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Personal Loan

Personal Loan Customer Care No, Email ID and Details

Do you think about your budget while arranging a vacation to your favourite destination? Or do you dig into your pockets to buy your favourite gadget? Whatever the case may be, a personal loan from Piramal Finance will put an end to your financial problems in an instant. A personal loan from Piramal will help you with all of your immediate financial needs. Whether it’s for school fees or a wedding gift, a Piramal personal loan can help you enjoy a hassle-free experience with no prepayment or foreclosure penalties. [B-01] Features & Benefits of Piramal Personal Loan There are plenty of benefits to applying for a personal loan and here is one of them: There are no prepayment or foreclosure penalties, so you only have to pay the loan amount. Loans ranging from Rs. 1 lakh to Rs. 10 lakhs – so that you can meet your financial demands just by taking out a loan in any amount within the specified range. Minimal paperwork is another huge benefit of applying for a personal loan. Quick sanction and immediate disbursement – loan amount is sanctioned within a span of two to three days, and even can be faster if you have good credentials. The major advantage is the affordable monthly EMIs because of the low-interest rates charged by your lender. You may apply for the loan without worrying about having to pay the whole amount, because of the option of paying it in equated instalments. Flexible repayment terms ranging from 12 to 60 months – Repayment terms are very flexible so you can conveniently pay your loan without being tight on your budget. Who Can Apply for Piramal Personal Loan? Salary employees working within the following categories are eligible to apply: Government Institutions Private Sector Public Sector Multinational Corporations (MNCs) Related Companies Proprietorship Firms Partnership Firms This paid personnel should be between the ages of 21 years and 60 years, but sometimes the age group varies according to the provisions of your bank. Your monthly salary should be at least 25 thousand rupees per month and you should have at least 6 months of work experience in the current organisation. How to Apply for Piramal Finance Personal Loan? You’re probably wondering how to apply for a personal loan from Piramal Housing Finance. Because the process is so quick and straightforward, one can easily apply for it while sitting in the comfort of their own home. Personal loan applications for Piramal Housing Finance can be submitted online from any place. All you’ll need is an internet-connected laptop or smartphone. By following the procedures shown below, you can simply apply for a Piramal Housing Finance personal loan. Before filling out the application, you must first visit the official website and select Personal Loan. Apply by clicking on the “Apply now” dialogue box on Piramal Finance’s website. After clicking there, you will be brought to the application form, where you must submit information such as your name, email address, phone number, pin code, monthly take-home income, and loan amount. Please submit this application once you have completed all of the required information. Following the submission of your application, a sales representative will contact you to continue processing it, and you will know further about processing. Piramal Loan Customer Care You will require the following details: Name Contact Information like Email and Mobile Number Loan Amount State & City You can contact Personal Loan Customer care at any time on the below: Registered Address: 601, 6th Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, Opp. Fire Station, LBS Marg, Kurla (W) Mumbai MH 400070 Branch Timings are 10 AM to 4 PM except on Sundays and the first Saturday. You can also email me at customercare@piramal.com. Or you can call Toll Free Number 1800 266 6444 which is operating from 9:30 AM to 6:00 PM on all days except Sundays. Documents Required for Piramal Personal Loan PAN Card – Required for all Piramal Personal Loan applicants. Identity Verification (any one of the following) Aadhaar Passport Driving License Voter ID Card Proof of Address (any one of the following) Lease Agreement Aadhaar Card / Aadhar Acknowledgement Passport Driving License Voter Identification Card Utility bills such as a telephone bill or an electricity bill, for example (not more than three months old) Documents for Income Proof: Salary slips for the most recent month Bank statements over the last three months Co-applicant If income pooling is necessary for increased loan eligibility, a co-applicant is required. Only the spouse may become a co-applicant. All of the co-aforementioned applicant’s documentation will be requested at the time of loan application. Apart from this, if you find any difficulty, you can reach out to Piramal Personal Loan Customer Care and they will sort your query out. Piramal Finance Personal Loan Risk Gradation All “Borrower/s” on the loan facility are thus notified that the firm takes the following approach and analyzes the following elements when grading risks for each borrower: Profile, the borrower’s market reputation, includes the use of internal credit scoring models employing classic methodologies such as Bureau performance as well as non-traditional data sources. The inherent nature of the product, the type/nature of the facility, refinancing avenues if the loan is bank financing eligible, loan to value of asset funded. Tenure of the borrower’s connection, prior repayment track record, and the historical performance of our comparable clientele. Overall customer yield, future potential, and repayment capability depend on the borrower’s cash flows and other financial commitments. Primary and secondary collateral/security nature and value The type of asset being financed, the loan’s eventual usage reflected by the underlying asset, Interest, the risk of default in the relevant business area Regulatory requirements, if any, and any other elements that may be relevant in a certain scenario The proposed loan’s tenure, size, repayment schedule, and structure (including any planned moratorium, if any) The interest rate for the same tenor for different clients might vary based on the combination of one or more of the aforementioned elements. [B-02] Conclusion Above all, now all your dreams are a few clicks away, so make sure that you reap the most out of it. It is easy to apply for a personal loan with such a user-friendly interface and mu less documentation. Just contact Piramal Personal Loan Customer Care and you are done. Apply now.
08-11-2023
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Personal Loan

Why Consider Flexi Personal Loans to Manage Travel Expenses? 

