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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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Personal Loan in Kolkata, Rashbehari - Check Eligibility & Apply Online

Rash Behari, or Rashbehari Avenue, is located in south Kolkata. It is east-west in direction. Also known as Gariahat More, it is known for the shops that line the streets and a lavish residential neighbourhood. To live here without compromise, one must take a personal loan in Kolkata – Rahsbehari. It will help if he or she wishes to start a small business by buying a shop here. Piramal Finance is the one-stop solution to almost all financial needs in Kolkata. Experience an easy personal loan from Piramal Finance Limited with no prepayment or foreclosure fees. A group of India’s best advisors will guide an eligible borrower throughout the entire personal loan application. Piramal guarantees instant approval and deposit into the debtor’s account. [B-01] What does a personal loan mean? A personal loan is provided only based on creditworthiness. The borrower doesn’t have to provide collateral or security. It requires little or no documentation, unlike home loans or car loans. However, the rates of interest are way higher. A person availing of a personal loan in Kolkata – Rashbehari can expect a rate between 8% and 30% p.a. Although it comes with higher interest, a personal loan helps the most in an emergency. A short-term budget is taken care of. Short-term goals are reached without going too far. Anyone creditworthy gets more than he or she gives. Piramal Finance has made it even easier and cheaper to get a loan. Types of Personal Loans Personal loans can vary according to the purpose they are needed. The following are the major types a borrower must be aware of: Travel loan Balleygunj is the historical name of Rashbehari, where the poshest locality exists. Apart from its market, Avenue Falls and the resorts nearby are places where one can spend a holiday. Everyone who wants a home away from the rest of the world can get a travel loan from Piramal Finance. Wedding loan Kolkata has maintained a balance between the past and the present. It has locations perfect for a pre-wedding shoot. Balleygunj and Rashbehari have both been destination-wedding-friendly. To celebrate the most important day in life without compromising, one must avail for a marriage loan in Kolkata – Rashbehari from Piramal. The latter has the most affordable rates. Home renovation loan An old home or shop needs a stitch in time, especially Ballygunge’s century-old buildings. Piramal lends you a Home Renovation Loan at Piramal at 10.5% p.a. Medical loan Health insurance might not cover all hospital costs incurred, given the soaring prices of medicine. If one wants any medical urgency, lab tests, or surgeries to be attended urgently, he/she must seek a personal loan in Kolkata – Rashbehari. Why miss the best medical care and settle for temporary solutions? Health is priceless. Festival Loan Not participating in this year’s Pujo due to off-budget expenses isn’t a wise idea. A festival personal loan in Kolkata – Rashbehari will never let one be away from festivities. Piramal will empower borrowers to contribute wholeheartedly to the grand Navratra Pandals at Balleygunge. Debt-Consolidation Loan Indebted to a lot of sources to run your business? Piramal Finance lets one consolidate all debt under one rate of interest. With a DCL of up to Rs 25 lakhs, one doesn’t have to worry about saving from his or her working capital. It lessens the burden of management. Features of a Personal Loan A personal loan in Kolkata – Rashbehari has seven unique characteristics: The borrower doesn’t have to prepay or pay any foreclosure charges. The loan value is between Rs. 1 lakh and Rs. 10 lakh. Minimum documentation is needed. A personal loan is quickly sanctioned, and instant disbursals are made. Monthly EMIs never go off-budget. One can choose from a flexible repayment tenure of 12 to 60 months. Piramal Finance allows the coupling of incomes for higher loan eligibility. Eligibility to obtain a personal loan Both salaried and self-employed people can avail of a personal loan in Kolkata – Rashbehari: Salaried A person who works for the government, the public or private sector, a multinational corporation (MNC), a sole proprietorship, etc., is eligible if they: Age: Between 21 and 60 Experience: At least 6 months at the current workplace Monthly salary: At least Rs 250002. Self-employed A professional like a doctor, an architect, a CA, etc. can apply for a personal loan in Kolkata – Rashbehari. A non-professional person like a business owner, business partner, proprietor, or promoter in a public or private limited company is eligible. Both must have ages between 23 and 70. How to apply for a personal loan in Kolkata – Rashbehari? The person who follows the following steps is the most eligible: Visit the Piramal Finance website. Select “Personal Loan” from the main menu. Click “How to Apply” or scroll down to find the same heading. Click the link under “How to Apply” to view a form called “Quick Apply.” Fill out the required fields and enter the captcha. Please read the website usage and privacy policy before checking the box. Submit. A relationship manager will get back to you soon. [B-02] Conclusion Rashbehari Avenue can be a place where one can make the most of loans. Apart from a personal loan in Kolkata – Rasbehari, you can also opt for other loans such as Business Loan, Personal Loan, Used Car Loan, as per your requirement.
08-11-2023
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Personal Loan

