More articles for you

Your one stop place for everything related to finance and lending

Personal Loan

Can You Get A Personal Loan With A Credit Score Of 550-600

You need a high CIBIL score to get a personal loan or another form of a loan. A high CIBIL score signifies a strong repayment history and credibility. With a CIBIL score of 750 or higher, not only are you guaranteed a fast loan, but you also qualify for favourable terms and circumstances. You can turn to an unsecured personal loan to cover unexpected costs like medical bills, urgent vacation plans, or other unexpected costs. Factors, including income, CIBIL score, etc., play a role in deciding whether or not to grant you this loan. You can get an urgent and quick loan in India, regardless of your CIBIL score. Sadly, a high CIBIL score is not easy to achieve or keep. A low credit score can result from unforeseen financial difficulties or careless handling of money. [B-01] Personal Loan for Credit Score 550-600 There is a massive demand for unsecured personal loans as they need little security to be given to the bank. Also, one can get these loans in no time. But, as these are unsecured loans, the interest rates are higher, and the eligibility criteria are stricter than other secured loans, such as home loans and auto loans. A minimum credit score of 750 is typically required for personal loan approval. But, there are a few lenders who offer personal loans to even those whose CIBIL scores are on the lower end of the spectrum, as long as it is above 600. The next question would be if you can get a personal loan for a CIBIL score of 600 in India. It will be tough. While you may find lenders who give a personal loan for a CIBIL score of 550, the terms and conditions will not be very favourable. It is because the lender will have no faith in such a borrower’s repayment ability and will thus avoid giving a loan. If the loan is sanctioned, the interest rates will be higher, even going above 40% per annum, and the repayment term will also be low. Also, you should not expect a large loan amount. Personal Loans for a Low Credit Score People take out personal loans for many things, from paying a debt to financing big-ticket purchases like cars and home renovations to life events like weddings, trips, or honeymoons. In addition to work and income, your credit history also plays a role in whether or not you are approved for a loan. If you have a low credit score, the chances of your personal loan approval would be lower, but not reduced completely. This report provides a more in-depth look at your financial past. A good credit record indicates good financial behavior and an absence of risk as a potential borrower. How to Get Personal Loan Approval With a Low Credit Score It may be difficult, but not impossible, to secure a personal loan with a low credit score. You can still get a personal loan, even with a low credit score of 550 and sometimes even with a score as low as 500. Here are some options to consider if you need a personal loan but have a low credit score: Request for a Small Loan Amount Some lenders may be more willing to approve loans for lower amounts. However, the lender’s risk increases with a larger loan amount. This is why, if your credit score isn’t up to par, applying for a modest loan could make it simpler for you to get approved. Determine How Low Your Credit Score Is The CIBIL report isn’t always up-to-date. This impacts your credit score. Regularly checking one’s CIBIL score is essential for catching any mistakes and fixing them. You can even check your CIBIL score online on the official websites of the credit bureaus. Apply with A Co-applicant A person with a poor credit score may have more success getting a loan if there is a co-applicant with a good CIBIL score. A co-applicant repays the loan in the event of your default. You can get a personal loan in this manner with convenient repayment conditions. Provide Proof of Income The ability to make loan payments is directly proportional to your monthly income, as the banks or lenders check the source of income of the person applying for a loan. Therefore, having high-paying work, the second source of income or consistent cash flows can improve a loan application’s chances of approval. Mostly, having the financial resources to repay a loan is a simple matter of comparing the monthly payment amount to the borrower’s income. Thus, it is possible to have a personal loan approved even with a low credit score. [B-02] The Bottom Line While applying for a loan, you must keep in mind that the banks consider a CIBIL score ranging between 500 to 600 a poor score. There are only a few lenders who will give you a loan with such a low CIBIL score. Also, if you manage to get a loan, your credit score could affect the interest you pay on a personal loan. Now, you can use your newfound knowledge to qualify for a personal loan with a credit score of 600 or better. By checking your CIBIL score frequently, you can take quick action that will help you maintain or improve your score. The CIBIL website, as well as those of individual lenders, will display your credit rating. Piramal Finance provides access to a variety of financing options and tools for monitoring and enhancing financial standing. To read more such informative articles, visit https://www.piramalfinance.com/ right now.

08-11-2023

Personal Loan

What Should You Ask Before Applying for a Personal Loan?