Why Consider Flexi Personal Loans to Manage Travel Expenses? Planning a trip can be exciting, but it can also be challenging when it comes to managing money. Even with a travel budget, unexpected costs can come up that can strain your finances. If you find yourself running low on funds while traveling, don't worry! Flexi Personal Loans can help. What are Flexi Loans? Flexi loans are a type of loan that gives you a certain amount of money approved by the bank. However, you don’t have to take all of it out at once. You can withdraw just what you need, when you need it. When you pay back some of the amount you took out, you can borrow again if necessary. This means you will have access to funds without needing to fill out a lot of paperwork again. Flexi loans work like an overdraft. You have a limit, and you can use the funds when you want. Benefits of Flexi Loans There are many reasons why Flexi loans can be beneficial for travelers. Here are some of the top advantages: Borrow and Spend on Unplanned Expenses When traveling, you may stick to a budget but still encounter unexpected costs, like an extra activity or meal. Flexi loans allow you to cover these unplanned expenses easily. Since the process is quick and requires limited documentation, you can get the funds you need right away. Pay for the Withdrawn Amount If you only take out a part of what you have been approved for, you only have to pay back that small amount. Interest is charged only on what you have taken out, making it more manageable for your budget. Part Pre-pay at no Additional Cost With Flexi loans, you can pay back part of what you have borrowed without any penalties. This feature helps you avoid paying high interest, making it easier to handle payments. Financial Flexibility Getting a Flexi loan is much simpler than obtaining a traditional loan. Instead of lengthy paperwork and waiting for approvals, you can access funds immediately with just an application. This offers significant financial freedom because you can borrow and repay how you want. Low EMI Most Flexi loans come with low monthly payments, known as EMIs. You can choose a repayment period that suits your budget. This option helps you manage repayments alongside your regular expenses. Personal Loans vs Flexi Loans It’s important to see how Flexi loans are different from regular personal loans. Here’s a quick comparison: Factors Flexi Loans Personal Loans Loan Type You get an amount you can withdraw A fixed amount is given all at once anytime and repay gradually. with a set repayment plan. Purpose They can be used for business, They are meant for specific uses only. travel, or even paying off other loans. Accessibility The funds are approved and You have to go through a long ready for use at any time. process for approval. Interest Charged Interest is charged only on Interest is charged on the full the amount you withdraw. amount provided by the bank. How to Choose a Loan for Their Needs? If you are considering taking a loan, think about these factors to choose the best one for you: The Amount: Ensure the amount you’re approved for fits your needs. Repayment Tenure: Check if the repayment period works with your income. If you need to pay back in two years, is that manageable? Interest Rate: Make sure the interest isn’t too high; otherwise, your monthly payments could be difficult to afford. Prepayment Clauses: Understand if there are any charges for paying off the loan early. Documentation and Processing: If a loan takes too long to process or requires a lot of paperwork, it may not be suitable for you. Conclusion Flexi loans offer a quick way to get the money you need for your trip. You can access the funds all at once or withdraw smaller amounts as you go. But, make sure to read the terms carefully and understand any hidden fees before moving forward with the loan. For more tips on loans and financial products, you can check out the Piramal Finance blog.
08-11-2023
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Personal Loan

How Can You Get A Personal Loan Of Rs. 1 Lakh In A Minute At Low EMI?