Personal Loan in Karnal – Check Eligibility & Apply Online

Applying for a personal loan in Karnal can be time-consuming. Want a personal loan to repay your debt, buy a house, or plan a vacation in Paris? Well, then you are in the right place with the right intent. Today in this article, we will discuss personal loans, how to apply through the online mode, the documents you require, and the eligibility criteria. [B-01] Karnal as a location for finance and personal loans: Being one of the busiest cities of Haryana, Karnal is the hub of several economic activities. With a major historical occurrence during the 1857 rebellion, it is also a place of rich heritage and culture. Besides all this, it is the main centre of multiple economic activities. So, getting a personal loan in Karnal can be difficult for you. There are many credible options to look for while obtaining a personal loan. You can navigate the ups and downs and apply for it with the correct know-how. From where should you borrow a personal loan? If you want to apply for a personal loan in the right way, you need to look at the right source. As for sources, two popular sources offer personal loans. We will discuss which one is better between both of them. BANKS: Banks are the best place to get a personal loan in Karnal. It is because banks charge a very low interest rate, give you sufficient time to repay the debt, and do not require any additional funds. In Karnal, there are several banks, both government and private, that provide you with promising benefits. So, banks are a better source to look for when applying for a personal loan. PRIVATE FINANCIERS: This is also possible if you seek a personal loan in Karnal. Private financiers can offer you the amount you want. But, these sources often charge a very high interest rate as compared to banks. Sometimes, there are hidden charges that you are barely going to notice. They give you less time to repay their debt and often do not provide any additional benefits that banks provide. Are you eligible to claim a personal loan in Karnal? Dive into the eligibility criteria to get the right answer to this question. However, the exact values may vary according to bank regulations and individual prospects. AGE LIMIT: You must be at least 21 years old and less than 65 years old to get a personal loan in Karnal. The age limit varies from bank to bank, but this can be an average count. Some banks also consider the upper limit to be 63–67 years. INCOME CRITERIA: If you work for any government or private institution, you must have a monthly income of INR 25,000. If you are a business person, you should generate 15 lakhs per annum to get a personal loan in Karnal. Some banks might even allow you to get a personal loan on a salary of INR 15,000 per month. WORK EXPERIENCE: A jobholder must have ongoing job experience of about one to three years. Similarly, a businessperson must have work experience of about two to four years. Credit Score: If your credit score is appealing, banks will not hesitate to sanction the loans. A credit score of 750 or more is always a plus for you if you want to get a personal loan in Karnal. What are the documents required to apply for a personal loan in Karnal? As far as documents are concerned, you will be asked for the following: ID Proof: Any legal and authorised document (authorised by the Central Government of India) that provides your identity, like your Aadhar Card, Voter ID Card, Board Certificate, etc., is mandatory. Address Proof: Any legal document that shows your address, like your Aadhar Card, Domicile Certificate, Voter ID Card, etc., is required while applying for a personal loan in Karnal. Date of Birth Proof: Your birth certificate is mandatory to apply for a personal loan Karnal. This gives your birth proof and your place of birth. Signature Proof: You must also provide proof of your signature when applying for a personal loan. To prove that, you can submit your PAN card, passport, or banker’s verification form. Income Proof: You must show your bank statements, pay slips, recent IT returns, etc., to prove your income. Sometimes, you might also be required to show your employment proof, which is not often asked. Your application form with your recent passport-size photographs attached is mandatory. How to apply for a personal loan in Karnal online? Here are some steps for you to follow: Visit the page of application of the bank from which you prefer to apply for a personal loan. Read the “terms and conditions” page thoroughly before accepting the terms and conditions. Enter your mobile number linked to your bank account, followed by an OTP. Now fill in your details, like your name, address, pin code, PAN, etc. The loan page pops up, where you have to enter your loan amount, the type of loan you want, and the period of repayment. Then lastly, you must submit all your documents, like your KYC documents, income proof documents, and photographs. [B-02] Wrapping-up A personal loan can open windows for you to thrive on your dream. It can bring up new opportunities and help you accomplish your plans, like going on a foreign tour with your family or financing a marriage. A personal loan in Karnal is easy to apply for, quickly approved, and can be conveniently repaid. To read more engaging blogs like this, visit the official page of Piramal Finance. They have hundreds of proficient articles and blogs on personal finance. Make sure you check them out.
08-11-2023
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Personal Loan

How Can You Get Personal Loan Without Cibil Score?

