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Personal Loan

How Can a CA Avail of a Personal Loan in India?

CAs, or chartered accountants, are financial guides in layperson’s terms. A CA’s business is basically about providing services. They audit accounts, provide advice, and prepare reliable financial records and information for their clients. Some prefer to join firms or companies to work. And others choose to work individually and have their own setup. The number of industries and establishments has increased with today’s growing economy. Both large establishments and self-employed individuals need the services offered by a CA. This is why CAs are also looking forward to expanding their businesses. Hence, banks and other financial institutions have come up with loan offers specifically designed for CAs. They are also entitled to many personal loan offers. This article goes on to explain in detail how a CA can take advantage of this service. [B-01] Who can apply for a chartered accountant’s loan? CAs who are self-employed CAs who are salaried CA companies and firms What are the eligibility criteria for applying for the loan? The eligibility criteria needed for availing the personal loan offers are: One must be an Indian citizen The minimum age should be 21 and at most 65 A minimum of 3 years of working experience is needed What documents are required? The documents needed for availing of this type of personal loan are: ID proof is needed, e.g., a PAN card. Address proof is required, e.g., an Aadhar card. Address proof of the business/company is needed, e.g., a rent agreement, electric bill. Financial documents are also required, e.g., a bank statement or an IT return. Also, proof of professional qualification is required. What features are available for the chartered accountants for the loan? Quick processing of loans without any hassle: The entire process of applying for a personal loan has been digitalized. One needs to fill out a form where one needs to provide basic information. It hardly takes 10–15 minutes. Document submission can also be accomplished digitally. For the verification process, personnel visit the borrower to check the authentication of the provided documents. It is an unsecured loan: A CA’s work is basically service based. Hence, the loan offered is based on the credit score and academic merits of individuals. These loans are therefore unsecured. In comparison to other types of personal loans, the processing for this one is quicker. That is why they offer a more favorable interest rate. Very less documentation: Even though this is an unsecured loan, only a few documents are required. The ability to digitally upload documents is now available. Later they are verified. The process of verification is a door-to-door service that the banks or other financial bodies perform. Payment options are flexible: The tenure for such loans is 1 year to 5 years. However, they follow the Equated Monthly Instalment (EMI) schedule. Depending on what kind of financing is availed, a preferable repayment tenure is chosen. The processing fee, on average, is 2% across banks and other financial institutions. Certain banks and financial institutions might charge a minimal rate for providing online services. Loans are provided by financial institutions and banks up to Rs. 35 lakhs or Rs. 50 lakhs. The entire process has been made so that the loan is advanced within 24 hours. What is the process for applying for a personal loan for CAs? One needs to either visit the nearest branch or the website of the chosen bank or financial body. One must check to make sure that they are eligible to apply for the loan. The loan application form must be properly filled out and signed by the customer. Loan details must be specified correctly, i.e., the tenure and total amount required must be given. Documents that are required must be scanned and uploaded. Post verification, the amount gets transferred to the customer’s bank account, and they can now take advantage of the personal loan offers. What are the many reasons to take a personal loan for a CA? Banks and financial institutions have designed personal loans for CA to meet their specific requirements. CAs or such firms prefer to take a loan to support and extend their setup and boost practice. A few reasons why this loan is being taken: To purchase and establish a new and better office space. Many want to renovate the working space that they already have. Office infrastructure is also important to draw clients. As a result, some people decide to upgrade. To scale up the operations. To meet the requirements of working capital. For increased workload, they need to hire new staff, so for that purpose, a loan can be taken. To pay the overhead costs. Other than personal loans, what other loan products are offered to CAs? The personal loans offered are quite similar to business loans extended. But, the interest rate is comparatively higher. Personal loans for CAs are offered digitally. The process of documentation and sanctioning is simplified. The other loan products offered are: Business loans designed for CAs. Home loans are designed for CAs. A loan was taken against property for CAs. [B-02] Conclusion Up until now in this article, all the details required to apply for a personal loan for CAs have been discussed. There are many personal loan offers and features that they get to experience, which have been explained. The eligibility criteria and application process have also been clarified. If a person needs a financial guide, then “Piramal Finance” is a good personal loan/financing option for buyers. They have great blogs, too, that are there to help people.
08-11-2023
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Personal Loan

