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Personal Loan

Personal Loan in Lucknow - MMM Marg & Check Eligibility & Apply Online

Looking for a nice vacation in Europe but have no idea how to get there? Waiting for years to buy your dream car but still unable to manage the money for it? Know about the scope of a personal loan in Lucknow – MMM Marg but worry about how to get started? Well, no worries, because today, in this article, we will discuss everything about a personal loan in Lucknow. We will know about the financing conditions in Lucknow, the rate of interest that banks charge, the eligibility criteria, and the steps to apply for a personal loan. [B-01] Lucknow, as a location to apply for a personal loan: Lucknow, the heart and soul of Uttar Pradesh, generates a huge amount of wealth for the state. It has a huge urban agglomeration that marks important daily economic activities. The city of “Nawabs,” Lucknow, has incredible historical significance, but in recent years it has evolved into a hub of aerospace, commerce, and tourism. So, applying for an online personal loan in Lucknow might seem tedious, but don’t worry. All of these things will be covered in this article to help you understand the pros and cons, eligibility requirements, and how to fill out an application. Pros and Cons of a Personal Loan in Lucknow: While balancing it out, there are many pros to going for a personal loan in Lucknow as compared to the cons. Let us discuss the pros of a personal loan in Lucknow first. Flexible borrowing limits: Banks frequently offer flexible borrowing limits so that you can borrow according to your needs. Banks in Lucknow will allow you to borrow up to 40 lakh INR, which is a large sum. Low rate of interest: Personal loans in Lucknow, often charge you a very low-interest rate on loan so that you can easily pay the debt. Sometimes, the interest rates could be as low as 7 to 8%. Plenty of time to repay the debt: Once you take the lump-sum amount from the bank, you have to repay the debt over time. The equitable monthly instalments are quite small; don’t bother your pocket while paying for them. Builds up your credit score: This is good for your credit score, as it will add more numbers to it. If you consistently pay all your EMIs on time, you will easily build up a healthy credit score. In the future, it will be easier for you to get a personal loan in Lucknow with more additional benefits. Let us now discuss the cons of a personal loan in Lucknow: Unfavourable penalties: Sometimes, there can be unfavourable penalties that you are unaware of. If you fail to pay for the EMI any month, banks might penalise you. There are pre-penalties in a personal loan in Lucknow, where you get a penalty if you try to repay the loan before the scheduled time. Change in interest rates in between: While most of the time, interest rates remain rigid, sometimes, due to the crashing of the economy or an increase in indebtedness, banks might change their interest rates. This could be a major drawback for you, especially if you cannot manage the funds on time. Affecting your credit score: Again, if you fail to repay your debt on time, it will lower your credit score. As every loan system has pros and cons, you must be careful before applying for a loan in Lucknow. Talk to the bank about all these before you apply for it. Are you eligible to apply for a personal loan in Lucknow? To know your eligibility, here are some of the points you should ensure to go through: You must be 21–60 years old to apply for a personal loan in Lucknow. This is variable sometimes; some banks also allow up to 65 years of age. You should be a salaried jobholder, a working professional, or a business person to apply for a personal loan in Lucknow. Your monthly income must be at least 25 thousand rupees to claim a personal loan. If you own a business, you should make at least 15 lakh rupees per year. You should have a work experience in your current job Or venture for somewhere between two to four years. You should have a credit score of 750 or more if you want to apply for a personal loan in Lucknow. This is not mandatory in all cases, but a good credit score increases your chances of getting better options. How to apply for a personal loan in Lucknow online? Follow these steps to apply for a personal loan in Lucknow. Visit the application page of the desired bank. Give your 10-digit mobile number followed by an OTP, and make sure the number is linked to your bank account. You will then have to fill out your basic details, like your full name, address, PAN, pin code, date of birth, etc. Now, you have to choose the type of loan you want to apply for, the repayment period, and all other tailoring options. Then the last page pops up, where you have to submit all your documents, like your KYC documents, bank statements, IT returns, and passport-size photographs that were recently taken. [B-02] Summing-up Choose wisely whether a personal loan in Lucknow is the right choice for you or not. While paying off a big debt or hitting the road for a foreign vacation might sound worthy, it is also important to be aware of the other side of the coin. Make sure you read such blogs and articles to get an idea regarding this, and also take advice from people who have applied for a personal loan in Lucknow. Read the articles on Piramal Finance regarding personal loans to learn more about them. They have highly engaging blogs and articles that elaborate on these aspects.
08-11-2023
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Personal Loan

