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Personal Loan

How Professionals Can Get A Personal Loan For 50 Lakh In India

Many people apply for a personal loan to meet their urgent money needs. This also includes professionals who require money for their needs. In India, professionals like doctors, CA, CS, or architects can get personal loansfrom a bank or NBFC for their work needs. They can use this money to open an office, get furniture or equipment, or any other purpose. There is no need to offer security to get a personal loan, and the same rule applies here. If you are a professional, you can avail of this loan and use the money per your needs. You need to pay the EMIs on time, and the lender has no control over how you use the money. Read on to learn how professionals can get up to Rs. 50 lakh loan in India and other vital details. [B-01] Personal Loan for Professionals You can apply for a personal loan if you are a professional who works in India and needs money for work or home. Many banks and NBFCs will offer you a personal loan of up to 50 lakhs if they believe you meet the given criteria for the facility. The process is very simple, and you only need to submit a few docs to apply. You do not need to offer any security for this loan and are free to use it as you deem fit. However, you must note that the loan must not be used for illegal purposes. Eligibility Criteria Before you apply for a personal loan for 50 lakhs as a professional, you need to check if you are eligible for the loan. Here are the factors that will decide if you can get the loan: Credit score: You must have a CIBIL score of over 650 to apply for Rs. 50 lakhs loan. Though, to improve your chances of getting the loan, the credit score shall be over 750. Age: Banks and NBFCs specify the age range for which they offer personal loans. Your age must be 25–65 years to get a personal loan. Experience: You must have 4–5 years of work experience to apply for a professional loan of Rs. 50 lakh. The higher your work experience, the better your chances of a loan. Education: You must have a valid degree and license for your trade. The license must be from an authorised public body with the power to issue such licenses. Income: You must earn at least Rs. 1 lakh yearly to get this loan. Your business should be profit-making for the last two years. Documents Required When you apply for a personal loan of Rs. 50 lakhs, you must submit documents such as: Valid ID Proof like Aadhar, Voter ID, or Passport. Income Proof in the form of Income Tax Returns for two years. Bank account details for the last year. Address proof like Passport, Utility bill, Aadhar etc. Any other details as required by the lender How to Apply for Rs. 50 Lakh Personal Loan You can apply for the loan online or offline. The process is as follows: Online Visit the website or open the mobile app for the lender. Click on the link for ‘Personal Loan’ section. Click on the option ‘Apply for a Personal Loan’. Enter details like name, age, profession, work experience, loan amount, tenure etc. If asked, scan and upload vital documents. Click the submit button, and you are done now. You can track the status online. For example, if you apply with HDFC bank, you can check your personal loan status HDFC on the bank’s website. If your application is approved, the lender’s representative will call you. Then, money will be sent to your bank account. Offline Collect the personal loan application form from the office of the lender. You can also ask them to send a form to your email and take a printout. Fill out the form with the correct details. If you need help, ask the lender to send a representative to your residence. Attach copies of the documents required by the lender. Sign the form and the documents and submit the application. If your application is approved, a representative will call you. Then, money will be sent to your bank account. Personal Loan Interest Rate Personal loan rates can start as low as 8.90%, but how can you get such offers? Here are some useful tips: Improve credit score: You must ensure that your CIBIL score is over 750 when applying for a personal loan. This will tell the lenders that you have a good credit history and pay your EMIs on time. As such, you will be able to get the best offers from banks and NBFCs. Negotiate: You must negotiate if you have a good credit score or have had an account with the lender for some time. Even a 0.25% discount on the interest rate can save you a lot of money. So, make it a point to discuss the matter with the lender as soon as possible. Pay Your Dues: If you have a credit card, clear the balance in full before applying. You shall also close any loans that you may have. This will help you get your loan at low interest rates. Compare: Do not take the first offer that the lender gives. You need to spend some time comparing various loan offers from other lenders to get the best deal. This can help you get the best offers on your loan. [B-02] A personal loan of Rs. 50 lakhs can be very useful to meet your money needs. However, you must opt for an amount you can afford to repay easily. For the best deals and offers on personal loans for professionals, get in touch with the experts at Piramal Finance. They offer low interest rates and high loan amounts to meet all your needs.
08-11-2023
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Personal Loan

