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Personal Loan

Personal Loan in Bathinda – Check Eligibility & Apply Online

Bathinda is an area in the Malwa region of Punjab in northwest India. This city is among India’s oldest. Bathinda is called the “City of Lakes” and was once known as “Taber-e-Hind,” meaning “Gateway to India.” To qualify for a personal loan in Bathinda, you must have a steady and high source of income and a good credit history. Also, there is no time limit on using the single credit balance. You may use this credit sum anywhere you like. [B-01] What Exactly Is A Personal Loan? A personal loan is one that a person may be eligible for based on their credit record and salary. It may be given for nearly any reason. Personal loans are often called “signature loans” or “unsecured loans” because you don’t usually have to put anything up as collateral to get one. Personal loans in Bathinda are often granted by lenders based on their reputation. When compared to house, vehicle, or other forms of loans, personal loans are quite simple to obtain. As a result, they may be used for anything from minor home upgrades to large purchases. How to Avoid Refusal of a Personal Loan in Bathinda Get a CIBIL score of at least 750. Factual errors in the credit report may have a bad effect on the credit score. Such errors reduce the odds of loan acceptance. Before closing any loan deal, check the loan rates offered by banks and NBFCs. Apply for a loan from a lender that has the best approval rates. Avoid filing many loan forms in a short period of time. Documents Needed for a Personal Loan in Bathinda People drawing wages You must give one of the following documents for identity proof: a passport, driving license, Aadhaar card, PAN card, or utility bills from the last 3 months. You may provide your tenant’s contract papers. Income proof: six months of the most recent bank record and six months of payment receipts. 2 passport-size photos. Self-employed ITR reports and all documents pertaining to monetary transactions 2 passport-size photos. You must give one of the following documents for identity proof: a passport, driving license, Aadhaar card, PAN card, or utility bills from the last 3 months. You may provide your tenant’s contract papers. Personal Loan in Bathinda: Standard for Eligibility People with jobs and people who work for themselves have different requirements to get a personal loan in Bathinda. People drawing wages The person’s age must be between 21 and 60 years old. The person must have three years of work experience. Also, they must note the payment in their files. The person must have a solid financial track record. The person’s active area must be stated. Self-employed A person’s minimum age must be 25 years old. Applicants must have ITR records for the past 3 years. The person’s financial records must be acceptable. The person’s annual salary must be at least Rs 2.5 lakh. People have to give their bank statements and other money-related documents from the last quarter of the year as part of the paperwork. Personal Loan in Bathinda: Prepayment Fees Banks and NBFCs charge a fee for filing the loan form. These fees vary between 1% and 2% of the allowed credit limit. If you want to pay off the debt before the advance period, each lending firm charges you a fixed prepayment cost. Often, a person cannot shut down their credit before one year. After that, the costs vary based on the active credit duration. These fees fall from 4% of the credit total in the 2nd year of the loan to 2% in the 4th year. A personal loan in Bathinda needs a good CIBIL score. Each lending firm has rules for the lowest CIBIL score needed to approve a loan in Bathinda. To complete the credit form, most firms demand a minimum score of 750. The banks assess the overall score and the specific pattern of prior advances made. Factors Affecting Getting A Personal Loan in Bathinda History of credit and repayment Before granting a loan, lenders and NBFCs always assess a lender’s credit history. If your payback history shows that you have not been excellent at repaying debt, banks may deny the loan request or charge you a high interest rate. A high credit score boosts the chances of credit approval. Negotiating skills Salary, credit record, and a solid banking relationship all boost the chances of negotiating good terms and conditions. If you bargain skillfully, special offers may be added to your bundle. Income Your salary greatly alters your ability to get a bank loan. The better the pay, the more likely you are to get a loan with a low interest rate. [B-02] Wrapping Up A loan is a significant sum of money taken from a bank that a person may use for nearly any purpose. The credit record and income are often used to assess eligibility. In most contexts, such loans do not need security. Personal loans are often made with set interest rates, short payback terms, and upfront costs. A personal loan in Bathinda is available via banks, internet lenders, credit unions, and niche lenders. Some banks ban the use of personal loans for higher education costs. Visit the Piramal Finance website and look at their products and services to find out more related information.
08-11-2023
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Personal Loan

