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Personal Loan

How Can 18 Year Old Get Personal Loan?

Are you 18 years old? Planning to get a personal loan? Consider applying with your bank and researching lenders online. Find out how to secure a loan for a significant or unexpected need. You can make sure you get the best rates and terms by doing some comparison research. You receive a lump sum of money from a personal loan. But, you must repay over a specified time period with interest. But like with any type of borrowing, you should do your homework. Make sure you can afford the repayments. Here is what you would need to know about Personal Loan For 18-Year Olds In India. But what is a personal loan? [B-01] What is a personal loan? A personal loan is a financial tool. It enables you to access money for a variety of purposes. When you choose a personal loan, you are given a certain amount of money at a predetermined interest rate. You can pay it back over a predetermined period of time, just as with any other type of loan. A personal loan may, however, offer several advantages over other types of loans, including the following: No assets of the applicant are restricted by it. Personal loan for 18-year Olds in India does not need any form of security, unlike a home or car loan. These other types of loans lock in the item against which the loan is requested. A personal loan should be taken out if you require a lump sum of money for any private purpose. It may be for: a medical or social emergency lifestyle requirements like house renovations or repairs consolidate current debt Eligibility Criteria for Personal Loan For 18-Year-OldsIn India ParticularsFor Self-employedFor SalariedCredit Score750 and aboveMinimum Income (may vary across lenders)Rs. 15 lakh p.a.Rs. 15,000 per monthAge Limit21 – 65 years18 – 60 yearsMinimum Work Exp./ Business Continuity2 years of business continuity1 year (6 months with the present company) What are the documents required to be eligible for a personal loan for 18-year Olds in India? Application for a personal loan typically entails checking your: need for money eligibility for funding and the ability to repay the loan. The institutions check this because it gives a collateral-free loan. Therefore, applicants for Personal Loans must often be salaried individuals. They should submit documentation attesting to their personal and professional information. A few of these documents include: a properly completed loan application documents asserting the applicant’s continuous employment KYC records, such as documents proving an applicant’s age or nationality How to apply for a personal loan for 18-year Olds in India? In just 7 steps, you can apply and get the personal loan amount in your bank account. Step 1: To determine the precise loan amount you require, evaluate your needs. Step 2: The EMI you can afford to pay will rely on any existing loans or credit card balances that you may currently be repaying. To see how much you can afford to pay back each month, use the eligibility calculator for personal loan for 18-year-olds in India. Step 3: Go through the eligibility requirements of the bank to find out whether your employment and income will qualify. Step 4: Check out the bank’s personal loan interest rate. The Personal Loan EMI Calculator can be used to check your monthly spending. Step 5: If you are a current client, you can submit an application for a personal loan for 18-year Olds in India. You can do it via your internet banking account or the bank’s mobile app. Also, you can obtain the application at the branch. Also, you can download it from the financial institution’s website. Step 6: Along with the application form, include a few other necessary documents. For instance, these are: the KYC documentation income proof address evidence check for the processing fee. Step 7: Based on your eligibility, the bank will review the paperwork. They will then sanction the loan, and approve the amount. You will then have to sign the Standing Instruction ECS form and the agreement. Step 8: Your account is then credited with the money. What factors can affect personal loan eligibility? Have a look at these factors that can affect the eligibility of personal loans. Credit Score for personal loan for 18-year Olds in India Those who apply with credit scores of 750 or higher are regarded to be more financially responsible and less likely to default. As a result, banks and NBFCs favour providing personal loans to these individuals. For candidates for personal loans with better credit scores, many lenders also charge reduced interest rates. However, some lenders also provide personal loans at higher interest rates to applicants with lower credit ratings. So, you should regularly check your credit ratings. Take the required actions to keep them as near 900 as possible. Age The majority of NBFCs and banks offer personal loans to borrowers between the ages of 18 and 65. So, one can easily go for a personal loan for 18-year Olds in India. In addition, several public sector banks provide seniors with personal loans based on their pension income. Check the personal loan Bank of India, State Bank of India or any other institution for the recommended age group. Minimum Income for personal loan for 18-year Olds in India Higher income suggests a greater ability to make on-time loan repayments. It further suggests a lesser risk for lenders. Most lenders establish a minimum salary threshold of Rs. 15,000 or more for salaried professionals. Keep in mind that lenders prefer borrowers with a minimum salary of Rs 25,000. Lenders typically demand a gross annual salary of Rs. 2 lakh or more from self-employed people. [B-02] Conclusion The application for a personal loan is simple and requires a few documents to complete. When your loan is authorised, the bank immediately deposits the loan’s principal into your bank account. You can benefit from tax deductions for interest payments and repay the loan over your preferred tenure with affordable EMIs. Don’t wait anymore. Check out Piramal Finance and get an instant personal loan today.
08-11-2023
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Personal Loan

