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Personal Loan

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

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

Can a Student Apply for a Personal Loan?

Education costs have gone through the roof due to consistently high inflation. Everyone might not be able to pay for a good college. Because of this, many college students have to take out loans to pay for their costs. But a few things could make them ineligible for a student loan or require a big down payment that they might not have. Personal loans might be better for students than borrowing from well-meaning but potentially risky family members or friends. [B-01] Can a Student Get a Personal Loan? The reply to “Can students get a personal loan?” is “Yes, they can.” Students can get a personal loan and pay for their education with the money. This kind of loan is the best choice if students need money to pay for short-term courses like diplomas, certificates, or vocational courses. Personal Loans for Students: Features and Benefits The highest loan amount is 15 million INR. The time to pay back the loan is flexible, ranging from 1 year to 5 years. Getting a student personal loan might make going to college a reality. It’s a great alternative to other ways to get credit. Students can borrow up to INR 5 lakh without putting anything of value up as collateral. The interest student pay on loans is tax deductible under Section 80E of the Income Tax Act. Short-term and vocational programmes benefit greatly from this kind of financing. Documents Required to Get a Personal Loan for Students To approve a personal loan for students, lenders need some paperwork. Identity/Age Proof (Any one)Ration cardPAN cardPassportAadhar cardDriving licenceVoter ID cardBirth certificateAddress Proof (Anyone)Aadhaar cardPassportRation cardUtility billsDriving licenceIncome ProofLast 3 months’ bank statementsBank passbookPhotographsPassport size photographs Conditions for Getting a Personal Loan for Students Personal loans for students have easy and precise requirements, such as: Those who want to apply must have a monthly income of Rs. 13,500. There must be a direct deposit into the applicant’s bank account. Score of 650 or higher on Experian or CIBIL. Applicants must be between the ages of 21 and 57. Things to Remember before Applying for Student Personal Loan 1. Determine Need Students should know their needs before getting a personal loan. Personal loans are one-time loans, so they should know how much they need for tuition and other school costs. This will help students avoid borrowing too much and save money on interest. 2. Lender Choice Most banks and NBFCs will give out personal loans. To get the most out of the benefits, lenders should be compared based on the interest rate, processing fee, pre-closure fees, how easy it is to apply, customer reviews, etc. Then choose the right one based on the comparison. 3. EMI Calculator Online calculators can estimate monthly payments based on the loan amount, how long it will last, and the interest rate. The payments on a personal loan start right away. Calculating EMI helps students to check their loan affordability and monthly payments. 4. Approach Lender Students can apply for a personal loan after choosing a lender and an amount. Anyone can do this online or at a lender’s branch. Before applying for one, find out everything about a personal loan, including the terms and limits. Also, get all the important papers and information ready. What Should One Consider When Getting a Student Personal Loan? 1. Interest Rate Personal loans have the highest interest rates, anywhere from 12 to 28 % per year (p.a.). On the other hand, the APR for a student loan is between 6% and 13% per year. If the applicants have a good credit history, they should use this when negotiating with the bank for a lower interest rate. 2. Collateral Most importantly, students don’t have to put up any assets as security for a personal loan like a Loan against property. 3. Fee to process Students must pay a fee when applying for a loan at a bank or other financial institution. This fee can be anywhere from 1% to 3% of the total loan amount, just like the processing fee on a student loan. 4. Pre-payment Charges Remember that most banks and financial institutions will charge a fee if anyone wants to pay off their personal loan in full or in part. The fees range from 2% to 5%, which can add up to a lot. How to Get a Personal Loan for Students? The easiest and fastest way to get a personal loan for students is to do it online. To get a personal loan online, do the following: Go to the lender’s official website Choose a Personal Loan from the list of loans. Select “Apply Now” Fill in the information and send the form. The lender will look over the information, and the applicant will get a call or text message. Applicants will have to upload the documents the lender needs or ask for them to be picked up. Once the approval is granted, the lender will immediately put the money into the bank account. Existing customers may apply using online banking, making the procedure quicker and simpler. [B-02] Conclusion A student personal loan is the best way to pay for college because students don’t have to have a steady income, and the interest rates are reasonable. Parents or legal guardians must be the primary applicant if anyone is under 18 and doesn’t work. They can get a loan depending on their credit history and income. Personal loans are an alternative to educational loans if anyone needs money for the required school loan contribution or can’t get an educational loan. Visit Piramal Finance to learn more about various types of loans and explore different products and services.
08-11-2023
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Personal Loan

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

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

Personal Loan In Srikakulam – Check Eligibility & Apply Online

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