Personal Loan in Aurangabad – Station Road – Check Eligibility & Apply Online

Aurangabad is often known as the “City of Gates.” It is Maharashtra’s fifth-largest city and a major commercial centre. It is a key producer of high-quality cotton textiles and lovely silk fabrics, mainly shawls. On its outskirts, the city is also known for its historical treasures, which include the UNESCO World Heritage Sites of Ajanta and Ellora caves. Aurangabad is also one of the fastest-growing cities in India. The city is home to many well-known firms. Personal loans and other types of loans are in high demand in this city. To meet the high credit demand, many banks and NBFCs give special personal loans in Aurangabad- Station Road. [B-01] How to Get a Personal Loan in Aurangabad – Station Road Today, it’s hard to live a simple life in any city, whether one lives alone or with their family. The same is the case with Aurangabad. Getting a personal loan can help with things like paying off medical bills, buying a house, flat, or piece of land, paying for a wedding, etc. But to get a personal loan, one’s credit history has to look good to the lender. The person also needs to have enough income to approve his loan request. Aurangabad is becoming a growing city for new firms, business hubs, and job opportunities. So, a student or firm owner needs a good amount of money to maintain a decent lifestyle. One can easily apply for a personal loan in Aurangabad – Station Road online. Documents Needed for a Personal Loan in Aurangabad – Station Road People drawing wages You must give one of the following documents for identity proof: a passport, driving license, Aadhaar card, PAN card, or utility bills from the last 3 months. You may provide your tenant’s contract papers. Income proof: six months of the most recent bank record and six months of payment receipts. 2 passport-size photos. Self-employed ITR reports and all documents pertaining to monetary transactions. 2 passport-size photos. You must give one of the following documents for identity proof: a passport, driving license, Aadhaar card, PAN card, or utility bills from the last 3 months. You may provide your tenant’s contract papers. Personal Loan in Aurangabad – Station Road – Standard for Eligibility The qualifying criteria for a personal loan in Bhopal vary for employed and self-employed persons: People drawing wages The person’s age must be between 21 and 60 years old. The person must have three years of work experience. Also, they must note the payment in their files. The person must have a solid financial track record. The person’s active area must be stated. Self-employed A person’s minimum age must be 25 years old. Applicants must have ITR records for the past 3 years. The person’s financial records must be acceptable. The person’s annual salary must be at least Rs 2.5 lakh. People have to give their bank statements and other money-related documents from the last quarter of the year as part of the paperwork. Personal Loan in Aurangabad – Station Road – Prepayment Fees Banks and NBFCs charge a fee for filing the loan form. These fees vary between 1% and 2% of the allowed credit limit. If you want to pay off the debt before the advance period, each lending firm charges you a fixed prepayment cost. Often, a person cannot shut down their credit before one year. After that, the costs vary based on the active credit duration. These fees fall from 4% of the credit total in the 2nd year of the loan to 2% in the 4th year. Personal Loan in Aurangabad – Station Road – Needs a Good CIBIL Score Each lending firm has rules for the lowest CIBIL score needed to approve a loan in Bathinda. To complete the credit form, most firms demand a minimum score of 750. The banks assess the overall score and the specific pattern of prior advances made. Why Apply for a Personal Loan in Aurangabad – Station Road? There is no need for a mortgage or a security deposit. The amount of a personal loan depends on the person’s salary and ability to pay it back. A personal loan can be used for many different things. There is no need for a guarantor or nominee. Interest Rates for a Personal Loan in Aurangabad – Station Road Personal loans in Aurangabad – Station Road have attractive interest rates that start at 11.99%. There will be a small processing fee of between 0% and 6% of the loan amount. How to Get a Personal Loan in Aurangabad- Station Road? The steps to get a personal loan in Aurangabad – Station Road are given below: If you are new to an online personal loan in Aurangabad-Station Road form, you must download the loan app on your smartphone. Sign up and log in by providing your mobile phone number or email address as proof. Verify the OTP. Enter the Aadhaar card number connected to the mobile number, PAN card, or driving licence into the form. Scan the photo for ID proof. Fill in any further details, such as the firm’s address and work experience. Upload all required documents. The paperwork will be checked promptly, and the personal loan will be granted. The amount will be credited to the person’s bank account if the form is accepted. [B-02] Conclusion A loan is a large amount of money you get from a bank. It can be used for almost any purpose. Credit history and income are often used to figure out who is eligible. Most of the time, these loans don’t need security. Personal loans often have fixed interest rates, short terms for paying them back, and costs upfront. One can get a personal loan in Aurangabad – Station Road from banks, online lenders, credit unions, and other types of lenders. For more related details, visit Piramal Finance and take a look at their products and services.
08-11-2023
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Personal Loan