Pre-closure Checklist for Closing Your Personal Loan Early

You eventually realized you needed to either pay off your outstanding debt or bills. Or you needed quick cash to fund wedding plans, get the latest gadgets, or even go on a short vacation. What do you do in such a case? You make a Personal Loan application. [B-01] What is a Personal Loan? In comparison to other types of loans, a personal loan provides more flexible alternatives for usage. Also, it offers a wide range of lending features. For example, you can have speedy loan disbursement, competitive interest rates, customizable EMI schedules, and comfortable payback terms. So, what if you wish to pre-close the personal loan you have taken? What will happen if you close the personal loan? Here are a few things: There are no unpaid debts against your name. Reduced EMI values against your name if you want to take up a new loan or make an investment. Better future loans or investment chances with the same lender. Higher credit score Most banks allow you to pre-close a personal loan by paying the outstanding balance after six instalments at any time. But, there is a prepayment penalty for doing so. Let’s check out what it is. But before that, we will have a quick look at the types of personal loan closures. Types of Personal Loan Closures Regular personal loan closures: A typical personal loan closure occurs when you have paid off all of the EMIs. The Lender will issue the No Objection Certificate for the Loan Closure. They will also give the Loan Closure Certificate after receiving notification from you following the Final EMI Payment. For the lender to give the No Objection Certificate for the loan closure and eventually, the loan closure certification, you must inform the lender after making the final EMI payment. Personal Loan Pre-closure: When you decide to pay off a personal loan before the term is up, you are doing a personal pre-closure. You typically have the option to pre-close the personal loan after a year or make a minimum payment of 12 EMIs. When the loan is foreclosed, the borrower must pay the current month’s EMI, any overdue dues, and the foreclosure fees. Personal Loan Part-payment: If the individual loan borrower wants to minimise the monthly instalments and the term of the loan, they can make a part payment. The portion payment amount will be subject to the financial lender’s terms and conditions. Personal Loan Pre-Closure Charges Financial lenderForeclosure feesHDFC Bank2% – 4%Yes Bank2% – 4%CitiBank4% + GSTKotak Mahindra Bank5% + Service Tax How to Close Personal Loan Early? A personal loan pre-closure may not be a difficult challenge. However, you must understand the process when applying for a personal loan from a bank, as it may change from one bank to the next. The following are some fundamental actions you can make during the pre-closing of a personal loan: You must find the closest bank office to pre-close your loan because personal loans cannot be closed online. By phoning the bank’s customer service number, you can get the location of the closest branch. If you visit the bank, you can ask a bank professional in the loans section to assist you by describing the pre-closure process if you are unfamiliar with it. Once you understand the procedure, you can request a pre-closure form. Read the form carefully and fill in all the loan and personal information requested. Sign the form once you have completed it without any blank areas. You must also provide a series of documents to pre-close your loan. The following documents are required: A document serving as identification, such as a passport, driver’s licence, or Aadhar card. Loan documents. Bank statement reflecting the payment and clearance of the last EMI. Pre-payment statement, which you can avail by requesting with the bank. It can be sent to you either online or via post. Once all documents have been submitted, you can pay by cheque, demand draft, or cash. If you cannot visit the bank for whatever reason, you can send a representative to do so on your behalf. However, your agent should have a letter of authorisation with your signature on it. They should also have all of the necessary documentation with them: Identification document (such as a passport, PAN card, driver’s licence, or voter ID) provided by the loan applicant. Applicants for loans must provide a letter of authorisation. The bank will provide you with an acknowledgement letter once you have completed all the steps; this letter needs to be carefully saved. A few days after the loan is closed, you will receive the official closing of the loan agreement. You feel better mentally after paying off personal loans because you are no longer burdened by monthly expenses. Your decision to pay off a personal loan early can be influenced by calculations. However, the decision to save money on interest or to feel more at ease ultimately rests with you. The paperwork needed to pre-close a personal loan Loan-related paperwork Identification documents such as an Aadhaar card, a passport, a voter ID card, etc. Loan statements display the details of the EMIs paid to date. Cheque or demand draft. After the pre-closure of a personal loan, you need to gather certain documents. Receipt for pre-closing payments. Closing the personal loan requires a No Objection Certificate. Closing statement for a personal loan. Certificate proving payment of dues [B-02] Conclusion Personal loans have exceptionally high–interest rates compared to other loans, which increases your burden of EMI. Many people find it relieving to pre-close or partially pay off their loans as and when they have the extra money to lessen their debt burden. Pre-closures and partial payments are frequent practices whenever salaried employees obtain bonuses or raises. Visit Piramal Finance to learn more about the offerings and services.
08-11-2023
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Personal Loan

