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Cards

How Can I Pay My Credit Card Bills Without Logging Into My Account?

In the financial world, a credit card is a very useful tool. Every bank offers its customers different types of credit cards. One of the most important aspects of a credit card is making sure you make your credit card payments on time. There are multiple ways to make a credit card payment and in the digital age, it is possible to easily make a credit card payment online. Even without logging into your account, there are easy ways to make timely credit card payments. These include simple online methods and offline methods for those who are not comfortable using internet-based tools for credit card payments. [B-01] Credit Card Payment Online We live in the age of digital banking. There are many ways that you can use online services and tools to make a credit card payment. Making a credit card payment online is easy and does not take much time. This is an important factor if you prioritise paying your bills on time to avoid penalties. Here are some common ways to make your credit card payment online: 1. NEFT You may have used the NEFT facility to transfer funds from your account. But NEFT can also be used to make payments on your credit card. Make sure that you are registered with your bank to use NEFT. Then log in to your account using your account ID and password. Under the section where you can add beneficiaries, add your credit card details. Use your name as the beneficiary’s name, and use your credit card number as the beneficiary’s account number. After adding this beneficiary, you can make credit card payments. 2. BillDesk You can use the payment gateway BillDesk to make payments on your card. It is easy to initiate the payment through the BillDesk website. Simply type BillDesk and the name of the bank into your web browser. The search results will display the link that will take you to the page for your bank. Once you land on the page, enter the necessary information, which includes the card type, credit card number, payment amount, and contact details. You must then choose the bank account from which you want to make your credit card payment. Enter the OTP, and your payment is complete. 3. Mobile Wallets and PayTm You can make your credit card payments through mobile wallets, which should support your bank and credit card type. Remember that you cannot use the existing money in your wallet to pay for your credit card. You can access the wallet to make payments through net banking, UPI, or a debit card. You cannot use your credit card to reload your wallet and then make a credit card payment. Use either the mobile app of your wallet or your web browser. To make the payment, you must link your credit card to your wallet. You must then enter the amount. The wallet will give you the option to make payments through your debit card or net banking. Credit Card Payment Offline If you do not want to access online methods to make a credit card payment, then you can use offline services. This is good for those who do not use online platforms. You can visit the nearest bank branch and make your credit card payment in cash. If you choose to do this, you will have to pay a processing fee. You can also choose to make a credit card payment through a cheque. Make sure that you write the credit card number on the back of the cheque. Then, drop the cheque at the nearest ATM. It takes almost 3 days to process this type of payment. Another method to make a credit card payment is by filling out an ECS mandate form. Once filled, you can submit it to the relevant bank. This method gives standing instructions to your bank to regularly make credit card payments. Customer Care Another method to make a credit card payment offline, without using any internet-based tools, is to call your bank’s customer care number. You must call the bank with which you have a savings account. The representative will guide you through the process of making a credit card payment. Not every bank will provide the service to pay your credit card bill using this method, so it is important to check beforehand with your bank if this option is available. Benefits of Making a Credit Card Payment Online Making credit card payments online appears to be much easier compared to the process of paying credit card bills offline. There are many benefits to making a credit card payment online, including some of these advantages: It is a very convenient way to pay your bills. For many, visiting the bank or an ATM can be time-consuming. The online facility makes it easier to pay your bill quickly. You can save on processing fees that are associated with offline bill payments. Paying online saves you the hassle of paying unnecessary charges. You can make quick payments on your bill. It saves you a lot of time, and you can be sure that you won’t face any delays that will cause you to miss your bill due date. Making online payments also offers you a chance to automate your payments. [B-02] Conclusion Paying your credit card bill is a major financial commitment. To avoid unnecessary charges, you must make timely credit card payments for your due amount. For those who prefer to use offline methods, there are various options, but there is always the risk that there may be delays with these payment methods. Making a credit card payment online, however, is instantaneous, and with a few clicks, you can receive confirmation that your payment is complete. Be sure to visit Piramal Finance for more financial guidance and advice regarding ways to make your credit card payments and more!
08-11-2023
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Personal Loan

