49% onwardsSBI 10.55% onwardsHDFC11% onwardsKotak Mahindra Bank10.99% onwards How to apply for a pre-approved personal loan? To apply for a pre-approved personal loan, you can follow the following steps. Firstly, check if you are eligible for a pre-approved personal loan or not. You can check this by visiting the bank branch or even online. There are eligibility calculations available for pre-approved loans online. If you are eligible, then fill out the application form for the pre-approved personal loan. Apply with all the required documents. Wait while the bank processes your application. In most cases, it only takes a few hours, but it may take a few days too. Finally, you get the loan amount in your account. Though there are various advantages to getting a pre-approved personal loan, you may have to take care of a few things. Let us have a look at them. There is no guarantee of getting a loan if it is pre-approved. So, it is best if you check with the banks directly before making any commitments. Banks offer them to increase their sale of loan products, and on a promotional basis. So they may only be available for a limited time. There may be some extra charges involved. How are pre-approved personal loans different from personal loans? The pre-approved personal loans are different from personal loans in the following aspects. Eligibility – Pre-approved personal loans are for selected customers of the bank only. Whereas anyone can apply for personal loans. Disbursal time – The time taken to disburse the pre-approved personal loans is way less than the time taken for personal loans. Offer period – Pre-approved personal loans are available for a limited period only. Whereas personal loans are available all the time. Documentation – The document requirement for pre-approved personal loans is less than for personal loans. The banks already have your KYC. [B-02] FAQs 1. Should one accept an offer of a pre-approved personal loan? You should consider your financial needs while considering accepting the offer of a pre-approved personal loan. You should not simply accept it because you were given it. 2. How much money can be borrowed through a pre-approved personal loan? There is no fixed amount that you can borrow through a pre-approved personal loan. It depends on various factors like your income, credit score, current expenses, bank policies, etc. 3. For how much time can one borrow money through it? The time for which you can borrow is usually between 12 and 60 months. Pre-approved loans are becoming more common day by day. Their easy accessibility makes people use them more, even if they are not in need. You should be mindful whenever you get an offer or want to take out a loan. If you are unable to repay it, it will have a negative impact on your credit score. We hope that now you are clear about all the information about a pre-approved personal loan and its interest charges. If you need to consult about it or any other financial need, you can contact a good institution like Piramal Finance. We have been in this industry and assisting customers for over 40 years.
08-11-2023
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Personal Loan

Which Bank Should I Apply to if I Want a Personal Loan?

Getting a personal loan can be one of the best ways to take care of some of your most important needs when finances are tight. A personal loan can consolidate debt or pay for large purchases like furniture or appliances that you need right away but that you cannot pay in cash out of your bank account at once. If you’re interested in applying for a personal loan, it helps to do your research and shop around so you can find the right bank and loan terms that will fit your budget and needs. There are many options available in the personal loan market that vary widely in terms of interest rates, repayment periods, and eligibility requirements. With so many different banks and institutions out there, though, it can be difficult to choose which bank offers the best personal loan option for you. Let’s find out! [B-01] SBI In India, personal loans are offered by several banks and NBFCs. The most prominent among them is the State Bank of India (SBI), which offers loans up to Rs 15 lakh. The annual interest rate ranges from 9.6% to 11%. To qualify for a loan, the applicant must have an annual income of not more than Rs 12 lakhs and not more than 60% of the value of the property used as collateral. HDFC Bank HDFC offers a range of personal loans through HDFC Bank Personal Loan. The HDFC Bank Personal Loan is an unsecured, revolving credit facility with multiple features that are tailored to suit your needs. HDFC Bank will offer you an interest rate of 10.75% per year if you earn over INR 50,000. If you earn more than INR 35,000 and up to INR 50,000, it will rise slightly to 11.1–11.10%. Features like flexible tenures, lower interest rates, and free accidental death coverage can be availed with an HDFC Bank Personal Loan. ICICI Bank ICICI is a leading Indian private-sector banking and financial services company. The corporation provides banking, investment, life insurance, and equity