You can feel the urgent need for money at any point in time, but it is possible that you do not have the funds ready with you at all times. So, rather than using your savings to meet this need, you can avail of a fast personal loan and enjoy peace of mind. If you need a 1 lakh personal loan, many banks and NBFCs offer such fast loans in under a minute. Yes, you can get up to Rs. 1 lakh in your bank account in less than a minute! Like any other personal loan, you do not need to give security to the lender to get a fast personal loan. If you meet the criteria set by the bank or NBFC, the process for a loan gets very simple. After a few basic steps, you can get the money in your bank and use it as you want. You need to pay the EMIs on time, and the lenders will not bother you. Read on to know how you can get a 1 lakh personal loan in less than a minute. [B-01] What is a Fast Personal Loan? A fast personal loan is a loan type that many banks and NBFCs offer to their clients. The application process for this loan is very simple, and it takes only a few seconds for the lenders to decide if you are eligible. If you want to get a 1 lakh personal loan in under a minute, then you must use the mobile app or website of the lender. Yes, most banks and NBFCs offer this loan through their website or mobile app. To be clear, while you will be able to know if you can get the fast personal loan in a few seconds, the money might take up to 4 hours to reach your bank account. Eligibility for a fast personal loan A lender will use a given set of rules per the policy to decide if your profile meets the criteria for a 1 lakh personal loan. The specific needs can vary across lenders; the basic criteria are as follows: Nationality: You must be a national of India to get this fast personal loan. Age: You must be older than 21 but younger than 65 to get this loan. This can vary across lenders. Work experience: Lenders need you to have a work experience of not less than 1 year. Income: You must earn a salary of Rs. 20,000 to Rs. 25,000 at least. This can vary based on the city you live in. Credit score: You must have a CIBIL score of 750 or more to get a 1 lakh personal loan. Some lenders can accept a CIBIL score of 700+ as well. Nature of work: You can get this loan only if you are an employee. The employer can be a public or private entity. Which documents do you need? You need to submit the documents listed below to be able to qualify for this fast personal loan: Address proof: You must offer a copy of your Aadhaar, voter ID, passport, etc. Income proof: Bank account details for the last three to six months or salary slips for the last two months ID proof: You must offer a copy of your Aadhaar, voter ID, passport, etc. Some lenders can ask for your office ID card as well. How To Get A Low EMI For A Fast Personal Loan When you take a 1 lakh personal loan, you need to pay your EMIs on time every month. So, it will help if your EMI is low, as you can easily pay it to the lender. Here are some tips to help you get a low EMI for a fast personal loan: Good credit score: If you have a CIBIL score of 750 or more, you can get the best offers from banks and NBFCs. This will help you avail of low EMIs for your 1 lakh personal loan. You can take various steps to improve your credit score as well. Less amount: Do not get a loan just because you can get one. You must get a fast personal loan only for the amount that you need to keep your EMI low. Otherwise, even if the money is not used and is in your bank account, you will still have to pay high EMIs. Long tenure: Most lenders offer these loans for 12 months to 60 months. If you feel you need to keep your EMI low, you must opt for a long tenure. However, because you will be paying interest for a longer period of time, the loan cost will be higher. Negotiate: If you have an old account with the lender, you can get a better deal for your 1 lakh personal loan. Just try to negotiate with the lender for the best deal, as a lower interest rate would mean a lower EMI. Compare: You can use the internet to find out about loan deals from various lenders. Many banks and NBFCs give great deals during the festive season. You must compare the offers to decide on the best option for you and enjoy low EMIs. Close loan accounts: If you have any loans or credit card dues, you must close them to get low EMIs. Clearing your loans or credit card bills will improve your credit score. Hence, you will get a low interest rate on a fast personal loan, which would mean low EMIs. [B-02] Conclusion A quick personal loan is a good option for getting money when you need it quickly. You must compare several options before you decide on the best deal. For the best deals on your 1 lakh personal loan, get in touch with Piramal Finance, known for the best offers on personal loans.
08-11-2023
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Personal Loan

Best Personal Loan Finance Company in 2022

Emergencies like car repairs, medical bills, etc., do not require you to borrow money from reluctant relatives anymore. You can easily avail yourself of a loan from personal loan companies on an urgent basis. Personal loans continue to be a common source of funding for many people. Today, it has become much easier to apply for a personal loan online, making the application and sanctioning processes simpler and more streamlined. [B-01] Getting a Personal Loan The time for the approval of a personal loan depends on whether your loan is pre-approved or you have newly applied. For pre-approved loans, it takes a few hours, and for unapproved loans, it can take a few days. So, all that matters is that you have a good credit score and match the eligibility criteria to get approved by the best personal loan companies. Lenders usually prefer salaried applicants, but a good credit score also helps. Best Personal Loan Companies Offering Loans Personal interest rates are always varying; so, you must compare the rates, processing time, hidden fees, EMIs, loan amount, and the goodwill of personal loan companies beforehand. Here are some top personal loan companies to consider for your regular or NRI personal loan needs: Piramal Finance Piramal Finance offers personalized services to its customers. It will help you with filling out the personal loan application form, getting fast approvals, and getting a quick deposit of the loan amount. The company gives loans ranging from Rs. 1 lakh to Rs. 10 lakh, with a flexible tenure ranging from 12 to 60 months. It offers personal loans at interest rates starting at 12.99%, with no additional or hidden charges. Piramal Finance can be the top personal loan company for your needs. State Bank of India (SBI) SBI is the largest and oldest credit lender in India, where personal loan demand is ever-increasing. SBI offers personal loan amounts beginning with Rs 7.5 lacs at interest rates ranging from 9.25% to 10.50%. The bank gives out loans up to Rs. 20 lakh. SBI offers an online personal loan facility, granting the loan in a few days. The bank charges a foreclosure fee in cases of early loan repayment. SBI is one of the personal loan companies in India that also gives out NRI personal loans. Axis Bank Axis Bank offers personal loans for as low as Rs. 50,000 and as high as Rs. 15 lakh. The interest rates range from 12% to 15.20%. To get a personal loan from Axis Bank, you can apply online via their website or visit the nearest branch. The bank offers you the choice to pick your loan tenure and approves the loans with minimal documentation. A foreclosure fee is payable if you repay the personal loan from Axis Bank before its tenure. Canara Bank Canara Bank charges 10.40% for personal loans, with amounts ranging from 4 to 7.50 lakh rupees. Personal loans from Canara Bank that exceed Rs. 7.50 lakh are charged an interest rate of 10.20%. Canara Bank also charges a 9.90% interest rate on some amounts. A flexible repayment term is given by the bank to the borrowers, and loans are approved in 3–4 working days. HDFC Bank HDFC Bank is one of the most popular personal loan companies in India. 9.00% is the minimum APR charged by HDFC Bank, 13.86% is the maximum APR charged by HDFC Bank, and 11.57% is the average APR taken by the bank. The interest rate given by HDFC Bank ranges from 11.75% for 50,000 to 40 lakh rupees. HDFC Ltd. charges an interest rate of 9.35% to 9.50% onwards. HDFC Bank offers personal loans with just PAN cards or Aadhar cards as well. One can apply for a personal loan on HDFC’s website, submit the required documents, and get the loan in the next few hours. Personal Loan Companies for NRI Personal Loans For a lot of us, owning a house is comparatively easy due to various home loan options. So is getting loans from personal loan companies, but what about Non-resident Indians (NRI)? The RBI addresses the issue of NRIs taking a loan from personal loan companies in their definition of an NRI. It considers an NRI to be someone who has an Indian passport, has lived abroad, and works there for various purposes. NRI personal loans are available to these individuals who qualify as NRIs. Banks and other financial institutions use the RBI definition to make NRI personal loans. One important thing to note here is that only graduate employees are eligible to apply for loans in India. The maximum amount they can apply is determined by their income and education. [B-02] Conclusion By the end of this article, you should know which companies offer the best personal loans with the lowest interest rates. It is necessary to compare the various interest rates of the companies in order to determine which one is the best and take advantage of it. Whenever we are in immediate need of money, personal loans are the perfect option to go for. The best thing about personal loans is that you don’t have to pledge anything as collateral, and they can also be applied for very easily online. However, to approve a personal loan, the lender must review your credit history and income. If you’re still unsure about which personal loan company to go with, contact Piramal Finance. Piramal Finance would make your whole process of getting a personal loan easier and simpler with its customer-first rule.
08-11-2023
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Personal Loan

