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Personal Loan

Personal Loan in Nashik. Check Eligibility and Apply Online

Want to apply for a personal loan to pay off your debts, buy that dream house, or go on a vacation with your family? Want to apply for a personal loan in Nashik but are worried about the paperwork, eligibility criteria, and, most importantly, the application process? In today’s article, we will learn what a personal loan means, its benefits, eligibility criteria, documentation, and how to apply for it online. Like every other form of loan, a personal loan gives you financial assistance. A personal loan is monetary support you get from a lender who helps you meet your needs, and you have to pay some interest to the lender. Once you borrow the money, you pay it back in equitable monthly instalments (EMI). [B-01] Where Should You Apply For A Personal Loan In Nashik? There are two preferable sources to apply for a personal loan in Nashik. Banks: Banks are the preferred option for a personal loan application. They don’t charge you a high rate of interest and often let you pay in smaller chunks over a longer period. They are highly valued by people all over because no one gives you the level of assurance that banks do. Private financiers Private financiers are the second option to look for when applying for a personal loan. Most of them have comparatively higher rates of interest, usually more than what banks will offer you. Some of them have “hidden interest”, which is difficult to catch sometimes. But liable private financiers are a good option to look for. Make sure you check the ratings before you take a loan from a private financier. Nashik, being one of the fastest-growing cities in India, generates a huge amount of revenue from wineries and tourism. There is also a trend in the rise of many BPO companies in Nashik. The infrastructure has taken a huge leap, and no wonder it is called one of the fastest-growing cities in the country. Benefits of Applying for a Personal Loan in Nashik 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 Nashik. 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 For Applying For A Personal Loan In Nashik The eligibility criteria are quite basic and simple: Age limit You should be at least 21 years old to be eligible to apply for a personal loan in Nashik. On the upper limit, you should not be more than 65 years old. These numbers vary from one bank to another. Employment Either you should be a job holder in any private or government institution, or you must be a self-employed individual who has a well-functioning business. Income proof If you are a salaried individual, your income should be at least Rs 25,000 per month. If you work for yourself, your annual income should be at least Rs 5 lakhs. These numbers, too, vary, and the above-mentioned numbers are only averages. Work experience For salaried individuals, the work experience ranges from 1 to 3 years. For self-employed individuals, work experience ranges from 2 to 4 years. Credit score You may not be aware of this, but individuals who have a good credit score (750 or more) have a high chance of getting better interest rates on loans. Documents required to apply for a personal loan in Nashik ID proof: This includes all the KYC documents that prove your identity, like your Aadhaar card, voter ID, PAN card, etc. Address proof: Any legal document that proves your address, like your Aadhaar card, voter ID, domicile certificate (optional), etc. Income proof: Anything that proves your income to the bank, that is, your bank statements of the financial year, your recent IT returns, etc. Two recent passport-size photographs and the signed application form are also required at the time of filling out the application. Besides this, some banks might ask for your previous loan history to check your repayment history. [B-02] Wrapping up The interest rate on a personal loan in Nashik is somewhere between 8.5% and 31.5%, with a repayment period of 1 to 6 years. So, before giving it a go, make sure you talk to your advisors and bank executives to make an informed decision. Do you like these types of blogs and articles that talk about finance, personal loans, investment, and SIPs? Then, you should probably check out Piramal Finance, where they have engaging write-ups on all of the above-mentioned topics and more.
08-11-2023
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Personal Loan