research services. For eligible candidates, it offers a rate of 10.75%, whereas corporate employees and top executives can get a rate of 10.99–15.50%. As a result, government employees can expect to pay an interest rate between 11.29 and 13.50 percent. ICICI Bank has over 5400 branches in India and more than 190 branches outside of India in countries such as the US, China, Canada, and the UK. Axis Bank This is another one of the leading banks in India that offers loans at reasonable rates. Axis Bank has been a leading financial services company since 1867, and it’s one of the top ten banks in the world. You can apply for a Personal Loan for up to Rs. 50,000. An approval rate of 40,0000 was achieved with minimal documentation and speedy approval. Personal loan start at 10.25% for 12 to 60 months of tenure. Axis Bank offers a wide range of products and services like wealth management, credit cards, investment banking, and commercial banking. Bajaj Finserv If you’re looking to avail yourself of a personal loan from the bank, there are many options at your disposal. Bajaj Finserv offered personal loans at 13.00% or above for a fixed term. Bajaj Finserv has been in the market for more than two decades and has served more than 10 million customers during this time. Kotak Mahindra Bank Kotak Mahindra bank offers personal loans at the best interest rates, with flexible tenures up to 60 months and the lowest processing fees in the industry. There is no security requirement if you are self-employed. Currently, the interest rate at the bank is only 10.75% per annum for 3 years. If the loan term exceeds three years, the interest rate will rise to 10.85–10.99% per year. Tata Capital Choosing the right lender can help you get a better interest rate and make the process easier. The interest rate at the bank is only 10.75% per annum for 3 years. We’ve put together a list of our top five lenders in India that offer personal loans to help you find one near you. Processing fees for different lenders Lenders can charge processing fees as a percentage of the loan amount or as a flat amount. It can be different from another bank. They also add 18% GST to the processing fee. The processing fees for different banks, HDFC bank has 2.50%+GST ICICI Bank has a minimum of 1999 and a maximum of up to 2.25% + GST SBI has 1.5% + GST Bajaj Finserv has Up to 4% Axis has 0.5% to 2.5% Tips to choose the best bank for a personal loan If you want to know which bank is the best for a personal loan, then there are a few things that you will need to consider. Compare the interest rates and APRs offered by the banks and non-bank financial institutions that offer personal loans. Before you apply for a personal loan, verify that you qualify. Ask about all charges the lender may try to conceal from you. Ensure all required documents are attached to the loan application. When considering a loan, also think about the timeframe for loan approval and disbursal. Ensure the information you provide to the lender is accurate and verified. [B-02] Conclusion In conclusion, you need to compare different banks and consider many factors before applying for a personal loan. You need money but don’t want to resort to taking on high-interest credit card debt. When considering which bank offers the best personal loan option, there are many factors to keep in mind. Your desired interest rate, length of the loan, monthly payment schedule, and credit score can all affect your decision. While other banks may offer better rates at first glance, they may be more expensive in the long run or charge fees that you weren’t aware of until after you signed on the dotted line. So, if you have any quotes about it, please visit our site, Piramal Finance, and don’t hesitate to contact us.
08-11-2023
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Personal Loan

What Are the Best Personal Loan Interest Rates in India?

Personal loans are revolving lines of credit with fixed monthly payments payable over a set period of time decided by the financial institution. It can be three, four, or five years. The personal loan rate of interest will now be calculated by the banking institution depending on the principal amount borrowed. In addition, the lender expresses it as a percentage. The lending rate, commonly known as the “nominal annual percentage rate,” will include any fees and other expenses. [B-01] What is the personal loan interest rate? A consumer can take a personal loan with a fair personal loan rate of interest. Here, we have put together a list of interest rates. Both public and private banks charge these on personal loans to help you choose the best deal. Have a look at the different interest rates of banks in India: CompanyInterest Rate RangeLoan AmountBank of Baroda10.2% to 17.55%50,000 to 20 lakhBank of India9.75% to 14.75%10 lakh to 20 lakhBank of Maharashtra10.20% to 14.7%Up to 20 lakhCentral Bank of India11.75 to 11.95%Up to 15 lakhPunjab National Bank10.8% to 15.85%Up to 20 lakhState Bank of India10.3% to 13.6%24,000 to 30 lakhUCO Bank11.95% to 12.2%Up to 15 lakhAxis Bank12% to 21%Up to 40 LakhBandhan Bank10.25% to 18%50,000 to 