Personal Loan In Ludhiana. Check Eligibility & Apply Online

Since the beginning of time and even now, Ludhiana has been at the centre of trade and Commerce. A personal loan is an unsecured loan that you may use for whatever reason. A personal loan in Ludhiana is available from banks and NBFCs with terms of up to 5 years and interest rates typically starting at 10.75% p.a. Although there are many banks and private lenders in this region, getting a personal loan in Ludhiana can be challenging. Apply online for a personal loan in Ludhiana that has different features to help you pay for expensive needs or bills. [B-01] Features of a Personal Loan in Ludhiana You can use a personal loan to meet your financial needs, whether you need quick cash for an unexpected wedding, unexpected medical expenses, or just cash to buy a new gadget. In Ludhiana, getting a personal loan is a simple and low-paper process. The customer benefits from the fact that the personal loan rate of interest is not significantly higher. If you are approved for a personal loan at some banks and credit unions, they might not ask you for collateral. A personal loan in Ludhiana comes with a lot of advantages and benefits, including: The freedom to select the loan term. Loans with terms of 12 to 60 months are available to applicants. The money is credited to the account three seconds after the application is approved. Customers can check the status of their applications and use online services at any time of day or night. The interest rate is extremely reasonable and stays the same for the duration of the loan. Zero prepayment and foreclosure fees. Minimum documentation is required. Quick approval and immediate payments. EMIs that are affordable each month Required Documents for Personal Loans in Ludhiana It is required to submit these set of documents for personal loan application PAN map Proof of identity: a voter ID card, a passport, a driver’s license, or an Aadhaar card Proof of address (one of the following) Aadhar acknowledgement Aadhaar card Voter identity card Utility bills such as electricity and telephone bills (less than three months old) Passport Driving licence The lease agreement and the registered agreement leave Proof of income Salary statement for the last 3 months bank statements from your bank for the last three months Self-employed clients- Ration card, telephone bill, and electricity bill Proof of residence or ownership of a business Audited financial statements for the last two years of the business Proof of the business owner’s office address proof of the continued existence of the business The applicant’s last six months of bank statements to prove the stability of the business Co-applicant – Pooling of income may be required to increase creditworthiness, in which case a co-applicant is required. Only the spouse can submit a joint application. The co-applicant must submit the documents mentioned above when applying for the loan. Eligibility Criteria for a Personal Loan in Ludhiana Salary recipient The applicant should be a citizen of India. The applicant must be between 21 and 60 years old. Staff loans are available to workers in the public, state, and local governments, as well as in the private sector. Each bank and financial organisation has its own requirements for work experience, which can be anywhere from six months to two years. People with a credit score of 750 or more are more likely to get a personal loan with a low interest rate. For salaried employees, most lenders require a minimum monthly income of Rs. 15,000 to Rs. 25,000, but some lenders have stricter requirements for personal loan applicants, such as a higher monthly income. Self-employed applicants- The applicant should be a citizen of India. As per audited financial statements, the minimum turnover is Rs. 40 lakh for non-professionals and Rs. 15 lakh for professionals. Individuals with a credit score of 750 or above are more likely to get a soft personal loan. Applicants must be between 25 and 60 years of age. According to audited financial reports, the minimum after-tax profit is Rs. 2 lac for private companies or self-employed persons and Rs. 1 lac for non-employed persons. Employees should have worked in the current business for at least five years. How can you get a personal loan in Ludhiana with the lowest interest rate? When you take out a loan, you should consider the following things to get the lowest possible interest rate on a personal loan in Ludhiana: Make a down payment: You’ll most likely get a better interest rate on your loan if you make a large down payment. Credit score: When you apply for a personal loan, it’s important to have the best possible credit score. People with a credit score of 750 or more are more likely to get a low-interest loan. Term: The term of your loan directly impacts the interest rate. EMIs could be high, but if you choose a shorter term, you can get a much lower interest rate. Debt-to-income ratio: A person’s monthly income compared to credit card bills, loan payments, etc. is called the debt-to-income ratio. A stable debt-to-income ratio determines whether your loan application is approved and how much you pay in interest. The company you work for and the stability of your employees: The company you work for and the number of years you’ve been working have a big impact on the approval of your loan and the interest rate. [B-02] Conclusion It may not seem easy to find a personal loan in Ludhiana. However, Piramal Finance can help you get them faster than expected. In addition to loans, the Piramal Finance app helps you keep track of all your financial processes and transactions. What could be more convenient, financially, if not this? To know more about the services or to read such insightful articles, visit the Piramal Finance.
08-11-2023
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Personal Loan

What are the Eligibility Criteria for NRI Personal Loan?