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

A traditional way to get a personal loan is through a bank. But the banks need to be fully committed to the idea of lending to people with bad credit. They make it hard to apply for a loan and check your credit score. They also charge high interest rates and make it hard for you to repay your loan on time. If you want a personal loan from Piramal Finance, you can fill out a simple online form to get a quote without having your credit history checked. [B-01] How to Get Help Calculating the EMI on a Personal Loan at Piramal Finance Take your time paying back that big personal loan. With a personal loan calculator from Piramal Finance, you can figure out how much interest you will have to pay. Enter the cost of your loan, and our simple calculator will tell you how much more you need to save each month for this or any other personal loan. You’ll be glad those hard-to-get savings are no longer necessary. With a customised list that fits your needs or budget, you can decide what’s best for you while staying financially savvy. No matter how you get a loan from Piramal Finance, our goal is to give you several options that make it easy to get low-cost financial services in India. Our personal loan calculator makes it easy to figure out how much a personal loan will cost. To calculate EMI on a personal loan, you need to enter the amount you want to borrow and how long you want to borrow. This will keep you up to date on all your monthly payments. How to Calculate EMI on Personal Loan? Most of us will need to borrow a certain amount to make a big purchase. Since we don’t know how much we’ll make in the future, it’s important to have a plan that lists your expected income and expenses. Not only does it give you peace of mind, but it also lets the loan provider know how much risk they are taking by giving you money. With an EMI calculator, you can figure out how much you would have to pay back each month on a personal loan from Piramal Finance. This will help you decide what kind of loan to get and if the money can be a good investment. Piramal Finance makes it easy to calculate EMI on a personal loan. You need to know the loan amount and when you’ll be paying it back. The EMI formula is: EMI = (Loan Amount + Interest) × Number of Months ÷ 100 × 12 = Monthly Installment What Factors Are Considered While Providing You with Assistance at Piramal Finance? How much do you need? Stay calm if you have bad credit and cannot get a personal loan from a bank. Piramal Finance has a team of experts who care about your credit score problem. It helps everyone who applies, no matter what their credit history is. They give you a loan considering your needs, with a long repayment period. Asking how much one can borrow To answer this question, the company analyses your personal needs based on your gross income, expenses, and short-term financial obligations that may affect how you manage your money in the future. If you have any personal loan bad credit history in the past, it will not affect your application. It is entirely confidential. What is the lowest rate of interest? When you apply for a personal loan on our website, our experts will help you find a loan that fits your needs and has a fair and easy-to-pay interest rate. When you apply for a personal loan with us, you won’t find any hidden fees or unreasonable requirements. Start by filling out the form on our website and determining your situation. If we agree to your request and make you an offer, that will show that we were successful. We have expert decision-makers who will help you with all the steps, including how to repay your loan if you choose. How long does one have to pay for it? The time you have to pay back the loan depends on your situation and finances. It depends on how much and where you need it. We will charge you a higher interest rate if you want a loan for a certain amount of time. However, if you believe our experts are adequate, we will provide you with advice the same day we receive your application. We can also give you a personal loan that you can repay whenever you want. We know that each customer is different and has different needs and problems. We want to help everyone who applies, no matter how much money they have. Because of this, we only give a specific amount of time to repay the loan. But if you take longer to pay back the loan, you will have to pay us more interest. What about fees? We have no hidden fees or additional costs that you may have to pay when applying for your loan with us. We are transparent in our lending process and provide a simple online form where you can fill in all your details, including information on your income, expenses, and previous loans. After you send in the form, our experts will give you a detailed analysis and a quote, which you can accept or reject. [B-02] Conclusion So, after going through such easy processes to calculate EMI on personal loans at PiramalFinance, all you have to do is apply for a suitable loan and fetch the desired information with the help of assistance provided by the company. Once you have provided your information, one of the clients or employees from Piramal Finance will contact you within 24 hours to discuss your request. Your application is confidential, and we give all applications equal attention to make sure that every applicant has a fair chance of getting a personal loan. This trusted company never saves your data without your knowledge, allowing it to meet all of the needs of each client in a manner that is convenient for them and their families.
08-11-2023
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Personal Loan

