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Personal Loan

Personal Loan in Faizabad – Check Eligibility & Apply Online

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

7 Mistakes to Avoid While Applying for a Personal Loan

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

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

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

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

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

Personal Loan in Navi Mumbai, Belapur CBD - Check Eligibility & Apply Online

Belapur, or the Central Business District of Belapur, is the headquarters of the Navi Mumbai Municipal Corporation. It is the fastest-growing region in Navi Mumbai since it boasts new residential societies and commercial complexes. Belapur is well connected to the rest of Mumbai through railways and BEST buses. With an upcoming airport, Belapur will soon be connected with the rest of the world, ensuring its residents a high standard of living. It will soon be at par with or ahead of its contemporaries like Fort, Bandra-Kurla complex, Vashi, and Nariman Point. Thus, you shouldn’t think twice before shifting to Belapur, buying or renting homes, or setting up a new business there. Piramal Finance is the most economical NBFC to avail of a Personal Loan in Navi Mumbai – Belapur CBD. Experience a hassle-free process with Piramal Finance, specialising in housing-related loans. A team of experts will reach out soon to guide you through the simple application procedure. Piramal guarantees quick approval and deposit into your bank account. [B-01] What does a Personal Loan mean? A personal loan is given to a person based on their creditworthiness rather than what they can pay as collateral. Minimal documentation is required to apply for a personal loan. However, unlike other loans, a personal loan comes with higher interest rates. One can expect interest rates on personal loans to range between 8% to 30% p.a. Major types of Personal Loans One might be looking for a personal loan in Navi Mumbai – CBD Belapur, mainly for setting up a small business. But there is a lot more they might be eligible for or in need of. Home Renovation CIDCO has been building residential complexes in Belapur since it grew in the 1990s. However, maintaining a rented or bought flat is the resident’s responsibility. One can opt for a Home Renovation Loan at 10.5% p.a. from Piramal Finance to avoid high maintenance costs. Debt Consolidation Businesses often incur debts from multiple sources. To unify all of them under one loan is referred to as consolidation. If a business is under debt, a Loan Against Property, residential or commercial, from Piramal Finance at 11.5% p.a. for a consolidation amount of Rs 25 lakhs to 3 crores can be availed. To secure a business loan by choosing to repay every 15 days, Piramal lends up to Rs 25 lakhs of debt consolidation. Travel Loan Belapur is far greener and less populated than the Khargar and Nerul areas of Navi