More articles for you

Your one stop place for everything related to finance and lending

Personal Loan

Personal Loan In Delhi NCR: Lesser EMI, Apply Now

Do you need money to start up your own business? Do you want to buy a house or take care of your family? Are you looking forward to getting financial security before settling down? If yes, then a personal loan is the right option for you. A personal loan gives you access to a sum of money that you can use as and when you need it. Furthermore, the loan offers several advantages over other funding options. It doesn’t need collateral; thus, there are no conditions or restrictions on who can apply for it. If you are looking for an easy way to get a personal loan, then you should reach out to Piramal Finance. We offer personal loans ideal for people who need money as a temporary financial backup. Also, our flexible personal loan policies and simple application process make us the ideal option for getting a loan. [B-01] Benefits of getting a Personal Loan from Piramal Finance Zero pre-payment and foreclosure charges Pre-payment fines and foreclosure charges on personal loans are two of the most common things borrowers see when they take out a personal loan. The main goal of pre-payment penalties is to discourage borrowers to pay off their debts in full before they are due, as most lenders will charge an interest rate penalty for every month that you don’t pay your debt. But, many people underestimate how much it costs to prevent foreclosure on their loan. Loan starting from Rs. 1 lakh to Rs. 10 lakhs it is also important to know whether the least amount you need to borrow is lower or higher than the amount you need to invest to qualify for the loan. At Piramal Finance you can get a loan of as least as an amount of Rs 1 lakh and most of Rs 10 Lakhs. Least documentation For a loan to get approved, it must have adequate information and documents. Without these, it cannot consider an appropriate form of financing for a project. But, it is possible at Piramal Finance to get loans with the least documentation. This makes the process very easy and less time taking. Quick sanction and instant disbursals A disbursal is a process by which money gets transferred from one person or entity to another. In this context, it refers to when you take money in and out as a personal loan for different purposes. Piramal Finance allows quick and easy loan disbursals. Pocket-friendly monthly EMIs The EMIs payment system is a smart and time-saving solution to your payment needs. But it can be stressful if the amount of EMI is a big part of your monthly income. Thus, Piramal Finance offers pocket-friendly EMIs on long-term loans to keep you stress-free. Flexible payment tenure starting from 12 to 60 months To keep the EMIs pocket-friendly, the EMI tenure for the personal loan is flexible. Flexible payment tenure starting from 12 to 60 months is what you get when you choose a personal loan with flexible payment terms. You can use the money whenever you need it, and there are no pre-payment penalties. The main benefit of choosing an easy payment plan is that it can help borrowers get back on their feet faster and manage their finances more easily. It’s ideal for those who are struggling to make ends meet and need some immediate short-term cash help. Clubbing of income for higher loan eligibility Piramal Finance allows borrowers to add one co-borrower. If you want to add a co-borrower, be sure that they have good credit. And, if you’re adding a co-borrower that is not related by blood, your lender may need some proof of their relationship with you. Lenders may also need you to show proof of income. Adding a co-borrower can increase your eligibility for a loan. Who can apply? If you are a salaried employee working under any government institution, private sector, public sector, MNSc or related companies, partnership firms, and any proprietorship concern, then you can apply for a personal loan. But, there are some other basic requirements too. Age The minimum age of the applicant must be 21 years. The maximum age of the applicant must be 60 at the time of maturity of any loan. Income The Application must be earning at least Rs. 25,000/- per month. Work Experience The Applicant must be working for a minimum of 6 months in the current organisation What are the Documents Required? Following are the documents required to submit to get the loan processed: A PAN Card An identity proof i.e., a passport, a driving license, an Aadhar card, or Voter’s identity card. Any address proof like registered leave or lease agreement, passport, driving license, Aadhar card, voter identity card, and utility bills like Telephone Bill /Electricity Bill etc. (not more than three months old) An income proof that should either include your Last month’s salary slips or your bank statements from the previous three months A Co-applicant. If clubbing of income you need for higher loan eligibility, then a co-applicant is mandatory. You can only make your Spouse a co-applicant. Also, all the above documents of the co-applicant will be required at the time of loan application as well. [B-02] Conclusion Piramal Finance offers a limited amount of personal loans to qualified individuals. Yet, unlike other financial institutions, we have several different loan options available for you to choose from, making it easier for you to get the loan that meets your needs. Regardless of your financial situation, we aim to make your life easier and help you get the best personal loan possible. You can contact us via email at customercare@piramal.in or call 1800 266 6444 for more help. Our team members are available to take your calls from 9 AM to 6 PM from Monday to Saturday.
08-11-2023
Read More
Personal Loan