Are you looking to get a loan to meet your financial obligations? A personal loan might be the ideal loan option for you, as it requires minimal documentation. A personal loan can be used for any purpose, which is one of the largest benefits of personal loans. Many lenders offer instant personal loans. However, you must exercise caution when selecting a lender. There are a few things that you should consider before you apply for a personal loan. This article will discuss the points you need to know and the questions you should ask before applying for a personal loan. [B-01] Questions to ask when applying for a personal loan Before you apply for a personal loan, it is necessary to ask yourself these questions. Answering these questions will help you determine the right personal loan amount and lender. Why are you applying for a loan? Consider why you are applying for a loan before you apply. When you avail yourself of a personal loan, the lender is not concerned about how the loan amount is used. Thus, the loan can be used for any expense you have or need to meet. Most people apply for two reasons: You are applying to build your credit history. Applying for a loan when you have the capital to repay it allows you to build a good credit history. You are applying for a loan to cover a specific expense not covered by other loans, such as a home renovation loan, a medical loan, a home loan, etc. Do you need the money urgently? The lender you choose is also determined by the urgency.One can select a lender with a simple approval process if one needs the money for an immediate expense. Instant personal loans have a fast processing time, and money may be sanctioned to your account as soon as the lender approves your loan. It will help you meet any urgent financial needs without much hassle. How much money do you need? You have to determine the amount you need before applying for a personal loan from a lender you know. First, determine what you need the loan for, and then, based on this, calculate how much you need to borrow. What are the tenure and rate of interest of the loan? Before taking a personal loan, these two points cannot be ignored. The interest rate for a personal loan will be decided based on your credit score, loan tenure, and principal amount. Your EMI payments depend on your interest rate, principal amount, and loan tenure. The lender may offer you a good and flexible loan tenure, and it will give you enough time to repay your loan with interest. It will help reduce the burden compared to any other loan with a non-flexible tenure. Furthermore, you can choose a loan tenure that best suits your needs and financial stability. Most lenders are ready to offer a tenure of up to 60 months. The tenure and rate of interest you are offered will vary depending on many factors, including your loan history, repayment capacity, income, age, etc. You can compare loans to determine which one suits you best. Do I need to provide collateral? Many lenders do not require you to provide security to get a personal loan. In other words, your loan may be unsecured. However, you will need to provide collateral if you do not have a salary slip or other required documents. Further, if the lender thinks you cannot fulfill the repayment conditions, you may be asked to provide collateral. What are the repayment options? And will you be able to afford the EMI? Choose a repayment option that suits you best. It may not be a wise decision to spend all your monthly income trying to repay your loan. Therefore, before applying for a loan, consider whether you can afford the EMI and whether your preferred payment option is available. Calculate how much EMI you can afford before you visit a lender, so you can determine whether a loan is out of your budget. Consider the impact of a new loan on your credit score. Timely repayments may improve your credit score. In contrast, delays in EMI repayments will lower your credit score. Hence, you should consider your repayment capacity first so that your credit score is not negatively affected if you borrow outside your capacity. Do you have a good credit score for a personal loan? Since a personal loan may not require you to provide collateral security, your credit score will be a deciding factor. Most lenders require a good credit score. They may offer a comparatively higher interest rate if the credit score is poor. Check your credit score before you apply for a loan. Where do you want the money disbursed? If you are applying for a personal loan to pay off existing debt, you may want the money transferred directly to the creditors’ accounts. Alternatively, if you borrow money for many short-term expenses such as home renovations, fees, bills, etc., you will want the money in your account. The account in which the money needs to be disbursed depends on the purpose of the loan. These are only some questions to ask when applying for a personal loan. [B-02] Conclusion There is no defined set of qualifications that will ensure the personal loan application is approved. However, certain things can be kept in mind while applying for one. The questions above highlight what you should determine before approaching a lending institution. If you have answered all the questions, you can apply for a personal loan with Piramal Finance today! You can also visit Piramal Finance to read more informative articles on personal loans.

08-11-2023

Personal Loan

Applying for a Personal Loan in Indore?