Mumbai. It has more waterfalls, trekking sites, and lavish resorts that keep you close to nature. If you want to stay at a vacation home in this area (called Artist Colony), you must apply for a Personal Loan in Navi Mumbai – Belapur CBD. Piramal provides travel insurance along with a travel loan for the same. Medical Loan After two years of a pandemic, one must keep health as their primary concern. They must invest the most in health. Why not avail the best medical assistance for the entire family at the M.G.M Hospital? Piramal provides a Personal Loan in Navi Mumbai – Belapur CBD for lab tests and medical urgencies, up to Rs 25 lakhs for 5-6 years. Wedding Loan Belapur boasts of ideal locations for a destination wedding or a pre-wedding shoot. There is an abundance of hills, lakes, waterfalls, and resorts one could have only dreamt of. Piramal is here to make that dream come true by lending a wedding loan at 10.5% p.a. Features of a Personal Loan Piramal provides personal loans with zero pre-payment and foreclosure charges. A loan of more than Rs1 lakh and less than Rs10 lakhs falls under a ‘Personal Loan’. Minimal documentation is required. Sanction doesn’t take much time and disbursals are instant. Monthly EMIs are not more than your monthly budget. A flexible repayment tenure from 12 to 60 months is allowed. Piramal Finance helps improve your loan eligibility by allowing the clubbing of incomes. Are you eligible for a Personal Loan in Navi Mumbai – Belapur CBD? A. Salaried Employees A person who has a job in a Government Institution, Private Sector, Public Sector, MNCs, Partnership Firm, or, Proprietorship Concerns must have Age: between 21 and 60 years Work Experience: more than or equal to 6 months Income: at least Rs 25,000 per month. B. Self-Employed Professionals like an architect, a doctor, or CA and non-professionals like Business Owners, Partners, Proprietors, or Promoters/Directors in private and public limited companies can apply for a Personal Loan in Navi Mumbai – Belapur CBD. Their age must be more than 23 and less than 70. How to apply online for a personal loan? Piramal Finance has made it easier for even a layperson to get a Personal Loan in Navi Mumbai – Belapur CBD: Visit the website of Piramal Finance and choose ‘Personal Loan’ from the main menu. Select ‘How to Apply’ from the article marker or scroll down to find the same title. Click the link in the ‘How to Apply’ paragraph and discover a dialogue box. It is a form titled, ‘Quick Apply’. Fill out the compulsory details and enter the Captcha (Are you a robot?). Go through the ‘Website Usage and Privacy Policy’ before checking/ticking. Submit your application and get in touch with a Relationship Manager. [B-02] The Conclusion This blog elucidates the exhaustive procedure to apply online for a Personal Loan in Navi Mumbai – Belapur CBD from Piramal Finance. It also highlights the importance of other loans one can avail of, along with personal loans.
08-11-2023
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Personal Loan