Personal Loan in Noida. Check Eligibility & Apply Online

Noida is a major city in northern India that is part of the state of Uttar Pradesh. Noida is home to a large number of companies from across the world. These companies need many workers for various tasks; therefore, Noida is home to many people who work as employees in these firms. If you also live in Noida, you might face an urgent need for money. This is where a personal loan in Noida can come to your aid. You can get a personal loan in Noida from many banks or NBFCs. There is no requirement for security, and you can use the money as you want. You need to meet the lenders’ rules to be eligible for a personal loan in Noida, and you can finish the entire loan process online in a few steps. If your profile meets the lender’s criteria, you can get the loan money in your account in a few hours. Eligibility for Personal Loan in Noida Before you apply for a personal loan in Noida, you must check if you meet the rules of the bank or NBFC for personal loans. Here are some vital aspects that you must satisfy to be eligible for a personal loan in Noida: – Credit Score: You must have a CIBIL score of 750 or more to get a personal loan in Noida. Some banks or NBFCs also accept lower CIBIL scores of 700 or more. If your CIBIL score is lower than this limit, then you might not be able to get a personal loan. Age: You must be more than 21 years old and less than 60 years old to get a personal loan in Noida. Work: You must be an employee of a company to get a personal loan in Noida. Your employer can be a public or private entity. Work experience: You should have work experience of 12 months or more to be eligible. Out of this, the last six months must have been with the present employer. Salary: Your salary must be at least Rs. 25,000 per month. You need to provide salary slips for three months as proof. Documents: To get a personal loan in Noida, you will need to provide some documents to the lender. These will be vital to verify your details. How to Improve the Eligibility Here are some vital tips to boost your profile for a personal loan in Noida: Pay the dues: You must pay off all the loans or credit card bills in your name. This will improve your CIBIL score and prove your ability to pay the EMIs on time. If you have too many loans or credit card bills, your odds of getting a personal loan in Noida will be lower. Work experience: You must have more than one year of work experience to get a personal loan in Noida. You should be working for at least six months to a year. This will prove that you have a stable income. Higher Income: To prove your ability to pay the EMIs on time, you must have a regular income. You can take on other part-time gigs to boost your income. You must insist that the employer send your salary every month on time to your bank account only. Apply for one loan: To improve your chances of getting a loan, you must not apply for several loans at the same time. This will reflect poorly on your credit score. Apply for one loan at a time and do not apply for many loans with various lenders. Increase your CIBIL score: The higher your CIBIL score, the better your chances of getting a personal loan in Noida. You can follow some simple tips to have a higher CIBIL score and improve your chances of getting a loan. Get a co-applicant: You can get your mother, father, spouse, or non-dependent child to sign as a co-applicant. This will improve your chances of getting a personal loan in Noida. How to Apply for a Personal Loan in Noida You no longer have to wait many days to get a personal loan in Noida. Most banks and NBFCs offer loans through their website or mobile app. This facility allows you to complete the process in a few minutes and get the money in a few hours. Here are the steps you must follow to apply for a personal loan in Noida: Open the official site or mobile app of the bank or NBFC. Now, locate the link for personal loans and click on it. You will see a form where you must enter some details on your screen. So, enter your name, age, income, work history, employer, loan amount, loan tenure, etc. You may also have to upload some documents to process the loan. After you have entered all the details, click on the “submit” button. You will get a reference number. You can use it to track the loan process. Now the lender will process the loan application. If there is a need, a representative will contact you for more details or documentation. After the lender verifies all the details and your loan is approved, you will get a message through SMS or email. The money will then be sent to your bank account, and you may use it for your needs. You must pay the EMIs every month to repay the loan. [B-02] The process to get a personal loan in Noida is easy. You can complete it online in a few minutes and get the money in less time. For the best deals on personal loans, get in touch with Piramal Finance, which offers the best deals and low-interest rates.
08-11-2023
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Personal Loan

How To Avail LIC Personal Loan At Very Low Interest Rates?