An Overview of Personal Loan Terms and Conditions

Personal loans have grown in popularity because they can be used for almost any purpose. They are very easy to get and require a few documents. Many institutions give personal loans via online or offline means. The personal loan application forms come with a document stating the personal loan’s terms and conditions. You should keep this document for future reference. It contains vital information regarding the loan you have obtained. If you have a question, there is a strong chance the terms and conditions will have the answer. [B-01] What is a Personal Loan? Personal loans are mostly unsecured loans. This means they have no collateral. As a result, they have higher interest rates than secured loans. Banks, lenders, and credit unions offer this type of loan. They are very flexible and can be used for a variety of things. Depending on the lender, one may be able to borrow a substantial amount. Personal loans usually have short or mid-term payment terms. One’s credit score, credit history, and income are all factors that affect how much one can get and the interest rate one pays. Personal Loan Terms and Conditions Here are some personal loan terms and conditions that you should be aware of: The Credibility of the Lender Many monetary firms give personal loans at fair rates. Some make enticing offers and force people to accept them right away. It is very useful to sign a contract using the phone. But, you must be extra careful about who is offering to lend. Read the fine print to make sure the lenders you are trusting are not scamming you. Be Aware of The Interest Rate This section covers the amount of interest you will pay on your loan. It contains data on the interest rate as well as the Annual Percentage Rate (APR). The interest rate is included in the annual percentage rate. But, it also contains lender fees and other charges. When it comes to personal loans, the interest rate is always the appealing factor. But, the flat rate that is given to you might be tricky. This is due to the chance of hidden fees in the offer. It would raise the interest rate. Prepayment Details Personal loans have prepayment fees. It is also known as foreclosure fees. Lenders will charge you this fee if you pay off your loan early. If you are planning to use this option to pay off your loan early or expect to be able to pay off the entire amount after a specific event occurs, you will have to incur a penalty. In this case, you will need to fully grasp the penalty charges. You should choose a lender with low or no foreclosure fees. Prepayment is a positive step toward paying off a loan But, be aware that most lenders will not provide this option until a certain number of EMIs have been paid. Hidden Fees Personal loans have extra charges apart from the rate of interest. There is a processing fee, insurance fee, service fee, and other miscellaneous charges that are not usually explained. It’s also critical to check these charges. After your loan is approved, most lenders debit the processing fee from the loan amount. They deposit the rest of the money into your bank account. Also, the final monthly EMI might include extra charges. These charges are usually explained in the personal loan terms and conditions. You will also find various penalty fees you might incur and when. Make sure you understand all the charges you will have to bear. Loan Usage You should check to see if the loan agreement states what you can and cannot do with the personal loan. Generally, it should state that one may use it for any legal reason without restriction. However, if it states that it cannot be used in some cases, the person should be aware of this before signing. Say No To Faulty EMI Schemes There are some eye-catching zero-interest EMI schemes. These are very popular among people. People believe they will not have to pay any interest on the product they buy. This is a very well-thought-out scheme that has puzzled many. They are unaware that they are being fooled into taking out what appears to be an interest-free loan. Such products have high processing fees, flat fees, administrative costs and so on. People should go over the loan agreement with a fine-tooth comb. They should ensure that they fully grasp the terms and conditions before signing. Personal Loan Documents A lender will need KYC (Know Your Customer) documents. It includes a driver’s licence, voter ID, Aadhar card, and so on. Aside from that, salary slips and bank statements would be needed. As a result, when applying for a personal loan, you must have these documents on hand. [B-02] Conclusion A personal loan can now be obtained quickly and easily. The loan application process can be done online from the comfort of your home or office. Most loans can be availed within minutes of being approved. Checking all personal loan terms and conditions thoroughly may be time-consuming and stressful. But, it is a valuable practice that will benefit the person in the long run. Be sure to properly read the fine print before signing the document. One can visit the Piramal Finance website for more details related to a personal loan’s terms and conditions. They can also explore their products and services.
08-11-2023
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Personal Loan