NRI Personal Loan is a type of unsecured loan. It can be availed of by NRIs to serve their financial requirements. For instance, you can use it for home improvements or wedding expenses. The loan is given at a higher interest rate as compared to a regular personal loan. Also, the maximum tenure is shorter. To be eligible for an NRI Personal Loan, the applicant must: Be an Indian citizen residing abroad Be above the age of 21 and below the age of 60 or 65. Have a regular source of income Have a good credit history Let’s know more about these factors in detail. [B-01] What are the eligibility criteria for NRI personal loans? To be eligible for an NRI personal loan, you must: Be a minimum of 24 years Have a valid Indian passport or should be a resident of India Have a regular income source Have a good credit score If you meet all of the above criteria, you will be eligible for an NRI personal loan. How to apply for an NRI personal loan? To apply for an NRI personal loan, you can either visit the website of an online lender or approach a bank branch in India. When applying for an NRI personal loan, you will need to submit certain documents, such as your passport, visa, bank statements, and income proof. Once your application is approved, the loan amount will be disbursed into your bank account in India within a few days. Check Your Eligibility: The first step is to check your eligibility for an NRI personal loan. There are certain criteria that you must meet to qualify for an NRI personal loan. Compare Loan Options: After checking your eligibility, compare different loan options to find the best deal. There are many different factors to consider when comparing loan options, such as the interest rate, repayment terms, and fees. Apply for the Loan: Once you have found the best loan option for your needs, you can apply for the loan. To complete the application process, you will need to provide some personal and financial information. After your application has been submitted, it will be reviewed by the lender. A decision will be made on whether or not you are eligible for the loan. Can an NRI loan be refilled? Yes, an NRI loan can be refilled. However, the eligibility criteria for refinancing an NRI loan may vary depending on the lender. Some common eligibility criteria for refinancing an NRI loan include: The borrower must have made all scheduled repayments on time for the original loan The borrower must still meet the income and employment requirements of the lender A solid credit history is required of the borrower. What happens after the approval of an NRI loan? Once your NRI loan has been approved, the next step is to disburse the loan amount. Within a few days, the amount will be transferred to your account. After that, you will have to start making EMIs (equated monthly instalments) to repay the loan. The repayment tenure for an NRI personal loan is usually 5 years. How much is the annual percentage interest (API) on an NRI personal loan? An NRI personal loan’s annual percentage interest (API) is the interest on the portion of the loan amount that you have to pay each year. The API is determined by the interest rate, which represents the cost of borrowing money, and the loan period, which represents the time frame for repayment. How long does it take to get an NRI personal loan? NRI personal loans are available from several financial institutions in India. The terms and conditions of the loan, as well as the eligibility criteria, vary from lender to lender. As an NRI, you may be eligible for a personal loan if you have a regular income and a good credit history. The process of applying for an NRI personal loan is similar to that of applying for a regular personal loan in India. You will need to submit certain documents, such as your passport, visa, and proof of income, to the lender. The approval process may take a few days or weeks, depending on the lender. Once your loan is approved, the funds will be transferred to your account within a few days. The repayment period for an NRI personal loan is usually between 12 and 60 months. What are the benefits of applying for an NRI personal loan? There are several benefits to applying for an NRI personal loan, including: You can use the loan for any purpose, including purchasing a home, or vehicle, or paying for education or medical expenses. NRIs can get personal loans from banks in India without having to put up any collateral. The interest rates on NRI personal loans are generally lower than those on other types of loans, such as credit cards and home equity loans. Personal loans can help improve your credit score by showing that you’re capable of repaying debt on time. You may be able to get a lower interest rate if you have a good relationship with the bank where you apply for the loan. Disadvantages of applying for an NRI personal loan. There are a few potential disadvantages to applying for an NRI personal loan that you should be aware of before making a decision. These potential disadvantages include: You may not qualify for the best interest rates or terms if you have bad credit. You may have to pay higher fees than if you applied for a loan from a local lender in India. There is always the risk that the exchange rate could change and you would end up having to repay your loan in a currency that has less value than when you borrowed the money. [B-02] Conclusion Whether you are an NRI looking to repatriate funds back home or you are looking to purchase property in India, an NRI personal loan can be a great option for you. However, there are a few things you should know before applying for an NRI personal loan, such as the required documents and the interest rates. With this information in hand, you will be well on your way to securing the best loan possible at Piramal Finance for your needs.
08-11-2023
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Personal Loan

All You Need to Know About Private Finance for a Personal Loan

There are various factors to consider when it comes to personal finance. One of the most important is taking out a loan. This can be a great way to get the money you need for a big purchase, but it’s important to understand the ins and outs of private finance for personal loan before you take the plunge. There are many types of private finance for personal loan, and each has its own advantages and disadvantages. This can help you secure funds for a major purchase, but it is important to learn about the risks involved before signing any agreements. [B-01] What is Private Finance for Personal Loan? Private finance for personal loan is the process of securing and managing funds independently of the government or any other external source. It covers both personal finance and business finance, and it can be used in many different financial situations. This is one type of private finance for personal loan and is typically used for large purchases or debt consolidation. When taking out a personal loan, understand the terms and conditions and the repayment schedule. First and foremost, you’ll need to know what kind of loan you’re looking for. There are secured and unsecured loans, each with pros and cons. A secured loan is one where you put up collateral—typically your home or car—as security for the loan. If you default on the loan, the lender may seize your collateral. Unsecured loans don’t have this risk but come with higher interest rates. Once you know what kind of loan you want, look around for lenders. Each lender will have its own terms and conditions, so it’s important to understand and compare before making a decision. You’ll want to look at interest rates, repayment terms, and fees. The different types of personal loans There are several types of personal loans, each with its own specific terms and conditions. Here is a breakdown of the most common types of personal loans: Secured Loans: A secured loan is backed by collateral, typically a home or vehicle. This type of loan offers lower interest rates and more favorable repayment terms. Unsecured Loans: An unsecured loan is not backed by collateral and is therefore considered riskier for lenders. Because of this, most unsecured loans have higher interest rates and less favorable terms for paying them back. Fixed-Rate Loans: A fixed-rate loan has an interest rate that is fixed for the duration of the loan. This loan offers predictable monthly payments, making it easier to budget for repayments. Variable-Rate Loans: A variable-rate loan has an interest rate that can fluctuate over time, based on market conditions. This type of loan may offer lower initial interest rates than a fixed-rate loan, but payments can become more expensive if market rates rise during the life of the loan. How to Get a Personal Loan When you apply for a personal loan, there are a few things lenders will take into account to determine whether or not you qualify. They’ll look at your credit score, employment history, and monthly income to understand your financial situation. To get a loan at a lower interest rate, you should have a good credit score. If you have bad credit, you may still be able to get a loan, but it will likely come with a higher interest rate. To increase your chances of getting approved for a personal loan, make sure you meet the following criteria: Have a steady income Be employed full-time Be an Indian citizen or permanent resident Be at least 21 years old Going for a Personal Loan Top Up A personal loan top-up, also known as an additional loan, is a type of financing that is provided in addition to the existing loan amount. Customers who have a working relationship with the lender, have strong credit and can make payments are eligible for the best loans. Here, let’s start with an example. Imagine you own a car and you fill it up with fuel every month at a cost of Rs. 2000. During a certain month, you had to use the car more often than usual. So, on the 20th of that month, your dashboard’s “low fuel” indicator is blinking. How do you behave? Naturally, you drive to the closest gas station and fill up for an additional Rs. 1,000, say. That is exactly how personal loan top-ups operate. You can use the personal loan top-up calculator to check how much top-up you can get on your existing loan. Benefits of a personal loan Borrowers can enjoy multiple benefits from a personal loan. First, a personal loan can help you consolidate high-interest debt into one monthly payment at a lower interest rate. This can help you save money throughout your loan and get out of debt faster. Second, a personal loan can give you access to funds when you need them. Whether you have a sudden need or want to make a large purchase, a personal loan can provide you with the financial flexibility you require. Third, a personal loan can improve your credit score. As long as you make your payments on time and in full, a personal loan can help improve your credit history and rating, giving you access to better terms and rates in the future. Finally, a personal loan can provide peace of mind. If you’ve been struggling to make ends meet or worried about how to pay off high-interest debt, private finance for a personal loan can give you the stability and security you need to move forward financially. [B-02] Conclusion If you have a good credit score, taking out a personal loan from Piramal Finance can be a great way to finance a large purchase or consolidate debt. However, before signing on the dotted line, be sure you understand the terms of your loan. After having a better understanding of private finance for personal loans, you can make an informed decision about whether or not this is the right option for you.
08-11-2023
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Personal Loan

