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Personal Loan

Benefits of a Home Credit Personal Loan You Should Know

Home credit personal loans give you quick and easy access to money. They are useful when you need money to fulfil specific financial obligations. A loan up to Rs. 5 lakh is available at a low interest rate. Depending on the length of the repayment period, the interest charged on the loan ranges from 19% to 49%. The loan can be repaid in three years. Before we know more about it, let’s check out what a home credit personal loan is. [B-01] What is a Home Credit Personal Loan? Home credit personal loans, also known as HEL loans (home equity loans), are unsecured loans against the value of your home. The bank agrees to give you money without any collateral because they know that if they don’t let you borrow it now, you will probably sell your house at a much lower price later. 5 Benefits of a Home Credit Personal Loan Let us check out the 5 benefits of a home credit personal loan and how you can use yours wisely. Reduces debt and improves your credit score. You can use a home equity loan to pay off debts such as credit card bills or auto loans. This will allow you to pay off your debts faster with a lower interest rate. Using a home credit personal loan to reduce debts will positively impact your credit score. The minimum credit score to qualify for a home credit personal loan is 620, and the amount of your loan will depend on your credit score. If you want a higher loan amount, improve your credit score by paying off your debts and not taking on new credit. Helps with major purchases If you have a family emergency, an expensive medical procedure, or a significant investment opportunity, you may need a huge sum of cash. This is where a home credit personal loan can help. Depending on the interest rate of your loan, you will want to make sure that you pay it back quickly. If you plan on using this loan to fund a major purchase, you will want to make sure you have a way to pay it back in a reasonable amount of time. The amount you owe on your loan will be higher due to interest rates. Build a residence and repair the house When you purchase a new home or buy a new property, you may need to make repairs. You can use your home credit personal loan to repair or build a new residence. If you plan on using your home equity to build a residence or repair a property, you will have to have a contractor inspect the property before you sign the loan. Also, you will have to ensure that your home is worth more after completing the projects. The value of your home will increase due to repairs such as a new roof, new insulation, or updated appliances. Helps with college education A home equity personal loan can help with the cost of a college education. You can use your home equity to pay for tuition, room and board, textbooks, or technology. A home credit personal loan can allow you to pay off any existing student loan debt. If you plan on using a home equity loan to fund your child’s education, you must pay off the loan quickly. Ensure the interest rate is low enough to pay back the loan in a reasonable amount of time. Go for lower interest rates. It can reduce your monthly payments and make it easier to pay off the debt. Pay off wealthy traditions Several wealthy traditions are passed down through families through generations. Some traditions include paying for your children’s weddings and paying for college. If you want to help your children pay for their weddings, you can use a home equity personal loan to fund the wedding. If you plan on using your home equity loan to fund a wedding, you must pay off the loan quickly. Things to consider before taking a home credit personal loan When you apply for a home credit personal loan, you will be asked to provide a credit score and other information to qualify. The rating of your loan can help lenders determine the best personal loan rates and balance for your credit. The following are some things that lenders will look for when determining the best interest rate for your loan: Several months on the property are required to qualify for a lower interest rate. You must have at least one month’s worth of rent on your property before applying for a low-interest loan. If you have an existing property, you must have owned it for at least one year before applying for the low-interest loan. If you bought the property with an existing mortgage, then it is not required that you own it before applying because the lender will only consider one month from when you acquired the property as part of your application process. Several years must remain on your mortgage to qualify for a lower interest rate. This is important because if you had an existing mortgage at the time of purchasing your home, then you are not required to own your home before applying. After all, there would be no way that they could deny or change their rates based on how long ago they purchased the house. However, if they change their rates by more than one year after purchasing the house, this can affect how much money they will allow in their payment plan and how much they will charge. [B-02] Conclusion A home equity loan can be a good option if you have saved up enough money for a significant purchase or have significant debts. Using a home equity loan to fund a major purchase, build a new residence, or fund your child’s education is a short-term solution. You must pay off the loan quickly. The interest rate on a home equity personal loan will vary based on your credit score. The lower the interest rate, the higher your credit score. If you want to take out a home equity loan, visit Piramal Finance to get the best rate.
08-11-2023
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Personal Loan