Know Why NBFCs Are A Better Choice Than Banks For Personal Loans

When you are facing an urgent need for money, a personal loan can be a good option. You get the money quickly, and you do not need to use your savings. Also, there is no need to offer security to get a personal loan, and you can repay the loan through EMIs over a given period. While taking a personal loan, you need to decide on the loan amount, interest rate, and tenure. Though, there is one more factor that you need to consider. When you want a personal loan, you must decide if you want to get the money from banks or NBFCs. In recent times, NBFC companies have become a preferred option for people who want a personal loan. You can also opt for NBFCs rather than banks for your loan to get several benefits. Read on to learn why NBFC companies are better than banks for personal loans. [B-01] What are NBFCs? NBFCs, Non-Banking Financial Companies, are private entities that offer loan and credit services to people. They do not offer banking services as they do not have banking licenses. NBFC companies offer services like personal loans, business loans, home loans, etc. In India, public and private banks work under the Reserve Bank of India (RBI). While NBFCs, must register with the RBI, they operate as per the Companies Act. As a result, NBFCs have more freedom to decide their interest rates. They follow a defined internal system to decide the interest rates for various loans. Why are NBFC Companies a better choice for a personal loan? If you need a personal loan, opting for NBFCs can offer you better benefits than banks. Here are some of the perks that you can enjoy when you get a personal loan from NBFC companies: Online Process: All NBFCs are highly tech-savvy. They follow an entirely online process for personal loans. You need to visit the site or get the mobile app of the NBFC. Then you can finish your loan application in a few minutes. The entire process is online, so you need not go anywhere to get a loan. You need a smartphone or a computer with internet to get a personal loan from NBFCs. Quick Approvals: NBFCs are very quick to approve a personal loan. It takes a few seconds to get approval if you meet the set of rules defined by the lenders. After you give the docs and sign the loan form, they will send the money to your account in a few hours. If you have had an old relationship with an NBFC, then they can also offer you pre-approved loans. Low Interest Rates: While NBFC companies must register with RBI, they can decide their interest rates. Most NBFCs base their rates on the Prime Lending Rate. This allows them to be more flexible in terms of interest rates. Hence, you can get very good offers from NBFCs for personal loans. Flexible Rules: NBFCs are more flexible than banks when it comes to rules for a personal loan. While most banks need a CIBIL score of 750+ for a personal loan, many NBFCs can also accept a lower CIBIL score. Also, NBFCs are very flexible in terms of age, work experience, or monthly income. Eligibility: Banks offer personal loans only to salaried people, i.e., those who get a salary every month in their account. NBFCs go easy in this aspect as they also offer personal loans to shop owners or small business owners. Documentation: Most banks ask for a lot of docs to process a personal loan, but this is not the case with NBFC companies. They need only a few papers to move forward with the application. You may also submit scanned copies instead to make it a paperless loan process. Tenure: NBFCs are known to offer longer tenure to repay a personal loan. Most NBFCs offer tenure of between 60 and 84 months for a personal loan. On the other hand, banks usually cap their loan tenure at 60 months. After-sale services: NBFCs are well-known for their after-sales services. You can send your query to them through an email or make a phone call, and they will reply quickly. If your lender is a public bank, then be ready for multiple visits to the bank for every task. Offers: NBFCs run a range of offers during the entire year. You can benefit from such offers and reduce the loan cost by getting a waiver on processing fees or lower interest rates. Some NBFCs also offer great deals when opting for personal loan balance transfers. Online Access: You can access all details related to your loan using the website or mobile app of the NBFC. You need not visit the bank for any tasks and can sit in the comfort of your home and get your loan approved. Tasks like loan statements, applying for NOC, and making payments can be done easily without any hassles. Higher Amounts: NBFC companies also offer high loan amounts for their customers. If you meet their rules, they can give high-value loans in a quick time as compared to banks. If you need more money while the loan is active, you can also opt for a personal loan top-up. [B-02] Conclusion With so many perks on offer, it is no surprise that more people are opting for loans from NBFCs. If you want to get the best deal for your personal loan, then Piramal Finance could be the best choice. Do visit their website to understand the NBFCs and their benefits in detail. They have posted many informational blogs on their website, which can be helpful for any individual. You can also explore various products and services offered by them while visiting the website.
08-11-2023
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Personal Loan

Complete guide on how unemployed housewives can avail of personal loans?