When a borrower applies for a personal loan, the lender normally first looks at their CIBIL score. A strong CIBIL score helps borrowers meet eligibility standards even when they apply for personal loans. Anyone looking for financial assistance should pay close attention to their CIBIL score. The CIBIL score improves a person’s creditworthiness when applying for an unsecured personal loan. However, you can now apply for a personal loan without a CIBIL rating. Additionally, an increasing number of financial institutions are launching new promotions and deals. As a result, you may focus on your needs and take advantage of the best offers to obtain a personal loan without CIBIL. [B-01] What is the CIBIL Score? To determine whether a potential borrower is qualified for any loan without collateral, a CIBIL check is conducted. A three-digit numerical summary is the credit score, also known as the CIBIL score. It demonstrates the creditworthiness of the individual or business. This rating is controlled by The Credit Information Bureau (India) Limited (CIBIL). It is used to determine a borrower’s ability to make complete and timely loan repayments. All banks and financial institutions provide credit information to CIBIL for use in establishing this score. Borrowers may still be approved for a personal loan even if they apply without producing CIBIL or income proof like paychecks. So, is getting personal loans with a CIBIL score possible? What Does It Mean to Have No or Low CIBIL Score? Any CIBIL score below 750 is considered to be low. For the lender, personal loans without CIBIL represent a higher risk. This is because they are unsecured loans that do not require collateral. However, a good credit score affirms a person’s reliability by demonstrating a history of on-time payments. This does not imply that not having a CIBIL score makes it difficult to obtain a long- or short-term loan. Even if you have a poor CIBIL score and no credit history, no income evidence, or both, you can still apply for a loan. Given below are some options to consider. How to Get a Personal Loan Without a CIBIL Score Immediately Your CIBIL score is one of the considerations evaluated when you apply for a personal loan. For your loan to be authorised, your CIBIL score must be 750 or higher. Despite your low CIBIL score, the lender may still approve your loan but might charge a higher interest rate. We will look at a few methods for getting a personal loan without CIBIL while having a poor CIBIL score. Decide on collateral-based loans Generally speaking, personal loans without CIBIL do not require security or collateral, but this is only true if you have a strong credit score. On the other hand, if you have a negative credit score or none at all, you will need to provide security for a personal loan with a low CIBIL score. Any of your priceless possessions could be utilized as loan collateral. You’ll find it easier to apply for a loan from any lender if you do this. Show that you are creditworthy A creditworthy borrower is always necessary for the lender to approve a loan application. If you have a steady source of income, you can easily get a personal loan even with a poor CIBIL score. Even if you have a bad credit score or none at all, presenting your pay stubs or bank statements as proof of your income is acceptable. This will prove to the lenders that you are capable of paying back loans on schedule. Get a loan guarantor If you apply with a guarantor or a co-applicant, your chances of receiving a personal loan without CIBIL authorization will increase. However, if the guarantor is a relative, make sure they are aware of your intention to apply for a personal loan without providing a credit report and that they have a steady source of income. For the application to be approved, the co-applicant must finish the KYC procedure. Lenders will evaluate your credit history or bank statements and will approve the loan application if the co-applicant meets the conditions. Request a smaller loan amount If your CIBIL score is low, do not ask for a bigger amount loan. The lender might not approve it because questions could arise about your creditworthiness. Since the interest rates will be lower, it is advisable to apply for a lower personal loan amount. Your chances of getting the loan approved will therefore increase. Request a NA or NH on your credit report from your lender No History (NH) or History Not Available (NA) will appear on your credit report if you have not used credit in the last 36 months. You can discuss your inactive credit with your lender in such cases. The lender will take your situation into account. They may offer you a personal loan with a slightly higher interest rate than one that requires CIBIL. Check the credit report It is always advisable to verify your credit report because there may be mistakes. Your credit score may be directly impacted by such mistakes. Therefore, make sure to regularly check your CIBIL score and repair any problems as soon as you notice them. Such inaccuracies can be reported to CIBIL as a dispute. As a result, your CIBIl score will rise. Thus, you will be qualified for a personal loan. Some borrowers may lose out on getting loans. This will happen if the CIBIL makes inaccurate updates to its database. You must frequently monitor your credit record. Also, maintain a high CIBIL score by making repayments on schedule. [B-02] Conclusion A personal loan does not necessarily have to be impossible to obtain even without a CIBIL score. Borrowers have several possibilities for obtaining a loan without a CIBIL score because of the large number of plans and offers that are currently accessible on the market. Therefore, take your time and shop around to locate the finest choice if you are seeking a loan without providing income documentation or a CIBIL score. For more information or details, check out Piramal Finance.
08-11-2023
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Personal Loan