How to Close a Personal Loan: Regular Closure and Pre-Closure

Most people prefer applying for a personal loan in case of any financial emergency. A personal loan can be used for anything, whether it’s for a medical emergency, to pay for a move, to buy gadgets, or to pay for your kids’ education. It is more flexible with interest rates, EMIs, and payment processes. Hence, it is a common choice. However, once it is time to repay the loan completely, it is necessary to follow the proper methods to close a personal loan. [B-01] Why is it important to close a personal loan scheme? It is necessary to close a personal loan so that there are no debts against the borrower’s name. Additionally, it will help maintain a good credit score. A better score will aid future loan opportunities or financial aid from the banking facilities. There are three options available for closing a personal loan: regular closure, part payment, and pre-closing a personal loan. What are regular closures, part payments, and pre-closures? A person can opt for regular closure when they have repaid the last impending EMI on the loan they have taken. After clearing all the dues, they need to procure a loan closure certificate from the lender. Part-payment is when a person does not pay the entire amount but brings down the principal amount significantly. When there is a reduction in the principal amount, there is also a reduction in the EMIs paid. The rate of interest also decreases. However, one drawback is, many banks do not allow part-payment when it comes to personal loans. A pre-closure takes place when the borrower decides to pay off the due amount before the set tenure. In such cases, a person does not have to pay all of the EMIs agreed upon at the start of the process. They need to clear the dues up to the present month only. Banks usually charge additional fees for this process, called foreclosure fees. What is the process involved in closing a personal loan? Here are the steps that one needs to be aware of when opting for a regular closure: After paying the entire EMI, contact the bank to let them know. Furnish the lender with all the necessary documents, which are usually the loan account number and identity proof. Identity proof can be a passport, an Aadhaar card, a voter ID, etc. Make sure to clear any outstanding amounts as well. The lender will issue a No Objection Certificate, or NOC, after verifying all the records. The NOC will serve as proof of the closure of all future transactions. Here are the steps to follow if a person wants to pre-close a personal loan. The process is slightly more complicated: For closing a personal loan, visit the nearest branch in person and get in touch with a bank executive. The process varies from bank to bank. One must familiarize themselves with pre-closing a personal loan before opting for it. A foreclosure form is usually available at the branch. Fill in the form carefully with all the necessary details. As with regular closing, when pre-closing a personal loan, one has to carry identity proof. They should keep the bank statement ready, pointing at the complete payment of all EMIs to date. Keep other loan documents at hand as well. One also needs a pre-payment statement, which one can easily obtain in advance from the bank. On successful verification and submission of the document, one can pre-pay the dues by issuing a cheque or demand draft. On settling all the dues, the bank will issue a No Objection Certificate (NOC). In some cases, they also issue a Payment of Dues Certificate. The borrower needs to secure that to use it as a reference in the future. Should a person opt for pre-closing a personal loan? Is it safe for an individual to pre-close a personal loan? Does it impact their credit score negatively? Here are some of the advantages and disadvantages of pre-closing a personal loan. Advantages: It has a positive impact on a person’s credit score. It indicates a person is financially capable of paying off their debts. It is a bonus point when it comes to future loan requests from the borrower to the lender. Payment of the entire amount in one go helps the borrower avoid additional interest fees and EMI charges. Payment of the debt amount every month can also prove to be mentally taxing. Hence, many people opt for pre-closing a personal loan to get out of the hassle of the monthly payment. Disadvantages: The borrower needs to pay a foreclosure charge. It differs from bank to bank and is usually not a very large amount. By paying a large part of the loan in cash, a person is also compromising their financial stability. It is always preferable to keep cash on hand in case of emergencies. [B-02] The Bottom Line While pre-closure of personal loans has its advantages, regular closure is a good option as well. Bearing the EMI charges for a continued period of time is also a testament to the financial capability of the borrower. It increases credibility as much as a pre-closing personal loan does. Hence, it is up to the borrower to decide which one they wish to choose. Either way, after completing the payment of the loan – it is important to collect all the original documents submitted to the bank during the start of the process. Also, the borrower must ask the lending organization to provide an updated credit score after repayment of the loan. Get in touch with Piramal Finance to inquire about any personal loan-related documents.
08-11-2023
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Personal Loan