Calculate Daily Interest On Flexi Personal Loan

A financial crisis may not be predicted in time. You may have an urgent need for cash but may not have cash in hand. In such a case, your first response may be to turn to a Flexi personal loan that you will have to repay later with a personal loan interest. Flexi personal loans are a type of instant personal loan. Just like other personal loans, there is no restriction on the purpose of loan amount usage. The lenders have a pre-approved limit for these loans and the personal loan interest rates are also flexible and moderate. But, you must be thinking about how a Flexi personal loan works. Well, it will offer you an overdraft facility. With this, you can withdraw the required amount that has to be within the credit sanctioned to you. A personal loan may be a nice option for you if you are someone who wants to improve your spending habits. With Flexi loans, you will not be spending more than required as it is an overdraft facility. You can withdraw funds as many times as you want up till the total credit limit. Read this article to learn about how a Flexi personal loan is better than a normal personal loan. Furthermore, we will be discussing the Flexi loan calculator for interest. [B-01] Is A Flexi Personal Loan Better Than A Traditional Personal Loan? While you are the judge of what suits your needs better, here are certain points that will help you decide between the two: Flexi personal loans offer you flexible repayment terms. You may opt for interest-only repayments that are not available in the case of a conventional personal loan. This helps you save a portion of your monthly income that would have otherwise gone towards EMI payments. A personal loan tenure is fixed along with the interest rate and principal repayment. When you take a Flexi loan, you pay the personal loan interest only on the amount that you have used, not on the total amount that has been sanctioned. This makes payments more reasonable. You also have the option to make part interest payments when you have a surplus of funds. In the case of a traditional loan, you will get the amount sanctioned in one go. In Flexi personal loans, you enjoy an overdraft facility. This will help you in spending the amount that you need, not anything extra. Why Should You Get A Flexi Loan? Given below are the reasons why it would be wise for you to avail of a Flexi loan: You get quick access to the funds. Hence, it is very useful during an emergency. There may not be much documentation required to sanction a loan. You have to pay interest every month; however, the principal amount can be paid whenever you have surplus funds. Concept Of A Flexi Loan Calculator A Flexi loan EMI calculator is a tool that helps you calculate the interest amount due on your Flexi loan. Flexi personal loan interest is only charged on the amount that you use, and you can repay the principal amount any time as long as it is during the loan tenure. For example, the total Flexi loan amount is Rs. 8 lakh but you have used only Rs. 3 lakh. So, the interest will be payable on Rs. 3 lakh only. In the case of a personal loan, you will not get any such advantage. How Can You Calculate Your Daily Flexi Personal Loan Interest? It is very simple to determine your Flexi personal loan interest using an online calculator. You will only be needed to enter certain details about your loan and the calculator will give you the interest payable. Let’s understand the Flexi loan EMI calculator better. You will need to put in the following information in the online calculator: The total loan amount that you can borrow up to. The total loan amount you have used up to the respective calculation date. The Flexi personal loan interest rate applies to your loan. You may be required to enter a date up to which you want the interest to be calculated. Steps To Use A Flexi Loan Calculator To calculate the daily interest amount on your Flexi loan through a Flexi loan calculator, you have to follow these steps: Step 1: Open the Flexi loan EMI calculator that you will be using. Step 2: Enter the total loan amount sanctioned. Step 3: Enter the loan amount used up to the date asked by the calculator. Step 4: Enter the interest rate applicable. Step 5: You will get a table displaying the daily interest amount between the two dates you have entered. If you have made any withdrawals in between, you can enter those in the calculator as well. The Flexi loan calculator will calculate the new interest amount, based on those withdrawals, and give you the daily as well as total interest. [B-02] Final Words A major benefit of Flexi personal loans that can be taken into account is that you do not have to provide any collateral security, thereby reducing the risk of losing your assets. Many lenders would also help you save on interest rates by charging a moderate interest rate. Additionally, these loans are available to both self-employed and salaried individuals but the eligibility criteria may differ. The eligibility criteria would vary from one lender to another. Furthermore, with the need for minimal documentation, you would only have to submit the main documents like your identity proof (Aadhaar card, Voter ID card or Passport), address proof (utility bills or other documents) and income proof (salary slips or bank statements). Now, if you are willing to avail a Flexi personal loan, visit Piramal Finance and apply for one today!
08-11-2023
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Personal Loan