LIC is India’s biggest life insurance company, and it has several financial products. It caters to the life insurance needs of all its customers across the country. To avail LIC Personal Loan at low-interest rates, it is important to ensure that you fulfil the eligibility criteria to be able to obtain this loan from LIC Insurance or through any other source. A personal loan can be availed by both salaried individuals and self-employed professionals to fulfil any personal requirement, such as renovation or renovation of their house, purchase of a luxury car, and so on. So, read through the following article on how to apply for LIC Personal Loan at low-interest rates and know about the various aspect of LIC personal loans. [B-01] What is the meaning of a loan against LIC insurance? Taking a loan against LIC insurance is a type of secured loan offered by various banks, NBFCs and private companies. As a policyholder, you can avail personal loan against the policy’s surrender value and need to deposit your LIC policy as collateral. The LIC Personal loan is offered at a low-interest rate. You can take a personal loan against some of these popular LIC policies: Jeevan Pragati Jeevan Labh Jeevan Lakshya Limited Premium Endowment Plan New Endowment Plan Jeevan Rakshak New Jeevan Anand Single-Premium Endowment Plan Eligibility for LIC Personal Loan You need to fulfil a few eligibility criteria to borrow a personal loan against LIC Policy. These include The borrower should have a regular salaried job and regular income. The borrower should be an Indian citizen, and he/she should be between 18 years and 60 years of age. The applicant must have a valid bank account in any one of the following banks – SBI, HDFC Bank, ICICI Bank, Axis Bank or RBL. This insurance must be entirely paid for for a minimum of three years. The borrower should have a credit score of 720 or more. The LIC policy should not be Unit-Linked Insurance Plan (ULIP) or Term Insurance Policy. Documents Required to avail an LIC personal loan The following documents are required: Copy of PAN Card or Voter’s ID card and copy of PAN Card of the Spouse Latest Passport Size Photo Address Proof- Passport, Telephone Bill, Ration Card, Driving License Employment Proof- Form 16 or Income Tax Return Form 16A Bank Statement- Latest 3 months KYC Documents (anyone)- PAN Card, Aadhar Card, Voter’s ID card Details of Bank Savings Account How to apply for an LIC Personal Loan? Here are the complete steps you can follow to apply for an LIC personal Loan. Step 1: You can find a link to register on the LIC website’s home page. Step 2: Select Customer Portal by clicking. Select the link for New User. Existing registered users only need to log in. Step 3: You will need some personal information and policy details, such as your passport number, Aadhaar number and PAN number, to register on the website. The specifics should line up with your policy’s specifics as well. Step 4: Following registration, access the LIC client portal. By signing up for LIC Premier Services after logging in, you can submit an online loan application for LIC. Step 5: Proceed to Service Registration. Then select Service Request. Under this tab, check for Premier Services Registration to register for LIC Premier Services or LIC personal loans. Step 6: The automatically generated registration form must be downloaded, signed, scanned, and uploaded to the site. For further identification, provide a scanned copy of your passport, Aadhar, PAN or passport. Step 7: You should gain Premier Services approval in a few days or weeks. LIC Policy Interest rates In comparison to regular personal loans, LIC personal loan interest rates are low. The current LIC personal loan interest rate ranges from 9.00%-36.00% and can depend on the lender. You can get a loan on your insurance policy from LIC or other lenders like SBI, HDFC Bank, Axis Bank, and others and pay less than for a personal loan. Here is the starting interest rate of personal loans offered by some of the top lenders: Starting From 14.80% – LIC Housing Finance From 13% – Bajaj Finserv From 10.75% – Kotak Mahindra Bank From 10.25% – Axis Bank Loan Repayment Loan payments on LIC policies can be made within six months and maximum up to the policy’s maturity. LIC of India loan repayments does not take the form of EMIs, which gives you more flexibility. LIC loan interest payments can be made online with the principal payment. At maturity, the claim amount will cover the principal and interest amounts. You can pay interest for a few years and then repay the principal amount when you have excess funds Factors Affecting Personal Loan Interest Rates Personal loans are unsecured loans, meaning they do not need any security as collateral. The lender determines the interest rate, but some factors can affect it. These factors include If the applicant has a low income, he or she will generally receive a higher interest rate from a lender. People who work with prestigious companies and have stable employment histories may be able to obtain lower rates on personal loans. Lately, a good relationship with your insurer-paying your policy premiums on time-could makes all the difference. The amount you have applied for Repayment time [B-02] Conclusion In conclusion, an LIC Personal Loan can be availed without any collateral and with the lowest interest rates on offer. To apply for an LIC Personal Loans, you need to have an LIC policy. You can take out a loan against your life insurance policy from LIC or another reputable private insurer and get up to 90% of the surrender value as a loan. . It is a great financial solution for all your personal needs. So it’s time to check out the Piramal Finance website to apply for your own LIC Personal Loan now!
08-11-2023
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Personal Loan

How is a personal loan beneficial to self-employed individuals?

The Indian economy has been affected by the global coronavirus epidemic, which was followed by a statewide lockdown. Its consequences are already being felt today, with thousands of people losing their employment and means of subsistence. So, a personal loan for an individual business is very significant. But what is a self-employed personal loan? [B-01] What is a self-employed personal loan? A self-employed personal loan is a type of credit facility offered by banks and other financial institutions. It helps to meet the specific financing needs of borrowers. A lender will provide loans at some interest rate to the customers for a fixed period. Self-employed personal loans are also unsecured. That means they do not require any collateral from you. There is no need to provide the creditor with anything as security. None of your property or assets is at risk if you fail to repay. Instant Personal Loans: A Banking Revolution? Many developments have occurred in the banking business in recent years. Likewise, instant loans are one of them. This loan represents the necessary change at the time. From the start of banking, applying for a self-employed personal loan has been time-consuming. Thus, it was essential to introduce a new lending instrument. It would make it easier for people to avail themselves of it. Instant self-employed personal loans solve all the above problems and create a new lending age. Factors for Self-employed Personal Loans Online with Instant eApproval Here are some factors on which your self-employed personal loan approval will depend. Age The younger you are, the better your chances are of securing a loan. When you are young, the bank or other financial institution believes you will be more capable of repaying the loan. In the case of an Insta Loan, your age should be between 25 and 65 years old. This stands true no matter whether you are a paid employee or self-employed. Income Your income is the most important factor in determining if you can get a self-employed personal loan. Your chances of making on-time payments increase as your income rises. Employment Your eligibility for an Insta Loan is also strongly influenced by your employment stability. You must have at least two years of work experience in your current field. This is when you are a salaried applicant. Also, you should have a minimum five-year earnings turnover if you are self-employed. Credit Rating (CIBIL Score) Your credit score is really valuable. It shows both your financial borrowing and repayment history. Your loan chances increase if your credit score is high. A credit score of 750 is generally regarded as good. You may have fewer chances if your CIBIL score is less than 750. In some instances, you may get a loan with this credit rating. Still, your interest rate will be slightly higher than others. How do I be eligible all the time? In an emergency, a self-employed personal loan is the quickest fix. However, one must meet the discussed requirements to use the loan facility. Your application for a self-employed personal loan through the internet will be rejected if these requirements are not met. CIBIL Score: To be eligible for an Insta Loan, you must have a CIBIL score of at least 750. Your CIBIL score reflects your borrowing and repayment history. A strong CIBIL score shows that you have a good mix of secured and unsecured loans and that you have been consistent and timely with your repayments. A candidate with a high CIBIL score is a creditworthy borrower accustomed to InstaLoan payments (if disbursed). Monthly Income: To repay any loan in equal monthly instalments, or EMIs, a borrower must have sufficient income to cover other expenses like rent, food, bills, clothing, and transportation even after paying the EMI. To have money left over for other expenses, the ratio of the total monthly EMIs generally shouldn’t be higher than 35% of the monthly income. Even if you have a high income, your fixed monthly obligations shouldn’t be more than 60% of your take-home pay. Job Stability/Employer: Salaried workers at reputable companies and multinational corporations have a secure future and a job. On the other hand, small and medium-sized businesses, sole proprietors, and start-ups do not have a specific lot. There is always the chance that these will close down at any time, jeopardising their employees’ financial future. Eligibility criteria for a self-employed personal loan If you are self-employed and match the following criteria, you can apply for a fast personal loan: The organisation must have been in existence for at least three years. 25 years of age is the minimum requirement. Maximum age requirement: The client must be under 65 at the end of the loan duration. Documents required If you have the following documents, you can apply for a personal loan online: Identity proof Valid Indian Passport Valid Voter ID Valid Driver’s Licence Pan Card Aadhaar Card Address proof Aadhaar Card Valid Indian Passport Valid Voter ID Valid Driver’s Licence [B-02] Conclusion A personal loan can be used for several things, including business needs. If you are self-employed, learn how to obtain a personal loan for business purposes. 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