Top Reasons to Take Small Personal Loans This Festive Season

People believe the festival season is the best time to start new projects and make investments. It is a happy period that welcomes health and prosperity, which is why the market sees an increase in demand for a range of goods and services. Also, holiday bonuses and tempting business offers mean that people have more money to spend. Since there is a lot of buying involved—for yourself, your loved ones, or your home—the holiday season can be a little taxing on the wallet for some people. However, small personal loan apps and loan agencies that lend money for consumer durables offer many festive deals at this time of year. Several tempting offers are available to assist you in budgeting for the holidays. In addition, several companies offer small personal loans and loans for consumer durables without charging any processing fees. Here are some crucial reasons why taking a small personal loan is a good idea: [B-01] 1. A Lower Rate During the holiday season, many financial institutions (FIs and NBFCs) provide promotional interest rate discounts to win over new consumers. However, the small personal loan interest rate is often between 10% and 24% per annum, which is quite expensive. You can negotiate a reasonable interest rate with your personal loan agency if your credit history and score are both solid. However, remember that most lenders lower their rates by just 0.25% to 0.50%, which helps if you borrow a large quantity of money for a long time. 2. Reduced Processing Fee A typical lender fee ranges from 1–3% of the loan’s principal. To get more customers, they come up with different ways to cut the cost of processing. Depending on the lender, the processing charge for a small personal loan might range from 0-50% of the loan amount. 3. Negative Collateral A personal loan’s main benefit is that you don’t have to purchase any collateral to get one. Unlike with a secured loan, you won’t need to put up any collateral to get this one. However, personal loans are typically unsecured; thus, borrowers must pay a higher interest rate. 4. Immediately Available Processing times for unsecured personal loans are much shorter because you don’t have to put up collateral or fill out as much paperwork. As a result, a small personal loan can be processed and disbursed in as little as two business days. But there’s more: some customers (those with an established banking account and a stellar credit history with the lender) can access fast personal loans in just a few minutes. 5. Raises Credit Rating Getting an unsecured loan and paying it back on time can help you establish credit and raise your credit score. Getting a loan is an excellent option, but only if you have substantial financial discipline and reliable income to pay it off. In other words, if you have approval for a loan of Rs. 1 crore but should only borrow up to Rs. 30 lakhs, you should borrow no more than Rs. 30 lakhs. Equally important is ensuring you have the correct balance between secured and unsecured debt. If you want to lower your credit score, you should not have any secured loans. Consider these factors before applying for a festive loan The two primary considerations when taking out a holiday loan are: 1. It’s not a good idea to get too enthused about one ‘great’ personal loan offer and ignore other alternatives just because it stands out. Instead, shop for the best deal and interest rate you can find throughout the holiday season, whether at a bank, a loan app, or a personal loan agency. In addition, you should focus on more than just promotional rates and reductions, i.e., the total cost of the loan itself. For example, in most cases, even a 1.5% drop in the interest rate is better than a 100% drop in the processing fee. 2. Unfortunately, financial obligations last much longer than celebrations do. After getting a loan, you’ll need to start making monthly payments, or EMIs. Since EMI payments will add to your regular expenses, you should plan to avoid unpleasant financial surprises. Planning to apply for a small personal loan? Remember these things: There are a few things to watch out for if you want a personal loan over the holidays: 1. Make sure you meet the prerequisites It would be best to research the prerequisites for a small personal loan before applying. If you apply for a personal loan without meeting the requirements, your application could be delayed or even denied. Besides keeping you from getting a personal loan, it could lower your CIBIL score. 2. Maintain an excellent credit rating You can quickly get a small personal loan from a person or company with a CIBIL score of 750 or higher. If your credit score is high, it shows that you can afford to make your monthly loan payments based on your income and present standard of living. 3. Try not to take out loans too frequently It’s easy to let yourself get swept away by tempting deals while you’re in the holiday spirit, but doing so can have disastrous consequences. Things can quickly get out of hand when we take on more debt than we need to satisfy our whims. You could end up in hot water if you borrow too much money, so limit borrowing to emergencies only. 4. Choose the best financial organisation Once you’ve settled on a personal loan, it’s time to start looking for a bank or other financial organization that will provide you with favorable terms. People with regular jobs or who work for themselves can choose from a wide range of personal loan agencies, all of which have attractive promotions. But, again, make an informed choice with practical comparisons. [B-02] Conclusion With instant personal loans, you don’t have to worry about how to pay for a special event when you don’t have a big savings account. When looking for a fast personal loan, banks offer various types of loans that satisfy your needs, which you should consider. If you meet the criteria, you can get a quick, small personal loan of up to Rs. 5,000,000. Want to learn more? Get in touch with experts at Piramal Finance.
08-11-2023
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Personal Loan

Pre-Approved Loan – Check Pre-Approved Personal Loan Offer for You!