Personal loans in Indore are readily available, and the interest rates start at a low percentage. Indore, the most populous city in Madhya Pradesh, has a plethora of banks to choose from to apply for personal loans. That means you will have to do your due diligence and exhaustive research to find the right creditor. If you are looking for a quick and easy personal loan in Indore, with an affordable rate of interest, Piramal Finance is there to help you. We offer easy terms for loan payback and ensure that you don’t face issues with your loan. We try to offer you a happy loan experience. [B-01] What is a Personal Loan? Personal loans are a type of unsecured loan, which means you will not need to put up any collateral or security to get the money and requires minimal documentation. In contrast to a car loan or a home loan, it can be used for any legitimate financial needs. You can use it for anything, from paying for a trip, education, medical expenses, wedding, etc. However, like any other loan, you will need to repay it according to the agreement with your creditor. Important Aspects of a Personal Loan Both regular employees and self-employed people are eligible to apply for personal loans. A Personal Loan needs minimal paperwork. Processing time is usually very quick. You can go for a pre-approved personal loan in Indore or opt for on-the-spot approvals. A loan’s term can be as short as one year or as long as five, depending on your needs. You will have to repay the loan in a fixed amount every month also known as EMIs. EMI amount is calculated depending on your loan amount, tenure, and interest rate. The interest rate will depend on your credit score, loan tenure, occupation, and financial history. There is no need for collateral and all the major banks offer a balance transfer option. The majority of lending institutions now offer online application services and pre-approved loans as well. You can apply for any amount from a thousand up to lakhs for a personal loan in no time. Personal Loans in Indore Getting a personal loan in Indore is easy, as all of the city’s main banks and NBFCs provide them. But, Piramal Finance ensures that you get the best loan services in Indore with no trouble. There are personal loans in Indore for those who are salaried, self-employed, or in the business world. The borrower must satisfy the given below eligibility criteria: The applicant’s age must be between 21 and 65 years old (at the time of maturity of the loan). Personal Loan is available to both salaried and self-employed individuals in the business sector. Discuss your financial status with the bank manager if you do not receive a regular paycheck. Wage workers normally need a minimum salary of Rs.15,000-25,000 per month. This number fluctuates depending on factors including the location of the job seeker’s home and the nature of the employer. Must have a minimum of 2 years of professional history. However, at Piramal Finance, you can apply for personal loans even if you have been in your current organisation for just 6 months. Must have a solid work history. Must have a good credit score. You can use the lender’s website to determine if you qualify for a personal loan in Indore. Easy Approval Personal Loans in Indore Those with good credit scores will get good interest rates from lenders. The interest rate that you are offered will depend on various criteria, including the size of your loan, your income, the loan tenure, the lender’s policies, and most crucially, your credit history. If you want a personal loan at the best interest rates, you need to have a good credit history. Pros of Getting a Personal Loan in Indore If you apply for a Personal Loan in Indore at Piramal Finance, you can get these perks: Manage Your Account OnlineYou can handle your loan account and know exactly when payments are due by logging into your account. Some Loan Providers In Indore, like Piramal Finance, offer account management facilities where you get the loan amount in your account and pay your EMIs through ECS. Avail Substantial Amounts of LoansYou can also use the EMI calculator for a personal loan to know how much money you can afford to borrow. Take Benefit of the Flexi Repayment FacilityOur flexible repayment tenure ranges between 12-60 months. Quick Approvals and DisbursementPersonal loans can now be approved quickly, often within an hour. Get the cash deposited into your account within a day. No Charges for Pre-payment and ForeclosureUnlike most lenders, we don’t charge you for paying the loan before your tenure. So, if you want to foreclose the loan or pay a substantial amount as partial pre-payment to save interest charges, you are welcome to. Clubbing for Higher Loan EligibilityIf your credit history or income isn’t enough to get you the loan amount you are seeking, you can partner with someone with a better credit score and income to avail of the loan. Apply Online for Personal Loans to get the above-stated benefits. [B-02] The Bottom Line Personal loans are easy to acquire. With no collateral and easy repayment terms, they are by far the most sought-after loans. If you are looking for a quick and easy personal loan in Indore, you can count on Piramal Finance. To know more about loans and financing, visit https://www.piramalfinance.com/ right now!

08-11-2023

Personal Loan

How Much Personal Loan Can You Get With a CIBIL Score of 550?

