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Personal Loan

FAQs About the COVID-19 Moratorium on Personal Loans

Many people faced money-related issues despite having a secure job and have started thinking more before spending a few rupees. This article will give insight into a scheme that the Reserve Bank of India (RBI) has come up with to give people some relief from loans during the COVID-19 pandemic. Living through COVID has not been easy for any of us, most of us have faced grief. The money position in India has seen a similar fate, with many disruptions. As a result, the RBI took many relief measures to aid people in dealing with the money crisis. Banks needed to give their customers a 6-month EMI moratorium. The article aims to inform its readers of all that they need to know about the COVID-19 moratorium on personal loans. The article covers what such loans under COVID-19 are, their perks, the criteria for getting these loans, how a person can apply for such a loan, and vital queries and answers related to the same. [B-01] Relief Measures Under the COVID-19 Moratorium: Ease of opting out: Since the COVID-19 moratorium on personal loans is not a mandate for all, one can choose to opt out of them at any given point in time. Deferred EMI: In the event that one chooses to opt out of a moratorium loan, EMI dues get deferred. The time for which they are deferred varies from one bank to another, but usually, banks defer EMI payments for up to 6 months. Extension for loan repayment: The loan repayment period can also be extended, based on the loan term. Some banks also offer to return the amount paid for the EMIs paid in the past. Eligibility Criteria for Moratorium Personal Loans The criteria followed for COVID-19 moratorium personal loans in as follows: This applies to all Personal Loans taken out before March 1, 2020. The bank will check any overdue loans taken before March 1, 2020. If it so happens that one applying for a Covid-19 Moratorium Personal loan has passed overdue, then this decision will be taken by the bank. How to Apply for Covid-19 Moratorium Personal Loans Most banks give the choice of walk-in personal loans or online requests for loans, these two cases are as follows: Offline: One can easily call the customer care number of the bank they wish to take a loan from and speak to the bank. Also, they can visit the bank’s branch and clear all their doubts. Online: They can visit the bank’s website and pick the option to get an EMI on their loan account. They must enter their mobile phone number and an OTP to apply for the same. Also, people can submit a request by sending an SMS to the bank. It is clear that if people choose to opt for an EMI, then they will have to pay a huge amount of extra interest. If they can make regular loan payments, and strive to avoid the moratorium, it will save them a lot of money. Personal Loan Frequently Asked Questions How do I know if I am eligible for a personal loan? To get a personal loan, one must have a regular source of income. It does not matter if they are professionals, salaried employees, or business owners; they must have a source of income. Also, their eligibility will depend on other factors such as the firm that they are working at, their credit history, their house, and some other factors. What is the maximum loan amount? In the case of a salaried person, the loan amount is not predetermined, but the bank ensures that the EMI does not exceed 30% to 40% of the person’s take-home pay. Any loans that the individual has are also considered when determining the personal loan amount.For self-employed ones, the loan value is decided using the most recent profit or loss in their firms, and if the person has any current loans or money to be repaid. What is the tenure of a personal loan? Personal loans usually last for 1–5 years. In some cases, the tenure of the personal loan may vary. What documents are needed to apply for a personal loan? The documents needed to take personal loans differ from one bank to another, but there are some documents such as: Income proof Address proof ID proof The copies of degree or license (in the case of a self-employed) What are the prevailing rates for personal loans? The interest rates for personal loans are usually high as these are unsecured loans. Currently, personal loans are offered at interest rates of 10.25%. Is it possible for me to raise a request for a moratorium on my account? Yes, they can raise a request via their account by just visiting the website of their bank. How will my loan be treated after the moratorium period ends? The tenure of the loan will extend as the rate of interest is added to the total interest payable and principal due during the loan period. Is it possible for me to make payments during the moratorium period? One does not need to pay during the tenure of the moratorium. But, they may make advance EMI payments if the terms of their plan require them to do so. Am I required to submit any documents? One may need to submit a NACH debit mandate. How many days before the due date should I be raising a request for the moratorium? One must submit a request at least 7 days before the due date for their loan EMI. [B-02] The Bottom Line The COVID-19 Moratorium on Personal Loans by the RBI has saved the nation from a money crunch by proving to be a saving grace to the people of the nation. It is an ideal way to get a personal loan that is sure to help in times of need. Visit Piramal Finance to learn more about such services and to find answers to all your loan-related queries.
08-11-2023
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Personal Loan