What Is Personal Loan Number: All You Need To Know

You must maintain track of your instalment payments after your loan application has been approved. But it can become difficult, especially if you still owe money on many debts. Banks also have difficulty keeping records of every loan they’ve made, just like consumers do. For both parties, the complication is reduced by using the LAN or loan account number. You may also call it a personal loan number. [B-01] What is a personal loan number? When your loan is accepted and the loan account is created, your bank will give it a special set of numbers called a personal loan number. A distinct loan account number is assigned to each loan account. Each loan will have a unique personal loan number, whether you have only one loan with the bank or more than one. The personal loan number, which is distinct for each loan account, is how banks maintain track of all the loans they have approved. What should you know about a personal loan account number? To manage your loan, check the status of your loan, and make EMI payments, it’s critical to remember and know your personal loan number. You must provide your loan account number for repayment whether you return your loan through an online wallet, a debit card, net banking, or by going in person to a bank branch. Also, if you require any other assistance or services relating to your loan, your loan account number will be useful. The bank will only answer your questions once they have the personal loan number. You will need your personal loan number to proceed with any updates to your personal information for your loan account. You must provide your loan account number, for example, if you alter your contact information and want to update it. How can I discover the number on my loan account? There are several ways in which you can check your loan account number. Here are a few examples: 1. Examine the loan statement. The loan statement that your bank issues after sanctioning your loan will contain all the information relevant to your loan. This includes your loan account number. The statement will also contain information on the EMIs you made payments toward and the balance due. 2. Log in to the website or app of your bank. You can also confirm your loan account number by logging in to your mobile banking app or registered banking account or through the bank’s website’s customer login page. 3. Contact the bank’s free customer service line. By calling the bank’s toll-free customer service line, you can get information and assistance with your loan. How to Apply for Personal Loan? Here are the five steps for obtaining a personal loan. These steps will include what paperwork is needed and how to apply for a personal loan: Step 1: Establish your needs Identify whether you need a personal loan and how much you need it. For example, you might need a loan to pay to fix your house or take care of the wedding expenses. Step 2: Verify loan eligibility You should verify your eligibility after identifying your needs. Find out how to calculate your personal loan EMI and how to lower it. Step 3: Calculate the monthly instalments Use an online EMI calculator to get a rough idea of your monthly loan instalments. To match your monthly income, you can change the duration and interest rate. Step 4: Approach the bank or other financial institution A personal loan can be applied for in several ways. You can access the website, NetBanking, an ATM, a branch, or online at the website. Step 5: Send the documents Next, find out what documents are required for a personal loan. You will typically need income proof such as IT returns, payslips, bank statements, residence proof, and ID proof. Give the bank copies of your personal loan paperwork. Factors to Know Before Applying for a Personal Loan Thinking of Personal Loan Kaise Milega? Here are a few things to know before applying for a personal loan. How much to borrow: Keep in mind that when you borrow money, you have to make additional payments as well. You also pay interest, or “rent,” on the money you borrow, except that 0% card that is promptly paid off. Only borrow what you need to – there’s no reason to pay interest on funds you don’t require. Likewise, if you borrow less money than you need, you can find yourself scrambling for a last-minute loan from a more expensive source. Finally, confirm that you have the means to repay the money you do borrow. Nothing is worse than going into debt when the smartest course of action would have been to wait until your finances stabilized. Check the Credit Score Before you apply for a personal loan, check your credit scores. Get the most recent versions of your credit reports. Personal loans strongly depend on your creditworthiness. Find Out if You Are Eligible Check the websites of potential lenders or contact them by phone to see if your financial situation qualifies you for a loan. Find out whether there is an income minimum limit and if there is a minimum credit score requirement. Identify any minimum credit history requirements (three years or more is typical) and the permissible debt-to-income ratios. [B-02] Conclusion One thing you must know about your personal loan is the personal loan number. You can check the amount you’ve paid, track your EMIs, and improve your financial decisions by using your loan account number. Remember your personal loan number now that you are aware of its significance for your loan information. Get in touch with Piramal Finance to get more information about it.
08-11-2023
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Personal Loan