In the modern age, many financial institutions are willing to lend money to people with good credit scores. If you have a good credit score and a stable income, it won’t be a hassle to get a personal loan. However, it might not be ideal for those with poor credit scores or who don’t earn much money from their jobs. In such cases, banks will only be willing to extend small loans to help you deal with certain obligations or urgent expenses. Obviously, this is not the best option since it can cause trouble in the future when you need more money and your credit score isn’t as great as before. Therefore, if you still want to take out a personal loan even though your credit score isn’t very high, what factors will determine how much you can borrow? [B-01] What is a personal loan? Personal loans are one of the many financial solutions to help you get out of debt or boost your savings. A personal loan is a loan given to an individual for personal use. Most of the time, this loan is used to pay for small expenses like buying a car, fixing up the house, paying for school, etc. Besides helping you get out of debt or save money, most personal loans can also help you with your finances if you use them responsibly. Therefore, understanding how much credit you can get from a lender and what type of loan it is—that’s the question! We’ll talk about some general information about personal loans and what lenders look at when deciding whether to give them. What is the importance of a CIBIL score for a personal loan? A CIBIL score is an index that shows a good credit history. It is used to evaluate the economic situation of the applicant. It is calculated using the past six years of available data, such as credit history, current assets, and any ones used for borrowing money. The CIBIL score ranges from 0 to 100. A high CIBIL score means that you have a good credit history. This makes it easier for you to get a loan in less time. The CIBIL score plays a significant role in personal loans. A CIBIL score for a personal loan is used to determine whether applicants will be eligible for a loan or not. In addition, it helps lenders assess the risk associated with the loan. This way, they can help you get a better deal. Eligibility to take a personal loan For Salaried Individuals: There are three eligibility factors for those working for an organisation. These are The minimum age of the applicant must be 21, and the maximum age must be below 60 at the time of maturity of any loan. The applicant must have worked for at least 2 years, out of which they must have worked in the same organisation for the past year. The applicant must be earning at least Rs. 7,500 per month. For entrepreneurs or self-employed individuals: These are the following eligibility factors for self-employed individuals: The minimum age of the applicant must be 25, and the maximum age must be below 65 at the time of maturity of any loan. The applicant must have worked in the same field or business for at least 3 years. The applicant must be earning at least Rs. 100000 per month. With a CIBIL score of 550, how much loan can you get? A CIBIL score measures a borrower’s financial strength. Lenders use CIBIL scores to gauge the likelihood of default among borrowers. A high CIBIL score indicates that the borrower is likely to make timely payments, while a low score suggests the risk of default. This is how getting a personal loan with a low CIBIL score is difficult. If you’re looking for a personal loan for CIBIL score of 550, that will be one factor that impacts your ability to get approved for financing. Lenders are increasingly using CIBIL scores to determine whether or not to approve you for a loan, so you must keep track of your financial situation and remain as transparent as possible throughout the process. With a credit score of 550, it could be difficult to get approved for a loan. This can put you at a disadvantage when it comes time to negotiate the terms of the loan and pay off interest over time. However, you can still get a loan between Rs 1,00,000 and Rs 5,00,000. Some lenders will allow borrowers with lower credit scores to pay over time instead of upfront. This lets borrowers make their payments easier to handle over time and could save them money on interest. [B-02] Conclusion Personal loans are one of the most popular options to help you through hard times. Personal loans are easy to get; they don’t require a lot of paperwork and can be paid back quickly. However, personal loans come with big risks, so it’s important to do your research before getting one. It can be difficult to get approved for a personal loan. As a result, some people may be surprised to learn that they have been approved for a loan even though they have low credit scores and little to no income. If you’re looking for a personal loan for CIBIL score of 550, that will be one factor that impacts your ability to get approved for financing. Lenders are increasingly using CIBIL scores to determine whether or not to approve you for a loan, so you must keep track of your financial situation and remain as transparent as possible throughout the process. Piramal Finance offers easy personal loans with zero payment and foreclosure charges to help those with lower CIBIL scores. Any salaried employee with a minimum monthly income of Rs 7500 can apply.

08-11-2023

Personal Loan

Gold Loan vs. Personal Loan: Which Option is Better?

There are times when individuals may need a surplus amount of money urgently. Loans have made it possible for many people to buy things they couldn’t afford. Even if a person does not have collateral, they can still receive loans. Although some may say that taking loans is risky, the likelihood of defaults decreases when one makes an informed choice. Today, there are many different types of loans available. Gold loans and personal loans have become increasingly popular. However, how does one decide which loan is the best? Here is a guide to help you understand all about gold loans and personal loans. [B-01] What is a Gold Loan? It is a type of secured loan where borrowers are required to submit gold as collateral. The loan amount depends on a certain percentage of gold and is based on the market value of the collateral. What is the tenure of a gold loan? Gold loans have a short borrowing time period. It may range from 1 month to 5 years. However, the duration can be fixed according to one’s lender. What is the rate of interest levied on gold loans? Interest rates on gold loans range from 9% to 17%. But again, it all depends on the flexibility of the lender. Since many lenders provide gold loans, borrowers are advised to compare interest rates, tenure, processing fees, late payment charges, etc. before taking a gold loan. What are the documents required for a gold loan? You will need to submit passport-size coloured photographs, Identity proof, and address proof. What are the things to keep in mind before taking a gold loan? Gold loans are secured loans. The amount of money one receives depends on the value of the gold kept as collateral. One must be careful and only borrow an amount that can be paid comfortably. What happens when someone is unable to pay back the due amount? In such cases, the action taken against defaulters depends on and is different for each lender. Some may charge a higher rate of interest on the remaining amount. Others would issue a notice. Borrowers will have to pay the loan amount by the final date mentioned on the notice. If they fail to do so, the lender has the right to recover their money by auctioning off the gold. Some of the basic questions regarding gold loans were answered above. Here is a list of reasons why one should opt for a gold loan: It is quickly disbursed. there is no lengthy process and once the documents are approved, the loan is processed. Borrowers can take gold loans and use them for any purpose. Gold ornaments are the only security you will have to make. The interest rates are relatively lower than personal loans because gold is kept as collateral. What is a personal loan? Personal loans are unsecured loans and can be used to repay debt, buy a house, plan a wedding, take a vacation, etc. Hence, it is also known as the ‘All Purpose Loan’. These loans do not require any collateral and are disbursed on the capacity of the borrower. Who is eligible for a personal loan? Following are the essential factors to pass eligiblity for personal loan CIBIL Score and report Employment status and earning capacity Annual income Frequency of EMI payments and any defaults What is the rate of interest applicable on personal loans? The rate of interest varies from lender to lender and is determined by comparing the loan amount to your income, the tenure chosen by the borrower, and finally, the credit profile of the borrower. What is the period for which a personal loan is issued? Personal loan can be issued for anywhere from 12 months to 60 months. It depends on the loan amount, rate of interest, and the borrower’s ability to pay back the amount. What are the documents required for a personal loan? If you’re a self-employed individual, you need to present proof of identity, residence, income, office, and your bank statement for the last six months. Those who are salaried individuals are also required to present the same documents, in addition to their last three months’ salary slip. What are the things to keep in mind before taking a personal loan? Repayment of a personal loan is a long and exhausting process. One must evaluate their repayment capacity with complete honesty before borrowing large amounts. In cases where borrowers default on repayment, their CIBIL score and credit history are affected. People must study all options and make the best choice for themselves. Why should you take a personal loan? One should choose a personal loan for the following reasons: It allows you to pay off smaller debts such as credit card bills. The disbursal is quick. You do not have to give anything as collateral. A personal loan is also a line of credit. If you do not default on repayments, it can improve your credit score even more. Although it takes 2-7 business days to process personal loans, it is now possible to get instant loans. These loans are issued instantly upon document verification. The entire process is smooth and can also happen online. However, the loan amount is relatively lesser than compared to personal loans. [B-02] Conclusion If you are looking to secure a loan with collateral and improve your credit score, you should opt for personal loans. However, if you wish to liquidate idle assets such as gold and generate money against them, opt for gold loans. While most criteria are the same for both loans, sometimes, the rate of interest might be lower for gold loans. To say that one is better than the other depends entirely on the borrower’s needs. To learn more about personal loans and instant personal loans, visit the Piramal finance website.