Personal Loan in Durg – Bhilai Power House – Check Eligibility and Apply Online

Personal loans are provided to individuals or companies to meet their short-term needs, undertake important or urgent financial transactions, or pay off unplanned expenses. An applicant can apply for a personal loan even if he has a bad credit history, provided he meets eligibility criteria and provides relevant documents per the lender’s requirements. The personal loan in Durg – Bhilai Power House comes with competitive interest rates and various repayment options, including EMIs, thus enabling ease of repayment of EMIs without any hassles to customers. However, in some situations, lenders modify or update the requirements for a personal loan to make it more convenient for the residents of a particular city or neighbourhood. This is done because the local economy significantly impacts lending rates, with some areas having higher rates than others. [B-01] Personal Loan in Durg – Bhilai Power House In the city of Durg-Bhilai Power House, a variety of banks offer personal loans for their residents. These institutions provide different rates based on one’s needs and credit history. It is important to know what you can qualify for before applying. The bank will require an application with all necessary documents before granting the loan. They will also ask about your occupation, income, housing status, and other pertinent information. Personal loans come with specific terms and conditions that need to be met by the borrower. A personal loan in Durg – Bhilai Power House is available for both individuals and business owners. Features and Benefits of a Personal Loan in Durg – Bhilai Power House A personal loan in Durg – Bhilai Power House is often the best way to pay for a large purchase or consolidate high-interest debt. The application process is quick, easy, and confidential. In Durg-Bhilai Power House, consumers can apply online, by phone, or at a branch location. Personal loans typically have lower interest rates than credit cards and are easier to qualify for. Here are some advantages of taking out a personal loan in Durg- Bhilai Power House– Improves credit score: A personal loan is an unsecured loan that allows you to borrow money from a lender. A personal loan can be used for various purposes, but it is most commonly used to replace a credit card. If you’ve been turned down for other types of credit or are looking for a new way to improve your credit, this could be the solution. Convenient repayment options: One of the advantages of a personal loan is the variety of repayment options available to you. You can repay your loan in fixed monthly instalments over a set period, or you can choose an interest-free payment plan. Flexible repayment terms: A personal loan is a small, unsecured loan that can be used for any purpose. You have the freedom to choose how long you want to repay the loan, which can range from 1 to 5 years. Also, there are no fixed monthly payments or credit checks when you apply for a personal loan. Minimal Documentation –. Applying for a personal loan is also relatively simple, with many banks offering online application services. Such an online application process requires minimal documentation to complete the KYC process. Eligibility Criteria for a Personal Loan in Durg – Bhilai Power House Since a personal loan in Durg – Bhilai Power House requires a credit check, eligibility criteria are necessary to help lenders determine your level of creditworthiness. If you have good credit, your lender may be willing to give you a lower interest rate. If you have a poor or no credit history, the lender will likely charge higher rates for the risk they take by lending money to someone with no track record of repaying their debts. Entities: Salaried individuals working under the following can apply: Government Institution Private Sector Public Sector MNCs or related companies Partnership Firms Proprietorship concern Age: The borrower must be between the ages of 21 and 60. Income: The borrower must earn a minimum of Rs 25,000 per month. Work experience: The person who wants to borrow money must have worked for the current company for at least six months. Documents Required for a Personal Loan in Durg – Bhilai Power House The documents required for a personal loan in Durg – Bhilai Power House will differ depending on the bank. Among the most common requirements are the following: Identity proof (passport, voter ID card, Aadhaar card, driving licence) Address Proof (Registered Leave and Lease Agreement, Latest Electricity Bill, Driving License, Passport, Voter ID Card, Aadhaar Card) Income Verification (Latest Income Tax Return, Latest Salary Slip, and Bank Statement for the Last 3 Months) Filling out an online application form is usually all that is required to apply for a personal loan in Durg – Bhilai Power House. In some cases, before making a final decision on your application, you may be asked to provide additional information, such as your credit score. However, most banks do not follow such procedures. Steps to Fill Out a Personal Loan Application in Durg – Bhilai Power House Banks have made it easier to apply for a personal loan in Durg – Bhilai Power House, which means you can do so from the comfort of your home. Step 1: Go to your lender’s website and click on “Personal Loans.” Step 2: Enter basic information into the form on their websites, such as your name, email address, date of birth, and income details like your current employer and monthly earnings. Step 3: Once you enter this information, the bank will estimate how much it will lend you based on your financial situation. Step 4: Review all the terms and conditions of your contract with the lender before agreeing to anything. Pay close attention to any fees or penalties you might have to pay if you pay late, miss a payment, or have other problems. Step 5: If you agree to the terms and conditions, click “I agree” at the bottom of the screen and complete any required paperwork electronically. [B-02] Conclusion Getting a personal loan is a great way to manage your finances without worrying about the high-interest rates that come with credit cards. If you are looking for a personal loan in Durg – Bhilai Power House, it is best first to take some time to check what type of loans are available in your area. Then, compare different lenders’ rates and terms until you find one that best suits your needs. For more assistance, contact Piramal Finance today.
08-11-2023
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Personal Loan