Get an Instant Loan at Home with a Digital Personal Loan

Emergencies don’t announce their arrival. You could be sitting on your sofa at home, and disaster could strike. That is why it is very important to have access to funds. Digital personal loans where you can get instant approval and disbursal are the answer to this problem. If you consider the fact that earlier, we would have to submit mountains of paperwork and wait for days while the banks verified your credibility, this is a step up indeed! But how is it possible? What are the eligibility criteria? What documents are required? What is the interest rate? Let’s take a look at the process through which you can get an instant personal loan at home! [B-01] Instant Personal Loan: Eligibility Criteria The eligibility criteria for an instant personal loan are not very stringent. In most cases, you just need to have a source of income. That’s all. You can be salaried, self-employed or even pensioned. In terms of the recommended age limit, it ranges between 21 and 60 years. In some cases, it can even be extended up to 68 years. When it comes to taking out a personal loan, however, credibility is the key. Keep in mind, that these are unsecured loans. That means the bank or NBFC is essentially taking you at face value and trusting your ability to repay the loan amount. There are some guidelines that you can adhere to to make the process easier. If you are a salaried employee, that adds hugely to your credibility. It is ideal if your monthly income is at least Rs 25,000 per month. You should have been at your current job or practice for at least 6 months before applying. Please keep in mind that these criteria are not set in stone. There are numerous loan providers in the market, and you can easily find one that fits your purposes. What Documents are Required for an Instant Personal Loan? There are three main documents that you need. Identity proof — This can include your Aadhaar, passport, driving license or voter ID card. Address proof — This can include your Aadhaar, passport, driving license, voter ID card or rental agreement or even any recent utility bill. Income proof — You can provide your salary slip and your recent bank statements. Apart from this, you also need to submit a copy of your PAN card. These documents are mandatory. As per RBI’s guidelines, banks and NBFCs are not allowed to disburse loans without the KYC documents from the customers. If you want a personal loan without submitting any documents, you will have to resort to a company that is not regulated by RBI. What is the Interest Rate on Instant Personal Loan? For personal loans, the interest charged is higher than most other forms of loans. This is because personal loans are unsecured in nature — they don’t involve any collateral asset. So, if you default on the loan and run away from home, the bank will have no recourse. The higher interest rate charged compensates the bank or NBFC for the additional risk they are taking when they give out personal loans. Generally, the interest rate on a personal loan varies from 12% to 35%. Which end of the spectrum you land up on will depend upon your credibility and the documents that you provide. It also depends on the amount of loan taken. Most banks and NBFCs offer personal loans up to Rs 10 lakhs. If you take a personal loan jointly with another salaried individual, you can also get approval for higher amounts. Why Should You Get an Instant Personal Loan? Immediate disbursalThis is the main reason why instant personal loans are so attractive. You can get the money on the same day. Sometimes, it is even credited in a matter of hours.If you had time to wait, you could have looked at many other sources of credit. But when it comes to immediate disbursal, an instant digital personal loan can save the day. No collateralSecured loans are cheaper. There is no doubt. But if you don’t have access to any collateral, then these options are closed. Personal loans are disbursed based on your credibility. Even if you don’t have any assets to your name, you can still get credit instantly. Flexible tenureThe tenure for repayment is flexible, depending on your convenience. It can range from 1 year to 5 years. However, please keep in mind that you will have to pay the additional interest charge if you opt for a longer tenure. Easy EMI availability You can customise your EMI payments depending on your ability. The entire process has been designed to keep your convenience in mind, and the EMI selection reflects that. [B-02] Conclusion We’ve gone through the details of how you can apply for a personal loan, what the documentation requirement is and what the benefits are. However, there are a couple of other points that you should keep in mind. A personal loan is a very easy credit. In the loan universe, it is the equivalent of a stranger in an unmarked van offering you candy. It often leads to debt traps and bankruptcy, if the terms are not understood or if the repayment is not done on time. Does that mean you should stay away from personal loans? No, absolutely not! There are some situations where you need a personal loan, and no other form of credit is available. And also, if easy credit is being offered at your convenience, why should you not take advantage? The thing that you need to keep in mind is to only take personal loans from trusted sources. There are many unregulated lenders in the market, who will provide instant personal loans with no paperwork whatsoever. You should stay away from them. Always go with RBI-regulated banks or NBFCs and make sure you understand the repayment terms correctly. If you want to understand the features and check your eligibility, you can go reach out to the experts at Piramal Finance here.
08-11-2023
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Personal Loan