Personal Loan Foreclosure with Zero Charges : Everything That You Need to Know

Personal loans can be used quickly to pay for expensive items or to get out of a bad financial situation. This makes personal loans the most popular type of retail loan. Because the interest rates on unsecured loans are high, the majority of borrowers repay the debt as soon as they can with additional funds. Even though it is in your best interest to pay off personal loans as quickly as possible, most of the time, doing so results in extra fees or penalties. A personal loan can be paid off early through a process known as personal loan foreclosure. It entails making a single payment equal to the entire outstanding balance of the loan before the due date. Typically, a personal loan account has a lock-in period of one year, depending on your lender. After this period, you can pay off the remaining sum and close the account. [B-01] Types of Personal Loan Closure 1. Regular Closure: A personal loan is closed in a regular way when the borrower makes all the EMI payments on time, right up to the last one, and the lender gives them both a No Objection Certificate and a Loan Closure Certificate. So, the borrower makes the EMI payments throughout the chosen loan period. 2. Pre-Payment of a Personal Loan: A full or partial prepayment of personal loans is accepted. However, 0% to 5% of the loan balance can be charged as prepayment fees. Preclosing a Personal Loan: A personal loan is pre-closed when the borrower pays off all of their debt before the end of the loan’s term. Depending on the terms of the loan, a pre-closing can be done between six months and a year after the loan is first taken out. Before the deal is closed, the borrower must pay the final loan amount as well as any pre-closing fees. Personal Loan Partial Payment: Part-payment of a personal loan can be done to lower the EMI or to shorten the length of the loan. In your loan agreement, you will find the maximum amount that can be paid as part payment, as well as the terms and conditions for making part payment. 3. Personal Loan Foreclosure: Foreclosure is the term used for paying off a personal loan in full instead of making monthly payments. The foreclosure process can be initiated by either the lender or the customer. Most of the time, these are the legal steps that a lender takes to get back the lost sum on a loan that went into default. What are Personal Loan Foreclosure Charges? Foreclosure fees are charged a loan when the loan’s principal and interest are paid in full before the due date. Since banks make most of their money from charging interest, they have personal loan charges in place to make up for some of the interest they will lose if a loan is paid off before its full term. Piramal Finance offer "Zero" pre payment and foreclosure charges on personal loan. Instructions for a Personal Loan Foreclosure Borrowers must wait out the lock-in term before settling their personal loan account. If you are considering personal loan foreclosure, here are the steps to follow: Find the nearest branch: Personal loan foreclosures cannot be requested online. You must visit the bank or financial institution from which you borrowed money. File for foreclosure: Send a letter to the bank stating your intent to repay the debt. Your account number and other personal loan details are required for this. Submit documents: Submit the required documents to the bank. Wait for bank notification: Your bank or financer will review all submitted documents. Then, they will calculate how much you owe them based on EMIs and interest. Repay the loan: Pay back the loan balance with any charges levied by the lender. Internet transfer, cash, cheque, or demand-draft payment can be used to pay off a personal loan. Foreclosing the loan: After all payments and costs are paid, the bank will process personal loan foreclosure. The loan provider will return all original papers and stop sending EMI reminders and instructions. Communicate with rating agencies : Early loan repayment might boost your credit score. After taking all essential actions and paying off the debt, it is important to notify credit bureaus of the personal loan foreclosure. Benefits of a Personal Loan Foreclosure One of the best things about prepayment is that it can help you save money. Since most unsecured personal loans do not ask for collateral, they probably charge a higher interest rate. At first, most of your monthly payments for a personal loan go toward the interest, while the principal balance goes down very slowly over time. Because of this, paying off your loan early can save you a lot of money that you would have spent on interest. When you pay off your student loans early, you get out of debt. It will give you a confidence boost, give you back control of your money, and save your interest money. Disadvantages of Personal Loan Foreclosure Fees are a normal part of the foreclosure process, and all lenders charge them. This means you will have to pay more than just the principal balance for personal loan foreclosure. Foreclosing a personal loan can cost you more money if the principal is not very big. So, you should only foreclose your personal loan if it saves you enough money. There are some situations where paying off a debt early, along with other factors, could hurt your credit score. So, do thorough research on your lender’s terms and how they will affect your credit. [B-02] Conclusion If you need to get out of your debt, personal loan foreclosure or preclosure is a good idea. Find out the pros and cons before deciding. Particularly, personal loan charges should be taken into account. If you want to read more articles like this one and avail of smooth financial services.
08-11-2023
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Personal Loan