Personal Loan In Surat - Apply Online at Low-Interest Rates and Less EMI

We often face difficulty in arranging finance to meet our increasing needs. Personal loans give you these funds as per your need and charge interest against them. Many people are often worried or tense when it comes to money-related scenarios due to a lack of knowledge and transparency. We understand the issues faced by the common public and intend to ease this. Are you looking for such a loan yourself but are not well-versed with all that one must know? Do not worry! We at Piramal Finance are working to give you all the aid and help you need. Read the article to learn how you can get a personal loan in Surat. [B-01] What is a personal loan? A personal loan supplies you with the money you desire in exchange for some money to be paid as interest. It is an easy way to meet your money needs, like paying an existing debt, meeting rising expenses, or buying your dream car or your child’s education. A personal loan is a one-stop shop for all your fund needs. What are the documents needed Some documents that are needed while getting a loan include: PAN card. ID Proof: passport, Aadhaar card, driver’s licence, voter ID. Address proof: passport, Aadhaar card, driver’s licence, voter ID, utility bills. Income proof: salary slips and bank statements. Passport-size photos of the applicant and co-applicant (if any). Perks of personal loans Using money the way you want Banks give a variety of loan products, such as term loans, business lines of credit, and real estate loans, among others. When you file your loan, the bank might need you to tell the purpose of the funding to assess the risk of lending to your company. But, in the case of a personal loan, the bank is unlikely to ask about your plans as long as you meet your duty to repay the loan on time. Good interest rates Due to the rise in the market products of personal loans, banks and other lenders have started giving personal loans at low-interest rates. All that you need to do is check how much money you need for the loan, find a bank or lender giving a loan at a low-interest rate, and apply for the same. Piramal Finance makes it easy for you to get one at a really good rate of interest. How to apply for a personal loan? You can choose from the many ways to apply for a loan according to your preference. Website: Visit the website of Piramal Finance, which gives a user-friendly interface and makes it easy for you to find and apply. Mobile app: You could easily download the Piramal mobile app, which you can use on both iOS and Android. Request a call: If you are not well-versed in using gadgets, you could simply request a call from Piramal or call on the toll-free number and an executive would assist you with all you need. Physical application: You could visit any branch of Piramal Finance and get started with your application in no time. Why choose Piramal Finance? Piramal Finance offers hassle-free, quick and easy personal loans with added perks like: No foreclosure fees: Certain banks charge prepayment fees if you pay the loan money in advance to save on the interest liability. But Piramal Finance does not charge any fee. Loan amount: We give loans ranging from Rs 1 lakh to up to Rs 10 lakh. Fewer documents: The document process is usually a stage that tests our patience. We at Piramal have kept our process simple to use and less time-taking. Flexible payment: All banks lend money easily, but the real issue arises when you have to pay the loan money back. We at Piramal Finance have an easy payback term, ranging from 12 to 60 months to give you ample time without having to worry about repayment. Rise in the loan amount: Piramal also gives income pooling for a loan, where the incomes of co-applicants can be taken as the loan amount granted. Customer is the supreme attitude: Our clients are our most valued assets, and we are there to help you with all that you need. Feel free to reach out to us for any queries. We would be glad to assist you in every possible way. [B-02] The bottom line Striving hard to give you even better loan products every day, Piramal Finance gives you a wide range of loans to choose from. You no longer need to spend all of your life savings. Piramal gives an easy and quick loan process and even smoother disbursal of loans, so you do not have to use all your life savings every time a need arises. You can just opt for a personal loan and not be asked to pledge any assets against it as collateral. So, if you are in Surat and need a quick loan, Piramal Finance is there to assist you. With our easy-to-get personal loans, you can fund all your money needs with no trouble whatsoever! To read more such articles, visit Piramal Finance right now!
08-11-2023
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Personal Loan