Most homemakers today manage their houses and try to meet the demands of the members of the family. However, they, too, have demands that may be best met with a loan. Can a housewife get a loan if she doesn’t have a steady income? She certainly can! Personal loans for housewives can borrow against their assets. They can do so by submitting securities such as gold, real estate, or fixed deposits. These are known as secured loans. Some housewives may be able to make money while working remotely. It will help if they have an apt income and a strong credit history. In such cases, they do not need to offer any security to get an unsecured loan, such as a personal loan. [B-01] What are the advantages of getting a personal loan? Flexibility A bank loan allows you to repay whenever you choose as long as your payments are regular. Your payments should be on schedule. It has a major difference when compared to an overdraft. In the latter, full credit is taken out in one go. In the case of a credit card with a limit, it cannot be used all at once. Cost-effective Bank loans are the most lucrative alternative when compared to overdrafts and credit cards in terms of interest rates. Profit Retention When you obtain capital through equity, you must distribute earnings to shareholders. However, in the case of a bank loan raised funds, you are not required to share gains with the bank. Tax Benefit When a loan is taken out for business resolves, the government considers the interest payments a tax-deductible item. What do housewives need to get personal loans? If you want to take out a personal loan as a housewife, you must fulfil certain basic personal loan eligibility criteria. Your co-applicant must meet the below-given requirements – The age range is 22 to 58 years. Proof of monthly salary of not less than INR 15,000 is required. A full year of working experience is needed. It should be noted that these criteria vary from lender to loan. So, before applying for a personal loan from any bank, make sure you understand their requirements. What documents are needed? You must provide specific documents to obtain a personal loan as a homemaker. You must submit the below-given if the co-applicant is an employed individual – Photo ID Address proof Pay-slip Certificate of employment Latest financial records If the co-applicant is self-employed, you must submit the following documentation – Income proof Identity proof Address proof What are some options for personal loans for housewives? Check out the following list to know all about personal loan options for housewives. Personal loan via Co-applicant Personal loans for housewives can be applied for through a salaried co-applicant. The income of this co-applicant will decide the overall loan money. This co-applicant, like the housewife, would be held equally liable for achieving the loan EMIs. As a result, the homemaker must have a repayment plan in place. This prevents financial burden on the co-applicant. If the housewife lacks a partner to partake as a co-applicant for the loan, she might enlist the help of a guarantor. When applying for a personal loan, the guarantor must provide a written guarantee. They should guarantee they would return the loan if the housewife fails to fulfil her duties. Secured Loans An unsecured loan is one in which you are not required to pledge any security in exchange for the loan amount. The major of paid workers may simply obtain an unsecured personal loan. On the other hand, housewives do not have a regular source of income. As a result, they must qualify for a secured loan. A secured loan needs security against the loan amount as security for loan repayment. This security can be an asset such as a vehicle, property, bond, or home equity. If a housewife can provide such security, she can easily obtain a secured personal loan to cover her financial needs. Before filing for a personal loan, it is better to check its eligibility. Loan against gold Many Indian housewives get some gold passed down through the generations. It may also have been given to them when they married. This gold is rarely worn and is kept in bank lockers. This gold may be used to obtain a quick personal loan for a housewife. Many lenders in the market provide simple personal loans with gold jewellery as their loan security. Worse comes to worst, and if a homemaker can’t locate a co-applicant or a guarantor, she may always depend on her gold holdings to have her loan sanctioned. Supplementary Credit Card Such a credit card be added to your current card. You can transfer such credit to anyone in your relatives over the age of 18. This may include your parents, spouses, or kids. Also, the number of such cards varies per bank. It is limited to 3 to 5. A supplementary card provides the same benefits as a standard credit card. How long does it take for housewives to get their personal loans approved? How you make the loan request will decide loan acceptance. If you need money quickly and want your loan authorised and paid within a matter of hours, you could make an application online. If you request manually by visiting any of the lenders’ nearby physical locations, the loan approval and distribution procedure might take a few days. [B-02] Conclusion Even if you are a housewife with no regular income source, you can still apply for a personal loan. You can enlist one co-applicant. Go to the Piramal Finance website, and look into what they have to offer.
08-11-2023
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Personal Loan

Who Is India’s Most Preferred Lender for Personal Loans?