Complete Guide On How To Apply For Personal Loan At Zero Interest Rate

Personal loans are useful financial resources for unexpected expenses. They can assist in getting out of a financial slump or paying significant bills. People can apply for personal loans and use them to pay for expenses like weddings, house renovation, expensive trips, and even automobile maintenance that are not covered by other sorts of loans. But what is a personal loan? How to apply for a personal loan? Personal loans are loans without security. It indicates that they don’t need any kind of asset-based security. However, compared to secured loans, this also leads to slightly higher interest rates. There are ways in which you can apply for a personal loan at lower interest rates. This may not be zero interest personal loan. But you can surely find them affordable. [B-01] Having a good score You must pay all of your bills and debts on time if you want to have a decent credit score. You have a far better chance when you apply for a personal loan if your credit score is 750 or above. You may not get 0 interest personal loan but indeed at a lower rate. All you need to do to apply personal loan are: keep your credit usage low (about 30%), avoid taking out credit cards and direct loans, keep an eye on your credit report, and maintain a healthy balance of secured and unsecured loans. Ensure prompt repayment of your co-signed loan account as well. Missed or late payments may have an impact on both your credit score and the credit score of the principal borrower. Have a good repayment history Try to pay off any credit card debt you may have. You should pay off your bills each month. Also, ensure you do not delay making the EMI payments if you have any other outstanding loans. This will ensure that you apply for a Personal Loan with the best terms in the future. Your lenders will have confidence in you as a result of your solid repayment record. Additionally, it will assist you in negotiating interest rates with the lender. Keep an eye on offers Explore internet banking platforms. Here you can evaluate different lending institutions’ personal loan interest rates. These are based on your eligibility and requirements. Also, pay attention to your current lender. Since you have been on good terms with them, they primarily provide Personal Loans with helpful service and interest rates. These come at completely cheaper rates. Plus, keep an eye on interest rates around the holidays because well-known banks frequently offer tempting offers when you plan to apply for personal loans. But, be prepared to pay a higher interest rate when you apply for a personal loan from multiple lenders at once. This is because it gives the lender the appearance that you are a borrower in need of money. Check Employment History You’ll need a strong credit score in order to apply personal loan interest rate. You must have job stability and a great FOIR (Fixed Obligation to Income Ratio) to have a good credit score. The financial institution requests a few Personal Loan paperwork before making the loan. Your salary slip, which is a representation of your employment history, is one such crucial document. It’s necessary to have a minimum of two years of work experience, including at least one year with the present employer. Banks prefer to lend money to those who work for the PSU, local, state, federal, or quasi-government sectors. The interest rate when you apply personal loan is heavily influenced by your credit standing and professional standing. How Credible is the Employer The likelihood that you will receive the most advantageous Personal Loan deals increases if you are currently employed by an MNC or other reputable business. The answer is straightforward: such an employer is more likely than other firms to be able to offer you a stable job. Working for such a business will offer your lender the idea that you have a reliable source of income and can make your EMI payments on time. How to Apply for a Personal Loan The procedure to apply personal loan is simple. However, having the loan application approved may be more difficult. You would have to provide certain documents by the bank’s protocol, such as: evidence of employment or income, recent pay stubs, the KYC (know your customer) documentation, etc. After completing the necessary paperwork, the applicant’s credit history is checked to determine their CIBIL score and credit history. This aids banks in determining your ability to repay the loan and allows them to ascertain how many loans you currently have open. The eligibility requirements to apply for personal loans are not particularly high. But, the banks are quite worried about the borrower’s ability to repay the loan. Additionally, personal loans have a minimum income requirement. Most banks have a minimum monthly income requirement of Rs. 12,000 for personal loans in semi-urban areas. It is about Rs. 15,000 in larger cities like Delhi and Mumbai. The reason for these “restrictions” is that giving a loan without any kind of collateral raises the risk for banks. One method banks may make sure that the payback will be done on time is by establishing eligibility requirements. In actuality, borrowers who have a solid credit history and a respectable CIBIL score frequently receive personal loans with low-interest rates. [B-02] Conclusion The loan is approved if the bank is satisfied with your credit history and financial standing when you apply for a personal loan. In the case of a bad credit history, a personal loan can also be rejected. Even though applicants with a poor credit history still have a chance of approval, you may have a high-interest rate. The lender won’t have any trouble accepting you for a low-interest personal loan if you can show that you can repay the amount. You can visit Piramal Finance to submit an application now that you are aware of how to get a low-interest personal loan.
08-11-2023
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Personal Loan