Personal Loans For Chartered Accountants: A Comprehensive Guide

Every individual, whether a salaried employee or self-employed, needs capital to cover numerous personal expenses. However, they may sometimes fall short owing to limited liquidity or if they want to avoid shelling out a big chunk of their savings in one go. Professionals such as chartered accountants look to get personal loans in such cases. However, it is important to know everything about a personal loan for CA and the application process before doing so. [B-01] What are personal loans? Personal loans are loan products offered by lenders such as banks and NBFCs to individuals who want to raise funds to cover their expenses. These expenses may include numerous items such as buying a car, home renovation, marriage, higher education, vacation, etc. Lenders offer individuals personal loans to ensure they can raise immediate capital without going through a time-consuming application process. Like other types of loans, lenders offer personal loans at an interest rate that they decide based on the loan amount and the loan tenure chosen by the borrower. Once you get a personal loan, you are legally bound to repay the principal amount and interest to the lender within the personal loan tenure. Personal Loans for CAs (Chartered Accountants): Features and Benefits Lenders have realised that the capital needs of various professionals, such as chartered accountants, may differ based on their salary structure, the number of dependents, the volume of expenses, etc. Hence, keeping in mind the dynamic factors, quality lenders have designed personal loan products targeted toward the needs of CAs. A personal loan for CA is such a loan product that allows chartered accountants to raise immediate capital based on their professional profile. When CAs get a personal loan, the loan product comes with the following features and benefits: Features and Benefits of Personal Loans for CAs Immediate Capital: A personal loan for CA allows chartered accountants to raise immediate capital by following a time-effective application process. When CAs get a personal loan from a quality lender, they approve the personal loan application within minutes of submission. Furthermore, borrowers get the loan amount credited into their bank account in under 30 minutes. Flexible EMIs: Personal loans for CAs offer an effective repayment tenure that starts at 12 months and goes up to 60 months. Quality lenders offering personal loans for CAs ensure that the borrower can repay the personal loans through flexible EMIs stretched throughout the loan tenure. Such flexible EMIs ensure that the borrowers can repay the loan effectively without experiencing any financial burden. No End-Use Restrictions: One of the best features of a personal loan for CA is its ability to offer the loan amount without any restrictions on the end use. When chartered accountants get a personal loan, they can spend it on any personal legal expenses without being answerable to the lender and showcasing the expenses incurred. Pocket-Friendly Cost System: Personal loans for CAs offer loan amounts starting from Rs 1 lakh to Rs 10 lakh, where quality lenders charge nominal interest rates to mitigate the overall repayment burden. Furthermore, such lenders offer personal loans for CAs with zero prepayment and foreclosure charges. With an attractive cost structure, personal loan for CAs offer a pocket-friendly loan product within a certain budget. Personal Loan for CA: Eligibility Criteria When CAs get a personal loan, lenders do not ask for a valuable asset; they must pledge it as collateral. However, in the absence of collateral, the risk for the lenders becomes high, as they have no assets to get back their loaned amount in case the borrowers default on the personal loan repayment. Hence, to mitigate such an event, lenders have created the following eligibility criteria for chartered accountants to decide whether to approve or reject their loan application. Here is the eligibility criterion to get a personal loan as a Chartered Accountant: Age: The chartered accountant must be between the ages of 21 and 60. Income: The chartered accountant must earn a minimum of Rs 25,000 monthly. Work experience: The chartered accountant must have existing practice for at least two years. Personal Loan For CA: Documents Required When chartered accountants get a personal loan, they usually apply online. However, the personal loan for CA application process requires the completion of KYC, where the borrowers have to upload and submit some personal documents to get the personal loan application approved. Here are the documents required to get a personal loan for CA: PAN Card (compulsory) Identity proof ( any of the following) Passport Driving Licence Aadhaar Voter Identity Card Address Proof (any one of the following) Registered Leave and Lease Agreement Passport Driving Licence Aadhaar Card/Aadhar Acknowledgement Voter’s Identity Card Utility bills like telephone bills, electricity bills, etc. (not more than three months old) Income Proof (all of the following) Latest 1 month’s salary slips Bank statements from the previous three months How to Get a Personal Loan for CA Online: The Process Although some lenders offer a personal loan for CA offline, where the borrowers have to visit the lender’s office with all the documentation, chartered accountants prefer to get a personal loan through the online process. It is because the online personal loan process is simple, straightforward, and saves time. Here is the process to apply for a personal loan for CA online: Step 1: Open the lender’s website and navigate to the “Personal Loan” page. Step 2: Click on the “Apply Online” button and enter your phone number. Step 3: Enter the OTP received on the phone number to open the application form. Step 4: Enter all the required personal and professional details. Step 5: Upload all the required documents and click on “Submit.” [B-02] Conclusion Personal loans have become an ideal avenue for chartered accountants and other professionals to ensure they raise immediate and adequate capital with flexible repayment terms and attractive interest rates. However, as numerous banks and NBFCs offer personal loans for CAs and have different loan factors, such as the loan amount, interest rates, and loan duration, it is vital to understand everything about the loan process. If you have any future queries, you can head over to Piramal Finance to cater to your personal expenditure needs.
08-11-2023
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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
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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
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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
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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
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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
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