You can face an urgent need for money anytime and for any reason. It is better not to use your savings to pay for an urgent need. If you are unable to increase your savings to the previous level, you may face problems in the future. It is, therefore, better to apply for a personal loan to meet your needs. There are many banks and NBFCs where you can get a personal loan for any given purpose. You can apply for a personal loan online in a few steps and get the money in your bank account in a few hours. There is no need to offer any security to get the loan, and you need to repay the money in easy EMIs. But before you get a personal loan, you must opt only for the best lender. This will enable you to get a low personal loan rate of interest and a lot of other benefits. Read on to learn about the key aspects of selecting the best lender for a personal loan and how it will benefit you. [B-01] How to select the best personal loan? To make the most of a personal loan, you must apply for a personal loan after you have checked its key aspects. This will make the entire process easy to complete in a hassle-free manner. Here are some tips for selecting the best personal loan: Apply Online: In this modern era, you can finish every money-related task online. Then why run around applying for a personal loan? You must select a lender that allows you to apply online in a few simple steps. Most lenders have mobile apps or websites where you can apply for a personal loan in a few minutes. Personal Loan Rate of Interest: It is vital to ensure that the personal loan rate of interest that the lender offers is the lowest. This will directly impact your EMIs and the loan’s cost. You can repay the loan easily if you manage to get low interest rates. Other Charges: Many lenders charge a very high fee to process a personal loan. While this is a one-time charge, it can burn a hole in your pocket. So, select a lender who can waive the processing fee or levy a lower amount. Loan Value: There is no use in taking a personal loan if the amount does not meet your needs. It would be best to opt for a lender who can offer you the exact amount you need. This will ensure peace of mind as all your needs are taken care of. Quick Process: You need to apply for a personal loan with a lender that can process the loan quickly. As your need is urgent, you cannot wait many days to get the loan. So, opt for a lender that offers quick loan processing. Loan Tenure: You need to opt for a loan tenure that requires an EMI that you can easily afford. So, it would help if you looked for a lender with a low personal loan rate of interest and flexible loan tenure to reduce your EMI amount. Fewer Documents: Many banks have a policy of asking for too many documents to process the loan. When your need is urgent, you cannot arrange for so many papers. Please select a lender that requires minimal paperwork for a personal loan. India’s Most Preferred Lender for Personal Loans If you want to apply for a personal loan with the most preferred lender in India, then your search ends with Piramal Finance. It is a leading NBFC in India that offers great deals on personal loans. Some of the features that make their personal loan the best are as follows: No pre-payment charges: No fee is needed if you want to pay off the personal loan before the term is over. This benefit allows you to pay the loan with spare funds and get the NOC from them. In the end, you save on your interest costs. High-value loans: Piramal Finance offers flexible personal loans where the value ranges between Rs. 1 lakh and Rs. 10 lakhs. With such high-value loans, you can take care of any needs without using the savings. Fewer papers: They follow an online process for personal loans. This means you do not need to take printouts of your papers. Simply scan and upload the papers on the website or mobile app. They need very few personal documents when you apply for a personal loan. Quick process: Piramal Finance offers a quick process for personal loans. It only takes a few minutes to approve the loan and then a few hours to send the money to your bank. It is a great benefit in terms of urgency when you need the money quickly. Easy EMIs: With a low personal loan rate of interest and a longer loan tenure, you benefit from low EMIs. According to the loan agreement, the EMIs have to be paid every month. Such low-value EMIs do not put any pressure on your finances. Flexible Tenure: You can opt for a 12 to 60-month tenure. This allows you to choose a tenure with an EMI that is comfortable for you.You can thus repay the loan easily without any stress on your finances. Easy eligibility: You can be eligible for a personal loan if you have a monthly salary of Rs. 25,000 and a work experience of six months. Other eligibility points are also flexible, making it easy for you to get a loan. [B-02] With such great benefits, it is not surprising that Piramal Finance is known as India’s best personal loan lender. If you need money but are unsure where to turn, get in touch with their experts, who will guide you in the best possible manner. Opting for the best personal loan lender will surely benefit you.
08-11-2023
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Personal Loan

How to Compare and Apply for a Personal Loan Online in India?

If you need money to take care of urgent expenses and you are broke, you should consider applying for a personal loan online in India. Since many banks offer such loans, comparing and applying at the right place is important. Personal loans have much lower interest rates and are secured by your assets. This guide will help you learn how to pick the best online personal loan service and get the money you need as quickly as possible. This article explains how to compare personal loan providers and apply online, so you can start focusing on your finances once again instead of on paperwork and phone calls with other companies. [B-01] Types of a Personal Loan You can use the money for anything from buying a new car to paying off credit card bills, but it comes with an extra cost in the form of interest. The process is easy, quick, and convenient. Interest rates and guidelines depend on different banks and types of loans. Personal loans are available in a variety of forms depending on your needs.For Example: Wedding Loan Home Renovation Loan Travel Loan Debt Consolidation Loan Consumer Durable Loan Instant Personal Loan Personal Loan Top Up How to Compare a Personal Loan Online? In India, many banks, NBFCs, and private companies offer online personal loans. The interest rate, fees, and other terms and conditions are available on their websites. As a user, you can go on the lender’s site to find the best personal loan online. Understand your requirement Before applying for a personal loan, you must know your basic requirements. For example: Which type of loan do you need? How much money do you need? How long do you want the money for? What would be your maximum monthly income? How much money and interest can you pay every month? Do you have a regular income? Identify the total cost or interest When comparing personal loans online, the key differentiators are the interest rates, processing fees, stamp duties, and any other hidden costs. Before proceeding with your plans, consider the amount of the loan, the repayment period, and the permissible interest rate. Also, you need to understand the tenure of the loan. Look for a loan that offers the lowest overall costs, including fees and interest rates, to keep borrowing costs as low as possible. Go to the financial service website Finding a single bank’s website can be time-consuming and exhausting. So a better option may be to go to a trusted financial services website. Use their platform to compare offers from different companies. These platforms identify different banks, NBFCs, and fintech companies to collect the right information. They put all the required data in one place. So, it’s best to know your creditworthiness before searching for a lender and focus on those with better rates. Understand who you are For salaried people with good credit histories, you can consider Axis Bank, ICICI Bank, Kotak Mahindra Bank, and HDFC Bank. For self-employed borrowers, consider NBFCs. Or, you may want to leave your contact details and receive customer service-based phone calls based on which you can make an appropriate selection. How to Apply for a Personal Loan Online? Unlike a car loan or mortgage, a personal loan covers any personal expense and has a flexible end-use. So, it makes it an unsecured loan. Unlike other loans, the application process for a personal loan is fairly easy. Banks don’t need to assess the specifics of collateral or other security before they decide whether to give you one. There are various lenders available to apply for a personal loan online. These include nationalized banks, financial institutions, NBFCs, and fintechs.You can apply online with any of these lenders for fast personal loan approval on their official websites. Step 1: Go to the website You need to visit the lender’s website to apply for a personal loan. Understand their terms and conditions carefully before applying. Now you can sign up to create an account on their portal. Step 2: Apply for a personal loan To be redirected to the application page, enter “apply online.” Complete the fields in the form and enter your mobile phone’s One Time Password that will be sent to you. From there, you also need to fill out a form asking for your name, contact details, monthly income, etc. Step 3: Upload the required document Once this is done, the bank will call you or send an email asking for additional documents like an Aadhaar card copy, a PAN card copy, and address proof. You can submit these documents either through email or upload them on their website. Also, they need your income documents, income tax filing, and credit score. Step 4: Select the amount After completing your KYC, enter the personal loan amount that you want to borrow. Step 5: Waiting for approval Your personal loan online will be approved once all of the documents have been approved and all of the eligibility criteria have been met. Once these steps have been completed, the representative from the bank should call you with the updated loan approval and details about the wire transfer of the loan funds. [B-02] Conclusion On one hand, the expansion of unsecured lending has allowed loans to be fulfilled quickly, easily, and efficiently. Yet, care must be taken because the easy availability of loans can trap borrowers in debt for years or decades to come. Preparing a budget plan that includes the amount of money we might need in the future is difficult if you are careless. If so, it is advisable to go for a personal loan. A personal loan allows you to borrow money from a bank or non-banking finance company without pledging any form of security. But before applying for one, you can check out the Piramal Finance website to compare and apply for a personal loan online.
08-11-2023
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Personal Loan