Personal Loan in Coimbatore – Check Eligibility and Apply Online

A personal loan is a form of financing that enables you to borrow money for any purpose. Unlike many other types of loans, personal loans are unsecured, which means the lender will not require collateral to be taken as security against the loan. There are no restrictions on how you use the funds from a personal loan; they can be used for almost anything: purchasing cars, making home improvements, or consolidating your credit card debt. Personal loans have high interest rates because they’re not secured by collateral like auto or mortgage loans may be. However, lenders may change or update the requirements for a personal loan to make it more convenient for residents of a particular city or neighbourhood. This is done because lending rates are heavily influenced by the local economy, with higher rates in some areas than others. [B-01] Personal Loan in Coimbatore Coimbatore is a huge industrial city that was the first to have cotton mills. It also has other industries such as textiles, furniture making, textile printing, steel rolling mills, etc. Coimbatore is also called the Manchester of South India. The city’s economy depends on these industries. For taking out a loan here, many factors need to be considered, like the loan amount you are looking for, the tenure of the loan, whether it is an unsecured or secured loan, etc. Banks and non-banking financial companies (NBFCs) in Coimbatore are able to lend money at low interest rates. Personal Loan in Coimbatore: Features and Benefits Lenders offer personal loans in Coimbatore for all requirements, including credit card bills, car or bike financing, home renovations, medical emergencies, wedding expenses, etc. Interest rates on personal loans are usually higher than those banks offer on similar-duration instruments. Here are some benefits of a personal loan in Coimbatore: Flexible tenure: A personal loan is a small, unsecured loan that you can use for whatever purpose. You have the flexibility to decide how much time you want to repay the loan, which can be anywhere from 1–5 years. When you apply for a personal loan, there are also no set monthly payments and no credit checks. Easy Application Process: You can apply online for a personal loan through a simple and quick application process, and funds will be transferred into your bank account within 24 hours. No collateral is required: Personal loans are often much cheaper than other forms of borrowing, such as credit cards or payday loans. A personal loan is not secured by collateral, so the lender won’t ask for any to secure the loan. Personal Loan in Coimbatore: Eligibility Criteria Eligibility criteria are necessary to ensure you are a good candidate for a personal loan in Coimbatore. A lender evaluates your credit score, income, debt load, employment status, length of time at your current job, and more. If you don’t meet the eligibility requirements, then you won’t be able to get a personal loan. Entities: Salaried individuals working under the following can apply: Government Institution Private Sector Public Sector MNCs or related companies Partnership Firms Proprietorship concern Age: The borrower must be between the ages of 21 and 60. Income: The borrower must earn a minimum of Rs 25,000 per month. Work experience: The person who wants to borrow money must have worked for the current company for at least six months. Documents Required for a Personal Loan in Coimbatore The documents required for a personal loan in Coimbatore will differ depending on the bank. Among the most common requirements are the following: PAN Card (compulsory) Identity proof ( any of the following) Passport Driving Licence Aadhaar Voter Identity Card Address Proof (any one of the following) Registered Leave and Lease Agreement Passport Driving Licence Aadhaar Card/Aadhar Acknowledgement Voter’s Identity Card Utility bills like telephone bills, electricity bills, etc. (not more than three months old) Income Proof (all of the following) Latest 1 month’s salary slips Bank statements from the previous three months Filling out an online application form is usually required to apply for a personal loan in Coimbatore. In some cases, before making a final decision on your application, you may be asked to provide additional information, such as your credit score. However, most banks need to follow such procedures. Steps to Fill Out a Personal Loan Application in Coimbatore Applying for a personal loan in Coimbatore is very easy. All you need to do is fill out an application form on the lender’s website with your basic details, including your name, gender, contact number, and email address. Here is a step-by-step guide on how to apply for a personal loan online. Step 1: Go to your lender’s website and click “Personal Loans.” Step 2: Enter basic information into the form on their websites, such as your name, email address, date of birth, and income details like your current employer and monthly earnings. Step 3: Once you enter this information, the bank will estimate how much they are willing to lend you based on your financial situation. Step 4: Review all the terms and conditions of your contract with the lender before agreeing to anything. Pay close attention to any fees or penalties you might have to pay if you pay late, miss a payment, or have other problems. Step 5: If you agree to the terms and conditions, click “I agree” at the bottom of the screen and complete any required paperwork electronically. [B-02] Conclusion A personal loan can be an excellent way to get the funds you need for various purposes. If you have been researching personal loans, chances are that you have come across numerous companies that offer these loans. Comparing rates from multiple lenders is recommended if you are looking for a personal loan in Coimbatore. For further assistance, head over to Piramal Finance.
08-11-2023
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Personal Loan