Personal Loan in Pune – Check Eligibility & Apply Online

Need a medical loan but don’t know where to start? You’ve been trying to save enough for a great wedding vacation for years, but to no avail. Don’t empty your savings. Take out a personal loan in Pune for large, unanticipated bills and manage your money better. All your questions about a personal loan in Pune will be answered here. We will talk about how to apply for personal loans, the eligibility criteria and the pros and cons of getting a loan in Pune. [B-01] Apply for a personal loan in Pune Pune is not just a city in Maharashtra. It serves as the state’s cultural epicentre. The expansion of its automotive and information technology industries has contributed to its recent prosperity. Pune is sometimes called the ‘Oxford of India’. It is a thriving metropolis with numerous cultural and educational opportunities. It also has a thriving economy. But, it can be difficult to save enough money for a luxurious vacation or a picture-perfect wedding. Personal loans make it easy to cover large expenses. Personal loans in Pune can be tailored to one’s unique needs. Hence, the money can be used for anything from a big party to a family vacation. These loans can be used for a variety of purposes. The repayment period is sometimes adjustable up to six years. Therefore, people do not have to drain all their resources to pay for large, unforeseen bills. Instead, they may use a personal loan in Pune to budget wisely. Personal loans require no collateral. Often, only a few pieces of paperwork have to be processed. Pros of personal loans in Pune Let us discuss the pros of a personal loan in Pune first. One lump sum Loan repayment is made in one lump sum. So, one may find it simpler to use the money for a one-time major purchase, debt consolidation or other purposes. The loan’s interest rate and monthly payment are both fixed, making it more convenient to budget for. Fast funding times Personal loans are convenient when one needs money immediately. They can be quickly approved and repaid. Personal loan providers can credit the money into one’s account as soon as the following working day. No collateral requirement No collateral is needed to obtain authorisation for an unsecured personal loan. One can get a loan without putting up collateral like a car, a house or anything of value. There are serious monetary and credit repercussions if one is unable to repay the loan as per the terms agreed upon with the lender. However, unlike a secured personal loan, there is no risk of losing the home or car. Cons of personal loans in Pune Here are the cons of taking a personal loan in Pune: Interest rates can be higher than alternatives Personal loans may not always have the most affordable interest rates. This is especially true for those borrowers who have low credit. They may be charged greater interest rates than those associated with credit cards or collateralised loans. More eligibility requirements In comparison to other forms of credit, personal loans may have stricter criteria. Lender options will be more limited if one has low credit scores or a limited financial history. Having a co-signer can increase the chances of being approved, but some lenders don’t allow them. Fees and penalties can be high The cost of borrowing for a personal loan could be significantly increased due to fees and penalties. Loan origination fees can range from 1% to 6% of the total loan amount. Loan origination costs can be added to the loan principal. They may also be deducted from the borrower’s final payout. If one pays off their loan debt before the end of the term, they may be subject to prepayment penalties from their lender. Before applying for a personal loan, one must be sure they understand all the associated costs. Eligibility for taking a personal loan in Pune People working for limited liability businesses People working for government agencies at the federal, state and municipal levels, People working for other types of organisations People between the ages of 21 and 60 People who have been employed for at least 2 years, including at least 1 year with their present employment Individuals who have a monthly net income of 25,000 thousand or more How do I apply online for a personal loan in Pune? Get on the bank’s application page. To verify your bank account, provide your 10-digit cell phone number. Then enter an OTP. Provide your personal information, such as name, address, PAN, pin code and DOB. Select the loan type you’d like to apply for, the length of time you’d like to pay it back and any other choices you’d like to modify. Finally, the page where you upload your KYC paperwork, bank statements, tax returns and passport-sized photos will appear. [B-02] Summing up The purpose of this article is to give a comprehensive examination of the personal loan market in Pune. One should think wisely about whether a personal loan in Pune is the right choice. Paying off a big debt or taking out medical insurance might sound worthy. But it is also important to be aware of the other side of the coin. Apply for a personal loan, compare interest rates and features across banks and take the best deal. Before considering anything, it is important to be aware of other aspects, too. So carry out enough research and come to an unbiased decision. Visit Piramal Finance for more in-depth educational articles on finance and related matters.
08-11-2023
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Personal Loan

Best Offers on Personal Loan Interest Rates This Diwali

Diwali is considered an auspicious time for buying consumer durables. Many people invest in automobiles, home repairs, and other consumer durables during the holiday season. During Diwali, several banks and financial institutions offer personal loans at low interest rates. These offers are for a limited time to entice retail consumers. With Diwali around the corner, you might be worried about spending too much money. This is where personal loans come in. A personal loan is a simple and convenient way to obtain funds. It can be requested online with minimal paperwork. Once granted, the funds are instantly credited to your account. Let us look at how you can apply for a personal loan and get the best interest rate of personal loan. You will also learn the factors that affect your personal loan CIBIL score. [B-01] Why Should You Get the Best Interest Rate on a Personal Loan on Diwali? Here are some reasons why you should apply for a personal loan this festive season: Flexible end use: Unlike other loans, personal loans provide flexibility in spending. You can use your personal loan for the following purposes: Karvachauth- To organize special dinners for your spouse or buy a gift. Dhanteras- To buy gold or silver jewelry, silver utensils, electronics, cars, etc. Bhai Dhooj- To give your siblings money or expensive gifts. Diwali- To renovate your house, purchase consumer durables, buy gifts for family and friends, beautify your home, buy pooja-related products, buy new clothes, and so on. High loan amount: Personal loans typically range between Rs. 25,000 and Rs. 40 lakhs. As a result, a personal loan might be used to pay for a variety of needs. Collateral-free: Since a personal loan is an unsecured loan, you don’t have to worry about pledging collateral with the bank during Diwali. Repayment flexibility: Personal loan payback terms usually range from 12 to 60 months. They are determined on the basis of your ability to repay. Easy to apply: As banks are going digital, you can apply for a personal loan online. You don’t need to visit the bank for documentation since you can upload it online. Once approved, the loan amount is transferred directly to your account. An attractive interest rate: Many loans have interest rates starting at 10.25%. However, the interest rate of personal loans offered by banks or financial institutions is determined by various factors. These factors include your personal loan CIBIL score, age, income, and so on. How High Should Your Personal Loan CIBIL Score Be? The range of a CIBIL score is 300–900. For the best deals on loans and credit cards, you should aim for a personal loan CIBIL score that is close to 900. A CIBIL score of 750 or more is often regarded as optimal by most lenders. To qualify for a personal loan, you must have a CIBIL score of 750 or higher. Around 80% of loans are granted if the score is greater than 750, according to CIBIL data. If your personal loan CIBIL score is below 550, the majority of lenders will deny your application. A poor CIBIL score indicates that your financial situation is unstable. It also means that you will have trouble repaying the loan. Very few lenders offer personal loans to borrowers with poor personal loan CIBIL score. Moreover, if your loan gets approved, the interest rate of personal loans will be quite high. Before applying for a loan, it’s crucial to review its terms and conditions. You should also compare the fees and interest rates of personal loans across different banks and institutions. Factors Affecting Your Personal Loan CIBIL Score: Here are the factors that impact your personal loan CIBIL score: Paying credit card balances on time. timely repayment of loan EMIs paying the total outstanding balance, not just the minimum amount owed Reasons behind a low personal loan CIBIL score late or non-repayment of loan EMIs and credit card bills using credit cards to the maximum or frequently going beyond 75% of available credit Only paying the minimum on credit cards means that the rest of the balance is still owed having an excessive number of credit lines, particularly unsecured ones How Can You Improve Your Personal Loan CIBIL Score? Below are five things that can raise your personal loan CIBIL score: A Healthy Bank Account A healthy bank account demonstrates your ability to pay back a loan. This increases the likelihood of the approval of your personal loan. Stable Income Source A consistent source of income demonstrates your ability to repay the loan on time. Even if you have a poor personal loan CIBIL score, having a stable income helps you get one faster. Guarantor If you have a low personal loan CIBIL score, having a guarantor boosts your chances of getting a personal loan. The guarantor should, however, have a decent credit score or rating. Reduction in Loan Amount Despite a low personal loan CIBIL score, you might still be eligible for a loan. However, the loan amount will be lower, and interest rates may be high. Timely Payments You can increase your personal loan CIBIL score by paying off your debts on time. Doing so would definitely help with your loan approval. [B-02] Summing Up If you are planning to take a personal loan, the holiday season is the best time to get one. You can enjoy the most affordable interest rate of personal loans. However, keep in mind the importance of maintaining a high personal loan CIBIL score. Piramal Finance is an excellent financing solution for customers looking for low-interest personal loans. Visit its website to learn more about other loan offerings and services.
08-11-2023
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Personal Loan