Apply For A Personal Loan Online In A Few Minutes

Applying for a personal loan online has become fast and easy in today’s digital world. You can complete the entire process with just a few clicks and receive an approval within minutes. Checking for personal loan eligibility online has some advantages over traditional methods. One of the advantages is that you don’t have to tire yourself out by going from one bank to another looking for the best deal. You can compare offers from multiple lenders from the comfort of your home. If you’re considering applying for a personal loan online, here are a few things to remember. [B-01] Features Of Personal Loan A personal loan is an unsecured loan since it is not backed by collateral. This makes personal loans a good option for people who don’t have any assets to use as collateral. Personal loans can be used for various purposes, including debt consolidation, home improvements, medical expenses, managing a wedding, and planning vacations. The interest rate on a personal loan is typically lower than the interest rate on a credit card, making it a good option for people who are looking to reduce their debt.Applying for a personal loan online and checking personal loan eligibility is easy. You can check your eligibility without affecting your credit score, and your loan can get pre-approved in minutes. Once you have received the approval, you can choose the amount you want to borrow and a repayment schedule that works best for you. How to apply for a personal loan online? After you have decided to apply for a personal loan, the first step is to check your personal loan eligibility. An applicant with a high credit score is a favourite among lenders. A person’s credit score is determined by factors such as credit history and debt repayment record. A credit score between 800 to 850 (on a scale of 300 to 850) is considered excellent. If your credit score is low, you may still be able to get a personal loan, but you may have to pay a higher interest rate.The next step is to research lenders and compare the rates and terms before you decide which personal loan is right for you. Once you’ve found potential lenders, it’s time to fill out the loan application.Most online personal loan applications can be completed in just a few minutes. You’ll need to provide basic information, such as your name, address, and employment details. Additionally, you might have to keep documents about your income and debts handy during the application process. Once the application is submitted, it will be reviewed by the lender. If your application is successful, the loan amount will be disbursed to your bank account in a few days or hours. Who can apply for a personal loan online? Worried about whether you have personal loan eligibility? Salaried individuals between the age of 21– 60 with a minimum income of Rs. 25,000 per month can apply for a personal loan. However, the income criteria might change from bank to bank. You should be employed for a minimum of 6 months in your current workplace, which could be any of the following: Government Institution Private sector Public sector MNCs or related companies Partnership Firms Proprietorship concern When applying for a personal loan online, you should keep the following documents ready for verification. PAN Card Passport Driving License Aadhaar Card Voter ID Registered Leave and Lease Agreement Passport Driving License Voter’s Identity Card Utility bills Three months’ salary slips Bank statements from the last three months How to compare different personal loans? When looking for a personal loan, it’s important to compare your personal loan eligibility and offers from multiple lenders to ensure you’re getting the best rate and terms. Here’s a step-by-step guide to comparing personal loans: Check your credit score: Your credit score is one of the most significant factors lenders will consider when determining your interest rate. You’ll likely qualify for a lower interest rate with a high credit score. Know how much you need to borrow: Before shopping around for personal loans, it’s essential to know how much you need to borrow. This will help you narrow your options and find a lender who best meets your needs. Compare interest rates and fees: Once you’ve shortlisted the best offers, compare the interest rates and fees. Be sure to look at the Annual Percentage Rate (APR), which includes all charges associated with the loan. Consider repayment terms: When comparing personal loans, consider the repayment terms. Some loans may have shorter repayment periods, while others may have longer terms. Choose the loan that gives you the most affordable monthly payments based on your budget and financial goals. [B-02] Conclusion A personal loan is the most sought-after financial assistance chosen by people for various purposes. For instance, if you are looking for funding to help your child study abroad, you can apply for an educational loan. Many also fund their vacations with travel loans instead of exhausting their investments and savings. Applying for a personal loan online takes just a few minutes. Additionally, your personal loan eligibility can also be quickly checked online. Visit the Piramal Finance website to read more about personal finance.
08-11-2023
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Personal Loan