Personal Loan in Kurnool. Check Eligibility & Apply Online

Are you looking for a personal loan in Kurnool? You will need information about personal loans and the options in Kurnool. It is easy to check your eligibility and apply for a personal loan online. Kurnool is a thriving city in Andhra Pradesh. It is the district headquarters and is rich in minerals like iron, quartz, and silica. The city offers various business opportunities. If you need financial aid in Kurnool, personal loans can be of great help. This article will help you learn more about applying for a personal loan in Kurnool. [B-01] What Exactly Is a Personal Loan? As the name suggests, personal loans are for personal use. You can use the money to boost your business, enjoy a holiday, or pay for unplanned expenses. Unlike home loans, vehicle loans, and business loans, the lender has no control over how the amount is spent. You are not required to provide any assets as security for a personal loan. It also does not require detailed documentation like other types of loans. Personal loans are disbursed based on the credit score of the applicant. A credit score of 750 and above is required for a personal loan. Personal loans have higher rates of interest compared with other types of loans. Banks and private financiers will offer personal loans based on your credit scores. You are required to submit basic details to the lenders. They will assess your eligibility and disburse the approved amount. It is to be paid back in monthly instalments with interest for a given period. Features of a Personal Loan Personal loans do not require prepayment. Below are some of the main features of personal loans: There are no foreclosure charges. You can borrow between Rs 1 lakh and Rs 10 lakh as a personal loan. Minimum documentation. Speedy sanction and direct disbursal. Equated monthly instalments (EMIs) can be paid monthly or fortnightly. Most lenders allow flexible repayment terms between 12 and 60 months. A high credit score will determine the eligibility and amount sanctioned. Are you eligible? Refer to the below points to check your eligibility for a personal loan in Kurnool: Eligibility for Salaried Employees If you are a salaried employee, you should be between 21 and 60 years old to be eligible for a personal loan. You should have a work experience of more than 6 months in a government institution or public or private sector company. Your monthly income should be more than Rs. 25,000. Your credit score should be above 750. Eligibility for Self-employed Individuals If you are self-employed, your age should be between 23 and 70. Both professional and non-professional individuals are eligible. Doctors, architects, or chartered accountants with graduation degrees are professionals. Business owners, promoters, or proprietors are non-professional individuals. The annual income should be at least Rs. 3 lakh to Rs. 5 lakh. The business should have been profitable for the last two years. Your credit score should be above 750. Documents needed for personal loans You will need the below documents to apply for a personal loan in Kurnool. These are the most common documents needed by lenders in general. However, this may vary between lenders. Identity Proof You can use any of the identity documents issued by the government as identity proof. This includes a driver’s license, an Aadhaar card, a passport, and a PAN card. Address Proof You can use any of the identity documents issued by the government as address proof if they have the same residential address. This includes a driver’s license, an Aadhaar card, a passport, and a PAN card. You can also provide rental proof if you are staying in a rented house. Proof of Income If you are a salaried person, you can share payslips for the last three months as proof of income. You will also need to share details of your income tax returns (ITRs). You may need bank statements for large amounts. If you are a self-employed individual, you can provide ITRs for the last two years. You may be required to provide proof of business such as a license, registration certificate, and GST number. How to Apply for a Personal Loan The easiest way to apply for a personal loan in Kurnool is to follow these steps: Visit the website of the chosen lender and go to the webpage for personal loan applications. Provide your mobile number linked to your bank account. This will generate an OTP. Fill in the OTP in the space provided to confirm your mobile number. You are now ready to get started. Provide your details, such as your name and date of birth. Choose the details of the loan, such as how much you need and how long you need it for. Upload your ID proof, address proof, and other documents. Read all the terms and conditions carefully and apply. You have now successfully applied for a personal loan in Kurnool. The bank will assess the details provided and respond to you. [B-02] The Takeaway It is easy to obtain a personal loan in Kurnool, Andhra Pradesh. Personal loans are a great option if you need a huge loan immediately. Personal loans don’t require security. There is also less documentation. The loan is usually disbursed quickly. You can use the loan amount for your needs. Personal loans are free of hassles. However, it is important to understand all the terms and conditions before applying for a personal loan. Interest rates are higher for personal loans. Your credit score should be above 750 to be eligible for a personal loan. Once you have checked your eligibility for the loan, you can apply online. Visit Piramal Finance for more information about personal loans. The website has information about various aspects of the loan. This will help you make informed decisions. Piramal Finance also has various services to help you manage your finances.
08-11-2023
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Personal Loan

What is a good interest rate on a personal loan in August 2022

Personal loans can be helpful financial tools if used wisely, but they also come with costs and fees. Loans are important financial instruments to help you start your entrepreneurial ventures. But finding the right loan can be tough if you don’t know what to look for. Picking the wrong loan can leave you with high interest rates and late fees, putting pressure on your finances and making it hard to pay off your loans on time. The next time you need to take out a loan, pay close attention to the following guide that covers all of the important details about personal loans, including how they can vary between lenders, factors that affect personal loan interest rates, and the differences in rates between variable and fixed loans. [B-01] What is a personal loan? An unsecured loan is one that you get without any collateral; a personal loan does not need any security. If you need money for any reason and don’t want to take out a mortgage on your home or use your car as collateral, then this type of loan is for you. A personal loan can be used for anything from paying off bills to buying a car to renovating your home—and anything in between. Current Interest rates in India Public Banks Processing FeePersonal loan Interest rate rangeRepayment TenureState Bank of IndiaNil to 1.5%10.3% to 13.6%6 to 72 monthsBank of Baroda1% to 2%10.2% to 17.55%4- 6 YearsPunjab National Bank1%10.8% to 15.85%Up to 6 yearsBank of IndiaNil to 0.5%9.75% to 14.75%3 to 5 yearsBank of Maharashtra1%10.20% to 14.7%Up to 84 months Factors that Affect Personal Loan Interest Rates A personal loan is often seen as one of the best ways to get access to money quickly and easily. The process can be quick and easy, but you must know what you’re signing up for before making a decision. Below are some of the factors that affect personal loan interest rates to help you make an informed decision when applying for one. Income level: If your income is higher, you can get a personal loan at a low interest rate Poor CIBIL score Missing repayments The demand for personal loans Relationship with the loan provider Employment nature (salaried or self-employed) Tips to get a personal loan at a low interest rate There are many ways to get a personal loan at a low interest rate, including: Good CIBIL score: A good credit score tells potential lenders you can be trusted. As a result, banks offer low-interest loans to applicants with high credit scores. So check your credit score before applying for a personal loan. There are higher chances of being given a loan with a low interest rate if your credit score is 750 or higher. Payments on time: Your credit score may be negatively affected if you fail to pay a loan or credit card bill. Before deciding your personal loan interest rate, lenders will consider your repayment history. Interest rates tend to be lower for people who have paid their past EMIs and credit card bills on time. Check out the offer: Most banks offer reduced interest rates for loans during festivals and the holiday season. Apply for a loan now, and you’ll be rewarded with a discounted rate. Negotiate Interest rate: The interest rate can be negotiated if you are an existing customer of the bank or have a good relationship with the loan provider. Interest rate comparison: To ensure you find the right personal loan at a reasonable interest rate, compare personal loan interest rates for various banks and NBFCs before applying for one. Fixed interest rates vs. floating interest rates Fixed interest rate: According to market fluctuations, interest rates can fluctuate. If you prepay your loan, you may incur a prepayment charge. Not linked to MCLR. Floating interest rate: Your EMI payable will likely change during the repayment period. If you prepay your loan, you may not be charged a prepayment fee. Linked to MCLR. Choosing a fixed interest rate has the advantage of letting you know exactly what you will be charged. So, you can plan your finances and expenses based on your personal loan interest rates. If the interest rate is low, you can reduce your repayment by opting for a variable rate. Which type of personal loan is best for you? A lender can offer you a monthly or annual reducing balance rate. Monthly reducing balances apply the interest rate to the balance left after each EMI payment, whereas annual reducing balances apply to the principal outstanding each year. The reducing balance method is better than the flat rate if you want to reduce interest obligations. Choose a monthly reducing balance if you have the option to save more interest. The question you can ask while getting a personal loan Ask yourself some important questions before applying for a loan. That includes: What are the interest rates? What are the processing fee and pre-closure charges? How is customer service? What are eligibility requirements and loan disbursal times? Are there any current promotions? Is there any origination or other fees? What are the loan terms and repayment periods? How much can I borrow, and what is my credit limit? [B-02] Conclusion In conclusion, we can say getting a personal loan on good interest rate is very important. So many factors go into your loan interest rate, including your credit score, other charges, what a good interest rate is, and the type of loan you’re applying for. In this blog post, we looked at some of the most important factors when it comes to personal loans. If you’re considering getting one, use this information to make sure you have all the information possible before making any decisions. Also, you can visit Piramal Finance to get a personal loan with a good interest rate and contact them for further details.
08-11-2023
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Personal Loan