How Can You Get a Personal Loan In 6 Different Ways With a Low CIBIL Score

Since a personal loan has no restrictions on its intended use, it is a simple go-to choice for covering a variety of needs. However, because it is an unsecured loan, it is crucial to meet the requirements for loan approval. Even if your CIBIL score is low, there are ways for you to apply online for a personal loan and get it approved. [B-01] What is a CIBIL score? Credit Information Bureau (India) Ltd. is known as CIBIL. It is a company that has been permitted by the Reserve Bank of India (RBI) to determine a person’s credit score. The creditworthiness of a person is thus indicated by their CIBIL score. The four main components of a person’s CIBIL score are loan term, credit type, credit exposure, and payment history. A high CIBIL score is the result of timely loan repayments, less exposure to credit, and other similar variables. The CIBIL score can be lowered in instances of loan defaults. Compared to a person with a low credit score, someone with a good credit score can easily get a loan sanctioned. A good CIBIL score lies between 300 and 900. A CIBIL score of 750 or higher is regarded as excellent, whereas a score of 550 or lower makes it difficult for a person to get a loan approved. For these people, financial institutions may either sanction loans at higher interest rates or deny the loan. 6 Ways to Get a Low CIBIL Personal Loan Here are the six best ways to manage a minimum CIBIL score for a personal loan. Get a guarantor You can ask a friend or member of your family to serve as your guarantor. This gives a lender confidence that you can repay the loan, and in the event of a default, your guarantor can settle the dues. However, the guarantor must have a solid CIBIL score and a clean credit report. Go for a joint application You may choose to apply for a loan jointly with a relative or acquaintance. However, it becomes crucial that the co-applicant has a strong credit history. As a result, lenders will be aware that at least one candidate is trustworthy and can entrust you with the requested loan amount. It is quite challenging to get clearance if the other person’s credit score is also low. Choose a low amount If lenders see a low CIBIL score on your credit report, they can reject your loan application. You can choose a smaller loan amount in certain situations. A smaller loan amount typically entails a reduced risk of repayment. As a result, there is a likelihood that the lender will grant the loan. Request the lender If you have an immediate need for money, you can request that your lender take it into account. For instance, if you need a loan to pay for medical treatment, show the lender your medical bill to demonstrate the urgency of your situation. Similarly, submit the outstanding debts if you need the funds to organise a wedding. This would greatly boost the likelihood that your low CIBIL personal loan would be granted. Check if there are any issues in your CIBIL record Even if your CIBIL score is low, you still need to review your credit reports to figure out the primary causes of your poor credit report. Additionally, you must notify the authorities if you find any mistakes in your credit report. Simply log in to the official CIBIL portal and register the issue. Your CIBIL score will significantly rise after the error is corrected. A clean credit report could also improve your chances of getting the loan approved. Here is how your credit score calculation is determined: Credit type and duration: 25% Credit exposure: 25% Payment history: 30% Other factors: 20% Prove loan payment reliability You can prove your income and that you will be able to pay the monthly instalments on time by showing proof of statements. You can also inform the lender of any upcoming promotions in your career. This will convince the lender that you will be able to pay your EMIs on time even with a poor CIBIL score. As a result, they will be more likely to approve your low CIBIL personal loan request and have faith in your ability to repay the loan. It is best to avoid applying for a loan from a bank if you have a low CIBIL score and a pressing need for credit because every low CIBIL personal loan application is reviewed in conjunction with a hard inquiry into your credit report. Multiple hard inquiries can lower your credit score, and if your application is denied (a possibility that is likely with commercial banks), it might further lower your CIBIL score. Therefore, it is preferable to apply for a low CIBIL personal loan from an NBFC because of their propensity to have more accommodating policies for clients with bad credit. However, it’s vital to note that NBFC interest rates are higher than those provided by banks in this case. [B-02] Conclusion You can use a simple online calculator to determine your eligibility for a low CIBIL personal loan. You must select whether you are a self-employed person or a paid employee by going to the proper website. To get the results you want, input the income value and the EMI. When providing you with a low CIBIL personal loan, such as a credit line, one of the first factors that lenders take into account is your credit/CIBIL score. A high credit score indicates a high capacity for repayment. In other words, your credit score reflects your ability to responsibly manage credit. Anything between 300 and 900 is considered a respectable CIBIL score, with anything over 750 being considered outstanding. The likelihood that your low CIBIL personal loan application will be accepted increases with your score. There is still a potential that you could acquire a low CIBIL personal loan, even if your chances of getting one with no CIBIL score are drastically reduced if your credit score is low. If you want to know more about CIBIL scores and loan approvals, check out Piramal Finance.
08-11-2023
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Personal Loan