Personal Loan For Travel: Fees and Charges Explained

In most cases, a borrower does not need to put up collateral or have a guarantor to be approved for a personal loan. An individual can take out a personal loan for travel, for example, to meet their financial needs. Travelling requires money, and getting a personal loan for travel can help you finance your trip or vacation if you need quick and easy access to money to travel. Since the money from a loan for travel is not restricted to a specific aspect of your travel plans, you are free to use the funds as you see fit. [B-01] Personal loan for travel It is important to always know the various costs associated with a loan for travel before you apply for one. Your EMIs will be a certain percentage of the total payment. Knowing the processing fees and other charges connected to your personal loan for travel can help you plan your repayments. Here are some of the costs you may expect to pay when you get a personal loan for travel from financial institutions: Application Processing Application processing fees are one of the costs. This fee covers the cost of processing your loan application. This includes the administrative costs and any other costs associated with conducting the verification process. The typical rate is 4% of the loan amount plus any taxes. You will have to pay this fee when you sign your loan papers. Interest on Loans In addition to the amount borrowed, you also need to pay interest on the borrowed sum, which will be calculated as a part of your personal loan EMIs. There are different rates of interest, which you can find out from the bank or lender who is issuing your loan. Defaulting on EMI Payments This charge will be added to your EMIs if you fail to make your monthly payments. If you do not make these payments on time, the lender can add additional charges to your loan repayments. Because of this, it is very important to check your account balance and pay your EMIs on time. Penalty interest rate If the borrower is late with payments, a steep penalty interest rate will be imposed. This is a penalty for late payments. You should expect to pay between two and four per cent of your past-due monthly payment. Early Foreclosure If the borrower attempts foreclosure on the loan before the maturity date, the lender may charge a fee. This fee normally falls between 4% and 5% when taxes on the principal are not included. Prepayment Costs When a borrower prepays a personal loan for travel in whole or in part, the lender foregoes interest revenue. To prepay a portion of your loan, you will be charged 2% (excluding taxes). Annual upkeep costs This charge is made to maintain your account’s existence. These costs amount to 0.25 per cent each year for a personal loan. Knowing about these costs beforehand will help you plan your personal loan payments more efficiently. With proper planning, you can ensure that you do not have any additional charges on your loan for travel. Benefits of Taking a Personal Loan for Travel A loan for travel enables people to make important emergency trips for weddings, funerals, and other occasions, or even for holiday purposes. Banks and other financial institutions provide a wide variety of personal loans that may be used to cover travel expenses. These are some of the benefits of taking a personal loan for travel: You can get the money immediately, so you will not have to wait for a long time to take your trip. You can choose an EMI payment schedule and loan term that works for you. Personal loans are unsecured loans, therefore you will not be required to offer any collateral. The application is available online, and this makes the entire process simple and quick. Some lenders provide instant loans against credit cards (instant loans) and need minimal paperwork. However, this depends on your relationship with the lender. Compared to credit cards, the interest rates on personal loans are more reasonable. It is important to consider your ability to repay the personal loan before applying for it. Once you’ve determined that you’ll be able to repay your loan for travel purposes, make sure you borrow the appropriate amount, which should be sufficient to meet your financial needs but not so large that repayments become difficult. Make sure you have a secure revenue stream before applying for a personal loan for travel. It is important to have a steady income to keep up with your monthly EMI payments and pay them back on time. Guidelines for Applying for a Personal Loan for Travel Being an existing customer of a bank or other financial institution will allow you to check your eligibility for a personal loan for travel and have greater chances of your loan being approved. Therefore, the bank where you have an account is a good place to start searching for information on a personal loan for travel. Most banks have online application options, which is recommended since it is quick, convenient, and gives you an instant record of your application. It is always recommended to find out what documents will be required at the application stage. These usually include identification documents, address proof, photographs, and other relevant information. Having this ready while applying will cut down on the time it will take for you to complete your application process. [B-02] Conclusion For your various travel needs, applying for a personal loan for travel purposes gives you easy access to money almost instantly. In addition to the obvious costs of the money you will borrow and the interest you will pay in the form of EMIs, it is important to be aware of the additional charges so that you are not caught off guard and can follow good financial practices. Before applying, it is always important to ensure that your credit score is good. This will increase the chances of getting a loan for travel reasons. Visit Piramal Finance for more helpful articles and guidance!
08-11-2023
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Personal Loan