Minimum CIBIL Score One Requires for a Personal Loan

Sometimes you might find yourself in need of money for vital expenses like medical costs, weddings, renovating a home, or travel loans. In such cases, you need to look for a loan that best suits your needs. When you apply for a personal loan, you cannot ignore your CIBIL score to get approved. This is what any personal loan agent will tell you. Most lenders will check your CIBIL score even before you complete the online application. Also, they will reject your application if your score is not high enough. Some lenders require a minimum CIBIL score of 750 or above for personal loan approval, while others make do with a score of 650. So, how do you figure out how much of a minimum CIBIL score is required for a personal loan? First, you must learn what CIBIL means and how it affects your eligibility for loans and other financial services. [B-01] What is a CIBIL Score? The CIBIL score is a measure of an individual’s creditworthiness. Lenders and personal loan agents calculate it based on many factors, like credit card payment history, home loans, vehicle loans, etc. Your credit score, or CIBIL score, assures lenders of your ability to repay the debt. The CIBIL score ranges from 0 to 1000 and helps lenders decide if they should offer you a loan. The higher your CIBIL score, the more likely you are to get access to better deals. A minimum CIBIL score of 700+ should be maintained to get a personal loan at the best interest rates. Impact of your CIBIL Score on your Personal Loan Your CIBIL score is the most important factor in deciding if you will be approved for a personal loan. But your credit score is not the only deciding factor. Your eligibility also depends on other factors such as your salary, location, total debt, employer, etc. The following CIBIL score ranges will help you gauge your personal loan approval chances: 750-900 CIBIL Score A CIBIL score of 750 or above shows that you are a creditworthy person who practices fiscal discipline. 600-750 CIBIL Score: Most lenders will give you a personal loan if your CIBIL score falls in this range. But you may be offered a higher interest rate and/or a shorter loan tenure. 300-600 CIBIL Score: The CIBIL score in this range shows an unreliable credit history and a lack of fiscal discipline. It may lead to the rejection of your loan application. In this situation, the only way to get a personal loan is to offer collateral, find a guarantor, or even take out a Loan Against Property. Tips to Improve Your CIBIL Score You should use the following tips to reach a minimum CIBIL score to get a personal loan: Pay the entire sum on your credit cards every month, or use only up to 30% of the credit limit on your card to keep your debt low. Pay off your loan or credit card debt on or before the due date. Close off any pending loans or credit card dues early if you have extra money in your account. If you do not want to carry large balances or pay high interest rates each month, apply for a secured credit card instead of an unsecured one. Your ratio of secured to unsecured loans is your credit mix. For instance, your lender will think you are credit-hungry if there are more loans with no collateral than with collateral. Things to Consider Before Getting Personal Loans Several personal loan agents suggest these basic tips to improve your chances of getting loans instantly: Compare Different OffersYou will come across personal loans from various lenders, each with its own interest rates and repayment terms. So, before you apply for a personal loan, you should do some market research and compare offers. Maintain a Decent CIBIL Score When you apply for a personal loan, lenders will first look at your CIBIL score. A minimum CIBIL score of 750 or above raises your chances of personal loan approval. Calculate Total CostAlong with the interest rate, the lender might also charge other fees, such as a processing cost, a late fee, and a prepayment or foreclosure charge. So, it is crucial to add the total costs before you apply. Lower Credit Card Utilisation RatioYour credit card utilisation ratio should be under 40% when you apply for a personal loan. To lower the ratio, pay off your loans and credit cards before they are due. Do Not Apply for a New Credit CardAvoid applying for credit shortly after you have been rejected for a personal loan or credit card. Before you apply for a credit card again, wait at least two months after the rejection. [B-02] Conclusion While you might get a loan even if your credit score is low, it is worth learning that credit scores greatly affect the approval process. So, it is best to have a good credit score before risking rejection, which will further lower your score. You may still be able to get a personal loan with a minimum credit score of 600–700, but the lower your score, the lower the personal loan amount and the higher the interest. If you are looking to apply for a personal loan, it is best if you first consult your bank, credit card provider, or personal loan agent. They will help you ensure that you meet the eligibility criteria. Visit Piramal Finance to get a personal loan with a minimum CIBIL score or use one of their many services and products.
08-11-2023
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Personal Loan