How Can You Apply For A Personal Loan In 6 Easy Steps?

Everyone wants to enjoy life. A person dreams of having a grand wedding, going on foreign trips, renovating their house into a grand one and more. But everything comes with a price tag. This only proves to be a hurdle on the path of your dreams. These days personal loans have become an easy option for fulfilling one’s dreams. It does not require collateral, and hence, it is an unsecured loan. The entire personal loan process has been made very easy and convenient. This can also be applied online. To see the process of how to apply for a loan, read further. [B-01] Simple steps for a personal loan 1. Eligibility criteria to be fulfilled To apply for a loan, 21 years is the minimum age. At the time of the closure of the loan, one must be, at most, 65 years. Indian citizenship and residency are needed. Required documents are to be kept ready. You must make sure that the documents are relevant and genuine. The application form must be rightly filled out and signed. 2. Calculate the EMI EMI must be calculated. To select the best personal loan bank, you must calculate your EMI. It depends on the tenure, interest rate and the original loan amount. These days you can easily find online EMI calculators. 3. Required documents must be checked and kept ready A passport-size photo is required. You need to make sure that the image is recent. Application forms must be correctly filled out for a smooth personal loan process. Age proof needs to be provided. It can be a PAN card, passport, or certificate from a statutory authority. Identity proof is needed. It can be a voter card, driver’s license, PAN card, or passport. Address proof is required. You can choose from documents like an electric bill, telephone bill, passport, ration card, driver’s license, passbook, bank statement, or rental agreement. The past 3 months’ salary slips are needed. One can also provide the last 6 month’s bank passbook or statement. Form 16 is needed. Income tax returns are required. A check for the processing fee is also needed. 4. Filling out the application form There is an application form that needs to be filled in. It requires financial details, employment details, personal details like age, address, etc., place of work if a person is salaried, or company details if a person is self-employed. These forms are available offline as well as online. The process of filling up the form online is as follows: You need to choose the best personal loan bank for yourself. Then, visit the online application page. You must select a suitable option: salaried or self-employed. You will be directed to an application form. The phone number needs to be entered rightly. An OTP of 6 digits will be sent on the phone that needs to be entered. You need to fill in the personal details and then enter the next page. Employment details are needed to be filled in as instructed. The next step will ask for bank details. Few scanned documents are required in this process; in the next step, those documents are to be carefully uploaded. 5. Tenure and loan amounts are to be selected It is vital to enter the desired amount while filling up the application form. Institutions offer loans based on certain factors. They check financial information, personal details and documents provided, and any outstanding debts. Then, they offer tenure for repayment and interest rate for a personal loan. The interest rate can vary, depending on what purpose you are taking the loan for. Researching and selecting the best personal loan bank is wise to ensure good service. 6. Submission of documents and approval of the application form The type of document that is needed can vary between different financial institutions. The lender requires these documents to determine a person’s loan eligibility. The lenders verify all the documents and only then approve the loan. The amount is later disbursed in 3-5 business days. What is a credit score? Why is it important? A credit score shows a person’s creditworthiness. It is a 3-digit number. When applying for a credit card or loan, this is the first check of the personal loan process. It is the indicator of whether a person is going to be a defaulter. You must maintain your credit score. You need to pay off all credit card bills on time, check credit reports correctly, and keep credit utilisation below 30%. A credit score that is above 750 is considered to be healthy. The lenders merely offer loans to them. You get various benefits for having a good credit score. You are offered lower interest rates. You can also get better terms on credit products. It improves the chances of a loan or credit card application being approved. You get the benefit of a high credit limit. You can also become eligible for pre-approved loan offers. [B-02] Conclusion The personal loan process has been made very easy these days. You can easily apply for a loan online. With various tools like EMI calculators, it is easy for borrowers to plan their loans properly. If you need to apply for a personal loan, then the 6 simple points mentioned above need to be followed. If you are looking for a loan option, then Piramal Finance is a good personal loan/financing option. They have great blogs concerning the personal loan process.
08-11-2023
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Personal Loan

How much personal loan can you get on a salary of Rs. 50,000?