08-11-2023

Personal Loan

How Can You Get Assistance with Personal Loan Calculation from Piramal Finance?

A traditional way to get a personal loan is through a bank. But the banks need to be fully committed to the idea of lending to people with bad credit. They make it hard to apply for a loan and check your credit score. They also charge high interest rates and make it hard for you to repay your loan on time. If you want a personal loan from Piramal Finance, you can fill out a simple online form to get a quote without having your credit history checked. [B-01] How to Get Help Calculating the EMI on a Personal Loan at Piramal Finance Take your time paying back that big personal loan. With a personal loan calculator from Piramal Finance, you can figure out how much interest you will have to pay. Enter the cost of your loan, and our simple calculator will tell you how much more you need to save each month for this or any other personal loan. You’ll be glad those hard-to-get savings are no longer necessary. With a customised list that fits your needs or budget, you can decide what’s best for you while staying financially savvy. No matter how you get a loan from Piramal Finance, our goal is to give you several options that make it easy to get low-cost financial services in India. Our personal loan calculator makes it easy to figure out how much a personal loan will cost. To calculate EMI on a personal loan, you need to enter the amount you want to borrow and how long you want to borrow. This will keep you up to date on all your monthly payments. How to Calculate EMI on Personal Loan? Most of us will need to borrow a certain amount to make a big purchase. Since we don’t know how much we’ll make in the future, it’s important to have a plan that lists your expected income and expenses. Not only does it give you peace of mind, but it also lets the loan provider know how much risk they are taking by giving you money. With an EMI calculator, you can figure out how much you would have to pay back each month on a personal loan from Piramal Finance. This will help you decide what kind of loan to get and if the money can be a good investment. Piramal Finance makes it easy to calculate EMI on a personal loan. You need to know the loan amount and when you’ll be paying it back. The EMI formula is: EMI = (Loan Amount + Interest) × Number of Months ÷ 100 × 12 = Monthly Installment What Factors Are Considered While Providing You with Assistance at Piramal Finance? How much do you need? Stay calm if you have bad credit and cannot get a personal loan from a bank. Piramal Finance has a team of experts who care about your credit score problem. It helps everyone who applies, no matter what their credit history is. They give you a loan considering your needs, with a long repayment period. Asking how much one can borrow To answer this question, the company analyses your personal needs based on your gross income, expenses, and short-term financial obligations that may affect how you manage your money in the future. If you have any personal loan bad credit history in the past, it will not affect your application. It is entirely confidential. What is the lowest rate of interest? When you apply for a personal loan on our website, our experts will help you find a loan that fits your needs and has a fair and easy-to-pay interest rate. When you apply for a personal loan with us, you won’t find any hidden fees or unreasonable requirements. Start by filling out the form on our website and determining your situation. If we agree to your request and make you an offer, that will show that we were successful. We have expert decision-makers who will help you with all the steps, including how to repay your loan if you choose. How long does one have to pay for it? The time you have to pay back the loan depends on your situation and finances. It depends on how much and where you need it. We will charge you a higher interest rate if you want a loan for a certain amount of time. However, if you believe our experts are adequate, we will provide you with advice the same day we receive your application. We can also give you a personal loan that you can repay whenever you want. We know that each customer is different and has different needs and problems. We want to help everyone who applies, no matter how much money they have. Because of this, we only give a specific amount of time to repay the loan. But if you take longer to pay back the loan, you will have to pay us more interest. What about fees? We have no hidden fees or additional costs that you may have to pay when applying for your loan with us. We are transparent in our lending process and provide a simple online form where you can fill in all your details, including information on your income, expenses, and previous loans. After you send in the form, our experts will give you a detailed analysis and a quote, which you can accept or reject. [B-02] Conclusion So, after going through such easy processes to calculate EMI on personal loans at PiramalFinance, all you have to do is apply for a suitable loan and fetch the desired information with the help of assistance provided by the company. Once you have provided your information, one of the clients or employees from Piramal Finance will contact you within 24 hours to discuss your request. Your application is confidential, and we give all applications equal attention to make sure that every applicant has a fair chance of getting a personal loan. This trusted company never saves your data without your knowledge, allowing it to meet all of the needs of each client in a manner that is convenient for them and their families.