How To Apply For a Personal Loan During The Festival Season?

The Festival season is a time when presents and sweets are shared. It is also a time when offers come in from all directions. Banks make many attractive loans and credit card offers throughout the festival season. A personal loan will help you to make purchases if you run out of cash during the festival season. Most lenders give their clients specialised loan products under various names. You have the option to select the best loan package based on your needs. The incentives take the form of lowered fees, waived processing charges, reduced interest rates, etc. Looking for an instant online personal loan during the holiday season? Just adhere to the instructions below. [B-01] How To Get an Instant Personal Loan Here are a few steps to get an instant personal loan: Step 1: Research the market Throughout the holiday season, several lenders offer exciting instant online personal loan offers with great interest rates and flexible terms. You have to look around to find a good deal. Before choosing a lender, compare them all, including their eligibility requirements, interest rates, and other factors. Finally, to get an instant personal loan, be sure to apply as soon as possible. Step 2: Verify the prerequisites Narrow down the search. Check to see if you meet the lender’s requirements for instant online personal loans. Lenders often check your eligibility based on your age, work status, credit score, and annual income. If anything is unclear throughout the research phase, seek clarification. Step 3: Keep your papers organised Amid festival season, are you planning to fill out a loan application? Make sure you have all your paperwork ready, including your ID, proof of address, bank statements, salary slips, employment certificate, etc. This will ensure a hassle-free application process and save the added stress of having to search for loan documents in the middle of a party. Step 4: Complete the online application form Finally, complete the loan application. Lenders provide both online and offline application options, so select the one you are most comfortable with. Submitting an instant online personal loan application makes the procedure convenient. After all, you can submit the application without physically going to the banking institution. Submitting an online loan application also reduces the amount of time you must wait for the process. The loan money is disbursed instantly and directly to your account after approval. It’s that simple! Why Should You Take an Instant Online Personal Loan During the Festive Season? Festival loans are unsecured. These loans are primarily used by borrowers to buy appliances and home needs. Smaller ticket loans are now available. So, more people are going for credit each year. The following are a few of the crucial services offered by festival loans that draw a sizable customer base: Flexible Use: How you use the money you get from an instant online personal loan is completely flexible. It is not like a home loan or a car loan with strict guidelines. High loan amount: Banks provide instant online personal loans starting at Rs. 25,000 and going up to Rs. 40 lakh. Thus, you can pay for a variety of personal expenses with a single personal loan. With no collateral: Since a personal loan is an unsecured loan, you will not experience any added stress from having to hold collateral with the bank over the holiday season. Repayment flexibility: You have flexibility in how you repay the instant online personal loan. You can choose the payback period, which typically ranges from 12 to 60 months. Simple to apply: You can apply for an instant online personal loan from the convenience of your home or place of business because banks are becoming digital. Also, you can upload all your documents online, and if approved, the money is automatically transferred into your account, eliminating the need for a bank visit. An appealing interest rate: A personal loan’s interest rate begins at 10.25%. However, the interest rate that the bank would offer will depend on the person’s credit rating, age, income, etc. Discounts & Promotions: During the festival season, more people borrow money, thanks to alluring offers like cashback, processing fee waivers, waived prepayment fees, no-cost EMIs, etc. You can save a lot of money if your purchase requirement coincides with the festival deal. Different Ways to Apply for an Instant Online Personal Loan Mobile Applications Each lender offers a mobile application with user-friendly features to submit a loan application. Simply download the application to your phone to start the festival loan application process. Website To apply for the loan of your choosing, go to the lender’s official website. You might need to fill out a form with your contact details, income, and personal information. Your bank account will receive the funds following lender approval. Portals run by third parties These websites work with the lender to negotiate the best terms for your festival loan. You can apply for the loan of your choice by visiting their official website. The advantage of applying to a third-party website is that you can select from a large selection of items from numerous lenders. E-commerce portal You can browse the loan alternatives while making an online purchase through e-commerce sites in the checkout section. You have a choice of the lender and associated EMI. The lender will pay the merchant after receiving further permission. As stated in the contract, you can refund the debt. [B-02] Conclusion Need money this new year to renovate your home? Or maybe to buy new jewellery? Taking up a personal loan over the holiday season is a smart move since it allows you to celebrate without worrying about money. But be careful when you borrow, and make sure to pay back the money promptly. Your financial problems can be resolved by obtaining a quick loan. You only need to pick the appropriate lender, complete the eligibility requirements, provide the required papers, and submit an online application. Check out Piramal Finance for more details.
08-11-2023
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Personal Loan