Piramal Finance – Current Personal Loan Interest Rate

Understanding Personal Loan A loan is an amount sanctioned by banks according to your creditworthiness. There are different types of loans available on the market. If you are someone looking for a loan that fulfils your one-time needs, a personal loan is the best answer. A personal loan is a loan that requires fewer documents and no collateral. You can use a personal loan to plan a wedding, buy a gadget, pay your child’s fees, fund house renovations, etc. Do you know the importance of a CIBIL score for a personal loan? The higher the CIBIL score, the higher the chances of getting a personal loan. Know how? [B-01] CIBIL Score Required For A Personal Loan The CIBIL Score, or “credit score,” is a three-digit number showing a borrower’s ability to repay the loan amount. A CIBIL score for a personal loan is created every time you borrow a loan and repay it with timely EMIs and interest. The CIBIL score ranges between 300 and 900. The ideal CIBIL score for a personal loan is 750 and above. Impact of CIBIL Score on Personal Loan Interest Rate There is a relationship between the CIBIL score and the personal loan interest rate. The higher the CIBIL score, the higher the chances of getting the loan approved. With a good CIBIL score, there are higher chances of getting the lowest interest rate. The current personal loan interest rate varies between 11% and 28%. With a credit score of 750 and above, there is a lesser chance of loan rejection. Current Personal Loan Interest Rates and Charges at Piramal Finance Interest rates: The interest rate depends on your CIBIL score. The higher the CIBIL score, the higher the chances of getting a low interest rate. The current personal loan interest rates at Piramal Finance start at 12.99%* PA. The current personal loan interest rate may vary at the time you apply for a personal loan. Default interest: You may also have to pay default interest if you fail to pay the EMI on the default date. This is also subject to change. There is a default interest rate of 2% per month levied on the default of PEMI or EMI from the date of default until the date of actual payment. Prepayment and foreclosure fees: When you apply for a personal loan at Piramal Finance, there are no prepayment or foreclosure fees. Other charges: The following charges may apply while applying for a personal loan at Piramal Finance. Schedule of Fees & Other ChargesDetailsProcessing FeesUp to 4 % of the Loan amount + applicable taxes (payable before disbursement of Loan). Default Interest2% p.m. on default of PEMII/EMI from the date of default till the date of actual payment. Documentation ChargesUp to 0.5% of loan amount + applicable taxes.Pre-payment chargesUp to 5% of the Principal amount + applicable taxes.Part Payment ChargesUp to 5% of the Principal amount + applicable taxes.Cheque Bounce ChargesRs. 500/- + applicable taxes.Collection Pickup ChargesRs. 250 per visit + applicable taxes.Any Legal Costs/ChargesAt actuals + applicable takes recovery.Recovery-related ChargesAt actuals + applicable taxes stamps.Stamp Duty ChargesAt actuals + applicable tax statutory.Statutory ChargesAt actuals + applicable taxesLoan Repayment Schedule (only applicable for a physical copy of the statement)500/- + applicable taxesChange of Loan Repayment Mode500/- + applicable takes duplicate.Duplicate No Due Certificate Issuance Charges500/- + applicable taxes.Statement Of Account500/- + applicable taxes cash.Cash Collection Charges1% of collection amount of Rs.50000 and above in cash + applicable GST. Why Should You Apply For A Personal Loan With Piramal Finance? Primal Finance offers you the following benefits if you wish to apply for a personal loan: There are no fees for early repayment or foreclosure. Loans start from 1 lakh to 10 lakh. Minimal documentation. Quick sanctioning and disbursals. Easy monthly EMIs. Flexible tenure of repayment from 1 year to 5 years. Combining the incomes of family members to increase the loan amount How Do I Apply For A Personal Loan At Piramal Finance? Follow these steps to apply for a personal loan at Piramal Finance: Visit the official website of Piramal Finance. Click on the “Personal Loan” tab at the top of the home page. Scroll down the page till you find the “How to Apply” heading. Select the “Click here” option. Fill in all the requested details in the form. Fill in the correct captcha and mark the box for the privacy policy (you may also read about the privacy policy if you wish). Press the “Submit” option present at the bottom of the form. A relationship manager at Piramal Finance will contact you. The relationship manager will guide you through the whole application procedure. [B-02] Summing Up A personal loan is an ideal loan to fulfil your financial needs. Piramal Finance offers you a personal loan with a simple application procedure and prompt disbursals. The current personal loan interest rates start at 12.99% PA and vary according to the loan amount and tenure. Check the extra charges when applying for a personal loan to avoid unexpected future expenses. Apply for a personal loan right away, or call 1800 266 644 to learn more.
08-11-2023
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Personal Loan

How to Get an Instant Personal Loan at Piramal Finance?