How to Know Personal Loan Interest Rates of Different Banks?

When someone needs money, private loans can be quite useful. Personal loans may help you pay for payments of any kind. These include those related to engagement, healthcare, home improvement, travel, and other expenses. But research multiple lenders before applying for a private loan to get the best one. Several banks provide the best rates and promotions for personal loans. [B-01] What is a Personal Loan? A personal loan is a loan that is provided with little to no documentation and without the need for security or collateral. Personal Loan Interest Rate Types Some of the highest interest rates are available on personal loans. So, apply for a loan from an organization that offers comparatively short terms. Also, check if they offer cheaper rates. That’s because the cost of interest rises with tenure length. There are no limitations on how the capital may be used. You can use the money in any way you see fit. Interest on personal loans is often available in two forms: A Decreasing or Fluctuating Interest Rate One kind of personal interest rate would be a decreasing or adjustable rate. The dynamic real exchange rate on a personal loan varies often. It relies on the Reserve Bank of India’s policy rates. The adjustable or falling interest rate is another name for the flexible interest rate. Rate of interest, Fixed or Variable According to this strategy, the interest rate on the borrowed amount is fixed. It stays the same for the loan duration. The lender calculates it using projections for the average rate of return during the loan period. Interest rates for personal loans at banks Bank processing is faster for a personal loan than for a home loan. It allows you to take out loans as needed rather than all at once. Thus, it is an excellent choice if you require money right now. BankInterest Rate (p.a.)HDFC Bank10.5% p.a. – 21.00% p.a.Yes Bank10.99% p.a. onwards – 16.99% p.a.Citibank9.99% p.a. – 16.49% p.a.IDBI Bank8.15% p.a. – 10.90% p.a.Kotak Mahindra Bank10.25% and aboveAxis Bank12% p.a.- 21% p.a.IndusInd Bank10.49% p.a. – 31.50% p.a.HSBC Bank9.50% p.a. – 15.25% p.a.IDFC First Bank10.49% p.a. onwards Get the Lowest Interest Rate on a Personal Loan Here are some suggestions to assist you in obtaining the lowest interest rate when applying for a personal loan: Improve your credit score You are creditworthy if you have a high credit score. Banks and other financial institutions give applicants with good credit the lowest personal loan interest rates. So, before requesting a personal loan, you should check your credit rating. You should look for techniques to raise your credit score if it is below 750. If your credit score is over 750, you have a better chance of receiving a personal loan with a low interest rate. Prevent skipping repayments: Your credit score may suffer if you forget to make a loan or credit card payment. Before setting the interest rates on personal loans, lenders typically consider your repayment history. A lower interest rate is probably going to be assessed for those who have previously made on-time EMI and credit card payments. Keep an eye out for offers: During celebratory times, banks and other financial institutions frequently provide exceptional interest rates for a constrained window of time. While such an offer is active, you can be given a loan with a lower interest rate. Interest rate comparison: It is important to check the personal loan interest rates charged by several NBFCs and banks before requesting a loan from a specific bank. Thanks to this, you will be able to obtain a personal loan at a reasonable interest rate. Negotiate with the lender: If you have an excellent working relationship with the loan provider or are an existing customer of the bank, you can work out a deal for the lowest interest rate. It is advised to send the loan provider a formal, written request while doing this. Personal Loan Factors Affecting Interest Rates Income: When determining the interest rate for a loan, lenders consider the applicant’s income. High-earning people may have a reduced interest rate since they are a smaller risk to the bank. Conversely, those with lower yearly salaries might be required to pay a higher interest rate. Employer information: The bank or financial institution is more likely to give you a reduced interest rate if you work for a reputable company. Type of employment Loan providers may charge different interest rates based on whether a borrower has a regular job or works for himself. Age: The interest rate may also depend on your age. A greater interest rate might be applied to people who are getting close to retirement age. Relationship with the loan provider: Existing clients of the bank or financial institution could get lower interest rates. But, you need to have a strong working connection with the lender. But, the bank reserves the right to decide whether to give a good interest rate to all current customers. [B-02] Conclusion The best way to meet your short-term financial needs is with personal loans at cheap interest rates. Your reputation might benefit from a solid supplemental monthly payment, especially if it’s credit you don’t currently have. Check your credit record right away to see if the asset you’re thinking about acquiring receives information from all three credit reporting bureaus. You may use a personal loan to pay for anything, including your child’s wedding and a trip with your significant other. But it’s important to get a loan with a low-interest rate from Piramal Finance. You will find it simpler to make payments as a result. Therefore, picking the best price is crucial.
08-11-2023
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Personal Loan