How can I get a personal loan with a 700 CIBIL score?

Life is uncertain and unpredictable. No one knows when you will need urgent cash for personal purposes like a wedding, healthcare, or education. A personal loan can be the best financial assistance during an emergency. However, your CIBIL score is important to get a personal loan. A high CIBIL score (above 700) makes it easy to obtain a loan. But how will you secure a personal loan with a CIBIL score of 700? Credit card holders with this score can still apply for a personal loan. [B-01] Are you eligible for a personal loan with a CIBIL score of 700? Identify the amount you need. Your first task is to know your requirements and check your current cash flow. You can apply for a personal loan despite your low credit score. Look for a lender who provides an instant personal loan despite having a low CIBIL score. However, because your CIBIL score is 700, some lenders will charge you a slightly higher interest rate. Some applicants make the mistake of applying for loans from multiple lenders. They think that it would increase the chance of getting the loan approved. However, it hurts their credit reports. Make sure that you have your documents ready after applying for a loan with a 700 CIBIL score. Any incorrect or missing documents can result in the rejection of your application. So, your documents are highly important for obtaining personal loan approval. Different ways to secure a personal loan with a credit score of 700 Set the minimum amount for the personal loan– As your CIBIL score is low, you should avoid applying for a large loan amount. It makes you risky to your loan provider. From the lender’s perspective, a low score indicates that you may not be able to make a repayment at the right time. So, it is safe to ask for a low loan amount for your personal needs. Correct your credit card mistakes– There is a risk of errors in the credit report. It happens when the latest records are not updated. A minor mistake in your credit report can affect your score. After correcting the report, you can find a higher CIBIL score. Submit your income evidence- Your current credit rating may be low. But, recently, you have had a hike in salary. Or, you have found a passive source of income. Thus, showing your income evidence can convince the lender to provide a loan. Let the lender know that you have a consistent source of income. It is one of the best ways to receive personal loan approval. Choose a co-applicant while applying for the loan– With a guarantor/co-applicant, you can jointly apply for a personal loan. Take permission from your guarantor and manage the KYC formalities. Both applicants have to sign documents and forms. Ensure the co-applicant has a high CIBIL score to get the loan faster. Would a 700 CIBIL score make you a high-risk lender? Although you will be eligible for a personal loan with this credit score, lenders will consider you a risky borrower. That is why they may sanction a small amount of credit. Moreover, the loan tenure may be short, and as a result, you will have a financial burden. The lender will ask you to choose collateral before granting the loan. How to increase your CIBIL score There are some ways to maintain a high CIBIL score: Repay your dues at the right time– Pay your credit bills and find a higher credit score. The credit card statement shows your late payment. The minimum amount due should be less than 5% of your credit bill. But it results in taxes and interest in the subsequent billing cycle. So, pay your dues on time and avoid debt. Limit your credit usage– Try to use less than 25% of your credit card limit to prevent a negative effect on your credit limit. Paying the credit card due in advance is a good decision. You can also set a high credit limit to increase your credit rating. Never apply for multiple credit lines– Opening more credit lines will increase your credit limit. However, every time you apply for a new credit line, your credit report will show a hard inquiry. Choose credits of different types– Those who have not obtained any credit find themselves with comparatively low scores. They also face challenges in securing a loan. So the best trick is to add varying credits to your portfolio. It will increase the chance of increasing the credit score. Do not remove past loan information from the report– Your current credit report shows everything about your credit behaviour in the past years. The lender will then grant your loan accordingly. Records of your past good loan accounts will positively affect your credit report. Do not apply for several credit cards– Although credit cards are useful for a loan application, too many credit cards will affect your CIBIL score. When you make high-value deals, it will be counterproductive. So, while applying for a new credit card, you must review your credit eligibility. Send your loan application to a financial institution with a high chance of approval. [B-02] Conclusion To sum up, some lenders give you a personal loan with a CIBIL score of 700. But there are some disadvantages to applying for a loan with a low credit score. Therefore, you should try to increase your CIBIL score to get the loan at a good interest rate. A high credit score removes your concern about getting a personal loan from any private lender. Do you like to apply for a personal loan online? Piramal Finance is the best destination to obtain this loan at a reasonable interest rate.
08-11-2023
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Personal Loan