Best Personal Loan for Travel in India

The economy is starting to recover after the tough times caused by COVID-19. Many businesses are reopening, and one of the sectors bouncing back is tourism. People have spent too much time at home, and many are eager to travel again. If you worry about money for your travels, personal loans can help. What are travel loans? Travel loans are a type of personal loan specifically used for traveling. Many banks and financial companies provide these loans for both local vacations and trips abroad. The interest rates for travel loans start at 10.75% per year, and you can repay them over a period of up to six years. You can borrow as much as Rs. 40 lakhs. Why should you take personal loans? Here are some reasons why you may consider getting a travel loan: - You don’t want to pay a lot of money for a fancy vacation. - You want to spend time with your family and don’t want to wait to take a trip because you don’t have enough money. - You prefer not to sell off your savings or investments, like fixed deposits or government savings schemes. What should you know before taking personal loans for travel? If you are thinking about taking a travel loan, here are eight important things to keep in mind: 1. Online process: You can apply for a travel loan online without having to go to a bank. You can find all the information and complete your application from home. 2. Unsecured loan: Travel loans do not require you to offer any assets, like property, as security. You don’t need a guarantor either to get the loan. 3. Straightforward process: The entire process of applying for and getting the loan is simple and digital. You can track your application online, and only a few documents are needed, which can also be submitted digitally. 4. Limited amount: Since it is an unsecured loan, you cannot borrow any amount you want. The amount you can get is based on your monthly salary, credit history, and job type. 5. Flexible uses: People often think travel loans only cover flight tickets, but they can actually be used for other travel costs too. This includes hotel bills, sightseeing expenses, meals, and even shopping on your trip. 6. Low-interest rates: While using a credit card can be quick, the interest rates and fees for credit card loans are generally higher. In comparison, travel loans can be obtained at lower interest rates, allowing you to borrow more. 7. Flexible repayment time: Travel loans offer flexible repayment options. You can choose to repay the loan in easy monthly installments (EMIs) within 12 to 60 months (1 to 5 years). If you want to pay off your loan earlier, you can do so without a penalty. 8. Easy repayment: You can repay your travel loan through electronic payments or by sending post-dated cheques. You can also set up a bank transfer to automatically pay back the loan. Which are some of the best personal loans for travel in India? 1. HDFC Bank Travel Loan: HDFC offers personal loans with low-interest rates. They accept different payment methods like cash, checks, and online transfers. There is a processing fee of 2.5% of the total loan amount. 2. Tata Capital Travel Loan: Tata Capital can transfer the loan amount to your bank account within only two days. You can qualify if you have a monthly income of at least Rs. 20,000. There is no need for any extra security to get this loan, and the processing fee is 2% of the loan amount. 3. Axis Bank Travel Loan: This travel loan has a two-month pause period, meaning no EMIs are charged for the first two months. It is available for salaried individuals with a minimum monthly salary of Rs. 15,000. The processing fee is determined by the bank. Conclusion Now that you understand travel loans better, you can think about using this option to help fund your holiday, whether it’s domestic or international. Check out the Piramal Finance website to see their services and learn more about the terms of loans available.
08-11-2023
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Personal Loan

How To Get A Personal Loan & What Documents You Need

Thinking about taking a trip abroad or maybe organising the ideal wedding? Make use of a personal loan to realise your goals. A personal loan typically does not demand collateral or security and has flexible repayment periods. Here are the six steps for obtaining a personal loan. We’ve got all the information you need, including what paperwork is needed and how to apply for a personal loan: [B-01] Step 1: Determine what you need Determine your requirement for a personal loan and the amount you require. You might require a loan, for instance, to pay for your wedding or to repair your house. Step 2: Verify your eligibility Once you are aware of your needs, you should determine your eligibility. To find out how much you can borrow as a personal loan, go to the loan provider’s website and use the personal loan eligibility calculator. Step 3: Verify your credit report Most lenders will run a credit check on you to assess your likelihood of repaying your loan. Even though some Internet lenders have begun to consider alternative credit information, they will normally still consider your credit score. You need at least a fair credit score, which is normally between 580 and 669, to qualify for the finest personal loans. However, you’ll have the best chances of being authorised with a reasonable interest rate if your credit score is good or exceptional and is above 670. If you have a low credit score for some reason, you may still be able to get a loan. You should work on your credit history first if you want to apply for a loan and if you think the interest rates and fees are too high. Step 4: Figure out EMIs If you want to estimate how much you’ll have to pay back on your loan each month, you may use an EMI calculator to help you out. Using a tool like a personal loan EMI calculator, you may adjust the loan’s interest rate and term to best suit your budget. Personal loans from today’s financial institutions come with affordable monthly payments. Step 5: Visit the bank You can visit the bank branch for offline documentation. A personal loan from the bank can also be made through several other channels, including net banking. Step 6: Submit the paperwork Next, learn what proofs are needed to secure a personal loan. You’ll typically need to provide evidence of your identity, residency, and income (such as pay stubs, bank statements or tax returns). Give the bank your duplicate personal loan paperwork. Patiently anticipate the arrival of the money in your account. Loans accepted are typically disbursed within seconds to customers and within hours to non-customers. That’s it; in only six simple measures, you can secure a personal loan! So, what are you waiting for? Get a personal loan today! There is a wide range of interest rates for personal loans. The interest rate on your loan will be determined by several factors, including the loan amount you request, your credit history, and the time you take to pay it back. Your personal loan’s interest rate can be cut if you continue to have a strong credit score and solid working connection with your lending institution. Why Might You Need a Personal Loan? To what ends can one take out a private loan? There are few restrictions on how a personal loan can be used because it does not require collateral like a car or a home loan. It has a wide range of potential applications, including debt consolidation (whether from other loans or credit cards), making large purchases that require a large amount of money upfront, and emergencies. It can’t be used for gambling or buying stocks on the speculative market. Personal loans are frequently used to cover unexpected costs in areas such as education and travel and for large purchases like furniture, automobiles and home appliances. If the rate of interest on a personal loan is lower than the rate on a car loan, it can be used to purchase a vehicle. Therefore, a personal loan can be useful for many purposes, including covering both anticipated and unexpected costs. Documents Required To Apply For Personal Loan To get approved for a personal loan, you’ll need to provide documents that banks and other financial institutions often need. What you’ll need to apply with can vary from one lender to another. The lending institution may request extra paperwork after you submit your application. You may be asked to provide supporting documentation, such as a copy of your driver’s license, a recent pay stub, or proof of residency. If additional paperwork is required from you, the lender will let you know whom to send it to and what it is. The quicker you can offer the details, the quicker a decision can be made. If more information is needed, you should be ready to provide it during the application process. You can speed up the application process by having your W-2s, salary stubs, proof of residency, driver’s license information, and other required documents on hand. To acquire a rapid decision from your lender, it’s important to submit all required paperwork as soon as possible. You’ll need the following documents for personal loans: RequirementsSalaried individualsSelf-employedIdentity proofPassport, Voter’s ID, Driving License, or PAN CardPassport, Voter’s ID, Driving License, or PAN CardResidence proofPassport or utility billsPassport or utility billsIncome proofBank statement of salary account for the past two yearsCurrent and prior year’s audited financial statements These are the items a lender will require to approve a personal loan for an NRI applicant: Visa and passport photocopy copy. The HR department’s or your official email address. Pay stubs and a pay certificate. Documentation showing 6 months of NRO/NRE account activity. Documentation of your person, your residence, your income, and your assets. Pictures of you and your guarantors taken within the past year in passport size. [B-02] Conclusion Want to apply for a personal loan? You can begin right now by contacting Piramal Finance. Finding the right personal loan product can be difficult because there are many lenders to select from. Get in touch with Piramal, and our experts will help you get a personal loan with the best interest rates in minutes.
08-11-2023
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Personal Loan