What is a Personal Loan? Are you finding it difficult to fund your expenses? Well, if yes, you have landed in the right place. You can apply for Instant personal loan online with minimal documentation and zero security or collateral. Before you do so, it is necessary to understand what a personal loan is and how you can get one. A personal loan is an amount that a bank sanctions without any security or collateral. This loan needs minimal documentation, making it easy for anyone to get personal loan. You can use the approved loan amount for any purpose. You must pay the loan amount back according to the terms set forth by the bank, like any other loan. The easiest way to repay is through EMIs. The repayment through EMIs can be done in a few months or years, along with some amount of interest paid per annum. What is the Purpose of a Personal Loan? A personal loan is used for various purposes. A few of them are listed below: Repay previous liabilities or debt. Pay for home renovations. Plan your dream wedding. Pay for medical treatment. Finance your children’s education. Buy a gadget. Fund a holiday, etc. How Does a Personal Loan Work? Personal loans are almost the same as other types of loans. Follow these steps if you wish to get an instant personal loan: You may apply for a personal loan online by filling in your basic details. Submit the necessary documents. The bank checks your creditworthiness. Based on your creditworthiness, the bank makes a loan offer. If you accept it, the bank disburses the loan amount into your bank account. You can use the loan amount as you wish. Once the bank transfers the loan amount into your bank account, the interest cycle begins. In general, you repay the loan in easy and equal monthly instalments (EMI). This often depends on factors such as tenure, loan amount, and interest rate. How to get an instant personal loan at Piramal Finance? Follow the steps to get an instant personal loan at Piramal Finance. Visit the official website of Piramal Finance. Click on the “Personal Loan” tab at the top of the home page. Scroll down the page till you find the “How to Apply” heading. Select the “Click here” option. Fill in all the requested details in the form. Fill in the correct captcha and mark the box for the privacy policy. (You may also read about the privacy policy if you wish.) Press the “Submit” option present at the bottom of the form. A relationship manager at Piramal Finance will contact you. The relationship manager will guide you through the whole application procedure. Who can apply for a personal loan online at Piramal Finance? A few eligibility criteria apply if you wish to apply for personal loan online. Read on to learn the criteria in detail. Salaried individuals working in the following areas may apply: Government Institution MNCs or related companies Partnership Firms Proprietorship concern Private sector Public sector Age Requirements. 21 years to 60 years Income Terms. A monthly salary of Rs. 25,000 or more. Work Experience Condition. At least six months of experience in the present organization. Features and Benefits of Personal Loans at Piramal Finance Reading about the features or benefits of getting a personal loan is necessary. Primal Finance offers you the following benefits if you wish to get an instant personal loan: There are no fees for early repayment or foreclosure. Loans start from 1 lakh to 10 lakhs. Minimal documentation. Quick sanctioning and disbursals. Easy monthly EMIs. Flexible tenure of repayment from 1 year to 5 years. Combining incomes to increase loan eligibility. Paperwork Required to Get a Personal Loan You must be aware of the necessary documents required to apply for a personal loan. The documents necessary to get an instant personal loan are listed here: PAN Card (Mandatory) Identity Proof (any one of the below) Passport Driving License Aadhaar Voter’s Identity Card Address Proof (any one of the below ) Registered Leave and Lease Agreement Passport Driving License Aadhaar Card Voter’s Card Telephone/electricity bill, etc. (less than 3 months old) Income proof Latest month’s salary slip Bank statements that are not more than three months old Interest Rates and Charges Before applying for a loan, it is important to get the details on the interest rate and charges. Check the interest rates of Piramal Finance’s personal loan below: Interest rates start at 12.99%* per annum. There are no fees for early repayment or foreclosure. Visit the Piramal Finance website to learn about the fees and other charges to get a personal loan. [B-02] Wrapping up Getting a personal loan from Piramal Finance has many benefits. You do not have to pay any foreclosure charges, and there is zero prepayment. You can get a personal loan starting from Rs 50,000 thousand to Rs 5 lakh. EMIs are set with your ease in mind. So why are you still waiting? Apply and get a personal loan right away, or call 1800 266 644 to learn more about how to get an instant personal loan from Piramal Finance.
08-11-2023
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Personal Loan

Is It Possible for a Housewife to Get a Personal Loan?

Are you a housewife who stayed back home to take care of your family? You have juggled various roles involving childcare, running the home, and finances. However, this doesn’t mean that you cannot upgrade yourself or have a career! If you have enough time, you can build your career at your own pace. Some of you may be interested in running your businesses. However, you may be concerned about raising the capital to build a successful business. Some of you may also wish to undergo training or study further. This will also require funding. Personal loans for housewives are a great option for you if you wish to pursue your dreams. It is easy to apply for a loan online. Many banks and credit unions offer personal loans to housewives. [B-01] Types of Loans for Housewives You can consider various options to procure a loan. Below are some of the options for housewives to get funding. 1. Secured loans and unsecured loans Two types of personal loans are available for you: secured and unsecured. Secured loan: This type of loan requires an asset as security. It could be a house, a car, or even jewellery. You can use any of these as security to procure a loan. Unsecured loan: You can get an unsecured personal loan without any assets as security. This kind of loan is easy to find on the market. It is one of the best options for housewives. 2. Personal loans through co-applicants You can apply for a personal loan with a co-applicant. It can be a spouse, parent, or sibling with a regular income. In such cases, the income of the other applicants will determine the personal loan for the housewives. 3. Personal loans through guarantors You can use a guarantor if you do not have a working spouse. The guarantor must agree to repay the loan if you fail to do so. 4. Loan in exchange for gold You may have jewellery, which is useful in financial emergencies. Many banks will give loans in exchange for gold. The banks will return your gold when you repay the loan in full. Perks of Personal Loans for Housewives You will receive the following benefits when you apply for personal loans: Multipurpose Loans You do not have to provide any reasons when you apply for personal loans. You are free to spend the money on anything you deem fit. This is different from other types of loans, which are offered for specific purposes. Less Paperwork You can get personal loans online easily. They require less paperwork and are free of hassles. No Down Payment Do not worry if you do not have assets. Personal loans for housewives do not need any collateral. This is especially useful for women who do not own assets. Manageable EMIs You can opt for flexible options to repay your loans. You can pay off your loans over a longer period with lower EMIs. This is an affordable option for housewives. Simple Processes Online applications are easy to fill out. The loans are also disbursed quickly. You will need to discuss your options in detail with the banks to get the best deals. Personal loan requirements for housewives You can get instant loans if you meet a few simple requirements. The applicant must be between 22 and 58 years old. The applicant or guarantor must have a steady monthly income of at least Rs. 15,000. A self-employed individual should be earning at least Rs. 3 lakh to Rs. 5 lakh. The applicant should have worked for at least a year at the same company. A self-employed applicant must have run a successful business for at least two years. Documents for Housewives to Get a Personal Loan You or your guarantor must provide various documents to apply for a personal loan. This includes proof of identity, income, and address. If the other applicant is a salaried person, the below documents are needed: Identity proof: This includes passports, Aadhaar cards, PAN cards, voter’s IDs, and driver’s licences. Address proof: All the above documents can be used as address proof if they have the same address. Rental agreements or bills issued by the government can be used as address proof. Proof of income: This may include payslips for the last three months, bank statements, and income tax returns. If the other applicant is a sole proprietor, you may need to provide additional documents to validate employment. How to Get a Personal Loan with Low Interest Rates Interest rates are based on the credit scores of applicants. These scores are based on their credit history. They tell a potential lender how reliable you are. Keep your credit rating above 750. Maintain a perfect record of payments to keep your credit in good shape. Compare interest rates to find the best loan terms. Use an online interest calculator and compare your options. Factors that Influence the Interest Rates of Personal Loans Interest rates on personal loans are based on many factors. Knowing these factors is key to getting lower interest on personal loans. Income stability: If you or your co-applicant have a steady income, the bank will be more confident about repayment. History of Repayment: A history of making payments on time will make it easier to get a good personal loan. This shows that you can pay your EMIs on time. Bank Relationship: The interest rate on a personal loan may also depend on the applicant’s relationship with the lender. Having a bank or credit union savings account with the same bank will be helpful. [B-02] Conclusion Personal loans, both secured and unsecured, make it possible for housewives to upgrade themselves or start their businesses. Banks and government programmes to help homemakers have made it easy for women to procure loans. If you are a housewife, you can work towards achieving your dreams without worrying about funding. Visit Piramal Finance to learn more about how you can get a personal loan for housewives. The website also has information about other services that can help you manage your finances.
08-11-2023
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Personal Loan