Personal Loan in Chennai – Kilpauk – Check Eligibility & Apply Online

Tamil Nadu’s official and cultural capital is Chennai. It ranks as India’s safest city and is the sixth most populated city concerning total visitors. With wealthy people, upscale workplaces, and corporate hubs, Chennai has one of the largest municipal economies in the country. Some of the best banks and NBFCs in the nation offer personal loans in Chennai – Kilpauk. All these banks provide secured and unsecured loans. They offer unsecured loans ranging from Rs. 50,000 to Rs. 40 lakhs. Users are granted loans based on their yearly income, the firm they work for, etc. One can request a personal loan in Chennai – Kilpauk from any bank or non-banking firm if one needs a stable source of money for personal needs. Top lenders in Chennai offer loans via both online and offline channels. People can choose the lender based on their needs and ability to repay. Comparing lenders is a good idea. This way, they can form an understanding of the benefits available to them. [B-01] Eligibility for a Personal Loan in Chennai – Kilpauk The person must be between the ages of 22 and 58. Salaried workers must have at least 1 year of job experience and get a minimum wage of Rs. 15,000. Those who work for themselves must have worked in their field for at least a year. One must have a 750+ CIBIL score to qualify. Required Paperwork to Apply for a Personal Loan in Chennai – Kilpauk Papers needed for a personal loan in Chennai – Kilpauk include the following: Identity proof: a driver’s license, a valid passport, a birth certificate, a PAN card, or an Aadhaar card. Address proof: ration card, electricity bill, voter ID card, or passport. Proof of income: a certificate stating that the person has worked for their current employer for one year. Income Needed for a Personal Loan in Chennai – Kilpauk The salary needed for obtaining a personal loan in Chennai – Kilpauk varies from one bank to another. Check out the bank’s minimum wage criterion when searching for the best rates. Salaried people: For salaried people, banks have a basic wage limit ranging from Rs. 7,500 to Rs. 50,000. Self-employed people: Those who run their own firms must show proof of income. Most banks have a minimum year-on-year income need of Rs. 1 lakh to Rs. 2 lakh. How Does One Get The Best Personal Loan In Chennai-Kilpauk? Most people choose the bank that holds their salary account when seeking a personal loan since filing is easier and the process goes faster. While for some people, this may work just fine, the best course of action is to search for loans from multiple banks and NBFCs that offer loans at the best lending rates. Moreover, a few other things will help influence the loan rate. If one is taking out a personal loan in Chennai – Kilpauk, the following are some things to think about to get the lowest rate possible: Credit rating When applying for a personal loan in Chennai – Kilpauk, it is vital to have the best possible credit score. One will be able to receive a loan at a cheaper rate if one has a high credit score and vice versa. To get a personal loan, you need to have a credit score of at least 750. Debt/income ratio Ensuring a stable debt-to-income ratio is vital because it will determine if the loan will be granted in the first place. It also shows how much the user will pay. The debt-to-income ratio is the relationship between a person’s income and all of their debts, including loans and credit card bills. Tenure The loan balance’s rate depends on the chosen tenure. Although the EMIs will be significantly lower, choosing a shorter term will lead one to pay a much lower rate. The payback time is inversely related to the rate. Stability of the workforce and the employer The number of years of expertise is a key factor affecting the loan’s approval and rate. The bank will also be more sure that users will return the loan if they work for a reputed firm. Lay down a deposit You will get a better rate on your loan if you make a sizable down payment. Always bargain Although most people quickly accept the bank loan rate, it is vital to bargain on it. The Most Popular Reasons For Requesting A Personal Loan In Chennai – Kilpauk A personal loan may be used to pay for medical costs, house repair work, wedding expenses, durable personal goods, vacation bills, and any other emergency. A personal loan can also help if people want to use personal loan amounts to pay off a few outstanding debts. [B-02] Conclusion Chennai, originally known as Madras, is the state capital of Tamil Nadu. It is not only among the most visited Indian cities by international visitors but also south India’s largest cultural, social, and academic centre. Chennai is also known as “The Detroit of India” since it is home to one-third of India’s car sector. It is also a significant movie production centre and the centre of the Tamil film industry. Personal loans in Chennai – Kilpauk are unsecured and, thus, simple to handle. The only thing the bank has to do is check the person’s private data and credit history. Finally, the bank checks whether the client has a job and can repay the loan on time. After that, the request is processed, and the loan is granted. If you want a personal loan in Chennai – Kilpauk, you can visit Piramal Finance and explore the various products and services they offer.
08-11-2023
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Personal Loan