Unsecured Loans: Apply for Unsecured Personal Loan Online

An unsecured loan is a type of loan that does not require any security or collateral. In other words, if you default on the loan, the lender cannot seize your assets or property. Applying for an unsecured personal loan online is a simple and convenient process. Many lenders offer this type of loan, so you should compare all available offers before picking a lender. This blog aims to provide helpful information about unsecured loans — from how to apply for an unsecured personal loan to what to expect in the application process. [B-01] What are secured and unsecured loans? A secured loan requires the borrower to pledge some asset (e.g. a car or property) as collateral for the loan. It gives the lender a security interest in the asset until the loan is repaid. An unsecured loan is not backed by any collateral; the lenders’ only recourse in the event of default is to attempt to recover the debt from the borrower through legal action. Home loans, gold loans, loans against property, etc., fall under the secured loan category, whereas personal loans, term loans, and home renovation loans are all unsecured loans. Benefits of an unsecured personal loan When you want to finance a large purchase or consolidate debt, an unsecured personal loan could be a good option for you. Unsecured loans do not require any collateral and can often be obtained with competitive interest rates. Here are some other benefits of an unsecured personal loan:No collateral required: As mentioned previously, unsecured loans do not require any collateral, so you will not have to put up your home or car as security for the loan.Flexible repayment terms: Repayment terms for unsecured loans are often more flexible than those for secured loans, so you can choose a plan that fits your budget and financial needs.Competitive interest rates: Interest rates on unsecured loans are typically lower than those on credit cards so that you can save money on interest charges over the life of the loan.Fast and easy approval process: Unlike some types of loans, such as a home loan, which can take weeks or even months to get approved, unsecured personal loans are generally approved within hours to a few days. An unsecured personal loan could be a good option if you want a loan to finance a large purchase or consolidate debt. How to apply for an unsecured personal loan online? To apply for an unsecured loan online, you must first find an online personal loan lender that offers unsecured personal loans. Then, complete their online application form with your basic information. The information you submit should be accurate, as the lender will use this to evaluate you as a potential borrower. Once you submit your application, the lender will review your information and decide whether or not to approve your loan. Upon approval, you’ll have the funds in your account promptly. In some cases, you may even be able to get your money on the same day that you apply! What are the risks of an unsecured personal loan? Here are a few things to be careful about with unsecured personal loans:Default: If you fail to make your loan payments, the lender can take legal action against you. It could impact your credit score or result in the court withholding your earnings.High-interest rates: Unsecured personal loans typically have higher interest rates than secured ones, which means you’ll pay more interest. The interest rate is generally between 10.5% to 24% per annum and can vary based on income, age, and relationship with the lender.Short repayment terms: Many unsecured personal loans have additional charges and shorter repayment terms than secured ones, making repayment difficult and unmanageable for the borrower. In most cases, short repayment terms are between 6 and 18 months. How to compare unsecured personal loans? When taking an unsecured personal loan, comparing offers from multiple lenders is essential. There are a few things to keep in mind when doing this:The interest rate: This is the most crucial factor when comparing loans, as it determines the total repayment amount. You should compare APRs (Annual Percentage Rates) and not just the interest rates, as this takes into account any fees the lender may charge.The repayment term: This is the length of time over which you will repay the loan and will also affect the total amount you pay back. A longer repayment term will mean lower monthly payments but a higher total cost, while a shorter term will be more expensive overall but may be easier to manage financially.The loan amount: The loan size will also affect your decision, as different lenders may have different limits. Make sure to compare offers from multiple lenders to find the best deal for the amount you need.Your credit history: Your credit score plays a significant role in determining the interest rate you are offered, so it is worth checking your credit report before applying for loans. If you have a good credit history, then you should be able to get a better deal. A credit score between 670 to 739 is considered good.By considering all of these factors, you should be able to find the best secured and unsecured loan for your needs. Now that you know quite a lot about unsecured loans let’s look at some common questions about them. Frequently Asked Questions On Unsecured Personal Loans 1. How can I use an unsecured personal loan?An unsecured personal loan can be used for many purposes, including paying off debt, financing home improvement projects, automobile or consumer durable purchases, and emergency medical expenses.2. How long does it take to get approval for an unsecured personal loan?The approval process for an unsecured personal loan is faster than that for a secured loan. You can expect to receive your money within a few days if approved.3. Are there any fees associated with unsecured personal loans?There may be some fees associated with taking out an unsecured personal loan, including origination fees, late payment fees, and prepayment penalties. Be sure to ask about potential costs before you agree to take out a loan.4. What is the difference between an unsecured personal loan and a secured loan?An unsecured personal loan is not backed by any collateral, while a secured loan is backed by collateral, such as a home or car. Unsecured loans are typically more difficult to qualify for than secured ones, but they can be used for broader purposes. [B-02] Conclusion If you need quick cash, an unsecured personal loan may be a good option. However, because there is no collateral securing the loan, an unsecured loan may have higher interest rates than a secured loan. So before you apply for a secured and unsecured loan, ensure you understand the terms and conditions and are comfortable with the interest rate you’ll be paying. If you are looking for loans to buy a car or a house, or consolidate your debts and expenses, then Piramal finance is the place for you. We offer competitive rates with flexible payment options.
08-11-2023
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Cards