25 lakhHDFC Bank11% to 21%50,000 to 40 lakhICICI Bank10.75% to 19%Up to 2.5% The preceding personal loan rate of interest and personal loan information are current as of October 15, 2022. While this information is being kept up to date, personal loan rates of interest and loan terms may have changed since the last time this page was updated. Factors Affecting the Best Personal Loan Rate Let’s take a look at the different factors to keep in mind to get the best personal loan rate of interest. Employment History and Employer Credibility Many lenders will look into your employment record, job stability, residential stability, and other factors. All of this, as well as your ability to repay. It is not needed; however, it is preferred if you work for the government. You might have a better chance of obtaining a cheaper personal loan rate of interest. Multinationals, reputed companies in various sectors with a history of providing stable career options. A good salary can also influence how much interest you are charged. Comparing Personal Loan Rates of Interest and Offers There are numerous aggregator platforms available today to assist you in making an informed decision. Once you’ve determined your eligibility and requirements, you can go to one of the financial websites that compare different lenders offering personal loans. A good relationship should not be underestimated. If you already have a long-standing relationship with your bank or a non-banking financial firm (NBFC), they might be able to tailor a plan to your specific needs. Good Credit Score and Repayment History A good customer must have a credit score of 750 or higher. This increases your chances of earning a better personal loan rate of interest. Making timely payments on any loans you may have helps your credit rating. This will influence the interest rate that is decided for you. Fixed or variable interest loan Fixed-rate loans will have a fixed interest rate that won’t fluctuate over time, as the heading suggests. In comparison to fixed-rate loans, variable-rate loans typically start out with lower personal loan rates of interest. Therefore, it appears that they are superior to a fixed-rate loan. But over time, the personal loan interest rate may vary on the variable interest loan, which may affect your budget. Consequently, it is always wiser to choose fixed-rate loans. You are aware that your personal loan rates won’t go up regardless of the state of the market. Secured or Unsecured Loan The distinguishing characteristic of a loan, whether secured or unsecured, is the latter. A personal loan is obtained using a valuable asset as collateral, such as a car, house, or other items. Secured loans are preferable because they are easier to get and don’t depend much on your credit score. The lender’s risk is negligible in a secured loan. As a result, the rates are lower than for unsecured personal loans. If you choose unsecured personal loans, your credit score must exceed a specific limit. Furthermore, if you fail to repay the unsecured loan, the lender may claim you to recover its losses. Repayment Timeline Longer loan terms are associated with higher interest rates. This is because the lender is exposed to greater risk. Therefore, personal loans with a shorter term are preferable. Because the lender is taking less risk, they have lower interest rates. A lower rate of interest is determined by a number of factors, including the loan’s term, its security status (secured or unsecured), its repayment plan (fixed or variable), your credit score, your repayment history, your stable income, etc. Determine Your Monthly Personal Loan Payments Once you are aware of the interest rate, term, and amount of the lenders, you can calculate the total amount you will pay as EMI. Consider the following scenario: The personal loan calculator says that your EMI will be INR 1833 if you need a personal loan of INR 20,000 with an interest rate of 10% and a term of 12 months to pay it back. Documents Needed Aadhar number connected with mobile number Valid PAN number Proof of identification Proof of residence Income tax return Bank account statement for the last six months Latest salary slip Some banks also require a guarantor Eligibility Salary account with any bank The minimum age is 21–58 years Working for at least one to three years The borrower’s income should be between INR 10,000 and INR 15,000 per month [B-02] Conclusion Banking and NBFC credit remain the heart of India’s small and medium-sized businesses. A business loan allows you to invest in infrastructure, operations, plant, and machinery, helping your small firm grow. Furthermore, company loans can be a reliable source of funding for crucial business activities. Customized business loans are a new type of loan that is tailored to the specific demands of a new-age business or startup. With these loans, your business can grow and get the edge it needs to be successful in today’s market. Piramal Finance is an excellent financing solution for customers looking for low-interest personal loans. Visit Piramal Finance’s website to learn more about its offerings and services.