Personal Loan in Burdwan – Check Eligibility & Apply Online

A personal loan is simply an unsecured loan in which none of the borrower’s assets are held as security with the bank or monetary entity granting the loan sum. In the event of a cash crisis or other cash-related issues in the family, folks may apply for a personal loan at any moment. A personal loan in Burdwan is available to meet private goals, such as the child’s schooling, the daughter’s wedding, and so on. A personal loan is among the easiest ways to instantly get money. Loans are, in fact, a gift for all those who are facing monetary hardship. Those loans are unsecured and, therefore, require less office effort. [B-01] Personal Loan in Burdwan: Approval Fee A personal loan in Burdwan has some fees linked to it. Folks are required to pay two types of fees to banks and NBFCs. The first is a processing charge for the loan request. The processing charge for a personal loan in Burdwan is 1% of the loan sum. The second is pre-closure fees, which apply if you seek to cancel your loan before the end of its term. In most contexts, a person cannot collect their loan before the 12-month term has expired. Beyond that, the costs vary based on how long the debt has been due. These fees range from 4% of the leftover loan sum in the second year to 2% in the fourth year of the loan and apply solely if a person does not make their debt payment within the set time frame. Personal Loan in Burdwan Needs a CIBIL Score Every Burdwan lender has its own rules about the minimum CIBIL score you need to apply for a personal loan. The banks look at both the total score and how the loan was handled in the past. Most lenders need a CIBIL score of 750 or more to execute the loan request. To process the loan, some lenders may consider other aspects such as salary and job security. This includes data about the types of loans you have previously obtained and the amount borrowed. Any missed payments on past loans may prevent people from getting into new debt. Documents Required For Personal Loan in Burdwan For salaried individuals: Identity proof, like an Aadhar card or a driver’s licence. Proof of residency in the form of a signed lease or a letter from the employer. PAN card. Salary slips from the past 3 months. Salary statements from the past six months. Passport-size photographs. For self-employed persons: All kinds of monetary reports of the firm. PAN card. Aadhaar card. Residence proof. Two passport-size photographs. Eligibility Criteria for a Personal Loan in Burdwan The criteria for getting a personal loan in Burdwan differ for each person. They are as follows: Salaried folks People who want to apply must have worked for at least three years. Only the personal bank account must be used to receive the amount. The person needs a good CIBIL score. The person must be at least 21 years old, but the upper age limit is 60 years. The job location of the person must be noted. Self-employed folks They need to be at least 25 years old. The person must have his ITR files from the last 3 years. The person must have been running his business for at least 3 years. The person’s credit scores have to be good. There must be no debts or dues left. The person’s income must be at least Rs 2.5 lakh per year. Individuals need to show their bank statements from the past three months. Main Features of a Personal Loan in Burdwan The following are the main features of a personal loan in Burdwan: Folks who are employed, whether self-employed or hired, are eligible for these loans. The entire process is quick and easy. To simplify the process, the people are also given instant approvals. Folks have a wide range of tenure options, from 1 to 5 years. Collateral is not needed. Folks have the option of applying for such loans online through many banks as well. Loan amounts might range from a few thousand rupees to several lakhs. Why Should a Person Apply for a Personal Loan in Burdwan? There is no need for a mortgage or a security deposit. The amount of a personal loan depends on the person’s salary and ability to pay it back. A personal loan can be used for many different things. It can help with all kinds of money problems. There is no need for a guarantor or nominee. How to Get a Personal Loan in Burdwan If you are new to online personal loans in Burdwan forms, you must download the loan app on your smartphone. Sign up and log in by providing your mobile phone number or email address for the OTP. Enter the Aadhaar card number connected to the mobile number, PAN card, or driving licence into the form. Scan the photo for ID proof. Fill in any further details, such as the firm’s address and work experience. Upload all necessary documents. The paperwork will be checked promptly, and the personal loan will be granted. The amount will be credited to your bank account if the form is accepted. [B-02] Conclusion A personal loan in Burdwan may be used for a variety of causes, including wedding costs, house repairs, and vacation costs. It may be used to pay off a debt, make a down payment on a new property, or cover college fees. Banks have imposed no limits on its usage. This is the primary reason for the high demand for personal loans since it enables lenders to meet any cost without placing themselves under extra stress. As a result, many people choose this form of loan as their first choice. Visit the Piramal Finance website and look at their products and services to find out more related details.
08-11-2023
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