What Are the Requirements to Apply for a Personal Loan in 2022

Personal loans are one of the easiest ways to get emergency funds. The best benefit of personal loans is the quick access they give to much-needed funds. Customers can get personal loans from financial institutions without providing any sort of security in exchange for the money they borrow. Personal loans can be tailored to meet the needs of a wide range of borrowers. Personal loans come in a variety of forms to help borrowers fulfill their budgetary needs. For every purpose, from paying for a child’s wedding or college tuition to making necessary home repairs or buying a big-ticket item, one can find a unique personal loan option to suit their needs. Among the most common uses for personal loans are to finance big life events like weddings, exotic vacations, home improvements, medical emergencies, and the purchase of large ticket items like cars or boats. If someone wants detailed information regarding obtaining a personal loan, this is the ideal place. Now is the time for our discussion. [B-01] Why is a Personal Loan a Great Financial Tool? A personal loan has various benefits and features that make it a great financial asset for us. It comes in handy in times of emergency, festive seasons, buying a car, or building a dream house. Given below are a few features of an unsecured personal loan. No Security Needed One advantage of obtaining a personal loan online is that they are usually unsecured. This means that a person won’t need to put up any collateral to get a loan. They can apply for a low-interest personal loan if they satisfy the qualifications, but doing so could raise their interest rate. Very Little Paperwork The process of verification and documentation has been simplified in the digital age. True, instant personal loans are approved quickly and require minimal paperwork. Quick and easy approval Getting accepted for a personal loan is a straightforward and quick process. It’s the best choice when money gets tight. The digitalization of the procedure has also sped up the verification process. No restriction on the use Unsecured Personal loans are multipurpose loans that can be used for anything, be it buying a car, traveling, paying festive bills, or dealing with financial emergencies. However, it can’t be used for any unlawful activity. Unlike a home loan that can be used only while buying or building a house or a car loan that can be used only for buying a car, a personal loan is not restricted when it comes to its use. Criteria for Approval of a Personal Loan Personal loan eligibility requirements can vary greatly depending on the lending institution. The basic requirements for qualifying for a personal loan include: For those who work for themselves, the age cap begins at 28 and rises to 65. The minimum age to practice medicine is set at 25, with no upper age limit for doctors. A person has to be an entrepreneur. Income standards are set by the loan companies. Some businesses and financial institutions are willing to lend money regardless of income level, while others would rather not take the risk. A person needs at least five years’ experience in business or self-employment. For physicians, that number of years of practice is 3. How Can You Get Approved for a Personal Loan Every person’s financial situation is different, so there is no universal formula for getting approved for a personal loan. There are, however, guidelines and suggestions that can boost the chances of approval of the loan. 1. Need a minimum of 670 on the credit report Keeping a credit score above 670 is going to help the application stand out. To get the best rates, a person needs a score of at least 720, but we recommend at least 750. 2. Monthly earnings that don’t fluctuate To get a loan one will have to show the minimum income to the lenders, which might vary widely; in fact, some have none at all. But one must show proof of a minimum amount of steady income that is enough to pay the monthly payments. 3. DTI less or equal to 36% Although there are lenders out there that will consider applicants with DTIs of up to 50%, one’s best bet is to keep it below 36%. Since each lender has its own minimum standards, it is in someone’s best interest to pre-qualify as often as possible and find out what criteria they need to meet. This way, a person can apply for loans with the knowledge that they are a good fit for their circumstances. How to Get an Unsecured Personal Loan A lot of the time, a person can apply for a personal loan requirement online, and they might hear back the same day. There are, however, steps that one needs to take before applying. Before starting the application process for a personal loan requirement, a person should think about the following: Consider a trip to the credit bureau. Improve credit by eliminating errors and reducing debt. Pick a borrowing amount that works. Get prequalified by multiple lenders so a person can compare rates. Put in a formal request for a loan. [B-02] Conclusion: Need a personal loan and want to work with a reliable lender? It provides personal loans right away with no paperwork required and rates and terms that are affordable. In addition to this, we promise rapid loan processing and disbursement. Visit Piramal Finance to learn more about personal loan requirements and how to secure one.
08-11-2023
Read More
Personal Loan