08-11-2023

Personal Loan

How Can 18 Year Old Get Personal Loan?

Are you 18 years old? Planning to get a personal loan? Consider applying with your bank and researching lenders online. Find out how to secure a loan for a significant or unexpected need. You can make sure you get the best rates and terms by doing some comparison research. You receive a lump sum of money from a personal loan. But, you must repay over a specified time period with interest. But like with any type of borrowing, you should do your homework. Make sure you can afford the repayments. Here is what you would need to know about Personal Loan For 18-Year Olds In India. But what is a personal loan? [B-01] What is a personal loan? A personal loan is a financial tool. It enables you to access money for a variety of purposes. When you choose a personal loan, you are given a certain amount of money at a predetermined interest rate. You can pay it back over a predetermined period of time, just as with any other type of loan. A personal loan may, however, offer several advantages over other types of loans, including the following: No assets of the applicant are restricted by it. Personal loan for 18-year Olds in India does not need any form of security, unlike a home or car loan. These other types of loans lock in the item against which the loan is requested. A personal loan should be taken out if you require a lump sum of money for any private purpose. It may be for: a medical or social emergency lifestyle requirements like house renovations or repairs consolidate current debt Eligibility Criteria for Personal Loan For 18-Year-OldsIn India ParticularsFor Self-employedFor SalariedCredit Score750 and aboveMinimum Income (may vary across lenders)Rs. 15 lakh p.a.Rs. 15,000 per monthAge Limit21 – 65 years18 – 60 yearsMinimum Work Exp./ Business Continuity2 years of business continuity1 year (6 months with the present company) What are the documents required to be eligible for a personal loan for 18-year Olds in India? Application for a personal loan typically entails checking your: need for money eligibility for funding and the ability to repay the loan. The institutions check this because it gives a collateral-free loan. Therefore, applicants for Personal Loans must often be salaried individuals. They should submit documentation attesting to their personal and professional information. A few of these documents include: a properly completed loan application documents asserting the applicant’s continuous employment KYC records, such as documents proving an applicant’s age or nationality How to apply for a personal loan for 18-year Olds in India? In just 7 steps, you can apply and get the personal loan amount in your bank account. Step 1: To determine the precise loan amount you require, evaluate your needs. Step 2: The EMI you can afford to pay will rely on any existing loans or credit card balances that you may currently be repaying. To see how much you can afford to pay back each month, use the eligibility calculator for personal loan for 18-year-olds in India. Step 3: Go through the eligibility requirements of the bank to find out whether your employment and income will qualify. Step 4: Check out the bank’s personal loan interest rate. The Personal Loan EMI Calculator can be used to check your monthly spending. Step 5: If you are a current client, you can submit an application for a personal loan for 18-year Olds in India. You can do it via your internet banking account or the bank’s mobile app. Also, you can obtain the application at the branch. Also, you can download it from the financial institution’s website. Step 6: Along with the application form, include a few other necessary documents. For instance, these are: the KYC documentation income proof address evidence check for the processing fee. Step 7: Based on your eligibility, the bank will review the paperwork. They will then sanction the loan, and approve the amount. You will then have to sign the Standing Instruction ECS form and the agreement. Step 8: Your account is then credited with the money. What factors can affect personal loan eligibility? Have a look at these factors that can affect the eligibility of personal loans. Credit Score for personal loan for 18-year Olds in India Those who apply with credit scores of 750 or higher are regarded to be more financially responsible and less likely to default. As a result, banks and NBFCs favour providing personal loans to these individuals. For candidates for personal loans with better credit scores, many lenders also charge reduced interest rates. However, some lenders also provide personal loans at higher interest rates to applicants with lower credit ratings. So, you should regularly check your credit ratings. Take the required actions to keep them as near 900 as possible. Age The majority of NBFCs and banks offer personal loans to borrowers between the ages of 18 and 65. So, one can easily go for a personal loan for 18-year Olds in India. In addition, several public sector banks provide seniors with personal loans based on their pension income. Check the personal loan Bank of India, State Bank of India or any other institution for the recommended age group. Minimum Income for personal loan for 18-year Olds in India Higher income suggests a greater ability to make on-time loan repayments. It further suggests a lesser risk for lenders. Most lenders establish a minimum salary threshold of Rs. 15,000 or more for salaried professionals. Keep in mind that lenders prefer borrowers with a minimum salary of Rs 25,000. Lenders typically demand a gross annual salary of Rs. 2 lakh or more from self-employed people. [B-02] Conclusion The application for a personal loan is simple and requires a few documents to complete. When your loan is authorised, the bank immediately deposits the loan’s principal into your bank account. You can benefit from tax deductions for interest payments and repay the loan over your preferred tenure with affordable EMIs. Don’t wait anymore. Check out Piramal Finance and get an instant personal loan today.