What Could be the EMI for a 10 lakh Personal Loan?

Individuals can easily obtain a small personal loan online of up to Rs. 10 lakhs (or possibly up to Rs. 50 lakhs, depending on other requirements) from well-known banks and NBFCs. Many elements influence the lender’s loan sanctioning decision, and it is best to be informed of the eligibility requirements, the application process, the EMI amount, and the term in advance so that the loan amount is disbursed quickly and without complications. Small personal loans online are available from banks and NBFCs in amounts ranging from Rs 10,000 to Rs 40 lakh. Your chances of obtaining a loan for Rs. 10 lakh depend largely on your monthly income, existing loan repayment commitments, and EMI/NMI ratio, which is the percentage of your net monthly income that is used to pay off both your current EMIs and the EMI of the new loan. It is crucial to remember that lenders typically prefer to grant small personal loans online to applicants with an EMI/NMI ratio of up to 50–55 percent. Your credit rating, profession, and employer profile are additional factors that affect loan approval. But what is a personal loan? [B-01] What is a Personal Loan? You will be given an unsecured personal loan by financial institutions based on your employment history, profession, income level, ability to repay the loan, and credit history. A personal loan, which is also called a consumer loan, can help you pay for anything you need right away.Points to Note Before Applying for a Small Personal Loan Online of Rs 10 Lakh When we talk about personal loans and when you request a small personal loan online with a high-interest rate, the lender, whether a bank or an NBFC, will closely examine the eligibility conditions. Let us take a look at it. Credit Score: Lenders look at your credit score and history when you apply for any type of credit. If your credit score from CIBIL or any other credit bureau is less than 750, your loan application for a small Personal Loan online of Rs 10 lakh is likely to be rejected. Income: Because an Rs. 10 lakh small personal loan online has a significant EMI obligation, you must have a substantial salary and appropriate disposable income, which must be reflected in your bank statement(s). Employment: Particularly if you’re looking for a sizable, small Personal Loan online, your employment stability and employer’s reputation are crucial. Reputable companies like MNCs or PSUs are preferred by banks and NBFCs since they reduce their credit risk. Your employment history is also taken into account, so if you have recently started your professional career or have an inconsistent job history, lenders are likely to reject your loan application. Debt obligations: Lenders consider the amount of debt you currently have and if there is enough room for you to take out a new loan and repay it properly. The Fixed Obligation to Income Ratio (FOIR), measures this repayment capability. An existing high FOIR can reduce your chances of getting your loan application accepted for a small Personal Loan online of Rs 10 lakh. Small Personal Loan Online Interest Rates Because the EMIs on a personal loan of Rs 10 lakh are so high, you should look at all the offers from banks and NBFCs and choose the best and most appropriate one to lower the interest cost. Interest Rates on Loans Provided by Various Indian Banks and NBFCs Banks/NBFCsInterest Rates(p.a.)HDFC Bank11.00% onwardsSBI10.55%-15.05%ICICI Bank10.75% onwardsAxis Bank10.49% onwardsKotak Mahindra Bank10.99% onwardsIndusInd Bank10.49% onwardsIDFC First Bank10.49% onwardsBajaj Finserv13.00% onwardsTata Capital10.99% onwards For a personal loan of Rs. 10 lakh with a term of 1 to 5 years, the EMI is Loan Amount (Rs)Tenure (years)Interest Rate (p.a.)EMI (Rs)10 lakhs111%88,38210 lakhs211%46,60810 lakhs311%32,73910 lakhs411%25,84610 lakhs511%21,742 Features of a Personal Loan Most banks and NBFCs provide personal loan interest rates starting at 10.25% p.a. and upwards. Personal loans at lower interest rates may be available from several PSU banks. Loan terms are typically up to 5 years, although certain lenders may extend them to 7 years. Processing fees typically vary from 2% to 4%. Some lenders reduce processing fees during holiday promotions. The loan amount can only be used to cover personal needs, not for speculative purposes. Eligibility for a Personal Loan of Rs 10 Lakh Nationality: Indian Age: 21 years (loan application) and 67 years (loan maturity) 15,000 rupees per month is the minimum income People who are self-employed or who work for private limited companies or public sector undertakings and have at least one year of work experience can get the loan amount In order to qualify for a personal loan of Rs 10 lakh at lower interest rates, applicants must have a CIBIL score of 750 or higher Documents Required for Personal Loan PAN card ID proof Signature proof Address proof ITR/Form 16 Bank statements for the past six months Last 3 months’ salary slips For Self-employed ITR for the previous two years, as well as the previous two years’ balance sheet, P&L account, and income calculation. Form 26 AS, TDS certificate (Form 16A), or Income Tax Challan for income tax declared. Business Proof [B-02] Conclusion Individuals can now easily obtain a personal loan of up to Rs. 10 lakhs. This is a facility and service offered by banks and non-bank financial companies. The term in advance, i.e., the loan amount, is disbursed quickly and without complications. Piramal Finance is an excellent financing solution for customers looking for low-interest personal loans. Visit Piramal Finance’s website to learn more about its offerings and services.
08-11-2023
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Personal Loan