Personal Loan in Patiala – Check Eligibility & Apply Online

Patiala is a major city in Punjab. It is a well-known business, travel, education, and cultural hub. Patiala’s sizeable population works in several sectors, including business and services. Getting a personal loan in Patiala is easy, as many banks and NBFCs offer this facility to people living in the city. If you also live here, you can also get a personal loan in Patiala and meet any urgent need quickly. To get a personal loan in Patiala, you need to satisfy the lenders regarding your eligibility. Most banks and NBFCs have a set of rules based on which they decide if you can get a loan. The entire process is very simple and involves only a few steps you can complete online or offline. Read on to learn more about getting a personal loan in Patiala and how you can apply for it. [B-01] How to Select a Personal Loan in Patiala There are many banks and NBFCs where you can get a personal loan in Patiala. Here are some vital factors you need to check before you make a final choice: Processing Fee: Most lenders levy a processing fee to manage a personal loan in Patiala. This fee can vary across lenders, so you must select an offer where the lender either offers a waiver for this fee or charges a minimal amount. Loan Amount: You must not opt for a personal loan in Patiala that gives you the most amount. As you have to pay the EMIs monthly, you must select a loan amount that is close to your needs and ability to repay it. Loan Period: Many lenders offer personal loans for up to 60 months. But this does not mean you opt for the longest period to repay the money. Instead, you need to opt for a period that gives you an EMI that you can afford. A short tenure will help you save on interest costs and repay the loan quickly. Interest Rate: When it comes to a personal loan in Patiala, different lenders levy varying interest rates. You need to select an offer that comes with the lowest interest rate, as it would not only lower the EMI but also lower the cost of taking a loan. Documents: You must give all the documents the lenders require to process the loan. With your KYC documents, you must keep proof of your income, education, and work history on hand. Other charges: You must get all the lender’s fee details. This will include pre-payment fees or foreclosure charges. Select a lender that levies the lowest charges against a personal loan in Patiala. Online Process: You shall opt for a lender that offers an online process for a personal loan in Patiala. This would save you a lot of time while you complete the loan process and allow the lender to approve the loan quickly. Eligibility for a Personal Loan in Patiala Before applying for a personal loan in Patiala, you must check if you are eligible. You can easily check this aspect online using the mobile app or website of the lender. The following are some critical points to confirm: Nature of work: You must be working as an employee. Your employer must be a legal entity with all necessary licenses. Experience: You must have a work-ex of one year and the last six months with the same entity. Age: Your age must be more than 21 years old but less than 60 years old when you apply for a personal loan in Patiala. Income: You must receive a monthly salary to get a personal loan. Your salary must be more than Rs. 25,000 every month. Credit score: Your CIBIL score must be over 750 to get a personal loan in Patiala. Some lenders accept a CIBIL score of 680–700 as well. Documents: You must provide all the vital documents to verify your details and speed up the loan process. How to Apply Online for a Personal Loan in Patiala Make sure you meet the lender’s rules for a personal loan and have the documents ready. Here are the steps you must follow to apply online for a personal loan in Patiala: Through the Mobile App Download and install the mobile app of the bank or NBFC. Log in to your account with the lender before you apply. You can also apply as a guest. Tap on the link for personal loans. Now, you must enter all the details asked by the lender, such as your name, age, income, work experience, loan amount, tenure, etc. Verify all the details before you press the submit button. If your profile is fit for a personal loan in Patiala, the lender will get in touch and ask for some more documents. When the lender deposits funds into your account, you will receive an SMS and an email. Through website Visit the official site of the bank or NBFC. You must log in if you have an account with the lender. Else, you may proceed as a guest. Click on the link for personal loans. Enter all the details on the screen, such as your name, age, income, work history, loan amount, tenure, etc. Verify all the details and then click the submit button. If your profile is fit for a personal loan in Patiala, the lender would ask you to provide some more documentation. If your loan is approved, you will get an SMS and email from the lender. The money will be sent to your account in a few hours. [B-02] The process for a personal loan in Patiala is very simple. You need to follow some basic steps. To get the best deals on a personal loan, get in touch with Piramal Finance. They offer the best rates and lowest charges for personal loans. The money is sent to your account in a few hours, and you are free to use it as per your needs. They also offer many other loans based on your needs. You can check their website or contact the team, who will guide you if you have any doubts.
08-11-2023
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Personal Loan

