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Personal Loan

How to Know Personal Loan Interest Rates of Different Banks?

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

Minimum CIBIL Score One Requires for a Personal Loan

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

Different Types of Personal Loans Available in India

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

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

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

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

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

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

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

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

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

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

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

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

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