Personal Loan in Bilaspur – Check Eligibility & Apply Online

Bilaspur is a major centre of Indian energy production. Lots of power plants are there. The Sipat thermal power plant, which is the second-largest NTPC thermal power plant in India, is in the city. Because of this, it is one of the cities in India where business is growing rapidly. Getting a loan is vital for people who want to start their businesses. Personal loans are getting a lot of attention because they are so easy to get. If anyone is looking to get a personal loan in Bilaspur, this is the right place. Here is all the information you need about how to apply for a personal loan in Bilaspur, eligibility criteria, and more. [B-01] Personal Loan in Bilaspur Personal loans aren’t just for people; many businesses also take them out. Using personal loans, people can fix their office or car, pay for their child’s college education, or help out other family members financially. Getting a personal loan can also help fix urgent money requirements. It’s easy to get a direct loan online. Before someone applies for a personal loan in Bilaspur, the bank will check to see if they meet the requirements. After that, you will need to provide certain documents. How to Be Eligible for a Personal Loan in Bilaspur The eligibility rules are the same for both salaried employees and proprietors. Salaried Persons Individuals should be in the age range of 21 to 60 years. Those who want to apply must have worked for at least three years. Their salaries should only be credited to their bank accounts. Those who want to apply must have a good credit score. The applicant must mention their place of work. People who want a loan of at least Rs 12,000 and reside in a modern city or town must have a monthly income of at least Rs 18,000 Self-Employed Persons The age should be at least 25 years old. Anyone who wants a direct loan must show their tax returns filed in the past three years. Business owners must show that their business has been operating for at least three years and has an eligible source of income. The credit score of the person should be excellent. There will no longer be any responsibilities or obligations. Borrowers must earn a minimum of Rs 2.5 lakh per year. People must provide three months’ worth of financial statements and bank accounts for personal loans. Documentation Needed for Personal Loan in Bilaspur Salaried People Identity proof, like an Aadhar card or a driver’s licence. Last three months’ salary slips Six-month bank statement. PAN Card. For rented apartments, proof of residency and a rental agreement are needed. Two passport-sized photos. Self-Employed Consumers All financial documents are required (ITR documents with a balance sheet and P&L statement). PAN Card. Aadhar card for identification. Proof of residence or a leasing agreement is required for leased apartments. Two passport photos How to Get the Lowest Interest on a Personal Loan in Bilaspur When filling out the application for a personal loan in Bilaspur, there are a few important things to consider. The application form is crucial to receiving a loan and determining the interest rate. Directly asking to get a consumer loan is one way to do it. Still, there are a few things to consider before taking out a loan. Whenever you apply for loans, you need a good credit score. If the credit score is at least 750, it’s good. It is a crucial part of getting the loan form approved. The interest rate is also affected by it. A loan’s interest rate will be lower if the applicant’s credit score is higher than the bank requires. People’s credit scores can be improved by paying off any fees or debts that are past due. People also need to do a little research, which is something else to keep in mind. People must be sure about the financial company they want to get a loan from. Charges on Personal Loan in Bilaspur The interest rates for a personal loan depend on the person’s history and pay rate. The interest rate on a personal loan in Bilaspur starts at 10.75% per year. Every loan company will charge the person a penalty fee if anyone wants to pay off the loan before the agreed-upon time. The fees change based on how long the loan has been around. In the second year, the borrower pays 4% of the existing loan sum and 2% in the fourth year. How to Avoid Getting a Personal Loan Rejected Keep the CIBIL score at 750 or above. Credit report mistakes might lower the credit score and limit loan acceptance prospects. Before anyone decides on a loan deal, compare the personal loan offers from banks and NBFCs. Apply for the loan at a bank or NBFC where a high chance exists. Don’t apply for more than one loan in a short amount of time. Things to Know Before Getting a Personal Loan in Bilaspur Before applying for a personal loan in Bilaspur, one must keep in mind the following: Actual Need Before getting a personal loan in Bilaspur, one should consider whether or not they need the money and how soon they need it. Compare Lender Rates Before applying for a loan, people should look at different lenders’ rates and choose the one with the lowest rate. Added Charges Pay attention to fees like processing costs, penalties, late payment fees, etc. that come with a loan. They are the fees and costs that the lender adds to the interest. CIBIL Score Most of the time, it’s a good idea to check the CIBIL score first. This ensures that getting a loan is easy if a person’s credit score is high enough. People can check their credit scores for free on many websites. Consider Other Loans Look into other loan options before getting a personal loan in Bilaspur. For example, if anyone needs a loan to fix up their house, try to get a home loan instead of a loan because the rate on a home loan is much lower. [B-02] Conclusion Personal loans, or consumer loans, save people from urgent money problems. They don’t have to follow a strict process to get a personal loan in Bilaspur. For the same, they must send in all the necessary paperwork, and their loan will be approved within a day. That being said, if all goes well, this could be a good option for people who are looking for quick cash. To learn more, visit Piramal Finance and take a look at their products and services for more related details.
08-11-2023
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Personal Loan