Simple Steps to Check Credit Card Status Online

At some point in our lives, we have all applied for a credit card. Honestly, credit cards have made life simple. It is even better to know that using credit cards has many benefits. But to get to the point where we can avail the benefits, we must possess a credit card first. Naturally, the application to get one comes first. It is followed by checking the progress of your application. Thanks to technology, people can check their credit card status online. This article will take you through the steps that can help you check your credit card status. But before we jump into the steps, let’s answer some basic questions. [B-01] What is a credit card? It is a simple way of getting an advance for a short time. Credit cards are also known as plastic money and are universally accepted. Banks issue these cards when you apply for them, and you have to set a credit limit. What is a credit limit? A credit limit is the total amount of money the bank is willing to give you on credit. That means, this amount can be used by using your credit card. Who can apply for a credit card? Anyone who is 18 or older, a citizen of India, has a reliable source of income, and has a good credit score can apply for a credit card at a bank. You will be required to show a few documents, such as identity proof, address proof, income proof, and two passport-sized photographs. What can you do with your credit card? You can use your credit card to purchase anything online or offline, provided the vendor has that payment option. The transaction needs to be approved by your bank for the purchase to go through. If the bank authorizes the transaction, the payable amount is deducted from your credit card. The credit amount on your credit card decreases. Now that we know what a credit card is and how it can be used, let’s move forward. After you receive your credit card and start using it, you will also receive a credit card statement each month. The credit card statement includes all purchases you have made during that period. The record of these purchases is reflected in your account. Thus, when you pay the credit limit amount, you will be required to pay the amount mentioned in the credit card statement along with the minimum amount that is due. Why do people prefer using credit cards? Unlike debit cards, credit cards allow users to pay the amount in installments. This becomes helpful when one is buying high-end luxury goods. Today, this is a widely preferred option and is offered by almost all retailers. Further, credit cards are accepted internationally. This makes it easier to shop for your favorite products from international brands. Many of these outlets only accept credit cards. In addition, by repaying the credit amount on time, a person can improve his or her credit score. After all, credit card limits are like short-term loans. And above all, credit cards offer exclusive rewards and a customized luxury experience at many airport lounges. Many people also receive cashback after their purchase when they use credit cards. Is it safe to use credit cards? These days, using credit cards is actually safer than carrying cash. Thanks to the two-factor authentication protocol, no one can misuse your credit card, even if it is stolen. Most importantly, by not paying for the entire amount in one go, you can avoid falling prey to defective goods and fraud. It is also easier to file complaints with credit card websites. The above-mentioned points would have probably cleared up much confusion around credit cards. Can you apply for a credit card online? Yes. Applying for credit cards online is quite popular these days. It is a hassle-free and quick process. Here is what you can do: Go to the official website of the bank or institution where you want to apply for a credit card. Enter the information as required. Choose which credit card plan works best for you. Submit the application and check your credit card status once the application is approved. Here is what you can do after applying for a credit card: Check your credit card status online. Thanks to the FinTech revolution, the banking sector has become more seamless. It is easy to conduct digital transactions and check bank statements online. Checking your credit card status is no exception. Steps to check your credit card status online Visit the official website of the bank where you applied for the credit card. There would be an online credit card tracking option; click on that. You can enter your customer ID, registered mobile number, email ID, PAN details, or date of birth. Once the information has been entered and validated, it will show your credit card status. You can track the progress by seeing if the credit card application is under progress, approved, dispatched, on hold or rejected If this sounds complicated, you can send an email by clicking on the email tab on the official website of the bank. Fill out the details in the mail, and the bank will respond to your query in a few business days. You can also email the bank regarding the specific status of your credit card. For instance, if the status shows “dispatched,” but it has been weeks since the card reached you, you can contact your bank account by raising that query. [B-02] Conclusion: Applying for a credit card and checking the status online is easy. People are advised to compare all schemes and credit card options before choosing one. Credit cards are useful and very helpful in increasing your credit score. To learn more about credit cards, their benefits, the application process, and status tracking, visit the Piramal Finance website.
08-11-2023
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Personal Loan

