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Personal Loan

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

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

Personal Loan in Patiala – Check Eligibility & Apply Online

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

Personal Loan In Malegaon: Check Eligibility And Apply Online

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

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

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