A personal loan is emergency money you can get. Banks give personal loans by interest. There will, however, be a few instances when you might need more money. There can be any reason for the same. Many banks give personal loans by keeping something. This is known as the security or collateral pledged to the bank. This may be your property or any other asset that you own. As humans, we might fall into unprecedented situations more often than not. These are times when personal loans come to your aid. Getting a loan accepted can be hard. A lot of things control how much money one can loan. The important factors are your income and credit score. Your monthly payment is given greater weight since it helps banks calculate your ability to repay on time, thus, removing the danger of risk. [B-01] But how can you get a personal loan? What are the minimum things required to get a personal loan? If you have these questions, don’t worry. This blog is sure to help you. The things that are required to get a personal loan are covered in the blog. Now, before knowing how you can get a personal loan, let us see the minimum criteria you must fulfil to get a personal loan. The loan applicant’s age must be between 21 to 60 years Your income should be at least Rs. 25,000 A business owner can also get a personal loan depending on the size of their business The applicant should have one year of working experience in the field they are working in. If you are a person who can get a personal loan based on the things above, then you must further, fulfil the following requirements: You must possess an aadhar card, pan card, passport, and job form. Also, you should know the interest rates that many banks in India give. The lesser the interest rate the more you will be benefited. To apply for a personal loan, you can directly go to the bank. You would then need to fill out a paper form and submit it to the bank. If you are eligible for a loan, going to the bank would be the next step. Another way is to apply online. For that, you should visit the bank’s website. On the bank website, search for the “loan” option. There, you may find many options for a loan. You can choose a personal loan as per your requirement amongst the same. How can a self-employed person get a loan without ITR? Self-employed people do not have a job as they run their businesses. So, the income is not fixed. Getting a loan for a self-employed person is hard but not impossible. If a person provides proper documents, then they can get a loan. The loan amount depends on your business and your past bill payments. If you have a good credit score, you can get a loan easily. Personal Loan For Self Employed Without ITR Yes, People can get a personal loan for self-employed without ITR. But that depends on the size of your business. Generally, it is a risk for loan providers. The risk here is self-employed people do not have fixed salaries. Because of this, the loan process becomes lengthy. One must follow the given steps to get ITR free loan. 1. Have a secured loan A personal loan is always insecure. You have to keep your property against the loan. Without ITR, it may be a risk. 2. Pay your payments on time Always have a good credit score. It is a commonly known fact that a good credit score is required. 3. Have a good relationship with the bank. You can do this by handing out your payments on time. This will create a credit-worthy image. What is the personal loan limit you can get? At this point far in the blog, you must have understood that people usually take personal loans for a cause. The cause can be any unplanned reason. Banks determine how much money you have by subtracting your total net profit from your fixed monthly bills. This tells how much you are capable of repaying. Following that, the ability of this disposable income to cover loan bills is determined. The desired appropriate FOIR ratio is between 40% and 50%. The FOIR ratio should be as low as possible. However, the FOIR ratio might rise to between 60% and 70% for high earnings. As told above, personal loans have a limit. But you can extend the limit. You can improve your loan limit with a good credit score. And also paying your bills on time. Having a good credit score makes the process easy. Also, it makes the process faster. At the same time, it improves the limit of loans. Paying your bills on time also improves the limit. Let us see fee few things that are important for a loan. 1. Income Your income is an important factor for a loan. The higher your income is, the higher the loan value you can apply for and get. If your income is good, you can get a loan quickly. 2. Credit score Every person has a credit score. If your credit score is more, you can get a loan easily. The process also becomes faster. You can increase your score. To do this, you should pay your bills on time. 4. Job You must have a job to get a personal loan. Your job determines your income, and it eventually affects your loan. The better the job, the higher your income will be. If you have a good job, you can get loans with higher value. 5. Age Age is also important for a loan. A person between the ages of 22 and 60 can get a loan. 6. Bank All banks have their own rules. We must follow the rules to get a loan. [B-02] Conclusion So, from the above blog, the rules and procedures for getting a loan might be clear. You can get a loan if you follow all the rules. It is easier to get a loan if you have a good credit score and a job. Being self-employed, you can get a loan without filing an ITR.
08-11-2023
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Personal Loan