08-11-2023
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Personal Loan

Find Low-Interest Rate Personal Loans in Kochi & Pay Less EMI with Low-Interest Rate

Kochi is a major city in Kerala. It is home to numerous public and private banks that provide borrowers with personal loans. They provide personal loans at low interest rates with extended repayment periods. A large number of financial institutions in Kerala can help you secure a personal loan. Some of these banks offer interest rates as low as 10.99% and repayment terms as long as five years. With a secure income, Kochi citizens can apply for and receive personal loans to cover their various expenses. Most people often take out personal loans so that they can pay for large, one-time expenses. Weddings, new cars, house improvements, or buying a house are some of them. Personal loans are becoming increasingly common in Cochin since they are easy to obtain. They also have low requirements for qualification. [B-01] Personal loans are often sought by the people of Kochi for the following reasons. Medical bills, house improvements, wedding costs, long-lasting personal items, unexpected trips, and other unforeseen expenses can all be covered with the help of a personal loan. Personal loans are effective as debt consolidation loans. The interest rate on a personal loan is typically lower compared to other forms of debt, like credit cards. This allows the borrower to save money over time. Benefits of Personal Loans in Kochi With personal loans in Kochi, the money can be deposited into your account within a day. A few of the many benefits of applying for a personal loan in Kochi are listed below. Low-Interest Rates Personal loans in Kochi are available at low interest rates. They are manageable for both salaried and self-employed borrowers. Various banks in Kochi offer personal loans to people at very low interest rates. For example, HDFC Bank offers personal loans at 10.75–21.50%, Kotak Mahindra at 10.50–16.99%, and Union Bank at 9.03% interest. No Security Needed You don’t need to put anything down as collateral. This is one of the main benefits of applying for a personal loan in Kochi. Flexible Repayment Terms Personal loan providers in Kochi offer a wide choice of payback terms (12–60 months). This helps borrowers budget their EMIs easily around their actual monthly costs of living. Quick Approval Collateral-free personal loans in Kochi necessitate a few paperwork requirements. Loans are approved instantly for qualified borrowers who match the company’s standards and submit the required documentation. Eligibility Criteria for Personal Loan in Kochi A personal loan at low-interest rates is available in Kochi if the borrower meets the following requirements. A resident of India who can legally enter the country and is at least 21 years old but not older than 58. Salary professionals who have worked for an organisation for a minimum of six months. A professional who chooses to work for himself should have been in business for at least two years. The minimum monthly income required to apply for a personal loan in Kochi is Rs. 20,000. Documents Needed to Get a Personal Loan in Kochi You can easily apply for a personal loan in Kochi. You can either fill out and submit an online application form or visit the bank’s local branch with a copy of your PAN. Personal loan applicants in Kochi, whether salaried or self-employed, are required to submit some documentation. It has a passport photo and the required Know Your Customer (KYC) documents, such as proof of identification, proof of residence, and proof of income. Applicants who work for someone else or are self-employed must show six months of bank statements to prove their income. Finding Personal Loan Interest at a Low Rate When applying for a personal loan, there are a few things to keep in mind to ensure you get the best possible terms. When borrowing money, the interest rate you pay is subject to change according to the financial institution you go with. However, you must evaluate your creditworthiness before applying for a personal loan. If you have a high credit score, you will pay a reduced interest rate, and vice versa. You can get the money you need at a reasonable interest rate if you have a strong credit score. A credit score over 750 will make it much easier to secure a large loan at a cheap interest rate. Consider your financial needs thoroughly before applying for a personal loan. Doing so can save you from taking on unnecessary debt in the form of interest payments. It is important to determine how much money you will need to avoid wasting money on interest. Personal Loan Interest Rates in Cochin 2022 Residents in Cochin can obtain personal loans from several significant public and private sector banks. The top banks in Cochin are listed below with their personal loan interest rates. BankInterest RateHDFC Bank10.5%-21%Kotak Mahindra10.25% onwardsBank of Baroda10.50% – 12.50%Bank of Maharashtra9.45% p.a. -12.80% p.a.Central Bank9.85% p.a. -10.05% p.a.IDBI BankUp to 10.90%Indian Overseas Bank10.50% p.a.State Bank of India9.60% – 15.65%Yes Bank10.99% onwards (Fixed)IDBI BankUp to 10.90%Indian Overseas Bank10.50% p.a. Minimum Salary Needs to avail Personal Loans in Cochin Those seeking personal loans must meet the criteria of the bank. For the bank to evaluate an application, the borrower must be either salaried or self-employed. They must submit proof of income. Employees in Kochi who take personal loans must have a monthly income of at least Rs. 20,000. But, self-employed people need to show that they make at least Rs.1 lakh annually to qualify for a loan. [B-02] Conclusion You can make plans for securing a low-interest personal loan in Kochi by considering all the given information. At Piramal Finance, we have a seasoned financial team that can handle any of your financial concerns. We select the finest offer after examining all of them.