5 Important Things to Know Before Taking a Personal Loan

Personal loans are important and help make dreams come true; don’t turn them into a burden. Choose wisely and keep all these things in mind while signing up for a loan. In today’s world, personal loans have become the most popular and, we can say, common financial products that are availed by the borrower in the market at times of financial need. Personal loans might not be opted for by the elite class of society, but they are quite popular among middle-class or lower-class people. Also, it is important to know that in times when there are limited financial resources and a single person earning in the family, everyone can’t build their dream house or buy the car that their children have always desired. To apply for a personal loan, one must have a good credit score, which should be 750 or above. To make their dreams of building a house, buying a car, or starting a new business come true, personal loans are available in the market that one can always take as per his/her financial capabilities and repay to the bank or any other financial institution in regular intervals. There are various types of personal loans available in the market depending on your needs. [B-01] Features of a Personal Loan Quick personal loan approval Online documentation process Easy repayment Flexible tenure Attractive interest rates Some of the most common reasons to apply for a personal loan Personal loan for home improvement Personal loan for a wedding Personal loan for education Personal loan for medical emergencies Personal loan eligibility criteria Must be between the ages of 18 and 21 Must be a resident of India Must have a valid KYC document Working experience of at least 6 months Minimum CIBIL score of 750 Benefits of a Personal Loan The personal loan is hassle-free, versatile, easy to apply for, and available with a click of the mouse. Be it a big-ticket purchase or a small-ticket purchase, apply anywhere, anytime. Being unsecured, all that is needed is a good credit score, and there is no need to share any collateral. But before taking one, one must keep a few things in mind, as they will help in getting a personal loan at the best interest rates. Loan amount: Before signing up for a personal loan, one must be sure about the loan amount. What is the requirement, how much money is needed and is someone in a position to repay that loan easily without any default? The less one borrows, the easier it is for the applicant to repay the loan. As a result, whenever anyone decides to take out a personal loan, make sure the loan amount does not exceed the borrower’s ability to repay. Interest Rate: The interest rate is something that financial institutions charge on loans they make. Thus, the interest rates on any personal loan define how much time it will take to be repaid. The higher the interest rate, the longer it takes for the person to pay back the loan. Any person who wishes to take a personal loan must do his/her research in the market to get the best or lowest interest rates for their loans. The higher the credit score, the better the interest rate. EMI: EMI plays a very important role when deciding on personal loans. EMI refers to the amount that one needs to repay to the lender every month. It consists of a portion of the principal amount as well as the interest amount. The higher the EMI, the faster the loan repayment will be. The lower the EMI, the longer the loan will take to repay and the higher the interest rate. Also, it is very important to understand that missing even a single EMI payment can have a very bad effect on the credit score. So before selecting any loan, make sure that EMIs are properly formed as per the repayment plan. The credibility of the lender: If taking a personal loan is important, then checking on the borrower’s credibility is more important. One cannot afford to take loans from incredible sources. A lender’s credibility in the market is very important for the borrower too, as it will impact the smooth repayment of the personal loan. Earlier, one use to take loans from banks only but today many options are available in the market to take a loan. Apart from the banks, there are financial institutions and people who are providing loans in the market. So before choosing any option to take a loan from, make sure it is credible, known by everyone, and has a good reputation in the market. Credit Score Before applying for a personal loan, make sure you have a good credit score. As lenders always go through the credit report before giving any approval. Any score of 750, or above offers the best chance of getting a personal loan at the most attractive interest rate. It gives the loan applicant an upper hand in terms of negotiating the interest rate and loan amount. [B-02] Bottom line Taking into consideration all these factors, the applicant will get the best loan offer in terms of interest rates. Aside from that, it keeps the applicant from choosing the wrong lender, time period, or high-interest rates. These are some of the key takeaways that one must keep in mind before applying for a personal loan. Also, it is very important to choose a personal loan that works as per your requirements and is affordable. Never go for what is popular in the market, but always choose wisely from the most credible sources. Personal loans are important and help make dreams come true, so, don’t turn them into a burden. Choose wisely and keep all these things in mind while signing up for the loan.
08-11-2023
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Personal Loan