Personal Loan in Faizabad – Check Eligibility & Apply Online

It is imperative to follow the trend in the current world due to rising costs and a new way of living. Therefore, banks and NBFCs provide a personal loan in Faizabad as a service to help customers choose the best loan and manage all of their costs, particularly for residents of big cities. A personal loan in Faizabad is a multipurpose financial product. Its objectives may include paying taxes, debt repayment, medical expenses, etc. Depending on your needs, you can put the loan money to use. If you need money for personal expenses, medical emergencies, weddings, international travel, vacations, your child’s education, or to buy durable goods, a personal loan is a great option. In this article, you’ll learn how to apply for a personal loan online in Faizabad and what you need to do to be eligible. [B-01] Eligibility for a Personal Loan in Faizabad The loan amount is based on the applicant’s income and capacity for repayment. It is a flexible offer that can be used for any financial issue. There is no need to provide the lender with any property or assets as security. No cosigner is required. You must fulfil the eligibility criteria mentioned below before applying for personal loans in Faizabad. You must be salaried individuals working under the following: government institutions, private sector, public sector, MNCs or related companies, partnership firms, or a proprietorship concern. Your age must be between 21 and 60 years old. The minimum income requirement is Rs. 25,000 per month. You must have at least a minimum of six months of work experience with the present employer. Documents Needed for a Personal Loan in Faizabad You should keep these documents handy before applying for personal loans in Faizabad. 1. PAN Card 2. Identity Proof (any of the following) Aadhaar Driving License Passport Voter’s Identity Card 3. Address proof (any of the following) Aadhaar Card/AAadhar Acknowledgement Driving License Passport Registered Leave and Lease Agreement Utility bills like the telephone bill, the electricity bill, etc. (not more than 3 months old) Voter’s Identity Card 4. Income proof Bank statements from the previous 3 months Latest month’s salary slips 5. Co-applicant: A co-applicant is required if clubbing of income is necessary to increase loan eligibility. Co-applicants may only be spouses. At the time of the loan application, the co-applicant shall provide the mentioned papers. How to Apply for a Personal Loan in Faizabad A personal loan might always be a better alternative if you’re in financial trouble. There isn’t much paperwork needed. The loan might be authorised in less than 48 hours. Examining the fundamentals of a personal loan in Faizabad before applying is important. You can borrow money from a personal loan in Faizabad to spend it on various things. For example, you may use a personal loan to cover home improvements, debt settlement, or a dream wedding. Online lenders, credit unions, and banks can all provide personal loans. You must pay back the money you receive over time, usually with interest. Some lenders may also impose charges for personal loans. You must apply to a creditor to obtain a personal loan. This might be a bank, credit union, or website that offers personal loans. Normally, you would fill out an application first. After reviewing it, the lender decides whether to accept or reject it. You will be given the loan conditions after being accepted, which you can accept or refuse. The next step is to complete your loan application if you accept them. Following completion of that, the lender will finance the loan, which entails giving you the money received. Depending on the lender, these can appear as a cheque or as a direct transfer into your bank account. You can put the money to any use when the loan is funded. After that, you have to pay back the loan based on the terms in the loan agreement. Your credit score might suffer significantly if you default on a personal loan. With a secured loan, you could lose the thing you put up as collateral or be sued by the lender to get the money back. Interest Rate and Charges for a Personal Loan in Faizabad Annual interest rates begin at 12.99%*. There are no fees for early repayment or foreclosure. During the application procedure, any additional fees will be disclosed. Schedule of Fees & Other ChargesDetails(i) Processing FeesProcessing Fees up to 4 % of Loan amount + taxes (payable before disbursement of Loan)(ii) Default Interest2% p.m. on the default of PEMII/EMI from the date of default till the date of actual payment(iii) Documentation ChargesUp to 0.5% of loan amount + taxes (iv) Prepayment chargesUp to 5% of the Principal amount being repaid + taxes(v) Part Payment ChargesUp to 5% of the Principal amount being repaid + taxes(vi) Cheque Bounce ChargesRs. 500/- + taxes(vii) Collection pickup chargesRs. 250 per visit applicable taxes(viii) Any Legal costs/chargesAt actual taxes(ix) Recovery-related chargesAt actual taxes(x) Stamp duty chargesAt actual taxes(xi) Statutory ChargesAt actual taxesLoan Repayment Schedule (applicable for a physical copy of the statement)Rs. 500/- + taxesChange of Loan repayment modeRs. 500/- + taxesDuplicate, No due Certificate issuance charges (only applicable for a physical copy of statement)Rs. 500/- + taxesStatement of Account (only applicable for a physical copy of the statement)Rs. 500/- + taxesCash collection charges 1% of collection amount of Rs.50000 and above in cash applicable GST [B-02] Conclusion Hope you now know the eligibility criteria and how to apply online to get a personal loan in Faizabad. Online personal loan applications are now simple to complete. There are online eligibility and EMI calculators on lending platforms. A personal loan is a one-stop solution for all your urgent financial demands, whether they relate to organising a dream wedding, paying for school expenses, purchasing your dream gadget, or arranging a dream vacation. A loan is still a debt; keep that in mind. Make a plan for repayment after reviewing your finances. Always seek advice if in doubt. Take advantage of Piramal Finance Limited’s hassle-free, quick, and easy personal loan with no pre-payment or foreclosure fees. They have a group of knowledgeable advisers that can assist you throughout the full application procedure, ensuring prompt approvals and prompt disbursement into your account.
08-11-2023
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Personal Loan