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

In India, the holiday season has already begun, and shops are ready with a wide range of goods and services at discounted prices. It is believed that it is lucky to buy new clothes, gold, property, home items, etc. on the day of a festival. You might also want to celebrate the festivals by buying gifts for your friends and family. Many people choose to spend a lot of money during this time by getting high-interest personal loans and by using credit cards. If you are looking for the best personal loan interest rates in the market for this season, you have come to the right place. Piramal Finance will help you fund your festivities without putting a dent in your pocket. [B-01] Perks of Getting a Personal Loan During the Festive Season There are many reasons why you should get a personal loan to pay for expenses during festivals. The following are some of the best reasons to consider: High Financial Burden of FestivalsYou can borrow up to Rs 25 lacs at some of the best personal loan interest rates. So, when your expenses are bound to rise during festivals, taking out a personal loan is the best way to pay for them. Ease of Spending MoneyWhen you take out a personal loan, the money is yours to spend however you like. As a result, you are not bothered by bank restrictions and policies. You can go all out for all events, such as Karvachauth or Durga Puja, with the right gifts. Low-Interest RatesWhen it comes to taking out a personal loan during the holidays, one of the best perks is finding the best personal loan interest rates. During this time, you might find yourself bagging personal loans with low interest rates. Easy ProcessThe process of getting a personal loan online has never been simpler. Almost all financiers have shifted their services to online platforms. The process to get a personal loan is also made simple when done entirely online. No CollateralA personal loan is an unsecured loan, which means that they do not need to offer the bank anything as collateral to get approval. Factors to Consider to Find the Best Personal Loan Interest Credit ScoreMaintain a strong credit score at all times. Most lenders favour people with credit scores of 750 or above. An application could be denied if the credit score is lower than 750. A solid credit history is needed to be approved for and get the best personal loan interest rates. Need AssessmentYou need to determine exactly how much money you need to borrow. If you take out a personal loan for more money than you need, you run the risk of being unable to repay the loan amount. Eligibility CheckYou must make sure that you qualify for a personal loan. Your credit score might get slightly lowered if you apply for a loan. So, unless you are sure of approval, do not apply. With a lowered credit score, you will find it tough going forward to borrow money. Market ResearchDuring the holiday season, many lenders give special offers that salaried as well as self-employed people can enjoy as perks. Spend some time researching loan offers from a variety of lenders. Then, pick the one that caters to your needs and matches your repayment capacity. With Piramal Finance, you can rest assured of getting the best personal loan interest rate in the market. One loan applicationYou must not spread yourself too thin by trying to collect money from many sources all at once. Multiple loan applications given at the same time can hurt your credit score. They are recorded as “hard inquiries” on your credit report. This means that you appear to be in urgent need of funds, suggesting a poor financial situation. So, lenders may reject your application. Apply for a personal loan with Piramal Finance Piramal Finance offers a wide range of financial services. It is also registered with the National Housing Bank as a home finance organisation, giving both wholesale and retail access to capital. The platform’s home finance, structured debt, senior secured loan, construction finance, and Flexi Lease rental discounting options are just the tip of the iceberg for the full range of its capital solutions for the real estate industry. Piramal Finance offers solutions for institutional and personal investors through Piramal Fund Management and strategic alliances with CPPIB, APG, and Ivanhoe Cambridge. Our loan can finance a vacation, a dream item, school tuition, or a wedding. Piramal experts will guide those who need a loan through their online application process and ensure that they get the best personal loan interest rates. Perks of Loan Packages at Piramal Finance No charges for prepayment or foreclosure Loans starting at Rs 1 lac and going up to Rs 10 lacs No paperwork Easy approval and quick cash disbursement The best personal loan interest rates in the market Flexible repayment terms, starting at 12 months and going up to 60 months Combining multiple sources of income to increase personal loan eligibility [B-02] In conclusion Personal loans are nothing to be scared of if you get them after a careful assessment of your needs and repayment ability. If you have a regular job, a stable income, faith in your ability to repay a loan, and need to make some unavoidable expenses during festivals, getting a personal loan can make sense. If you want to avail the best personal loan interest rates and financial services, visit Piramal Finance.
08-11-2023
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Personal Loan