08-11-2023
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Tax Savings

Easy Steps to Avail Tax Benefits On Personal Loan

Taking out a personal loan is an easy option to secure quick money for all your financial demands. A loan for personal use will cover all of your needs, whether you need to pay for medical expenses, fund travel, organize a wedding, or support your child’s education. Another benefit of these flexible loans that can be paid out quickly is that you may be able to get a tax break for them. Although the Income Tax Act doesn’t make any particular provisions for these loans, you can deduct your loan payments from your taxes if you use the money for the following: [B-01] Purchasing a business acquiring, constructing, or remodeling a residence Purchasing assets Let’s examine how to claim tax deductions in these three scenarios. But first, let’s work on the basics. What is a Personal Loan? A personal loan is a type of loan that provides financing for a person’s individual financial needs, such as funding for a wedding or a trip. Personal loans typically have a shorter term and a higher interest rate than other types of borrowing. However, a personal loan has considerably more lenient requirements and is much simpler to apply for. Many people might not be aware of the additional benefit of personal loans, which is the possibility of receiving tax advantages. The Indian government offers tax breaks for loan repayment. Let’s learn more about the tax advantages associated with personal loans. Tax Deductions for Personal Loans The Indian Income Tax Act makes no mention of any particular tax deductions for personal loans, but there are tax deductions for other normal loans like home loans and education loans. However, this does not imply that borrowers of personal loans cannot receive tax benefits. The purpose for which the personal loan was obtained will be considered to qualify for tax deductions for a personal loan since there is no specific mention of tax deductions for personal loans in the Indian Income Tax Act. In the case of a personal loan, tax breaks are only possible if the loan was taken out for a reason that qualifies for a tax deduction. Property Purchase Investment A borrower might qualify for tax advantages if they used personal loan funds to purchase or construct a residential property. According to Section 24 of the Income Tax Act of 1961, you may be eligible for tax breaks for repaying loan interest. The maximum amount that can be deducted from taxes for a house the borrower lives in is Rs. 2,000,000. No maximum amount may be claimed if the home has been rented out to another person. You must be the owner of the property to enjoy tax advantages. Business Investment The interest paid on a personal loan used for business purposes may be deducted from income. As a result, both the borrower’s tax obligation and the invested capital company’s net taxable earnings will decrease. The sum that may be claimed in this instance has no upper limit. Education Investment Under Section 80E of the Income Tax Act, you might be entitled to deduct the cost of a personal loan you accept to fund your education. The interest amount that can be written off has no limit, but this benefit only applies to interest payments made on loans, not principal. Section 80E of the tax code already allows for up to Rs. 1.5 lakhs in tax deductions for expenses related to your own, your spouse’s, or your children’s education. You can also claim deductions if you are the legal guardian of a student and borrowed money in their name to help pay for school. Quick Points to Note Deductions for loan interest repayment are allowed under Section 24 and Section 80EE. However, you may deduct payments made for the principal balance of your mortgage under Section 80C. There is an Rs. 1.5 lakh exemption cap under Section 80C. The mortgage has been used to build or purchase new real estate. The house hasn’t been sold in the five years since it was bought. The taxpayer will be required to pay back the exemptions claimed on the mortgage in the year the property was sold if it is sold within five years. Any amount paid in interest can be deducted if you have taken out a student loan. The loan must be taken out in the taxpayer’s name to pay for either the taxpayer’s own higher education or the higher education of a relative. Only eight years are allowed for deduction claims. On house loans obtained for a property on which you are currently residing, Section 24 is applicable. The deduction is available when loan interest is repaid, and the exemption amount is limited to Rs. 2 lacs. [B-02] Conclusion Additionally, if you take out a personal loan for commercial purposes, you can deduct the interest from your loan repayment. The interest is subtracted from the business’s profits, which lowers the total amount of taxes owed. On the other hand, the interest component of a personal loan can be deducted from the cost of acquiring an asset, such as real estate, jewelry, or stocks, which results in lower capital gains when the item is sold. As a result, your tax liability is reduced. Likewise, you will not be eligible for any tax advantages if you use the loan amount for anything other than these four uses. However, if you are qualified for these tax breaks, take advantage of them to avoid paying taxes on your hard-earned money. Have the advantages persuaded you to take out a loan for your own use? If so, Piramal Finance can provide you with all the necessary knowledge. Find out more about the requirements for your personal loans.