7 Mistakes to Avoid While Applying for a Personal Loan

We can all agree that personal loans are necessary. Personal loans may be used anywhere, unlike other forms of financing. In many situations, personal loans might be one of the most practical choices. Personal loans are a one-stop shop for all your money needs, like buying a car, paying for college, moving, getting married, or getting medical care. A candidate for a personal loan should examine the loan’s interest rates and repayment period before applying. Personal loans are good for short-term goals, but to prevent them from affecting other costs, check the loan length, which depends on your ability to repay. To obtain the lowest rates and biggest loan amounts that lenders offer, you often need great credit. Lenders may have their own standards for what constitutes good or exceptional credit. They often fall within this range: Good – 670 to 730 and Excellent – 740 and above. It is crucial that you carefully read the loan agreement and comprehend what you are signing. Since it is a legally binding contract, you would not be able to change any of the terms later. While getting a personal loan to cover your expenses is a wonderful idea, if you don’t manage them properly, you may end up in a debt trap. In this article, you will learn about the most common mistakes to avoid. [B-01] Looking only at the interest rate Although interest rates play a significant role in personal loans, it is not a good idea to concentrate only on getting a competitive interest rate. To get the total cost of the personal loan, add up all the costs, including the interest rate, processing fees, yearly maintenance fees, and bounced EMI fees. Not examining the eligibility requirements before applying Before applying for a personal loan, always review the requirements. Your application can be turned down if you don’t meet the qualifying requirements, which vary depending on the lender. Your credit score may be affected by this. Before submitting your loan application, be sure you meet the requirements. Not budgeting for repayment You have to be able to pay back the loan once you’ve taken it out. You can owe late fees and other penalties if you forget to make a payment or make it late. Credit damage is also possible. If you are in default for an extended period of time, your lender may sell your debt to collection agencies. Your credit score may suffer more as a result, and you can receive collection calls. So, you should check your monthly spending plan to make sure you have enough money to pay back the loan. If not, you can reduce spending until you have enough or think about getting a loan with a lower interest rate or a longer term to lessen the monthly payment. Ignoring your credit rating When applying for loans from lenders who examine your credit, your credit score is very important. Before applying, check your credit score to see what sorts of loan conditions you could be eligible for. Request your free yearly copy of your credit report from each credit bureau to do this. Look at your report for faults as you go over it. To remove them from the report, dispute any discrepancy that you notice. This may improve your credit score and make it easier for you to obtain better loans. Failing to consider another source of financing Personal loans have far higher interest rates than loans against securities, loans against FDs, loans against gold, and top-up loans. For instance, top-up loans and loans secured by securities often have interest rates between 10% and 15%. If you have large, long-term investments in mutual funds and stocks, choose a loan against securities over a personal loan. Top-up loans are better for people who already have a house loan because they have longer terms and lower interest rates. Too many personal loan applications If you desire money to cover your immediate requirements, this is a mistake. You may tend to submit too many personal loan applications if you’re in dire need of cash. A hard inquiry is made as part of the lender’s processing of your application, which will appear on your credit report. It can lower your credit score if there are too many hard inquiries. In addition, the creditors could be reluctant to extend you credit, since they would believe you are credit-hungry. Failure to read the fine print You should not let your urgent need for money stop you from carefully reading the terms and conditions of the personal loan. Know in advance any fees that may apply as well as the conditions of payment. By doing this, you will avoid any bad surprises later on in the loan’s term. [B-02] Key Takeaway Apps in general have made getting personal loans easier. But there are still errors to be on the lookout for. Before you begin, make sure you verify your credit score and create a payback plan. When you are prepared, look around for various deals. Next, verify each lender by finding out about their license details and by checking other review websites. You may get the money you require by avoiding these errors, thereby reducing unneeded stress and costs. If you want to read more such articles and learn about money and finance, visit Piramal Finance right now!
08-11-2023
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Personal Loan