How to Avail Personal Loan This Christmas?

Christmas is around the corner, and the New Year will soon follow. This means it is time to prepare for the festive season, when you must visit your family and friends with gifts and joy. So, you shall not let money come in the way of Christmas joy. If you are short on funds, you can get a personal loan for your needs during Christmas. This will let you take care of all the needs of your loved ones without any worries. Before you get a personal loan, you must know about the interest on personal loans. This interest rate will impact the EMIs you must pay against the loan. It is the cost of taking a loan, and you must keep it as low as possible. Read on to learn more about interest on personal loans and how to calculate EMI for personal loans. [B-01] Personal Loan for Christmas Many banks and NBFCs now offer personal loans for Christmas. A personal loan is given by lenders without any security, and you can use the money as you wish. With a personal loan, you can easily plan for gifts, parties, home repairs, or a vacation. This loan will allow you to enjoy the festival season without using up your savings. You must seek an interest on personal loan that you can easily repay. Do not get the money just because you can avail of it; get an amount that covers all your needs. Here are the factors you need to take into account before you apply for a personal loan this Christmas: Amount: You need to decide the amount of money you want to borrow as a personal loan. This amount must cover all your needs during the festive season. Interest: Interest on personal loan is the cost you pay to the lender for the loan. You need to look for the lowest interest on personal loans to keep the EMIs within your limits. Tenure: You must decide the period for which you want to take the loan. You will need to pay the EMIs for the entire tenure to repay the loan. You can also foreclose the loan account if the lender permits. EMIs: You must know how to calculate EMI for personal loans before applying. This will help you decide if you can pay the EMIs easily for the amount you need. Offers: As it is the holiday season, many lenders offer great deals on personal loans. So, you must look out for deals to lower the loan cost. How to Apply for a Personal Loan for Christmas Applying for a personal loan for Christmas is the same as applying for any other personal loan. Here are the steps you must follow: Online Visit the official site or open the mobile app of the lender. Click or tap on the link for ‘Personal Loans’. Now, you must select the ‘Apply for a Loan’ option. You must enter your details, like name, age, income, and other information as required. You need to enter the loan amount, tenure, and other details. You must also enter your contact details in the given field. You may be asked to upload some documents as well. Click on the submit button. You will get a reference number on your email and phone number. If your profile meets the lender’s criteria, you will receive a call from them. The rep will ask you to provide some details and documents. After you provide the details, they will process the loan and send it to your account. Offline Call the customer desk of the lender or visit their office. They will connect you with a sales rep who will make a note of your details. The rep will visit your residence to fill out the form, take your signature, and collect documents. Read the form carefully before you sign it. The application will then be further handled as per the rules. If your profile meets the lender’s criteria, you will receive a call from them. After you agree to the offer, they will send the money to your bank account. The terms used by lenders might vary slightly, but the steps will remain the same. If you have a pre-approved offer, you only need to give your consent and skip all other steps. The money will be sent to your bank account. How to Calculate EMI for a Personal Loan Before you apply, you must know how to calculate EMI for personal loans. This process has now been made easy with online EMI calculators. This free tool can help you check the EMI you need to pay towards the loan. To use this tool, you must keep info like amount, duration, and interest on personal loan. After you have these details, follow these steps to calculate your EMI: Log on to the website or mobile app that you prefer to use. Click on the link for the EMI Calculator. Enter details like loan amount, tenure, and interest rate. Some platforms may also ask you to share some personal details. Click the submit button. The result will be visible on your screen. You will be able to check the total interest you need to pay on the loan and the EMI you must pay. You can now easily decide if you can afford the EMI and repay the personal loan. [B-02] If you plan to get a personal loan this holiday season, it is better to compare multiple options before you decide. This will help you make an informed decision. You can check Piramal Finance to learn about the best personal loan offers at the lowest interest rates.
08-11-2023
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Personal Loan