08-11-2023
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Personal Loan

Check Your Eligibility and Apply Online For a Personal Loan in Panipat

Personal loans enable people to meet their financial needs quickly by providing them with easy options to apply online and have their loans issued in a short amount of time. If you are looking for a personal loan in Panipat, you may have financial needs related to your business, home, or even the holidays. Whatever the reason may be, personal loans make it easy for you to instantly get access to the money you need. You can easily meet your financial needs with a personal loan in Panipat by applying online. For a personal loan, you do not need to provide any security, which makes the application process easier. The loan amount can also be used for several purposes. This article will talk about the benefits of getting a personal loan in Panipat, such as who is eligible, what documents are needed, and more. [B-01] Eligibility Requirements for a Personal Loan in Panipat Before applying, it is important to make sure that you meet the minimum eligibility requirements for a personal loan in Panipat. These requirements include the following: The applicant for a personal loan in Panipat must be an Indian citizen between the ages of 21 and 58. Salaried applicants should have been in the workforce for at least six months before applying for a personal loan in Panipat. Self-employed applicants should have spent a minimum of two years in business. To get a personal loan in Panipat, you must make at least Rs. 15,000 per month, whether you work for a company or on your own. Documents Required for a Personal Loan in Panipat Before you begin the application process for a personal loan in Panipat, it is crucial to find out what supporting documents you will need to provide along with your loan application form. In addition to your application form, the following list shows the documents that personal loan providers will ask for: Proof of identification, including your Aadhaar card, Permanent Account Number (PAN) card, voter’s ID, passport copy, driver’s license, and electricity bills. The most recent 6-month bank statement. Income verification documents. Your tax returns have a balance sheet, a list of how much money you made, and a profit and loss statement. The company partnership deed or the declaration of single proprietorship, whichever may be applicable. Certified copies of the company’s articles of association and memorandum of association, if applicable How to Apply for a Personal Loan in Panipat These are the steps to apply for a personal loan in Panipat, which can either be done in person at your nearest bank branch or online: If the loan applicant is applying online, they must log on to the lender’s website and go to the “Apply” section. Fill out all the required personal information on the personal loan application. Fill out all of the essential financial information, like the KYC paperwork and income verification. Upload all supporting documentation that is requested in the application form. Look over the Terms and Conditions on the application form for a personal loan, and then send in the form. Once you have submitted the personal loan application form online, the lender will provide you with a quick decision, and the funds will be sent to your account if your application has been approved. Features of a Personal Loan in Panipat There are many good reasons to get a personal loan in Panipat, including the following 10: No Collateral: Personal loans are unsecured loans. This means that applicants are not required to pledge their assets as collateral to get a loan. Higher Loan Amount: Those who qualify for a personal loan in Panipat can be issued a loan for an amount between Rs. 50,000 and Rs. 5,00,000. Versatility: People applying for a personal loan have the option of choosing a repayment period that is between 12 and 60 months. Quick Approval: If the applicant meets the eligibility criteria, their personal loan application can be approved within a few minutes. Within 24 hours, the loan amount will be sent to their bank account. Easy Online Application Form: Many personal loan lenders give people the option to apply online in just a few easy clicks. Applying for a personal loan online is convenient since people do not have to wait in long lines at their bank branches with a lot of paperwork. Flexible Options in Loan Repayments: Banks that issue personal loans provide borrowers with multiple options to repay their loans. Loan Term: People who apply for personal loans are given a flexible loan term that can last up to 5 years. Multiple Uses: A personal loan can have many different uses, and there are no restrictions on what the loan amount can be used for. This assures borrowers that the loan can be used for their specific financial needs. Helps Increase Your Credit Score: Timely repayments of personal loans also have the added advantage of increasing your credit score. Minimum Documentation: Other than identification and financial documents, applicants for personal loans are not required to provide excess documentation. [B-02] Conclusion For people searching for a personal loan in Panipat, there are multiple options available to them with an easy application process. Personal loans can be used for many different purposes, from medical emergencies to arranging ceremonies such as weddings. Personal loans are easy and quick to get, so many people turn to them when they need money right away. People interested in applying for a personal loan in Panipat should carefully research their various options and speak to lenders about the terms and conditions of the loan. When satisfied, the application process is simple and can be done from the comfort of your home since it is online. If you want to read more helpful articles about personal loans, visit Piramal Finance for further information and financial advice on applying for a personal loan in Panipat.