It’s quite often that people get notified of being eligible for a personal loan through calls or messages. More often than not, most of us receive an email congratulating us and telling us that getting a pre-approved loan in our name is just a few steps away. But have you ever wondered how it happens? While many of us know what a pre-approved personal loan is in detail, many people still don’t fully understand what a pre-approved personal loan is, who qualifies for one, how it works, and what to do if one needs one. Let’s answer such questions to help everyone decide on the best pre-approved loan offers! [B-01] Pre-Approved Personal Loan – What is it? A pre-approved personal loan is an unsecured loan made available to borrowers with decent credit scores and attractive debt-to-income ratios. Since they already have all the client’s information, banks and NBFCs tend to offer loans to their existing clients. But a pre-approved loan typically has a maximum loan amount, which is determined by our income and creditworthiness. If someone receives this offer, then it implies that a favorable evaluation of their creditworthiness has been done. If one applies for a loan within the offer period, it will probably be accepted without a hitch and occasionally even immediately. Many banks and non-banking financial institutions (NBFIs) in India offer the pre-approved loan facility to increase sales of their loan products, help clients with urgent financial needs, and speed up loan disbursement. So, What Are the Features of a Pre-Approved Loan? Now that we understand what a pre-approved loan is, let’s understand its features. Quick Loan Disbursal: The pre-approved loan will be disbursed immediately to an account in a short period if that person is a current client of the bank or NBFC. Minimal Documentation: Instant loans are simple to obtain; the procedure is seen as hassle-free because there is less need for extensive documents to approve a loan. Quick Processing: The processing time is minimal because one has already met the requirements for the loan. The loan could be approved and disbursed in a day after the necessary information has been checked. No Collateral or Security Required: Customers for pre-approved loans do not need to offer any security or collateral to receive immediate loans. Repayment Flexibility: Pre-approved loans are required to be paid with Equated Monthly Instalments (EMIs). Customers who already have an account with the bank (lender) can also choose to pay their EMIs automatically through this method. The typical repayment period ranges from 12 to 60 months. Lower Interest Rates: These loans are provided to individuals who have excellent credit histories and a record of on-time payments. Therefore, they are provided at competitive interest rates that are typically lower than those of standard personal loans. But how would one know if they are eligible for a pre-approved loan? For that, it is crucial to know about the eligibility. What Are the Eligibility Criteria for Availing Pre-Approved Personal Loans? When a potential borrower’s age and creditworthiness qualify for a loan, lenders frequently provide pre-approved loans to that borrower. For instance, the bank will be aware of his income and cash flow if they have a salary account with them. Most lenders ask for the following eligibility criteria: Credit Score: If someone’s credit is good, the bank may have already pre-approved him or her for a personal loan. Credit Information Bureau India Limited (CIBIL) determines the three-digit score, called the CIBIL score. A credit score might range from 350 to 900 depending on how one handles credit and payments. Any score over 750 indicates that one is a trustworthy and sincere borrower. Transaction History: After evaluating the transaction history, the bank can notify the customer of the bank balance and transaction rates and make him or her an offer for a pre-approved loan. Previous Loans: If someone has previously taken out loans and made the payments on time, their bank might pre-approve them for one. It’s also crucial to make on-time credit card payments. Even if they don’t have a credit history or payback history, pre-approved loans may be available since they have a substantial amount of funds in their bank account and a genuine income source. Now that we all have a good understanding of what a pre-approved loan is, let’s look at the pre-approved loan offers offered by different banks and institutions to make an informed decision. Pre-approved Loan Offers by Banks and NBFIs Pre-approved personal loans are offered to customers with robust credit profiles. Hence, they typically have lower interest rates. However, the interest rates may differ from one lender to another and depend on applicant-based parameters such as the applicant’s income, credit score, and more. Comparing the personal loan interest rates provided by top banks and NBFCs would give a good idea of the pre-approved personal loan interest rates offered by those lenders. Let’s take a look. Banks/NBFCsInterest Rates (p.a.)Repayment TenureState Bank of India (SBI)9.60% onwardsUp to 84 monthsBank of Baroda (BOB)10.20% onwardsUp to 60 monthsPunjab National Bank (PNB)8.90% onwardsUp to 84 monthsAxis Bank10.99% onwardsUp to 60 monthsHDFC Bank11.00% onwardsUp to 60 monthsICICI Bank10.75% onwardsUp to 60 monthsKotak Mahindra Bank10.99% onwardsUp to 60 monthsAditya Birla Capital14% onwardsUp to 36 monthsBajaj FinServ13% onwardsUp to 84 monthsIndusInd Bank10.49% onwardsUp to 60 monthsIDFC Bank10.49% onwardsUp to 60 monthsTata Capital10.99% onwardsUp to 72 months [B-02] Final Words: A pre-approved personal loan from a bank can help someone obtain money at low-interest rates while requiring no collateral. If a customer has strong credit and is already a bank customer, they can acquire a pre-approved loan quickly and with no paperwork. However, it doesn’t mean a customer necessarily has to accept the loan the bank is providing. One should only go into debt if one requires the money. Even if one is willing to accept the offer, it is still important to make sure they have taken a loan for the amount they need, not just what the bank is willing to offer. If still in doubt regarding a pre-approved loan, consult a financial expert like Piramal Finance for customized loan solutions and make the best decision for the future.
08-11-2023
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FD