All You Need to Know About Personal Loan Interest Rates and Eligibility

Personal loans are becoming very popular with people across India. There is no need to offer any security to get a personal loan. Hence, you can get a personal loan from banks or NBFCs if you meet the criteria they set to decide if you are eligible for the loan. You are free to use the loan amount as per your needs, and the lender cannot stop you from using the money as you want. Before you get a personal loan, you must know all about interest on personal loans. The rate of interest (ROI) that the lender will charge will directly impact the EMI you must pay. Generally, the lower the ROI, the better the loan is for you. You must also factor in the personal loan processing fee when you opt for a loan, as it will also impact the cost of getting a loan. Read on to learn more about personal loan processing fees and interest on personal loans. [B-01] Interest on Personal Loan Interest on personal loans is the cost you must pay on the loan amount during the entire loan period. The lender gives you this interest rate when you apply for a personal loan. The EMI for the loan is based on this interest rate. So, you must check the interest on personal loans before you select a lender, as, in most cases, it will not change during the tenure of the loan. Do not decide in haste, as you might have to pay higher interest rates, which will increase the total cost of the loan for you. Factors that Affect the Interest on a Personal Loan Banks and NBFCs decide on interest on personal loans based on certain factors. These factors can vary depending on the lender, but most consider the following aspects: Credit score: Banks and NBFCs will consider your credit score to decide on the interest rate for a personal loan. The higher your credit score, the lower your interest rate will be. Income: You must have a stable source of income to repay the EMIs on time. The higher your income, the lower the rate of interest will be. Type of work: The interest rate on personal loans can vary based on the nature of your work. Most lenders offer lower interest rates to people who get a salary every month as compared to business owners. Age: Lenders will offer better interest rates if you are in your 20s or 30s. Interest rates can be higher if you are in your late 50s. How to Get Low Interest on Personal Loans? You can follow the tips shared here to be eligible to get low interest on personal loans: Good credit score: Most lenders will check your CIBIL score before they offer you a personal loan. If your CIBIL score exceeds 750, you will get low interest on a personal loan. Compare offers: Many banks and NBFCs offer low interest on personal loans. You need to compare offers from different lenders to see who offers the lowest interest rates. Negotiate: This old method still works quite well. When approaching a bank or NBFC for a loan, you must negotiate for a lower interest rate. Many lenders offer low interest rates to customers who have had an account with them for a while. Pay EMIs: You must pay all your EMIs and credit card bills on time. This track record will help the lender know more about your payment capacity. They can thus offer you a better deal on your loan. Fixed Interest Rate vs. Floating Interest Rate This is another vital factor to consider when applying for a personal loan. Most lenders offer two types of interest rates, i.e., fixed or floating. When you opt for a fixed rate, the interest rate will not change during the tenure of the loan. Hence, you know your EMI amount for the entire loan duration. But if there is a drop in the interest rate, you will not get the benefit. On the other hand, a floating interest rate is also known as a flexible rate. This interest rate can change per the policy of the lender or RBI. If there is a fall in the interest rate, your EMI will reduce; if there is an increase in the interest rate, your EMI will increase. So, you must decide only after comparing the interest rate options. Personal Loan Eligibility Banks and NBFCs consider various factors to decide if you are eligible for a loan. Some factors can vary across lenders. A few of the vital factors are: – Age: Your age must be more than 18 years but less than 60 years at the time of application. Income: Based on the lender, your monthly income should generally be above Rs. 15,000 to get a personal loan. Work: Most banks and NBFCs will offer a loan only if you get a salary every month. Though, some lenders also offer personal loans to business owners. Experience: You must have a work experience of more than one year. Location: If you live in a metro city, your chances of getting a higher loan amount are better than those in a tier-II or tier-III city. Credit score: Most lenders require a credit score of over 750 for a personal loan. Though, some lenders also accept a credit score of 700+. [B-02] Personal Loan Processing Fee The personal loan processing fee is a one-time fee that lenders levy on the customer taking the loan. This fee starts at 0.5% of the loan amount and can go up to 3.5% of the loan amount. You can pay the personal loan processing fee directly to the lender or have the amount debited from the loan amount. You must check this fee before taking a loan, or it can increase your loan cost. A personal loan is a good option for you when you need money for an urgent need. Conduct thorough research before you take a loan to get the best deal. Make sure to check out personal loans from Piramal Finance, as they offer the best deals and low interest on personal loans.
08-11-2023
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