08-11-2023
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Personal Loan

Personal Loan In Pune – Pimpri – Check Eligibility & Apply Online

Pimpri is a famous part of Pune, a well-known city in India. It is known as a business hub and offers work for many people from around Pune and other parts of the state. When so many people are working in the business and service sectors, many of them need a personal loan in Pune – Pimpri. Many banks and NBFCs offer loans for people living in Pimpri. To get a personal loan in Pune – Pimpri, the person must meet the criteria given by the bank or NBFC. Usually, personal loan in Pune – Pimpri is given to company employees only. Still, some banks and NBFCs also offer personal loans to shop owners and factory owners. So, if you also meet the rules of the lenders, you can also get a personal loan quickly. As there is no need to give security for a personal loan in Pune – Pimpri, you can finish the application process in a few minutes. After applying, the lender will check your profile per the rules and approve the loan in a few hours. Once the money is in your account, you can use it as needed. Read on to learn more about getting a personal loan in Pune – Pimpri and how you can benefit from it. [B-01] Need for a Personal Loan in Pune – Pimpri A personal loan is a loan that does not need collateral. This is why many people in Pimpri opt for this loan to meet their urgent need for money. Some of the well-known reasons for which you can apply for a personal loan in Pune – Pimpri are: Travel: If you want to go on a trip but are short on funds, you can get a personal loan in Pune – Pimpri. This will allow you to enjoy your trip, and you will not need to use your savings. You can then repay the loan in easy EMIs. Education: If you want to study more and boost your profile to get a better job, you can apply for a personal loan in Pune – Pimpri. Otherwise, if your child wants to go to college for higher studies, you can also take this loan to support his or her dreams. Health: If you have to undergo surgery in a hospital, then a personal loan in Pune – Pimpri can offer you the money you need. You can get proper treatment, and you will not need to dip into your savings. Home: If you want to upgrade your home or do some repairs, you will need a lot of money. It will be better than using up all your savings for this task to take a loan and enjoy peace of mind while the work is going on. Marriage: Many people opt for a personal loan in Pune – Pimpri to have a great wedding event. You only marry once to make the event a great affair; you can get a loan and ensure all your wants are taken care of. How to Apply for a Personal Loan in Pune – Pimpri If you want to apply for a personal loan in Pune – Pimpri, you can do so online in a few steps. But before you apply for a personal loan, it is vital to check if you meet the criteria given by the lender. Eligibility Criteria Work: You must have a work history of at least six months at a private or public company. Nature of work: You must be an employee getting a monthly salary. Age: You must be more than 18 years old but less than 60 years old. Nationality: You must be an Indian national with valid documents. Salary: Your salary should be more than Rs. 25,000 every month. Documents: You must provide the documents listed here: Address proof: Aadhar card, voter ID, passport, etc. Income proof: Salary slips for the last two months. ID proof: Aadhar card, voter ID, passport, etc. PAN Card Bank statement for six months Any other documents needed by the lender How to apply online There are two options that you can choose from to apply for a personal loan in Pune – Pimpri. Website Visit the site of the bank or NBFC with whom you want to apply. On the home page, click on the link for a personal loan. On the next screen, you will need to enter some basic information. This includes your name, age, salary, experience, and other details. Then you must enter the amount you need, the period for which you need the money, and any other information the lender needs. Then, click on the submit button to complete the process. If your profile meets the eligibility requirements of the bank or NBFC, they will approve the loan. If needed, a person will call you to verify some details. They will also ask for docs to verify your details. The bank or NBFC will send the money to your bank account, and you can use it as per your needs. Mobile App Visit the app store and get the app for your bank or NBFC. Install the app and enter your information. Now, click on the tab for a personal loan. You will now be asked to enter your details, like name, income, age, date of birth, etc. You will also be asked to give details about the amount you need and for what period. Then, click on the submit button to complete the process. If your profile meets the eligibility requirements of the bank or NBFC, they will approve the loan. If needed, a person will call you to verify some details. They will also ask for docs to verify your details. The bank or NBFC will send the money to your bank account. [B-02] Conclusion Once you get a personal loan in Pune – Pimpri, you can use the money per your needs. You must pay the EMIs every month, or else the lender can levy a penalty, which will also reduce your credit score. If you need the best personal loan deals, contact Piramal Finance, as they give great offers on personal loans.
08-11-2023
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Personal Loan

How to Use an EMI Calculator for Personal Loans?