Pros and Cons of Investing in FD: All You Need to Know

Looking for an ideal way to kickstart your investment portfolio? Want a risk-free and easy-to-find higher rate of return on your investment? Fixed deposit interest calculators will help you calculate the returns from your FD investments. Do read this article carefully to understand the pros and cons of a fixed deposit and the FD Interest Calculator in detail. [B-01] What is Fixed Deposit? A Fixed Deposit account allows you to invest a sizable sum of money at a set interest rate for a specified time frame. This is a great way to save since, at the end of the term, you get the lump sum plus interest. The interest you get on a Fixed Deposit account varies from bank to bank. The shortest term for a Fixed Deposit is 7–14 days, and the longest term is 10 years. Due to this, a Fixed Deposit is also known as a term deposit. When you open a Fixed Deposit account at a certain interest rate, that rate is guaranteed; it will never change, even if the market rate of interest does. If you like, you can show your interest either at the end of the term or at regular intervals. The funds are not available for withdrawal before the maturity date. If you miss the deadline, you’ll have to pay a penalty. You should learn the ins and outs of Fixed Deposit before putting your money into it. Both the upsides and the downsides of investing are explained here. What is the FD Calculator? When you make a fixed deposit, you get a certain rate of interest. Interest adds to your principal amount, growing your savings. Manually calculating the interest can be difficult. The FD Interest calculator makes calculating interest and maturity easy. The FD interest calculator estimates how much interest you’ll earn on a fixed deposit over time. After annual compounding, an online FD calculator determines the final payout. Pros Financially secure deposits are a good place to put your money. Investing money in a Fixed Deposit is a wonderful strategy that does not involve any risk. Stable investment Investments such as stock dividends, bond interest, and mutual fund return investments in FDs are significantly safer because their returns are not tied to the market. Guaranteed returns are only one reason why FDs are a good option for people who don’t have a lot of money to invest. Borrowing Against a Fixed Deposit Instead of paying a penalty for prematurely withdrawing from your Fixed Deposit (FD), you can get a loan against it to help you out of a tight spot financially. Up to 75% of the total value of the FDs can be borrowed. Variable Interest Rate Distributions In FDs, you can decide the amount you want to fix to save and accordingly select the interest rates. Payout options include yearly, monthly, and upon maturity. For the elderly, FDs offer special rates of interest. Fixed deposit interest calculators can be used to determine how often you’ll get paid. Guaranteed and Risk-free Investment Returns The FDs are not tied to market fluctuations. Therefore, they are a rather safe option. In this way, your investments will generate a profit. Moreover, the interest rate on an FD is guaranteed to be the same for the duration of the investment, increasing the benefit. The FD Calculator is the best option to understand your return. Tax Saving Fixed Deposit Fixed Deposits are one of the various investment options allowed by Section 80C of the Income Tax Act. It allows them to deduct Rs 1.5 lakh from their taxable income. There is a 5-year commitment requirement for tax-saving FDs. Deposit Guarantees If a bank (excluding NBFCs) is placed under moratorium owing to an unusual stoppage of activity, account holders can now obtain up to Rs 5 lakh in maximum insurance within 90 days. Benefits from Taxes for the Elderly There is a Rs. 50,000 annual cap on the amount of interest a senior citizen can receive from a Fixed Deposit before that interest is taxed. Deposits made by the elderly also earn a greater interest rate. Cons It is important to keep in mind that FDs come with several potential drawbacks. Below is an explanation of the drawbacks associated with FDs. Poor Return However, as compared to other short-term market-linked investments, FD returns are poor despite being guaranteed. The FD Calculator is the best option to understand your return and then make a decision. Low Liquidity A penalty will be incurred if you cash out your FD before it matures. When you cash out an FD, you can also receive a reduction in interest on the entire investment. Tax Return Expenses You will have to pay taxes on any gains made from your FD. There will be a 10% tax taken from your interest income if it is more than Rs. 10,000. For retirees, this bare-bones payment is now Rs. 50,000. If you want to maximize the tax benefits of your FD investments, you should prioritize tax-saving FDs. When opening a joint account, remember that only the primary account holder will be entitled to the tax benefits given by Section 80C of the Income Tax Act of 1961. Failing to Prevent Inflation Fixed-rate deposits (FDs) earn the same amount of interest for the whole duration of the deposit. They are static and cannot be changed. If the inflation rate is 6% and the interest rate on your FD is 5%, then you are likely losing money on your FD investment. Penalty on Premature Termination Fees A pre-closure penalty may be imposed if you withdraw funds before the end of the term. Any accrued interest may be taken from your withdrawal total before crediting the principal amount. Constant Rate of Interest When you open a Fixed Deposit account, you lock in an interest rate for the duration of your deposit. Thus, even if interest rates go up, you will not be able to reap the rewards as your interest rates are already fixed. [B-02] Conclusion The purpose of this article is to give a comprehensive examination of the pros and cons of FD investment. We have also tried to explain the FD interest calculators. Whether an investment is the best choice for you or not should be determined carefully by yourself. Before investing, it is also important to be aware of the pros and cons of FD. Visit the official website of Piramal Finance to understand the FDs in detail. Do explore their products and services and read the blogs posted by them.
08-11-2023
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Personal Loan