Personal Loan In Malegaon: Check Eligibility And Apply Online

Worried about buying a new house but unable to manage the funds for it? Thinking of sending your child abroad for higher studies? Want to apply for a personal loan in Malegaon but don’t know your eligibility? Fret not, we have your back! This article focuses on the method of applying for a personal loan in Malegaon. You will learn about personal loans, their benefits, how to apply, and the eligibility criteria. [B-01] What does a personal loan mean? A personal loan is financial support from a lender to meet your personal needs; in return, the lender charges you an interest rate. It is an unsecured loan that does not ask for collateral or a security fund. You can get this loan and pay it back in instalments for any legal personal expenses. Personal loans are of great significance to those looking for large sums of money at a time. When looking for a personal loan, banks and the private sector are the best places to go. Malegaon as a location for a personal loan Malegaon is not only one of Nashik’s largest cities but also the hub of many economic activities. Besides being a popular tourist destination, it is known for its textile industries and power looms. It has recently made significant progress in the textile field. With so much happening, getting a personal loan in Malegaon could be difficult. However, with the correct approach, you can crack it and get a comfortable loan that suits your requirements. What are the benefits of a personal loan in Malegaon? There are many benefits to getting a personal loan in Malegaon, such as: High finance Banks provide between INR 30 lakh and INR 40 lakh for a personal loan in Malegaon. The limits go higher depending on the banks you choose to apply to. Flexible tenure You don’t have to pay off the debt in huge instalments; in most cases, banks ask you to repay it within 5 years. This doesn’t put you under a financial strain, and you can slowly repay the borrowed sum. Quick approval These types of loans are approved very quickly, usually within two days. So, unlike other types of loans, you don’t have to wait approximately two weeks to get your loan. Minimum documentation When applying for a personal loan in Malegaon, you need basic legal documents like ID proof and address proof, etc. No collateral or security fund You don’t require collateral or security funds when applying for a personal loan. So, now you don’t have to mortgage your property to get your loan sanctioned. Payable Banks don’t charge you a high rate of interest; rather, they cut it down to small, payable instalments so that you can repay according to your convenience. Eligibility to apply for a personal loan in Malegaon The eligibility criteria are fairly simple and state a few necessities: Age limit You should be at least 21 years old to apply for a personal loan in Malegaon. The maximum age limit is 65 years, which is highly variable and depends on the bank. Some banks allow up to 67 years, while others don’t allow above 60 years. Employment To be able to apply for a personal loan in Malegaon, you must either have a job with a company or be your own boss. There are no other categories that banks allow for a personal loan. Income If you are a salaried individual, your minimum income should be approximately INR 25,000 a month. If you are a business owner, your yearly income should be around INR 5 lakh per annum. This is also variable and differs from bank to bank. Even though some banks ask business owners for more, this could be thought of as the average. Work experience For a salaried individual, the minimum work experience must be around one to two years. For self-employed individuals, the minimum work experience is between two and three years, which sometimes varies. Credit score A good credit score is a great push to help you get a personal loan in Malegaon. You will easily be sanctioned if your credit score is 750 or more. You can know your credit score online for free. Documents required to apply for a personal loan in Malegaon To apply for a personal loan in Malegaon, you need the following documents: Your ID proof, which includes your Aadhar card, voter ID card, birth certificate, etc. Your address proof, which includes your Aadhar card, domicile certificate (optional), voter ID card, etc. Your income proof, which includes your bank statements from the last year, recent IT returns, etc. Two recent passport-size photographs are also required to apply for a personal loan in Malegaon. Some banks might also ask for your birth certificate, signed copies of your application form, etc. [B-02] Conclusion While a personal loan is a means to kickstart your dreams and ambitions, you should know the loan prospects and conditions before applying for a personal loan in Malegaon. Make sure you know what you’re doing with the personal loan by talking to the bank managers, your advisors, etc. Do you like reading articles and blogs on topics like personal loans, finance, investments, etc.? Then you should definitely visit Piramal Finance and enjoy their highly engaging write-ups on such topics.
08-11-2023
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Personal Loan

How to Apply for a Personal Loan Without a Salary Slip?