Different Types of Personal Loans Available in India

Many banks and NBFCs offer loans for various purposes. Banks have many types of loans for specific reasons, such as cars, homes, education, etc. Then there are personal loans for weddings, trips, shopping, and other personal costs. A personal loan is entirely flexible, and several loans are available to meet the borrower’s various needs. These loans have different terms than typical personal loans that banks or NBFCs issue. So, what kind of personal loan suits you? We’ll be discussing different types of personal loans in this article. [B-01] What is a Personal Loan? Personal loans are unsecured loans. A personal loan is one of India’s most widely used types of loans. The accessibility of personal loans makes it simple to apply. The amount and interest rate of the personal loan depend on the lender and the borrower’s credit criteria. Eligibility for Personal Loans The personal loan eligibility requirements differ from one lender to another. However, the following are the standard eligibility criteria for a personal loan in India: Applicants for personal loans must be between the ages of 21 and 60. Should be an Indian citizen. Should have a minimum of 12 months of work experience. Should be employed at their current company for more than six months. Should have a monthly income of at least Rs 25,000. Different Types of Personal Loans in India in 2022 1. Medical emergency loan An unexpected medical emergency can put one in a difficult financial situation. The cost of medications, hospital stays, and other bills can add up quickly. A personal loan for a medical emergency prevents someone from giving in to financial pressure. Usually, this money is used to cover unforeseen medical costs. One may handle his/her healthcare expenses with an emergency fund from a personal loan. They can do so without emptying their savings. 2. Home renovation loan Personal loans for home renovations allow one to purchase new furnishings, appliances, etc., for his/her new residence. They usually do not need to submit any security for the loan, and the sum is generally relatively large. These loans have a higher interest rate than short-term loans, which makes them less preferred overall, although they can be used for emergencies. One can borrow up to 75–80% of his or her equity’s worth for home improvement loans. To get a loan, you have to show that you are eligible and have enough money to pay it back. 3. Education loan Higher education is often costly, and most people find it hard to bear the expenses. One might want to receive a higher education, but tuition costs and other expenses stand in the way. To overcome that, they can easily apply for a personal loan for education. They can use this personal loan for higher education instead of giving up the chance to study at the college of their dreams. The money from such a personal loan might be used to pay for travel, living expenses, and the entire cost of their course. 4. Wedding loan From the ceremony to the reception, a wedding requires a significant financial outlay. With low interest rates, borrowers can apply for personal loans for weddings between Rs. 25,000 and Rs. 3,000,000. Additionally, the loan has no additional fees. It can be applied for online with a quick loan approval process by completing a video KYC and uploading a scanned copy of one’s identification documentation. For many, traveling is one of life’s most revitalizing and fascinating experiences. Some people travel to get away from their boring everyday lives, while others do it to learn about new places, cultures, traditions, foods, etc. Many banks provide travel loans. One can use this money to enjoy their travel adequately. They can apply online for an instant travel loan of up to Rs 3,00,000 at low-interest rates with a quick and straightforward loan approval process. 6. Loan for debt consolidation Daily expenditures might trap one in a loop of only making minimum payments on their credit cards, adding up to a significant sum over time. A personal loan for debt consolidation is used to pay off debt with a more substantial balance. One can avoid paying high interest rates on credit cards and other loans by taking out this no-collateral loan. Many NBFCs and banks frequently offer secured and unsecured personal loans for debt consolidation. 7. Pension Loan Pension loan applicants must be retired professionals. As a result, the standard eligibility requirements do not apply to this personal loan. In this case, some banks offer this kind of personal loan several times the pension the borrower would have received in the month before applying for the loan. Pension proof must be provided for the personal loan eligibility calculation. Pensioners can borrow money for any purpose, including everyday expenses or medical costs. 8. Agricultural Loan It’s a personal loan to assist farmers with out-of-pocket costs associated with farming. Loans are typically provided by private banks in India. However, they may also be provided by other financial institutions. Due to the fact that farms often need money for these kinds of tasks, this type of loan is pretty common in rural areas. This loan has the significant benefit of not charging interest and having a longer period to allow them to pay it back. [B-02] Conclusion One can quickly get these loans if one knows where to look and has a decent CIBIL score. Obtaining a personal loan can be their best option if their credit is poor but not too poor to apply. Personal loans are beneficial because no security, such as gold or real estate, is needed. One can only get one loan at a time, because the 15% interest on a single loan goes up a lot when added to other debts. Moreover, one should research and apply only for the personal loan that suits them best. And visit our website to read more such blogs on loans and personal finances. They can also check out the housing and personal loan sections if they plan to get one.
08-11-2023
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Mutual Funds