For Personal Loans, What Are The Maximum And Minimum Tenures

Are you in immediate need of money but don’t have the funds? All you need to do is apply for a personal loan to fulfill those needs. The best part about a personal loan is that you don’t have to keep anything as a security or collateral, unlike gold loans, where gold is pledged for the money. However, you must consider a few things with a personal loan, such as fees, interest rates, and most importantly, the minimum and maximum tenure of the loan by when you have to repay the loan. Therefore, when you apply for a personal loan, make sure you consider and check all the options given by the lender. No matter how lucrative, instant personal loans can cause serious problems if not given enough consideration. So, let us find out in detail what a personal loan is and the minimum and maximum tenure of personal loans. [B-01] What Is A Personal Loan? Personal loans come in handy when you don’t have any quick cash, and the need is urgent. The need for money should be huge. A personal loan is an example of an instalment credit, where you get money as a lump sum payment. These types of loans are for personal use. You can use it for medical expenses, education, international trip, wedding, etc. Thus, a personal loan is your best choice here. You can apply for a personal loan through hundreds of quick, simple loan choices available. You can apply for most of them in 10 minutes, all thanks to the growth of peer-to-peer and online lenders. But there is a catch here, depending on how quickly the lender receives and processes your documentation, the entire approval procedure of an instant personal loan could take up to one working week. Depending on the lender, personal loans usually range from 12 to 60 months. Lenders charge interest rates along with documentation or administrative fees. These fees are deducted from your loan amount once it is accepted. Moving ahead, we will look at the best tenure for repaying a personal loan. Tenure Of A Personal Loan The borrowers have preferences over the tenure of the loan payment. For example, if you have taken a huge loan, you will get more time to return the money, and the EMIs will also be less. But, you can also go for less loan amount with lesser loan repayment tenure. Of course, this will put a strain on your finances for some time, but you will be done with such a loan early. Let us now look at the minimum and maximum tenure of personal loans: Minimum tenure of Instant Personal LoanWhen you take a personal loan, you must start repaying the same within 30 days and in instalments. The lenders give you a time period of six months to 12 months to pay back the loan. After that, you can repay the same as per the loan amount you have taken from them. The minimum tenure usually differs a lot from lender to lender. If your income is high, you can quickly repay your loans. The maximum tenure of an Instant Personal Loan The maximum tenure of a personal loan is 42 months to 60 months, which is given by the lender. This tenure also differs as per the lender. The tenure of 42 months allows the borrower to return through lower EMIs, thus not putting any strain on your monthly budget and income. It is best suited for those people whose income is low and who have other financial duties. Choosing the correct tenure One of the most vital things in a personal loan is deciding the tenure period. Note that your monthly EMI payment will be reduced if the loan’s term is longer. Larger EMI costs are linked with shorter terms, but your loan will be paid off sooner. If you have a short-term money issue, your bank may extend the loan’s tenure, lowering your monthly EMI payments burden. But longer loan tenure results in higher interest payments, raising the cost of the principal amount borrowed. Your loan tenure should be decided by many factors, starting with the amount you desire to borrow. For example, choosing a long tenure is not a good idea if your loan amount is tiny, such as two times your monthly salary. A longer tenure is good if your loan amount is higher than 4 times your monthly income. Your monthly repayment amount will get low as a result, and you can also pre-close your loan for a small fee. But, if your salary is high and allows you to save enough, you can choose a shorter loan term and avoid accruing more interest over time. [B-02] The Bottom Line Now that you understood a personal loan’s minimum and maximum tenure, you will have an idea of the impact an instant personal loan repayment period can have on your money and income. Still, if you are unclear about choosing less tenure or more tenure to clear your loans, get in touch with Piramal Finance. Piramal finance, where the customer is god, would clarify all the concepts and help you in the process. To read more such articles, visit https://www.piramalfinance.com/ right now!
08-11-2023
Read More
Personal Loan