Personal Loan In Ghaziabad – Vaishali – Check Eligibility & Apply Online

Ghaziabad is known as the “Gateway to Uttar Pradesh,” which makes it one of the largest planned cities in northern India. It has one of the second-fastest growing industrial bases, and the culture of the nearby metropolis of New Delhi is seeping in here. Since the city is becoming one of India’s major industrial hubs, it is a centre for many industries, like electric locomotives and EMU trains, bikes, wall hangings, pottery, paint and varnish, metal chains, and so on. [B-01] What is a personal loan? Personal loans are a type of unsecured credit that banks give out based on the borrower’s profession, work history, income level, and credit history. A personal loan is another name for a consumer loan. It is a loan that can be used to pay for anything you need right away. Why might you want to get a personal loan in Ghaziabad – Vaishali? Medical emergency A medical emergency can happen to anyone at any time, and it can be difficult to borrow money from friends or family. So, you can get a personal loan to pay for your emergency medical costs in 24 to 48 hours. Travel costs If you want to go on a great vacation, one of the best things you can do is apply for a personal loan. Consolidation of debt Personal loans, such as credit card loans or other loans with very low interest rates, may be used to pay off existing debts. Changing residence to a new location You can request a personal loan if you are moving to a new place and need money for things like buying new furniture, transporting your packages, or moving your vehicle. Cost of the wedding A wedding can cost you a lot. So, if you want a big wedding, you might want to think about getting a personal loan. Benefits and features of getting a personal loan in Ghaziabad – Vaishali Paperless procedure Since the whole process is done online, there is no need for any paperwork or face-to-face contact. Due to digitisation, everything is now easy to do. Flexible tenure You can choose the length of time you want to pay it back. The length of time to pay back the loan can be anywhere from 6 to 60 months. Multi-purpose You can get a personal loan in Ghaziabad – Vaishali to pay for things like a wedding, a trip, new furniture for your home, medical emergencies, and much more. Zero collateral Personal loans are unsecured loans, so you don’t have to give up anything to get one. Minimum documentation You can get a personal loan with only a few documents. For a personal loan, you need things like a PAN card, an Aadhaar card, and bank statements. Instant disbursal After receiving the loan approval, you can have the money in your bank account within 24 to 48 hours. Eligibility criteria that need to be met for a personal loan in Ghaziabad – Vaishali You should be an Indian citizen. You should be between the ages of 21 and 60. You should have a monthly income of at least INR 20,000. Your credit score should be more than 750. A minimum of one year of work experience is required. Before applying for a personal loan in Ghaziabad – Vaishali, there are a few things to consider. Valid documents For KYC verification, you need to have all of your documents, like your Aadhaar card, PAN card, and bank account information, ready. If you don’t send the right paperwork, your application will be turned down. Criteria for eligibility Before you can get the loan, you must first meet the requirements listed above. The ratio of debt to income The debt-to-income ratio is the number of your monthly debts as a share of your monthly gross income. It helps show that the borrower has enough money to pay back the new debt. Rates of interest To make sure you get a loan with low interest rates, you should look into the interest rates offered by different lenders. Credit score For your loan to be approved right away, your credit score needs to be at least 750. Also, you are more likely to get a loan with a low interest rate if you have a good credit score. Monthly income Since there is no collateral for a personal loan, the lender will expect you to have a stable job with a fixed income of at least INR 20,000. Once you show the lender that you have a stable income, the loan is approved right away. What are the various documents required to get a personal loan in Ghaziabad – Vaishali? For salaried workers, you’ll need the following documents: Proof of identity: Aadhaar card, PAN card, driver’s license, or passport Proof of address: passport, electricity bill, water bill Proof of income: bank statements for the past six months Work experience for employment: certificate of 1-year experience For self-employed people, proof of income is needed: Bank statement for the past 3 months. Balance sheet and profit and loss statements audited by CA for the past 3 years. Salary slips for 3 months Income tax returns for the last 3 years Avoid these things when applying for a personal loan in Ghaziabad – Vaishali If you apply for more than one personal loan, it could affect your credit score. Don’t just look at the interest rate; also look at the terms and conditions and other fees. [B-02] Final thoughts When you need money quickly, the most practical solution is to apply for a personal loan. A personal loan in Ghaziabad – Vaishali can be helpful for a variety of situations, like paying for a wedding or an unexpected medical need. If you’ve read this article all the way through, you should now have a good idea of how to apply for a personal loan in Ghaziabad – Vaishali. In case you have any questions or are unsure how to begin, it is recommended that you seek the help of a professional financial firm such as Piramal Finance to get customised loan options.
08-11-2023
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Personal Loan

What Is The Emi For Rs. 20 Lakh Personal Loan?