How Can You Make The Best Use Of A Mutual Fund Return Calculator

Which platform is the best for investment? If sometimes you are having trouble remembering which investments offer rolling returns, point-to-point returns, annualised returns, and total returns, mutual fund return calculators will help you calculate the returns from mutual fund investments. Keep reading to learn more. [B-01] About mutual fund return calculators A mutual fund return calculator is a tool that helps investors determine their returns and the potential growth of an investment based on a certain investing plan. Mutual fund return calculators in India can assist investors in understanding how far they will be able to achieve their goals based on the planned amount of investment, time horizon, and rate of return. Investors in mutual funds should ideally take a goal-oriented approach to their investments. Mutual fund return calculators now come in two varieties: the lump sum calculator and the SIP calculator. Let’s find out more about the two in depth. How do you invest your money in mutual funds? Lump-sum calculator. Systematic investment plan (SIP). Lump-sum calculator A mutual fund involves making a single, large investment. Based on the performance of the fund, you will get returns that will compound annually until you redeem your investment. You may calculate the returns from your lump-sum investment using a mutual fund return calculator. How can a lump-sum amount be invested in mutual funds? You can set up a direct mutual fund investment plan with an asset management company. You have two options for investing: offline and online. You must give your local mutual fund branch confirmation of identity and residency, including two passport-sized pictures, as part of your KYC. An online platform can be used to invest in mutual funds. SIP calculator SIP is an additional method of investing in mutual funds. It helps people who lack the resources to invest a large sum. You can start a SIP in any mutual fund and continue investing a set sum each month, quarter, or year. With the help of mutual funds, you may invest your monthly savings and leverage the power of compounding to amass a sizable corpus over time. The SIP mutual fund return calculator can be used to estimate the returns on your SIP investments. How can you make a SIP investment in mutual funds online? Before investing in mutual funds, you must complete your KYC. Fill out the KYC application form online and then send it to the KYC Registration Agency (KRA) along with your ID and proof of address that you have signed yourself. The following action is to visit the fund house’s website and pick a mutual fund strategy that appeals to you. You can make the login information and then fill out the registration form with your name, phone number, and PAN card, among other things. After that, you give the specifics of your bank account and the SIP auto-debit amount. You can get to your mutual fund plan by logging in to the account that the fund house made for you. The SIP may be continued till the time limit is reached (you decide how long the SIP lasts). How is the SIP return calculated? Absolute returns, annualised returns, CAGR, and XIRR can all be used to compute SIP returns. But the most accurate method for forecasting SIP returns is CAGR. The compound annual growth rate, or CAGR, calculates the average yearly increase of an investment throughout the course of the investment. The following is how to calculate CAGR: CAGR = (ending value/beginning value) ^ (1/amount of months or years) – 1*100 When a withdrawal is made, the net asset value (NAV) equals the ending value, whereas when an investment is made, the NAV equals the beginning value. The investment lasts for a predetermined number of months or years. Advantages of using mutual fund return calculators Using an online mutual fund return calculator has a number of benefits. Even without making any investments, you can evaluate the profits from your lump-sum or SIP investments. This assists you in developing sound mutual fund investment strategies and setting realistic goals and objectives. You can choose whether lump-sum investments or SIPs are best for you based on the anticipated returns. Go for the former if you believe that investing a large sum is the best way to use your extra cash. Or you can begin a SIP if you believe you wish to invest less initially and continuously over time. Since the mutual fund return calculator makes it simple to alter the inputs, and you can compare several mutual funds based on their historical performance. You can also compare different investment plans based on different ratios of the amount you invest and how long you keep it to see which one best fits your needs. Most importantly, a mutual Fund return calculator spares you the trouble of performing intricate calculations by hand. Within a few seconds, you can receive an estimated return. [B-02] Summing up The purpose of this article is to give a comprehensive examination of mutual fund return calculators. Whether an investment is the best choice for you should be determined carefully. Users ought to always carry out their own research. Also, visit Piramal Finance for more in-depth financial knowledge.
08-11-2023
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