Credit Card Loan vs. Personal Loan: Calculate the Difference

When it comes to taking loans, people are often confused between taking a loan against credit cards or taking a personal loan. There are advantages and disadvantages to both options, and proper research is necessary before making a decision on what type of loan you will take. The terms and conditions on interest and repayment can impact your savings and your financial future, so it is important to understand the difference between a credit card loan and a personal loan. This article gives you information about these two types of loans so you can compare them and choose the best one for your income and financial needs. [B-01] Credit Card Loans Credit card loans are essentially pre-approved loans that require no documentation. Procuring credit through credit card loans is the fastest way to get an unsecured loan. A portion of your credit card balance that has not yet been used by you is made available as a credit card loan. It is important to note that borrowing through credit cards is not the same as withdrawing cash from one’s bank account. Pros of Credit Card Loans Credit card loans give people with bad or low credit the chance to slowly improve their credit terms. With credit card loans, an ongoing revolving credit balance with interest is only charged when the money is used. Cons of Credit Card Loans Interest rates on credit card loans are much higher than those on personal loans. Interest and fees may add up and drastically impact the user’s savings. Personal Loans Personal loans are secured or unsecured loans that are used to fund a variety of expenses, such as medical costs or expensive purchases such as buying a vehicle, paying for a wedding, taking an expensive vacation, and so on. Unsecured loans are loans that are not backed by collateral. Pros of Personal Loans Personal loans are the ideal option when the amount of money to be borrowed is comparatively large. Personal loans usually offer lower interest rates than credit card loans. Cons of Personal Loans Personal loans usually include a service charge, and there may be additional charges that are added. In case of non-compliance with the terms of a secured personal loan, the concerned authorities have the right to seize the collateral used to secure the loan. Differences Between Personal Loans and Credit Card Loans While there are many similarities between personal loans and credit card loans, such as interest rates, there are also many differences between the two types of loans. Some of the significant differences include: Documentation: While a personal loan requires thorough documentation to get approval and can often take up to three to five days to be approved, credit card loans do not require any such documentation and take much less time for the money to be made available to the borrower. Interest: In most cases, the interest to be paid is one of the crucial determinants of a loan. The interest rates of most personal loans vary from 13% to 22%, while the interest rates for credit loans range from 10% to 18%. a) An important distinction to be made is that while personal loans are accessible at declining rates, credit card loans can be obtained at flat rates. b) In the case of a flat-rate loan, the monthly interest is applied to the initial loan, and it stays constant over its lifetime, even if the principal money reduces. c) However, in the case of reduced balance loans, the interest to be paid decreases along with the principal. Security: While credit card loans are only unsecured loans, personal loans can be secured or unsecured. Having the option of a secured loan gives people with a bad credit score the option of getting access to a loan. It must be noted, however, that in the case of non-payment of a secured personal loan, the customer holds the risk of losing his or her collateral to the concerned authorities. Repayment: For personal loans, the amount to be repaid is the same every month, as EMIs. For a loan against credit cards, there can be a variation in the monthly amounts to be repaid. Loan Amount: The loan amount to be taken can be the determining factor in choosing either a credit card loan or a personal loan. If a small amount is needed, a credit card loan is preferable. If the amount to be borrowed is large, a personal loan is recommended. Eligibility: While non-bank account holders can apply for personal loans, only selected cardholders who meet certain conditions can opt for credit card loans. Borrowing Limit: The borrowing limit on credit card loans depends on the pre-approved limit, whereas the borrowing limit on a personal loan is calculated by the bank depending on the borrower’s income and credit score. EMI: EMIs for the specified period are applied to the monthly credit card statement in credit card loans. Under personal loans, EMIs are paid on a monthly basis to the bank for a specified tenure. Approval Time: Credit card loans take around 24 hours for approval, whereas personal loans can take several days to complete the approval process. Disbursement: For credit card loans, the loan amount is directly credited to a savings account or current account (if held with the same bank) or issued as a check. For personal loans, the loan amount is paid in a single amount to the borrower’s checking or savings account. [B-02] Conclusion Personal loans and credit card loans are both quick and easy ways to get access to money. Selecting the right type of loan that meets your requirements and is pocket-friendly can be challenging without all the information, including the pros and cons of both loans. Piramal Finance can make this decision-making process easy by providing you with detailed information and guidance on different types of loans and the easiest ways to select the loan that is best for you. Visit Piramal Finance to read more helpful articles like this one and stay up-to-date on credit card loans and personal loans.
08-11-2023
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Personal Loan