Personal loans are available from banks and NBFCs for Rs 10,000 to Rs 40 lakh. According to a variety of factors, including existing loan repayment commitments, monthly income, and EMI/NMI ratio—the percentage of net monthly income used to pay off existing EMIs and the EMI of the new loan—individuals applying for personal loans of Rs 20 lakh will have varying EMIs. Most lenders prefer to grant personal loans to applicants whose overall EMI/NMI ratio (including the EMI of the proposed loan) is between 50 and 55 per cent. The occupation, credit score, and employer’s profile are other criteria that could affect the approval of the personal loan. Additionally, some lenders can offer fast pre-approved personal loans. [B-01] What to Consider While Applying for a 20 lakh personal loan? Here are some factors to consider while applying for a Rs. 20 lakh personal loan. Credit Score Lenders examine the credit history and credit score when making a loan application. The loan application would have a lesser probability of being granted if the credit score, as reported by CIBIL or any other credit bureau, is less than 750. On the other hand, candidates with credit scores of 750 or higher are more likely to be approved for personal loans. Moreover, the person can even stand a chance to have reduced interest rates. Income: A personal loan of Rs 20 lakh has a high EMI requirement. Thus, lenders must make sure that there is a significant income. Also, have enough spare cash to make loan payments on time. Employment: Lenders take the work stability and the characteristics of the employer into account when reviewing the application. Applicants employed by MNCs, reputable corporations, or public sector organisations have higher income stability. So, banks and NBFCs prefer to approve personal loans to them because it lowers the credit risk for the lenders. However, for people not a part of the corporate ladder, they need not worry. Lenders consider the entirety of the employment history as well. Existing Debt Payments: Lenders often look at the current debt responsibilities when assessing the personal loan application. Most banks and NBFCs approve personal loan applications from borrowers whose combined EMI/NMI ratio (including the EMI for the new loan) is between 50 and 55 per cent. Therefore, those whose EMI/NMI is more than 55% may not be able to obtain a personal loan. Tentative EMI for Rs. 20 Lakh Personal Loan Tenure (years)12345EMI (in rupees)1,76,76393,21665,47751,69143,485 Advantages of a Personal Loan of Rs. 20 Lakh The popularity of personal loans is due to the lack of end-use restrictions. People may use the loan amount to pay any financial debts. Interest Rate:Most banks and NBFCs offer personal loans starting at 10.49% p.a. The loans can start at a lower interest rate from some Public Sector Unit (PSU) banks. Tenure:Personal loans typically have a five-year payback term. However, certain lenders may extend that time to seven years. Processing Fee:Personal loans typically include processing costs of up to 4%. However, some lenders also waive the processing cost during holiday promotions, subject to a few restrictions. Requirements for a Rs. 20 lakh personal loan The applicant should be an Indian The age of the applicant should be between 21 and 67 A salary of a minimum of Rs. 15,000 every month Salaried people employed by the government, public sector organizations, and reputable private sector businesses are eligible for the loan. Self-employed borrowers of personal loans typically require a minimum of one year of continuous business operations. Typically, applicants with credit scores of 750 or higher have a better probability of being approved for a personal loan. Top Banks Offering Rs 20 Lakh Personal Loan The top banks offering 20 lakh personal loans at reasonable interest rates are listed below. The credit score, income, type of work, and relationship with the lender will all affect the interest rate. BankInterest RateCiti BankFrom 10.75% HSBC9.25%ICICI Bank10.75%Kotak Bank10.75%Punjab National Bank10.80%State Bank of India10.55%HDFC10.50%Navi9.9% Mudra Personal Loan An Indian government program called Pradhan Mantri Mudra Yojana allows small borrowers to obtain loans. They can take it from banks, MFIs, and NBFCs for up to 10 lakh for non-farm income-generating enterprises. Generally, bank loans up to Rs. 10,000 made under the Micro Small Enterprises program are given without collateral. Documents Required for Personal Loan PAN card Proof of Address Proof of Signature Proof of identity For Self-employed Proof of Business ITR for the last 2 years income computation for the last 2 years with balance sheet and Profit and Loss account TDS certificate (Form 16A) for declared Income Tax, Income Tax challan, Form 26 AS For Salaried Last 3 months’ salary slips Last 6 months’ bank statements Form 16 or Income Tax Return How to Apply for Rs. 20 Lakh Personal Loan? Nearly all financial institutions offer the ability to apply for a loan of Rs. 20 lakh online. To quickly receive Rs. 20 lakh in the bank account, go to the desired lender’s official website and follow the instructions there. Check out this list for simple application instructions for a Rs. 20 lakh personal loan: Enter the personal information on the lender’s website. For this, put a few details. For instance, name, contact information, email address, phone number, income, loan amount, and residence area. Upload the necessary documents, such as proof of address, a photo ID, proof of income, etc. The lender will evaluate the credit rating after carefully reviewing the supplied documents and other information. Following the completion of the loan documents, Rs. 20 lakh will be credited to the bank account if the credit decision is favourable. [B-02] Conclusion A Rs. 20 lakh Personal Loan is easy and hassle-free to obtain. The best thing is that individuals can put the money to any use they choose. So they can finance their children’s academic aspirations. Also, they can take that long overdue trip abroad. They can use a personal loan to combine their debts, including high-interest loans and credit card payments. You can find more information on personal loans here!
08-11-2023
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