08-11-2023

Personal Loan

Best Personal Loan Interest Rate In A Festival Season At Piramal Finance

In India, the holiday season has already begun, and shops are ready with a wide range of goods and services at discounted prices. It is believed that it is lucky to buy new clothes, gold, property, home items, etc. on the day of a festival. You might also want to celebrate the festivals by buying gifts for your friends and family. Many people choose to spend a lot of money during this time by getting high-interest personal loans and by using credit cards. If you are looking for the best personal loan interest rates in the market for this season, you have come to the right place. Piramal Finance will help you fund your festivities without putting a dent in your pocket. [B-01] Perks of Getting a Personal Loan During the Festive Season There are many reasons why you should get a personal loan to pay for expenses during festivals. The following are some of the best reasons to consider: High Financial Burden of FestivalsYou can borrow up to Rs 25 lacs at some of the best personal loan interest rates. So, when your expenses are bound to rise during festivals, taking out a personal loan is the best way to pay for them. Ease of Spending MoneyWhen you take out a personal loan, the money is yours to spend however you like. As a result, you are not bothered by bank restrictions and policies. You can go all out for all events, such as Karvachauth or Durga Puja, with the right gifts. Low-Interest RatesWhen it comes to taking out a personal loan during the holidays, one of the best perks is finding the best personal loan interest rates. During this time, you might find yourself bagging personal loans with low interest rates. Easy ProcessThe process of getting a personal loan online has never been simpler. Almost all financiers have shifted their services to online platforms. The process to get a personal loan is also made simple when done entirely online. No CollateralA personal loan is an unsecured loan, which means that they do not need to offer the bank anything as collateral to get approval. Factors to Consider to Find the Best Personal Loan Interest Credit ScoreMaintain a strong credit score at all times. Most lenders favour people with credit scores of 750 or above. An application could be denied if the credit score is lower than 750. A solid credit history is needed to be approved for and get the best personal loan interest rates. Need AssessmentYou need to determine exactly how much money you need to borrow. If you take out a personal loan for more money than you need, you run the risk of being unable to repay the loan amount. Eligibility CheckYou must make sure that you qualify for a personal loan. Your credit score might get slightly lowered if you apply for a loan. So, unless you are sure of approval, do not apply. With a lowered credit score, you will find it tough going forward to borrow money. Market ResearchDuring the holiday season, many lenders give special offers that salaried as well as self-employed people can enjoy as perks. Spend some time researching loan offers from a variety of lenders. Then, pick the one that caters to your needs and matches your repayment capacity. With Piramal Finance, you can rest assured of getting the best personal loan interest rate in the market. One loan applicationYou must not spread yourself too thin by trying to collect money from many sources all at once. Multiple loan applications given at the same time can hurt your credit score. They are recorded as “hard inquiries” on your credit report. This means that you appear to be in urgent need of funds, suggesting a poor financial situation. So, lenders may reject your application. Apply for a personal loan with Piramal Finance Piramal Finance offers a wide range of financial services. It is also registered with the National Housing Bank as a home finance organisation, giving both wholesale and retail access to capital. The platform’s home finance, structured debt, senior secured loan, construction finance, and Flexi Lease rental discounting options are just the tip of the iceberg for the full range of its capital solutions for the real estate industry. Piramal Finance offers solutions for institutional and personal investors through Piramal Fund Management and strategic alliances with CPPIB, APG, and Ivanhoe Cambridge. Our loan can finance a vacation, a dream item, school tuition, or a wedding. Piramal experts will guide those who need a loan through their online application process and ensure that they get the best personal loan interest rates. Perks of Loan Packages at Piramal Finance No charges for prepayment or foreclosure Loans starting at Rs 1 lac and going up to Rs 10 lacs No paperwork Easy approval and quick cash disbursement The best personal loan interest rates in the market Flexible repayment terms, starting at 12 months and going up to 60 months Combining multiple sources of income to increase personal loan eligibility [B-02] In conclusion Personal loans are nothing to be scared of if you get them after a careful assessment of your needs and repayment ability. If you have a regular job, a stable income, faith in your ability to repay a loan, and need to make some unavoidable expenses during festivals, getting a personal loan can make sense. If you want to avail the best personal loan interest rates and financial services, visit Piramal Finance.