What Are The Personal Loan Offers In Festival At Piramal Finance

With the festive season already here and most of us looking forward to a lot of fun and frolic, it is an apt time to consider your financial needs. However, juggling finances and planning lavish celebrations for loved ones can be difficult for many people. We all want to make the most of this year’s festivities, but sometimes it can be hard to afford everything on our wish lists. Whether it is a vacation or just a weekend getaway, you need to plan ahead. A personal loan offers a chance to meet your short-term financial needs without relying on credit cards or overdrafts. It can help you meet expenses like medical bills, wedding costs, travel plans, home renovation costs, etc., without worrying about repayment deadlines or penalties for late payments. [B-01] Enhance Your Festive Joy with Personal Loan Offers Festivals like Diwali, Durga Puja, and Christmas are around the corner, and many people have begun planning their finances. To enjoy the festivities with zero stress, look for some personal loan offers that meet your needs. Personal loans are one of the best options if you need an easy-to-pay, maximum personal loan amount. No Collateral for a Personal Loan A personal loan is an unsecured loan that you can use for any purpose. If you have an excellent credit score, you may be able to borrow a Rs 2 lakh personal loan to Rs 10 lakh. This means that you can apply for a personal loan if you do not own any assets like land, property, or gold jewellery. Lenders only require your proof of income and a few other documents. Personal loans are one of the most flexible types of loans available today. Your income alone is enough to secure a personal loan from your bank or other financiers. Upgrade your lifestyle with the maximum personal loan amount. You can improve your lifestyle by spending more money if you have more money. Whether you want to throw a party or buy gifts for your friends and family, with a personal loan, you can live the festive life of your dreams. You can even revamp the interior of your home or buy jewellery to match the festive mood and invest in gold. Personal loans at Piramal Finance Piramal Finance Personal Loan is a great choice for you because it offers flexible and easy payment options with low interest rates. The personal loan offers at Piramal Finance are a very lucrative option because the company gives you the freedom to choose your repayment period. This means that you can pay off your loan whenever you want. With personal loan offers from Piramal Finance, you will also enjoy an easy application process. You can apply for your loan by visiting their website or calling them. What are the personal loan offers during the festive season? Piramal Finance has some amazing features for its personal loan offers that will make this festive season memorable for years to come. Minimum Documentation: You get a quick and hassle-free documentation process to get the maximum personal loan amount on your application. You only need to submit your ID proof, residence proof, salary slip, and bank statement. Fast Approval: The company offers fast approval, so you do not have to wait for your loan. The process is simple, and everything is done online. You can apply for your loan any time of the day or night and get approval within a few minutes. Quick Disbursement: Your loan will be sanctioned and disbursed within 48 hours. This means that you can get the money credited to your account within two days after applying for it. Low Interest Rates: Piramal Finance offers low interest rates, so you do not have to worry about taking out an unaffordable maximum personal loan amount. You can repay the amount in a few years without putting a dent in your savings. Customer Support: The company offers 24×7 customer support through phone and email. You can contact them at any time of day or night if you have any questions or concerns about your online loan application. Zero Pre-Payment Charge: Piramal Finance does not charge you any fee for the prepayment of your loan. This means that you can pay off the entire loan before its tenure if you wish to do so. No Hidden Charges: The company offers transparent and fair interest rates and does not charge any hidden fees or penalties. Increased Loan Amount: You can ask for the maximum personal loan amount. They will review your application, and if they deem it fit, they will sanction a loan amount even higher than what you requested! Tailor-Made Loans: The company adds a personal touch to understand the needs of every customer. So, they provide you with loans that are tailored for you. Depending on your requirements, you can obtain a personal loan ranging from Rs 2 lakh to Rs 10 lakh. Flexibility in Repayment: You can repay your loan whenever you want, at your convenience. This means that you are not forced to pay off the entire loan within a certain period. [B-02] How to Apply for a Personal Loan at Piramal Finance You can apply for these personal loan offers from Piramal Finance by filling out an online application form on their website. You need to provide details about your age, employment status, and income, as well as the amount of loan you need. If you want to get a personal loan from Piramal Finance, visit their website or contact the nearest branch. To avoid the hassle of filling out online forms, call their number, and the executive will be at your doorstep to answer your queries and complete your application. This festive season, find yourself a personal loan offer from Piramal Finance. It offers flexible and easy payment options, so you can manage your finances effortlessly.
08-11-2023
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Personal Loan