Finding out how to apply for a personal loan without a salary slip can be easier than you think! To assess your ability to repay loans, lenders check your financial background before giving you a loan. As part of this, they check your income and verify what they see on your salary slip. On the other hand, personal loans are possible even when one doesn’t have a regular income stream. You can show alternate sources of income and maintain a high credit score to qualify. Check out this article to learn how to apply for a personal loan without a salary slip. It can help make the process go much more smoothly and quickly. [B-01] How to apply for a personal loan online? There are a few simple steps you can follow to get a personal loan online without a salary slip. Step 1: Visit the lender’s website Step 2: Check the eligibility, terms, and conditions Step 3: Once eligibility criteria are matched, you can register here Step 4: Complete your KYC and upload the required documents Step 5: Select loan amount and tenure They will verify the necessary documents and submit the loan agreement Step 6: Within 24 hours, the loan amount will be deposited into your bank account Eligibility to get Personal Loan without Salary Slip To get a personal loan, you just need to fulfill another alternative requirement. Many ways help to get a personal loan without a salary slip. Here are a few: Show some other proof of income Personal loans are typically a last resort when you don’t have another option. You may be self-employed, a freelancer, earning cash, or on a contract. So, you can get an urgent loan without a salary slip and a statement from the bank. If you earn a good amount, then you need to produce other financial documents to verify your income. These documents prove your income and confirm that you earn the stated amount. The most commonly used income proofs are ITRs, income certificates, and lender account statements. Lenders value steady income. So, a steady income helps you qualify for a loan more quickly. Must have a good CIBIL score You need to maintain a high credit score to receive a loan. This stands true even if you’re unemployed or facing a job loss. Lenders consider your credit score as an indicator. It will show them how you’ll handle loan payments in the future. It is always beneficial to have a high credit score when applying for a personal loan. Hence, if you pay your EMI or other financial obligations on time, it will help keep your credit history positive. In it, you can show that you’ve managed to get some credit before. Pledge an asset as collateral If you lack financial strength at present, you can opt for asset-backed loan options. These are also offered by a lender. Personal loans are unsecured loans. So, you will need collateral, such as gold, equity mutual funds, and FDs, against the loan amount. In addition to your current financial profile, collateral provides something you can lean on. Thus, you can avail of a personal loan without a salary slip by keeping your asset as collateral. Bring in a co-applicant Even if you don’t have a perfect credit score or consistent income, you may know someone who can back your application. Co-signing an application with a creditworthy individual can work in your favor if you approach it without any bank statements and payslips. The co-signer can also serve as a form of insurance. This will decrease the likelihood of loan denial or increase the lender’s confidence in your repayment capabilities. This is because co-signers typically act as supplemental sources of payment. This is to give you the money you need to cover your immediate financial needs. Lenders with easy terms for eligibility If you need a personal loan without a salary slip, look for a lender with easier personal loan eligibility requirements. This type of lender is more likely to provide you with the amount of money you need. This is because you can make sure the rates fit your profile. You can then also think about whether or not you need to provide a guarantor for a personal loan. Debt-to-income ratio Paying off your current debt can help reduce your debt-to-income ratio. This, in turn, can make it easier for you to get credit from new sources. It is also possible for salaried individuals to be denied personal loans if their debt-to-income ratio exceeds 35–40%. This is also the best way to avail of a personal loan without salary slips. Other documents required for a personal loan A personal loan is a form of unsecured loan. It is given to borrowers based on their credit histories and repayment capabilities. The basic documents required for a personal loan are: Personal Identity Documents (ID, passport, Aadhar card, voter ID, driving license, etc.) Income Proof Address Proof (Utility Bill, Ration Card) A good CIBIL or credit score At least 90 days of bank statements [B-02] Conclusion In conclusion, you can understand that taking money without a salary slip is not as difficult as you think. A personal fund is helpful to cover an emergency, make some home improvements, go on vacation, or just supplement your monthly income. If you have been unemployed lately, then you no longer have any salary slips to submit with the application form this time around. So there are many ways to get a personal loan without a salary slip. Alternative income proof, debt-to-income ratio, asset-based loans, and a good CIBIL score are some of these methods. We would like to thank you for reading our blog post on how to apply for a personal loan without a salary slip. We hope that this has helped you in your situation. Please visit our website, Piramal Finance, for further details, and do not hesitate to contact us.
08-11-2023
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