Higher Education Loan: Apply for Personal Loan for Higher Education Online

In recent times, the cost of higher education has been rising. Parents are turning to personal loans for education to meet these costs. An education loan can help meet the expenses of higher studies. But if a student does not meet the eligibility criteria, then a personal loan is a better option. Many banks offer personal loans for educational purposes. It is better to take personal loans for students. Any member of the family can take the loan for educational purposes. There is a difference between a personal loan and an education loan. The latter carries a lower rate of interest. Also, one can get tax advantages on an education loan. Also, the principal borrower gets enough time to repay the debt. But in the case of a personal loan, the loan repayment begins the very first month after the borrower receives the money. But there are many benefits to a personal loan for education. [B-01] Benefits of a Personal Loan for Students Who Want to Pursue Higher Education For students who want to pursue higher education, a personal loan holds many benefits. Let’s take a look at some of them. There is no restriction on the use of the funds. A personal loan for education can be used for any educational purpose. So, if someone takes a personal loan for education, they can use the funds for educational expenses, housing costs, tuition fees, and more. One can get quick approval for the loan. Very few documents are needed for the approval of the loan. One can take a personal loan to cover the entire cost of education. In contrast, a student loan requires that they contribute a significant portion of the total cost of education. So, personal loans for students are far more convenient. Since personal loans are unsecured loans, one does not need to pledge any assets to secure the debt. Many banks and NBFCs are willing to offer personal loans for education for a term varying from 12 to 60 months. So, it is easy to choose a tenure that is convenient for the borrower. One will be able to receive the disbursed amount in their account quickly. Following these advantages, personal loans for students are highly preferable. Documents Required for Personal Loans Many lenders offer personal education loans based on minimum documentation. If someone is applying for one such loan, then they will have to furnish the following documents. Bank account statement for the last three to six months. Proof of address: This includes telephone bills or electricity bills. They can also furnish a voter ID, Aadhar card, driving license, or passport for the same. Proof of identity: This includes a passport, driving license, and Aadhar card. Proof of age: This includes their birth certificate or education certificate. The most recent salary slips. Or, they can also furnish the latest return of income tax. Other than these documents, the bank or lender may require several other documents. It is best to inquire with them about the documents that the borrower needs to furnish. Eligibility Criteria for Personal Loan for Students Anyone can apply for a personal loan for educational purposes. It is different from an education loan. If someone needs a personal loan for education, they should start by checking their eligibility. They should be Indian nationals. Their age should be between 21 to 67 years. They should have a good credit history. A credit score above 750 is considered good. They should be employed by a public, private, or MNC organization. They should be earning a minimum of INR 25,000. The amount may vary depending on where they stay. Process to Apply Online for Personal Loan for Education The bank will verify all the applicant’s details. A borrower can avail a personal loan from the bank only after they are satisfied with their credentials. After the due process is complete, the funds will be disbursed directly to their bank account. Many banks now offer an online facility to apply for personal loans for students. However, many banks do not. So, they will need to check which service their bank offers. Here are a few basic steps to applying for a personal loan online. The first step is to choose a lender. Every bank or NBFC offers a different type of service. Look around for the best deal based on the borrower’s requirements. The bank may offer online or offline services. Depending on that, fill out an application form. The borrower will need to provide several details on this form. Based on this, the bank will decide if it will give them a loan. After filling out the application form, the borrower will need to provide their documents. These include income proofs, address proofs, identity proofs, and more. The documents and application will be verified by the bank. Only after they satisfy the bank’s requirements, their loan be approved. When the lender approves the loan, it will reflect in the bank account. To know more about a personal education loan, one must consult their lender. [B-02] Conclusion Personal loans for education are a clear win. One can easily apply for a personal loan for education. It will help them meet the expenses of higher studies. It is a useful option for those who want to go outside India for their studies. In that case, the expenses are numerous. A personal loan can help meet most of them. If someone wants to understand anything about personal loans for education, then visit Piramal Finance. It is a premier hub for all financial knowledge. They can even check their lending offerings. It is the best place to look for the best loan options. This way, they can find one that is most suitable for them.
08-11-2023
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