Transform Your Personal Loan Into A Flexi Hybrid Loan

A “Hybrid Flexi Personal Loan” is a good choice in place of standard personal loans. Hybrid flexi loans are now offered by various banks, giving customers several perks. For example, a large loan amount, simple qualifying criteria, and digital loan management are all available to customers. Read on to learn about Flexi hybrid loans and how to convert a personal loan into yours. The need for quick financial help can occur at any time. Sadly, not all of us have access to available funds to use in such a crisis. Like many others, you might feel the burden to use credit to cover unexpected costs. Lenders give the Flexi-personal loan to help borrowers weather the storm. A Flexi personal loan is a type of personal loan is a brand-new loan for which the lending banks set a maximum credit line. Once a person gets the loan, he is free to use the funds how he sees fit. [B-01] Why you should convert your Personal Loan into a Hybrid Flexi Loan You will enjoy several perks if you change your term loan into a hybrid Flexi loan. These features are: Set a Limit to Withdraw Funds A Flexi loan provides the borrower with a pre-determined credit line. The loan amount is a fixed figure. The client uses the money he withdraws from his limit to cover his basic living expenses. Quick Approval With Minimal Effort Because of the online application process of a hybrid Flexi loan, the applicants do not have to visit the branch of any bank or lender or put in much manual effort. All you have to do is fill out the form and attach some paperwork. After verification, the funds will be transferred at once. It saves you time, effort, and energy. The EMIs can be reduced by as much as 45% A person’s EMIs will always be the interest portion of his loan. These loans can reduce your monthly payment as you pay interest only on the money you borrow. Further, you can prepay the loan when you like without paying any penalties. Interest Only On The Money Used With a Flexi Hybrid Loan, you only pay interest on the money you will take out. Since you won’t have to pay interest on any funds that aren’t being used, you will have a great deal of leeway and savings at your disposal. Flexible Repayment Process The ease of the loan’s terms is a significant factor in what sets it apart. It is an easy option for paying back a loan. With a Flexi hybrid loan, you may choose from various repayment options. For example, if a client just wants to pay the interest on the first EMI and then the principal at a later date, then this option is also available. You Can Make Prepayments A hybrid Flexi loan allows the borrower to pay off the loan early by submitting a single lump sum payment to the lending company. How to Change Your Personal Loan into a Hybrid Flexi Loan If you already have a personal loan, you can transform it into a Flexi hybrid loan with the same interest rate. In addition, you can enjoy perks like interest-only EMIs for the first portion of the duration, withdrawals, and partial prepayments up to your loan limit. To exchange your current term loan for a Flexi Hybrid Loan with a principal amount equal to the amount you owe, you have to make the switch. The bank or loan lender will immediately pay off your existing loan and begin charging you interest on your new Flexi hybrid loan. Now, you might wonder if any additional costs are involved when switching from a standard personal loan to a Flexi hybrid loan. Well, you only have to pay the loan conversion processing fees and stamp duties, if any. You must keep in mind the following key points when changing your loan into a Flexi hybrid loan. Your Flexi hybrid loan’s annual interest rate will be identical to your current personal loan. Your new loan amount will include the principal on your existing loan plus the loan conversion charge and stamp duty. Within the allowed withdrawal limit and partial payments, you may process as many withdrawals as you will like at no additional charge. How To Get a Flexi Hybrid Loan You may get a Flexi Hybrid Loan quickly and easily online. The application process is given below. Step 1: Give us information about yourself, including your contact info, financial situation, and current job. Step 2: Specify the desired loan duration and loan amount. Step 3: Submit the paperwork needed to verify your application. Step 4: The funds will be paid into your bank account within 30 minutes of application approval. [B-02] The Bottom Line By now, we hope you understood what a Flexi hybrid loan is and why you would want to change your personal loan into you. A personal loan or a hybrid Flexi loan can give you cash quickly and easily. You are free to choose the loan that best suits your needs, income, and other personal reasons. To better manage money, it is vital to have a thorough awareness of all the types of personal loans available. If you need more information or help, you can contact us at Piramal Finance. We at Piramal Finance are always ready to help you with any financial dealings. To read more such informative articles about finance & loans and find solutions to all your money-related issues, visit Piramal Finance now!
08-11-2023
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Personal Loan