A personal loan EMI calculator helps you figure out the amount you need to pay each month as your EMI (equated monthly instalment). A personal loan can help you get your financial house in order, whether that means paying off debt, saving up for an upcoming purchase, or just getting a little extra cash flow. By knowing this, you can make sure that you have enough money on hand to pay your EMIs on their due dates and not be late with any of the instalments. The way your personal loan EMI calculator works, however, depends on whether it’s an online or offline one; these two categories have different methods of operation, which we will cover in detail in this article. Let’s get started! [B-01] What is an EMI calculator? Equated Monthly Instalment (EMI) is a certain amount that is to be paid off monthly until the loan is paid in full. It consists of the interest on the loan, as well as a share of the loan’s initial principal that must be paid back. It is calculated by multiplying the principal amount by the interest rate and dividing by the tenure. Where, EMI = Equated Monthly Instalment r: Rate of interest P: principal amount n: Tenure For example, if a loan amount is Rs. 10,00,000 at an interest rate of 10.5% for 10 years of a long period. So if the instalments are Rs. 13,493 each year, then the total amount payable is Rs. The EMI is used to determine how much of your monthly income will go towards paying off the debt. The easiest way to calculate your EMI is to use an EMI calculator. An EMI calculator helps you get a final number and displays the results in a split second with a payment schedule and total payment breakdown. How can you use a Personal loan EMI calculator? Use the EMI Calculator to find out how much a personal loan would cost you in monthly installments. Step 1 Enter the amount you want to borrow, the interest rate (compounded per year) and the number of years you plan on taking to repay your debt. Step 2: Next, enter your age (in years) and your credit score. Step 3: Finally, click on Calculate. The results will show how much you need to pay every month as well as what the total interest will be in terms of money or percentage. During the initial loan period, there is a large portion dedicated to interest. Over time, the payment schedule also shows an intermediate outstanding balance for each year, which will carry over to the following year. You can use this information to decide if a personal loan is worth it for you. Floating Rate EMI Calculation You should calculate floating rate EMIs based on two opposite scenarios, such as deflationary and inflationary ones. If you control the loan amount and loan tenure, you can calculate floating rate EMIs. Your loan amount and repayment term will be determined by you. But the rate of interest is determined by the banks and NBFCs based on RBI regulations. To calculate your personal loan EMI under these two scenarios, you should consider two extremes: an increase in interest rates and a decrease in interest rates. For example: Inflationary: If the interest rate increases by 1%, you also need to pay 1% more interest on your loan amount as per the floating rate rule. Deflationary: Here is the opposite scenario of inflationary. If the interest rate decreases by 1%, you also need to pay 1% less interest. The Floating Rate EMI Calculator is a tool created to help you figure out how much in monthly installments you will need to pay to repay your loan. Why do you need an EMI calculator? Personal loans are a good way to borrow money if you don’t qualify for a regular bank loan or if you need to borrow more than banks usually offer. There are a few reasons to use an EMI calculator. #1: Budget planning: One of the biggest benefits of an EMI calculator is that it helps borrowers change their spending habits so that they can afford their new payments. Being debt-free requires good budgeting, a diligent savings plan, and spending wisely. Living a financially-constrained lifestyle every month can become too difficult if you don’t prepare beforehand. #2 Easy to use: A major advantage of the personal loan EMI calculator is its ease of use. It is intuitive and guided at every stage of the process. It will make your life easier by taking care of all the hard math calculations involved in figuring out your monthly payment. #3 Accurate result: One of the many perks of using the calculator on the personal loan EMI website is the accuracy of the calculations. When using manual calculation methods, there is always a possibility of human error. But it can calculate your EMI payable amount in just a second. #4 Comparison: The personal loan EMI calculator allows you to compare interest rates and principal amounts for different loan amounts and tenures without affecting your credit score. So, you can get a better deal from banks. [B-02] Conclusion In conclusion, if you’re looking at getting a personal loan, it’s important to understand all your EMIs on a personal loan. The personal loan EMI calculator ensures that you know how much you’ll need to pay every month and how much interest you’ll accrue over time, so that you can decide if this loan is right for you in the first place. Your lender, like Piramal Finance, will provide you with a personal loan EMI calculator that details the specifics of your loan terms. You should use this tool to determine whether or not your loan payments are feasible given your current income and financial situation.
08-11-2023
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