Use Our Online EMI Calculator to Calculate your Personal Loan EMIs

In India, taking loans has become quite common in society. This has increased because many lending institutions offer good offers, low interest rates, etc. And with various easy repayment options, people choose to take loans. They take out loans for many reasons. The list includes buying a house, starting a business, paying off credit card debts, dealing with medical emergencies, etc. With many loan options available, choosing the right one for your needs can be tough. A personal loan is an unsecured loan without collateral. However, you must understand the terms of this loan. Before signing the loan agreement, learn the interest rate, repayment tenure, and processing fees. This is where a personal loan calculator is helpful. This finance tool can help you plan and manage your loan repayment. When using a personal loan EMI calculator online, you can easily calculate the monthly EMI. In this blog, you will find out about personal loan calculators. You will learn how to use an EMI calculator online and the eligibility criteria. [B-01] What is a Personal Loan Calculator? You never know when an emergency might come up in your life. There are many times when you need to take out a personal loan. A secured loan doesn’t work in such situations, as it involves collateral or security. It can take weeks or months for approval. But you can get a personal loan from banks and NBFCs (Non-Banking Financial Companies) without pledging any property as collateral. In such cases, it is critical to be fully informed about EMIs. Study to know if you can afford to pay for them. This is where a personal loan calculator comes in handy. A personal loan EMI calculator allows you to estimate the monthly payments for your personal loan. You can calculate the total interest payable on the loan for the entire tenure. How Do You Use a Personal Loan Calculator Online? Using a personal loan calculator online is easy. All you have to do is fill in the following details: Loan amount Interest rate Repayment tenure After this, the calculator automatically calculates your monthly EMI. For example, if you choose a loan amount of INR 3 lakh, it has a 12% annual interest rate for a three-year term. The personal loan EMI calculator will show your monthly EMI. On the next page, you can see the total interest payable over the entire loan tenure. You can also change the variables and see how it affects your EMI. This helps you get affordable loans without disturbing your monthly budget. It eases your monthly repayment process. The steps to be followed to use our online personal loan EMI calculator are as follows: Visit our website and click on the ‘EMI calculator’ option. Enter the final loan amount you want to avail. Enter the applicable interest rate for the loan. It ranges from 10% to 20%. Select the repayment period from 12 months to 60 months. Click ‘calculate’ to get your monthly EMI and the total interest payable. How to Check Personal Loan Eligibility? Eligibility is a crucial factor in obtaining any loan. The lender will assess your eligibility based on your income, credit score, employment status, and repayment history. Below are the general eligibility criteria for availing of a personal loan: You should be between 21 and 60 years old. Your minimum monthly income should be at least INR 15,000. A good credit score (more than 700) is necessary. You can get personal loans at competitive interest rates. You should be employed consistently for at least six months. It shows a stable income record. This vouches for your ability to repay the loan amount. An online personal loan calculator helps you check your eligibility. Now, efficiently plan loan repayment. It’s important to avoid any default in payments. What Factors Influence Your Personal Loan EMI? When you use a personal loan calculator, three main factors will affect the EMI amount: Loan amount: The higher the loan amount taken, the higher your EMI will be. Interest rate: Higher interest rates will lead to a higher EMI amount. Duration to repay the loan: A longer length of time to pay back the loan means lower EMIs but more interest paid on the loan overall. Existing debt: If you already have other loans, your EMI amount may increase. It will be deducted from your total debt repayment capacity. Credit score: A good credit score can help you get a lower interest rate and, in turn, lower EMIs. On the other hand, a poor credit score can result in a higher interest rate and EMIs. Age and income: A higher income and a younger age can increase your eligibility for a loan and result in lower EMIs. Type of interest rate: The type of interest rate, whether fixed or floating, will also affect your EMI. A fixed interest rate means that the EMI stays the same over the life of the loan. A floating interest rate, on the other hand, means that the EMI can change over the life of the loan. Change in interest rate or loan tenure: This factor only applies if you have a floating interest rate. A change in the interest rate will affect your EMI, as will a change in loan tenure as the EMI is recalculated. It is important to carefully consider these factors before availing of a personal loan and to use an EMI calculator to plan for timely loan repayment. Use our online personal loan EMI calculator and apply for a loan now! Tips to Improve Personal Loan Eligibility A personal loan is easily accessible, provided applicants satisfy lenders’ personal loan eligibility standards. But there are specific steps you can take to enhance your chances of getting a personal loan: Maintain a good credit score by promptly repaying all your debts. Keep a stable job with a steady flow of income. Avoid multiple loan applications, as they may lower your credit score. Keep a healthy savings account balance, as it shows financial stability to lenders. Follow these steps carefully. You can easily improve your personal loan eligibility for attractive interest rates and repayment terms. [B-02] Conclusion An online EMI calculator helps determine your monthly instalments and the total interest payable on secured and personal loans. The steps involved in using the calculator are pretty simple and help you get an overview of your personal loan amount, interest rate, and tenure before finalizing the loan. To read more interesting blogs on managing personal finances, you can go through the blog section of our website. Visit the Piramal Finance website to explore loan options and other products and services.
08-11-2023
Read More
Personal Loan

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

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

What Is Personal Loan Number: All You Need To Know

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

Get an Instant Loan at Home with a Digital Personal Loan

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

Personal Loan in Pune – Check Eligibility & Apply Online

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

Best Offers on Personal Loan Interest Rates This Diwali

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