Need A Personal Loan In Nashik? Apply Online Now

A personal loan is a solution to urgent financial needs. Whether it is to cover medical expenses, foreign travel, or a short-term cash crisis, personal loans can quickly and easily help with such emergencies. Nashik, one of Maharashtra’s oldest and most renowned cities, is growing. It has become a hub of opportunity and is attracting more people than ever. More and more people are becoming aware of the effective use of personal loans in Nashik. Keep reading to learn more about how to apply for personal loans in Nashik. [B-01] Purpose of a Personal Loan Personal loans can be used for any personal financial need. You can mention your needs to your lender while applying, but the bank does not put any limitations on how you use your loan money. For example, one can require a personal loan for a family vacation, purchase a gadget or home appliance, meet sudden medical expenses, or pay education fees. People also use personal loans to invest in businesses, make a down payment on a new house, etc. Eligibility Criteria for a Personal Loan in Nashik Here are the eligibility criteria for taking out a personal loan in Nashik: Most lenders require applicants to have a minimum monthly income of Rs. 15,000 to qualify for personal loans. The applicant should be a resident of India. The applicant must be between 21 and 60 years of age. Lenders are more likely to approve personal loan applications for people working in the public sector because they have high-income certainty and job stability. People employed in the private sector and MNCs also have a higher chance of being approved. Self-employed professionals and people with business experience of at least 1 year are also eligible for a personal loan in Nashik. Applicants with a CIBIL score of 750 or above are more likely to get approved at lower interest rates. Although some lenders offer personal loans to people with low credit scores, the interest rates for them are higher. Application Documents To apply for a personal loan in Nashik, you must attach the following documents: Personal loan application form. A passport-size photo is attached to the form. ID proof: an Aadhar card, a PAN card, a passport, a driving license, or a voter ID. Address proof: an Aadhar card, a copy of a ration card, electricity and gas connection bills, or a rent agreement (in the applicant’s name). Bank account statement for the past six months. Salary slips for the past 3 months. Form 16 or income tax returns for the last 3 years. What is the maximum amount one can borrow? The amount of a personal loan in Nashik depends on your income and on whether you are salaried or self-employed. Usually, the lender restricts the loan amount to ensure that your EMI does not come up to 40–50% of your monthly income. Your ongoing loans are also taken into account when calculating the loan amount. For self-employed people, the loan amount is calculated on their profit as per their most recent bank statement. The total amount of a personal loan is not restricted to the principal sum. You must also consider interest rates and other charges. Interest rates depend on eligibility factors. For a personal loan in Nashik, the minimum interest rate would be 12.99% per annum. For more details about extra charges, click here. The tenure of a personal loan in Nashik can range from 1 to 5 years, or 12 to 60 months. It depends on the use of the personal loan and some other factors. The interest rates also differ with the loan tenure. How to Apply Online for a Personal Loan in Nashik Here are the steps to follow when applying for a personal loan in Nashik: Visit the Piramal Finance website. Click on the “Personal Loan” option. Under the Personal Loan option, click on “Apply Now.” You will be redirected to the application page. Fill in your details on the online application form. After you fill out the online application form and send it to Piramal Finance, someone from the company will call you to explain the process. After your application is approved, Your lender will disburse the amount within seven working days from the loan application date. You will receive an account-payee cheque or a draft of the loan amount, or the loan amount may be directly deposited into your savings account. Why Choose a Personal Loan? Most NBFCs and banks offer personal loans at low interest rates. Because personal loans have become popular for managing personal expenses, lenders also provide flexible repayment terms. With a seamless online application process and no paperwork, it has now become easier to take out a personal loan in Nashik. Here are some key benefits of personal loans in Nashik: Zero asset riskSince a personal loan is an unsecured loan, you do not have to risk your assets. Especially for big purchases, you can easily acquire a personal loan, given that you have a good credit score. Easy repayment processSince lenders now provide flexible tenures ranging from 12 to 60 months, you can easily plan their repayment schedule. This way, you do not have to worry about your EMIs becoming unaffordable. Quick application and disbursalApplying online for a personal loan in Nashik has also become easy and transparent. You no longer have to wait for weeks to get a personal loan for urgent needs. The disbursal process has also become seamless and transparent. Your funds will be transferred to your savings account in no time. [B-02] Conclusion Personal loans are effective when you need to meet sudden personal expenses. Also, applying for and acquiring personal loans in Nashik has become easier. You can read more here on how to improve your CIBIL score. Visit Piramal Finance for your personal loan and other financial needs.
08-11-2023
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