All You Need To Know About Retired Pensioners’ Personal Loan Scheme

The requirement for finances might come up at any time. Personal loans are extremely useful in times of financial need since they are not attached to any specific purpose. Although personal loans are widely available on the market, retirees may have a more difficult time obtaining approval. Banks view elderly people as having a higher risk and are less inclined to give loans to senior citizens. However, retirees with a pension remain in a better position. Listed below are a few top banks that provide pension personal loans to retirees. [B-01] State Bank of India Retirees may have financial needs that require them to take out a loan. The State Bank of India (SBI) offers loans to retirees to fulfill these needs. This loan is available to government retirees (state or central) or defense retirees under the age of 76. They must obtain their pension from SBI, and the loan can be obtained from any branch. Features of an SBI Personal Loan for Pensioners The processing charge is less, and there is no processing cost for military retirees. The loan processing is fast. The loan has no interest charges. If a person increases the credit on their loan account, the loan burden and loan interest will be reduced. The minimal loan amount for Central Government workers is Rs. 25,000, and the highest pension period is 18 months, with varied top limits for different age groups. The lowest loan amount for defense is Rs. 25,000, and the maximum is for 36 months, capped at Rs. 14 lakh for pensioners under the age of 56. There is also an 18-month pension with a varied maximum cap for various ages. The repayment time is specified according to age. Eligibility Criteria The maximum age for government (central and state) pensioners is 76. Individuals eligible for defense pensions must have served in the armed forces (CRPF, CISF, BSF, ITBP, Assam Rifles, Rashtriya Rifles, or Coast Guard). The principal pensioner’s spouse may get the pension after their death. Their age should not be over 76 years. Interest Rates The interest rate on the SBI Loan for Pensioners is 3.80% higher than the two-year MCLR. It is presently 11.45% per year. The processing charge for government (central and state) pensioners and family pensioners is 0.50% of the amount of the loan. GST (which is subject to a threshold of 500 and extra applicable GST) will be added. Defense pensioners pay no processing fees. Those who repay the loan before the expiration of the term must pay 3% in prepayment costs. Central Bank of India The Central Bank of India Personal Loan to Pensioners is a financing product offered by the Central Bank of India to provide financial assistance to pensioners. A pensioner can apply for a personal loan. As a result, individuals have an avenue to use the pension personal loan for any personal needs such as medical bills, wedding expenses, and so on. The loan amount offered by the Central Bank of India Personal Loan to Pensioners can be used to fulfill any financial costs or personal emergency needs that an individual may have. This loan may also be used for healthcare crises, house renovations, family vacations, and other similar purposes. Eligibility Criteria The applicant must be a family pensioner getting their pension from a Central Bank of India branch. Forms of Financing Offered The loan might be disbursed in the form of a term loan or an overdraft. Pensioners below the age of 75 will get an 18-month pension, with a limit of Rs. 50,00,000. Pensioners over the age of 75 will get a 12-month pension, capped at a maximum of Rs. 2,00,000. Interest Rates The interest rate will be the base rate of 9.70% + 2.00%, for a total of 11.70%. How to Apply People may apply by downloading the forms from the website and submitting them, along with supporting documentation, to the nearest Central Bank of India branch. The registration form may be obtained online; however, the applicant must visit the branch with the completed form and documentation. The Central Bank of India Personal Loan to Pensioners can be availed of as a personal loan for doctors who receive a pension as well. Bank of India This is a unique lending program available to people getting a routine pension through a Bank of India branch. Unsecured Loans Unsecured loans can be used to cover wedding expenses, medical bills, and education expenses for oneself, one’s spouse, one’s child, or close relatives. The loan amount may also be used for home repairs, renovations, extensions, or other personal needs. If the borrower chooses an unsecured loan, an undertaking will be sought from the borrower indicating that the cash was used for the stated purpose. Secured Loans A secured loan may be used to pay off an existing mortgage or to buy consumer goods, computers, or professional equipment. Proof of receipt for incurred expenses must be acquired. Eligibility Criteria The BOI Loan for Pensioners is available to monthly pensioners or family retirees who get a regular monthly pension from the branch. It is also available to retired employees who did not lose their jobs or have to retire because of their age. Forms of Financing Offered BOI gives loans in the form of a demand loan, a term loan, or an overdraft that can be reduced based on when the loan is paid back. Interest Rates The interest rate on the Bank of India (BOI) Loan for Pensioners is the base rate + 2%. The base rate is 9.70% plus 2%, for a total of 11.70%. If the collateral is available and worth more than 25% of the loan, the person will receive a 1% interest rate reduction. The highest allowable base point for 1% security is 100. [B-02] Conclusion Pension personal loans can fund personal necessities. If the conditions are favorable, the bank from which the individual gets the pension will provide a loan. These loans may be used to fund almost any need a person has. Visit Piramal Finance for more information on retired pensioners’ personal loan schemes.
08-11-2023
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