08-11-2023

Personal Loan

How To Check Your Personal Loan Eligibility Online At Piramal Finance?

Managing finances is tough for everyone, especially when sudden expenses come your way and you have to adjust with limited resources. At such times, a personal loan can be a lifesaver. It is designed to cater to your immediate needs, such as home renovations or medical expenses. You can also use the money for any other purpose that you deem fit. But for this credit, you need to check your eligibility using a personal loan eligibility calculator. [B-01] What is a personal loan? A personal loan helps you borrow money against your credit. The lender will base this decision on your income, employment history, and the amount you request for the loan. Personal loans are unsecured loans, which means that you do not need to use an asset as collateral. The interest rate on personal loans is generally lower than on other types of loans, but the repayment period can be longer. Unlike a home loan or car loan, personal loans are not restricted to specific purposes. You can spend your personal loan credit on whatever you want. Usually, these loans are taken out to meet short-term expenses like a vacation or a big purchase. Personal loans are offered by banks, credit unions, and online financers like Piramal Finance; you can make an online application for these loans or apply through a bank employee. Lenders will look at your application with the help of a personal loan eligibility calculator and other criteria. Personal Loan Eligibility Calculator on Piramal Finance Any salaried person working in government, public-sector, or private-sector positions is eligible for a personal loan. You must be between 21 and 60 years of age. You must have 6 months of working experience at your current job, and your minimum monthly salary should be Rs 25,000. To check your personal loan eligibility, you need to submit the following documents: Identity proof: PAN card, passport, voter ID, or driving licence Address proof: an electricity bill, a telephone bill, a water bill (in the name of the applicant), or a rental agreement (in the name of the applicant) One month’s salary slip Last three months’ bank statement You can add a co-applicant if your documents are insufficient or if the personal loan eligibility calculator does not deem you eligible. Your spouse can be added as a co-applicant in such cases. Steps to Check Your Personal Loan Eligibility You can use a personal loan eligibility calculator by entering your details. This will give you instant results on whether you can get a personal loan or not. You can also check eligibility by adding some basic details such as age, gender, education, and income. Log on to the Piramal Finance website and click on the Personal Loan Eligibility Calculator. Enter your details (name, phone number, and email address) and other financial details, such as loan amount and tenure. Click on the “calculate my eligibility” button at the bottom of the page to know if you are eligible for a loan. You can use the online personal loan eligibility calculator or enter your contact details on their website. A representative from Piramal Finance will call you and answer all your questions about getting a personal loan. Benefits of a Personal Loan from Piramal Finance Piramal Finance provides low-cost loans to people who have lower credit scores using its online personal loan eligibility calculator. You can expect to receive Rs 1 lakh to Rs 10 lakh as a loan amount to pay for your expenses. Some of the key aspects of personal loans offered by Piramal Finance include 0% prepayment charges If you wish to repay your loan before the set period, you do not have to pay any prepayment charges. You can pay the loan amount in full at any time without any extra charges. This feature of personal loans at Piramal Finance sets it apart from those at other banks and NBFCs; they charge around 2–3 percent prepayment charges on pre-fixed interest rates. Minimum Documentation If the personal loan eligibility calculator indicates a sound financial background, you can take out a loan with minimal paperwork. You only need to submit a few documents, like ID proof, residential proof, and some other papers, with your application form. Quick Disbursal Personal loans at Piramal Finance are disbursed within 24 hours or less. You can get the funds in your bank accounts in such a short time. Other banks and NBFCs take around 2–3 days to disburse the loan amount. Please note that the loan amount is credited to you only after you complete and submit the form and other documents. Easy EMI options Piramal Finance offers an easy EMI structure for personal loans. The borrowers can pay their EMIs online or through their bank accounts. This will make loan repayment easier and more convenient for you. You can check all these details using the personal loan eligibility calculator on the Piramal Finance website. Long Tenure Piramal Finance offers a loan tenure of up to 5 years. This makes the personal loan product great for people looking for a long-term financial solution. Large-ticket loan Piramal Finance provides personal loans up to Rs 10 lakh. You can club your income with your spouse’s income to get approved for higher loan amounts. [B-02] Conclusion As a leading NBFC, Piramal Finance offers many types of loans, of which personal loans are the most popular. Personal loans of up to Rs 10 lakh are available to salaried individuals. There is no need to keep any assets as collateral for your loan. Piramal Finance’s personal loan eligibility calculator does not require you to use any assets as a guarantee. Piramal Finance is an innovative financial services company offering loans for personal, business, and home use. You can check out all its services or read more about such topics on the Piramal Finance website.

08-11-2023