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Personal Loan

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

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

What Are the Best Personal Loan Interest Rates in India?

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

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

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

Easy Steps to Avail Tax Benefits On Personal Loan

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

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

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

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

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

How to Use an EMI Calculator for Personal Loans?

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