Personal Loan in Bhopal – Check Eligibility & Apply Online

Bhopal is the capital of Madhya Pradesh. It is home to many banks that assist people in meeting their urgent monetary needs through loans. A personal loan in Bhopal may help people who need funds for a wedding, school fees, medical bills, or travel expenses. Interest rates start as low as 9.30%, and the tenure may last up to 5 years, making it easier to repay the loan. Banks, local banks, and other banking firms make loans available regularly. [B-01] How To Get A Personal Loan In Bhopal? The filing process to obtain a personal loan in Bhopal is very convenient. The process may be done using an app. Install a lending app from Google Play or the Apple App Store on your phone. To build your profile, enrol in the app and submit your basic data. Input the loan amount needed. It can range between Rs 9,000 and Rs 4 lakhs. The loan’s term is then set. It may range from 62 days to 1.5 years. Check the rate of interest on the loan sum before starting. Individuals must also submit proof of their identity, home, and salary. Aadhaar card, PAN card, driver’s license, passport, energy bills, wage slips, and bank records, which are valid documents for a personal loan in Bhopal. It will take a while for the app to verify the demand. The bank will then send the funds to their personal savings account after the loan is granted. The individual may return the loan amount via bank transfer as well as by check payment by the time limit. How to Get a Personal Loan in Bhopal with a Lower Rate of Interest When applying for a personal loan in Bhopal, there are some aspects to check since they might play a vital role in getting the loan. The information given in the application form is vital to getting a loan, as is the rate of interest given on the loan sum. A strong credit score is a vital aspect when asking for a loan. A credit score of 750 or more is considered good. It plays a crucial role in having the loan granted. This factor also impacts the interest rate. A credit score greater than the bank’s standard will result in a cheaper interest rate on a loan. Paying off any outstanding fees or debts is a great way to improve your credit score. Another thing to keep in mind is the financial firm you have applied for the loan with. Personal Loan in Bhopal: Salary Requirements When a banking firm gets a loan request, it must assess many aspects. The person’s ability to repay the loan is one of the factors they consider. The wage limits for repaying a loan amount are as follows: The person must have lived in Bhopal for at least one year. A salaried individual must have a monthly salary of at least Rs. 15,000. The minimal monthly income needed varies from one lender to another. The person must have at least 2 years of work experience. The person must be at least 21 years old. The person must be under the age of 60. The person will be asked to show a few documents, such as bank records, address proof, identity proof, and so on. Documents Needed for a Personal Loan in Bhopal People drawing wages You must give one of the following documents for identity proof: a passport, driving license, Aadhaar card, PAN card, or utility bills from the last 3 months. You may provide your tenant’s contract papers. Income proof: six months of the most recent bank record and six months of payment receipts. 2 passport-size photos. Self-employed ITR reports and all documents of monetary transactions. 2 passport-size photos. You must give one of the following documents for identity proof: a passport, driving license, Aadhaar card, PAN card, or utility bills from the last 3 months. You may provide your tenant’s contract papers. Personal Loan in Bhopal: Standard for Eligibility The qualifying criteria for a personal loan in Bhopal vary for employed and self-employed persons: People drawing wages The person’s age must be between 21 and 60 years old. The person must have three years of work experience. Also, they must note the payment in their files. The person must have a solid financial track record. The person’s active area must be stated. Self-employed A person’s minimum age must be 25 years old. Applicants must have ITR records for the past 3 years. The person’s financial records must be acceptable. The person’s annual salary must be at least Rs 2.5 lakh. People have to give their bank statements and other money-related documents from the last quarter of the year as part of the paperwork. [B-02] Wrapping Up At its most basic, a personal loan in Bhopal allows a person to borrow money from a banking entity. It might be a good plan if a person needs cash instantly. They are not the only sort of banking entity that provides personal loans, though. People may also get loans from credit unions, retail lending firms, internet lenders, and peer-to-peer lenders. A personal loan in Bhopal is available for nearly every reason. Debt reduction, home upgrades, health costs, and repaying an old debt are typical uses. Visit the Piramal Finance website and look at their products and services to find out more related information.
08-11-2023
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