Apply Online For A Personal Loan In Chennai At Low Interest Rates

Chennai is a city that is famous for education and career growth. The city has a high literacy rate and a wide variety of viable occupations. Chennai is a popular place for students seeking higher education since it is home to some of India’s top universities. Those who want to apply for a personal loan in Chennai have multiple options of personal loans with low interest rates and the option to apply online. This article explores what you need to apply for a personal loan in Chennai. [B-01] Apply For a Personal Loan in Chennai You can apply for a personal loan in Chennai at banks or NBFCs if you require dependable financial support for your various needs. Personal loans are unsecured loans, that is, they are not secured by any collateral. If unsecured options are not enough, personal loans can also be secured by shares of stock, gold or a home mortgage. You can choose a lender based on your needs and your ability to make repayments. A personal loan in Chennai can be obtained from banks for any amount between a few thousand to Rs. 20,00,000 with no collateral. Customers can get personal loans depending on factors like their annual salary, credit history and other factors. Who Can Apply For a Personal Loan in Chennai People who want to apply for a personal loan in Chennai must meet the following requirements: The minimum age should be 21 years. The maximum age is 70 years. The applicant must be an Indian citizen or resident The applicant’s credit score must be at least 750 to have a good chance of getting a personal loan in Chennai with less interest. The applicant should be salaried or self-employed to apply for a personal loan. Documents Required To Apply For a Personal Loan in Chennai The documents required for a personal loan in Chennai are: PAN card Proof of identification such as an Aadhaar card, passport, driving licence or voter’s ID Proof of address such as a passport, Aadhaar card, driving licence, voter’s ID or utility bills Proof of income such as pay slips and bank statements Photos of the applicant and co-applicant in passport size How To Get a Low Interest Rate Personal Loan in Chennai Most people who need a loan in Chennai approach a bank with whom they already have a salary account. This is because less paperwork is required and the process takes less time. But people have many options to apply for a personal loan and can approach other banks and NBFCs that give loans. For people who want to apply for a personal loan in Chennai, a loan with a low rate of interest starting from just 10.91% is an option. These personal loans have easy payment terms. People can choose an EMI option that ranges from 3 months to 24 months. The interest rate that is applied to a loan EMI is fixed as per the term length that is selected. You can reduce your interest rate and monthly payments by decreasing the length of your loan term. Here are some important aspects to carefully consider and review before you apply for a personal loan in Chennai to make sure that you get the best possible interest rate: Credit Report: Before you apply for a personal loan, it is crucial that your credit rating is as high as possible. A personal loan with a low interest rate is more easily available for people with better credit scores. A loan application with a credit score of around 750 is considered strong. Make a Deposit: A lower interest rate can be secured by making a larger deposit. A larger down payment, greater than 20% of the loan amount, will almost always result in a lower interest rate being given. Debt-To-Income Ratio: Your debt-to-income ratio is one of the most vital factors that determine whether or not you are approved for a loan and what interest rate you will be charged. You can check your debt-to-income ratio by comparing your monthly take-home pay to your total debt. Negotiate: Even though most borrowers accept the interest rate that is given by the bank, it is vital to negotiate for a lower rate whenever possible. It is easier to negotiate as a consumer taking out a loan from a bank that also processes your other payments. How To Apply For a Personal Loan in Chennai If you want to apply for a personal loan in Chennai, you can easily fill out an online application on the bank’s website. Most banks have made this option available since it follows a simple procedure and is less time-consuming. Once you have done your research and have decided on a lender, you can visit their official website and fill out a simple application form. It can take anywhere from a few minutes to around three to four days to have your loan approved. These are the steps to follow: Step 1: Go to the bank’s official personal loan application webpage. Step 2: Fill out the requested details. Step 3: Upload any supporting documentation that is requested. Step 4: If your loan is approved, you will receive the requested funds in your account. [B-02] Conclusion Many young people come to Chennai for academic and professional pursuits, and the city also attracts its fair share of career professionals looking for more growth. Oftentimes, people will need to apply for a personal loan in Chennai to meet their various financial needs. The personal loan application process is simple and people can take steps to ensure their personal loan is approved by following the suggestions mentioned in this article, such as maintaining a good credit score, paying their bills on time and conducting thorough research on the best personal loan and lender for their specific needs. If this article was helpful, visit Piramal Finance to read more articles and receive relevant financial guidance and information on how to apply for a personal loan!
08-11-2023
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