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

Managing finances is tough for everyone, especially when sudden expenses come your way and you have to adjust with limited resources. At such times, a personal loan can be a lifesaver. It is designed to cater to your immediate needs, such as home renovations or medical expenses. You can also use the money for any other purpose that you deem fit. But for this credit, you need to check your eligibility using a personal loan eligibility calculator. [B-01] What is a personal loan? A personal loan helps you borrow money against your credit. The lender will base this decision on your income, employment history, and the amount you request for the loan. Personal loans are unsecured loans, which means that you do not need to use an asset as collateral. The interest rate on personal loans is generally lower than on other types of loans, but the repayment period can be longer. Unlike a home loan or car loan, personal loans are not restricted to specific purposes. You can spend your personal loan credit on whatever you want. Usually, these loans are taken out to meet short-term expenses like a vacation or a big purchase. Personal loans are offered by banks, credit unions, and online financers like Piramal Finance; you can make an online application for these loans or apply through a bank employee. Lenders will look at your application with the help of a personal loan eligibility calculator and other criteria. Personal Loan Eligibility Calculator on Piramal Finance Any salaried person working in government, public-sector, or private-sector positions is eligible for a personal loan. You must be between 21 and 60 years of age. You must have 6 months of working experience at your current job, and your minimum monthly salary should be Rs 25,000. To check your personal loan eligibility, you need to submit the following documents: Identity proof: PAN card, passport, voter ID, or driving licence Address proof: an electricity bill, a telephone bill, a water bill (in the name of the applicant), or a rental agreement (in the name of the applicant) One month’s salary slip Last three months’ bank statement You can add a co-applicant if your documents are insufficient or if the personal loan eligibility calculator does not deem you eligible. Your spouse can be added as a co-applicant in such cases. Steps to Check Your Personal Loan Eligibility You can use a personal loan eligibility calculator by entering your details. This will give you instant results on whether you can get a personal loan or not. You can also check eligibility by adding some basic details such as age, gender, education, and income. Log on to the Piramal Finance website and click on the Personal Loan Eligibility Calculator. Enter your details (name, phone number, and email address) and other financial details, such as loan amount and tenure. Click on the “calculate my eligibility” button at the bottom of the page to know if you are eligible for a loan. You can use the online personal loan eligibility calculator or enter your contact details on their website. A representative from Piramal Finance will call you and answer all your questions about getting a personal loan. Benefits of a Personal Loan from Piramal Finance Piramal Finance provides low-cost loans to people who have lower credit scores using its online personal loan eligibility calculator. You can expect to receive Rs 1 lakh to Rs 10 lakh as a loan amount to pay for your expenses. Some of the key aspects of personal loans offered by Piramal Finance include 0% prepayment charges If you wish to repay your loan before the set period, you do not have to pay any prepayment charges. You can pay the loan amount in full at any time without any extra charges. This feature of personal loans at Piramal Finance sets it apart from those at other banks and NBFCs; they charge around 2–3 percent prepayment charges on pre-fixed interest rates. Minimum Documentation If the personal loan eligibility calculator indicates a sound financial background, you can take out a loan with minimal paperwork. You only need to submit a few documents, like ID proof, residential proof, and some other papers, with your application form. Quick Disbursal Personal loans at Piramal Finance are disbursed within 24 hours or less. You can get the funds in your bank accounts in such a short time. Other banks and NBFCs take around 2–3 days to disburse the loan amount. Please note that the loan amount is credited to you only after you complete and submit the form and other documents. Easy EMI options Piramal Finance offers an easy EMI structure for personal loans. The borrowers can pay their EMIs online or through their bank accounts. This will make loan repayment easier and more convenient for you. You can check all these details using the personal loan eligibility calculator on the Piramal Finance website. Long Tenure Piramal Finance offers a loan tenure of up to 5 years. This makes the personal loan product great for people looking for a long-term financial solution. Large-ticket loan Piramal Finance provides personal loans up to Rs 10 lakh. You can club your income with your spouse’s income to get approved for higher loan amounts. [B-02] Conclusion As a leading NBFC, Piramal Finance offers many types of loans, of which personal loans are the most popular. Personal loans of up to Rs 10 lakh are available to salaried individuals. There is no need to keep any assets as collateral for your loan. Piramal Finance’s personal loan eligibility calculator does not require you to use any assets as a guarantee. Piramal Finance is an innovative financial services company offering loans for personal, business, and home use. You can check out all its services or read more about such topics on the Piramal Finance website.
08-11-2023
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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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